The Investment Capital Growth Blog

Establishing a meaningful connection with your Chief People Officer (CPO) can be a game-changer in your organization. Despite time constraints, seizing those rare moments to engage with your CPO can be pivotal for professional growth and enhancing workplace dynamics. Here, we explore innovative approaches to maximize your interactions with these executives.

Elevate the Role of the CPO:

Instead of relegating the CPO to a peripheral position within the executive team, consider positioning them as a direct report. This strategic move signals to your entire organization that the People functions, encompassing diversity, culture, and more, are of paramount importance. Actions speak louder than words, and this sends a clear message that you are committed to these aspects just as much as sales or product development.

Embrace a Holistic Approach:

Take an active interest in all people-related matters. As a hands-on leader, engage with employees across departments and levels, not just on business matters but on a personal level as well. It’s about showing genuine concern for the well-being of your team members. Encouraging transparency and empathy can foster a sense of belonging among employees. By promoting this culture, you demonstrate that you value your workforce not only as contributors but as individuals.

Promote Company-Wide Awareness:
Extend your commitment to understanding people by insisting on sharing all people-related issues. This approach extends beyond your personal involvement. Encourage your entire leadership team to be well-informed about employee matters. By setting this expectation, you create a company culture where everyone is in the know. This increased awareness can lead to proactive solutions, mitigating potential issues before they escalate and uncovering opportunities for employee development.

Foster Personal and Professional Growth:

Recognize that the CEO role can be isolating at times. Engaging with the CPO as an informal coach can provide valuable perspectives and emotional support. A great CPO is not just there to affirm your decisions but to challenge and guide you when necessary. This collaborative approach ensures that you have a trusted partner to navigate personal and sensitive issues that may arise in your leadership journey.

Invest in Leadership and Management Training:

Harness the expertise of your CPO to design and implement leadership and management training programs. This strategic move empowers your entire leadership team to excel in their roles while aligning their actions with the company’s values. Collaborate with your CPO to create comprehensive training materials and workshops that promote leadership excellence. Investing time in this endeavor often yields a substantial return on investment by fostering employee engagement and productivity across the organization.

In conclusion, engaging with your Chief People Officer can be a transformative experience for both you and your organization. By elevating their role, embracing holistic engagement, promoting awareness, fostering personal growth, and investing in training, you can unlock the full potential of your partnership with the CPO. These efforts not only enhance the workplace but also contribute to the long-term success of your company.

New Book by Cliff K. Locks Pre-Order on Amazon

Build your business and leadership skills with business consulting from Millionaire Life Services a sister company of Investment Capital Growth for affordable training Emerging Leaders Program and Executive Leadership Academy. Avail yourself to the eight different self-paced training courses. 

Recent Blog Post: Navigating Financial Excellence: Evaluating Your Company’s CFO Fit

Corporate Governance

The role of a chief financial officer (CFO) is undoubtedly a linchpin in any company’s operations. However, it’s not just about balancing the books or financial wizardry. The synergy between the CFO and the board can make or break a company’s trajectory.

In the complex landscape of corporate governance, a harmonious relationship between the board and the C-suite is fundamental to effective oversight of risk and strategy. While the management naturally possesses more comprehensive knowledge of the business, the board’s role is to pose the right questions, validate, and ensure that the company’s leaders are firmly in control.

One particular executive, the CFO, plays a pivotal role in the harmony between the board and the management. Given the CFO’s grasp of financials, they inherently command a panoramic view of the organization. This view encompasses both the risks faced and the assumptions underpinning the strategic roadmap.

An experienced professional who served in the role of CFO/COO, and Treasurer at multiple companies, as well as a Board of Directors The CFO acts as the bridge between the C-suite and the board, aligning financials with the strategic plan. They’re also crucial for highlighting any potential vulnerabilities.

CFO’s role

The CFO’s role goes beyond numbers; it entails understanding the interplay between risk and strategy. emphasizes the extensive risk spectrum the CFO oversees. Liquidity, operations, customer credit, technology, cyber threats—these are all within the CFO’s purview. Tailoring risk disclosures to the board depends on the company’s specifics.

On the strategic front, the CFO must not only grasp the company’s value proposition but also the assumptions underlying the strategic plan and its alignment with the competition. The importance of understanding the board’s diverse perspectives. A good CFO actively listens to different board members to discern their unique concerns.

Moreover, as the business landscape evolves, the CFO’s role transcends internal matters. The rapid pace of change and the emergence of disruptive technologies have transformed the game. A modern CFO needs to be outward-looking, understanding the evolving environment and its intersection with technology.

Ensuring Trust and Transparency

Trust and transparency are the bedrock of a fruitful CFO-board relationship. Communication should be open and candid. A successful CFO isn’t just a numbers person; they’re a partner to the board, providing insights and acknowledging challenges. Highlights the necessity for a reciprocal relationship. Quality feedback from the board is essential. A culture of openness ensures a symbiotic connection.

Honesty, attention to detail, strong communication skills, and an outward-facing view are qualities that define a remarkable CFO. The CFO is akin to the “check engine light” of a company, ensuring its smooth operation. They must possess the courage to address inconvenient truths and provide timely insights.

Furthermore, proactive communication with key Board of Director members is imperative. Regular interactions enable a deeper understanding of risks on the horizon. One-on-one conversations are vital for building relationships and anticipating concerns.

The CFO’s focus should extend beyond the company, tracking external trends that could affect the business. The CFO must be prepared for board interactions, answering questions related to disclosure, hidden issues, conflicts, and risk to the strategic plan.

An insightful Board drives a company’s success toward the Vision of Success for the Shareholders and Stakeholders

In conclusion, the symbiotic relationship between a capable CFO and an insightful board drives a company’s success. The CFO bridges financial acumen with strategic insight, operating as a two-way conduit for information. Their role encompasses understanding risks, driving transparency, and aligning the board’s concerns with strategic direction. As the business world evolves, the CFO’s role as a navigator between risk and strategy will be crucial for companies seeking to thrive in an increasingly complex environment.

New Book by Cliff K. Locks Pre-Order on Amazon

Build your business and leadership skills with business consulting from Millionaire Life Services a sister company of Investment Capital Growth for affordable training Emerging Leaders Program and Executive Leadership Academy. Avail yourself to the six different training modules. 

Recent Blog Post: Unlocking Success in Inflationary Times: Actionable Hacks for Businesses to Stay Ahead

Corporate Governance

In the intricate landscape of corporate governance, the composition of a board of directors is a canvas painted with a multitude of skills, experiences, and perspectives. As someone deeply entrenched in boardrooms and governance, I have long championed the idea that a board’s collective expertise is pivotal to its efficacy. A recent series of experiences, drawn from diverse corners of the business world, solidified the notion that a multifaceted board composition is the linchpin of effective oversight and strategic guidance.

The world’s gradual emergence from the pandemic led to a resurgence of travel, rekindling my interaction with industries across the spectrum. This reconnection brought to light the varying quality of services provided by different companies. I wasn’t alone in noticing this trend. However, it was a set of disheartening encounters with a major airline and a rental car company that prompted me to explore the potential link between a board’s composition and a company’s approach to customer satisfaction.

The unsettling incidents I faced—a malfunctioning rental vehicle, another vehicle permeating with the scent of cannabis, and a substantial flight delay attributed to a misplaced power cord—were exacerbated by the unresponsive and dismissive attitudes of the companies’ “customer service” teams when I sought resolution.

This prompted me to scrutinize the boards of these companies, delving into the expertise each board member brought to the table. The intriguing discovery was that while both boards boasted members with substantial experience, their composition was notably skewed. One was predominantly composed of individuals with investment and finance backgrounds, while the other showcased a blend of expertise, though still leaning heavily towards the financial domain.

The key takeaway wasn’t that financial acumen is redundant—it’s an invaluable component of governance. Understanding a company’s financial intricacies and adopting an investor’s viewpoint are essential. Yet, the true strength of a board lies in diversity. The boardroom isn’t a monolith of financial minds; it should encompass a tapestry of skills ranging from marketing and human resources to operations, IT, AI, supply chain management, and even labor negotiations. This multifaceted array is what creates a dynamic, adaptable, and resilient board capable of tackling the complexities of modern business.

Recent observations reiterated the significance of such diverse proficiency. In fact, an article in a leading magazine underscored the benefits of an engineering background within a board—a testament to the ever-evolving landscape of business needs.

The role of a board transcends passivity; it’s an active force guiding management, lending direction and insight. This undertaking necessitates an assortment of skills and experiences. A board monopolized by a single dimension—like finance—may inadvertently overlook the intricate web of challenges a company faces.

The question looms whether the boards of the aforementioned companies have embraced this holistic approach, especially concerning customer satisfaction. Based on my recent experiences, this seems improbable. In instances where service quality wanes, the board isn’t solely culpable, but a composition that obstructs effective oversight and management accountability becomes a governance concern, demanding shareholders’ attention.

Necessity of a Diversified Board

In summation, the symbiotic interplay of governance and the business realm offers a poignant lesson. My journey across industries mirrored the necessity of a diversified board, replete with CEOs, Presidents, CFOs, IT experts, AI specialists, supply chain gurus, and labor negotiations veterans. Beyond financial mastery, boards must exemplify a tapestry of talents pertinent to the organization’s scope. By embracing this diversity, boards foster their mandate of shepherding management and propelling the enterprise toward prosperity. So, as fellow voyagers embark on their own odysseys—be they in the boardroom or beyond—may they carry the wisdom drawn from a confluence of experiences. Bon voyage!

New Book by Cliff K. Locks Pre-Order on Amazon

Build your business and leadership skills with business consulting from Millionaire Life Services a sister company of Investment Capital Growth for affordable training Emerging Leaders Program and Executive Leadership Academy. Avail yourself to the six different training modules. 

Recent Blog Post: Maximize Business With These Tips For Attracting Clients

Maximize  Business With These Tips For Attracting Clients

Running a business is no easy feat and requires a lot of hard work, dedication, and perseverance. One of the most challenging aspects of running a successful business is attracting and retaining busy consumers who have limited time but plenty of options. Fortunately, there are some steps you can take to make this process easier. Investment Capital Growth shares some tips for bringing in customers and keeping them coming back so you can ensure growth.

Prioritize High-Quality Customer Service

Salesforce notes that providing high-quality customer service is key when it comes to attracting and retaining busy customers. Make sure your employees are friendly, helpful, and knowledgeable about your products or services so that customers feel valued and appreciated. Additionally, ensure that any issues or complaints are addressed promptly and professionally. Provide a positive and personalized experience for every client interaction. Respond promptly to inquiries, address concerns or complaints effectively, and go the extra mile to exceed expectations. Satisfied clients are more likely to refer your business to others.

It’s possible to collect and combine customer information into one source using a single customer view (SCV) solution. Of the options related to personalized customer experience, SCV is a unified approach that can gather data such as the number of retail store visits, mobile activity, and shopping history. From there, you can customize the customer experience in the future, leading to increased customer satisfaction and retention.

Identify Areas Of Improvement By Using Customer Feedback

Market research firm Survicate points out that it’s important to client feedback to make future improvements. Utilizing customer feedback surveys or reviews can help you identify areas of improvement as well as what customers appreciate about your business. This information can then be used to make changes that will better meet the needs of busy consumers.

Know Your Target Demographics by Understanding Persona and Avatar of Your Best Clients

Conducting market research is essential when trying to attract new clients as well as retain existing ones. This research will give you an idea of who your target demographic is so that you can tailor your marketing messages accordingly. Knowing who you’re targeting with your messages will help ensure that they reach the right people at the right time, something especially important when dealing with busy consumers.

Craft a compelling value proposition: Develop a persuasive value proposition that clearly communicates the unique benefits and value your business offers. Emphasize what sets you apart from competitors and how your products or services can address clients’ problems or fulfill their desires.

Enhance your online presence: Establish a professional and user-friendly website that showcases your offerings and provides relevant information. Optimize your website for search engines to improve visibility. Additionally, leverage social media platforms to engage with your audience, share valuable content, and promote your business effectively.

Utilize content marketing: Create valuable and informative content, such as blog posts, articles, videos, or podcasts, that cater to your target audience’s interests. Distribute this content through various channels to position yourself as an industry expert and attract potential clients.

Harness the power of word-of-mouth marketing: Encourage satisfied clients to recommend your business to others by offering incentives for referrals. Forge partnerships with industry influencers or thought leaders who can endorse your offerings to their audience, expanding your reach and credibility.

Engage in networking and industry events: Actively participate in trade shows, conferences, or local networking events to connect with potential clients face-to-face. These interactions provide opportunities to build relationships, exchange business cards, and follow up with promising leads.

Implement targeted advertising campaigns: Leverage online advertising platforms, such as Google Ads or social media ads, to reach your specific target audience. Define clear objectives, select relevant keywords or audience demographics, and monitor the performance of your campaigns to optimize results.

Make the Customer Buying Experience Easier

Making the Buying experience simple yet efficient is crucial when it comes to attracting and retaining busy clients. Investing in the latest technology such as online ordering systems or mobile apps can make it easier for customers to shop on their terms without having to wait on hold or deal with long checkout times at brick-and-mortar stores. Additionally, providing free shipping options or same-day delivery services may also be beneficial.

I enjoy educating my clients, today’s customers are no longer looking to be sold, they are looking to be educated and entertained.

Embrace the role of an educator: Instead of solely pushing products or services, position yourself as a knowledgeable resource for your clients. Seek to understand their pain points and challenges, and provide valuable insights, industry trends, and expert advice. By sharing your expertise, you empower clients to make informed decisions and see you as a trusted advisor.

Offer educational content: Create and share educational content that adds value to your clients’ lives. This can include blog posts, articles, videos, webinars, or podcasts that delve into relevant topics, address common industry concerns, or provide actionable tips. By consistently delivering educational materials, you establish yourself as a go-to source for reliable information.

Make learning enjoyable: While education is important, incorporating an element of entertainment can make the process more engaging and memorable for clients. Infuse your content with storytelling, humor, or interactive elements that captivate their attention and leave a lasting impression. This approach creates a positive association with your brand and encourages clients to actively seek out your educational resources.

Customize the learning experience: Recognize that each client has unique learning preferences and cater to them accordingly. Offer a variety of formats and mediums for educational content, such as written guides, video tutorials, or live webinars. Allow clients to choose the method that resonates with them, enhancing their overall learning experience and maximizing engagement.

Encourage two-way communication: Facilitate open dialogue with your clients, encouraging questions, feedback, and discussions. Actively listen to their concerns, address inquiries promptly, and provide personalized guidance. This interactive approach fosters a sense of collaboration and shows that you value their input, further enhancing the educational experience.

Running a successful business takes hard work. By following these tips you can make things easier when it comes to time to attract and retain busy consumers. By strategically aligning your marketing plan and optimizing customer experience management, you can make the most of your business plan and attract customers for continued growth.

Build your business and leadership skills with business consulting from Millionaire Life Services a sister company of Investment Capital Growth for affordable training Emerging Leaders Program and Executive Leadership Academy. Avail yourself to the six different training modules. 

Recent Blog Post: Your Next Steps for Business Growth

Inflation has become a pressing concern in the recent year, posing significant challenges for businesses across various sectors. While the impact of rising costs affects companies of all sizes, SMB businesses often bear the brunt of these economic fluctuations. If you’re an entrepreneur grappling with higher overhead expenses and dwindling consumer demand, you’re likely seeking effective solutions to navigate these turbulent times. In this comprehensive guide, we present a range of actionable hacks tailored specifically for small businesses to tackle inflation head-on. As we explore strategies and techniques to mitigate the effects of inflation, we’ll also examine how partnering with Investment Capital Growth can be instrumental in overcoming these hurdles.

1. Strengthen Your Financial Reserves

In the face of adversity, having a robust cash reserve is critical for small businesses. Establishing a “contingency fund” ensures you have adequate resources to meet essential financial obligations such as employee wages and supplier payments. To build up your cash reserves, consider implementing effective debt management practices, optimizing your invoicing system, and leveraging the services of an invoice finance company. An invoice finance company provides prompt payment for a percentage of your invoices, ensuring a steady cash flow to sustain your operations.

2. Enhance Profit Margins

Improving profit margins is crucial to weathering the challenges posed by inflation. The strategies employed to achieve this goal will vary depending on the nature of your business. For instance, if you operate an e-commerce business, Shopify offers valuable insights on boosting profit margins. These tips may include enhancing your digital store’s reputation and trustworthiness online and evaluating your pricing strategy. Additionally, collaborating with Reverse Logistic Solution can help you minimize losses and inefficiencies associated with product returns, thereby positively impacting your bottom line.

3. Leverage Technology for Cost Savings

Technology serves as a powerful ally when it comes to cost savings for small businesses. By automating various processes, you can streamline operations and reduce expenses. Utilizing tech tools such as accounting business intelligence software and generative AI to increase productivity and reduce errors. 

4. Safeguard Your Personal Assets

During financially challenging times, protecting your personal assets is of utmost importance. Purchasing Directors and Officers and Cybersecurity Insurance can reduce risks.

5. Optimize Supplier Contracts to Cut Overhead Costs

Revisiting and renegotiating supplier contracts can significantly impact your business’s financial health. As economic conditions evolve, it’s crucial to reassess existing agreements and identify opportunities for cost savings. Start by identifying unfavorable deals and determining the breaking point at which a contract becomes more detrimental than beneficial to your company. Conduct thorough market research on competitor offerings to strengthen your position before entering negotiations, ensuring you secure more favorable terms.

6. Reconsider Your Business Location

If your business does not heavily rely on foot traffic, reevaluating your location can yield substantial cost savings. For some businesses, operating with shared space can be a prudent alternative to renting expensive office space. Explore options such as remote work arrangements for your staff or investing in a property that can accommodate your business’s needs more effectively. Purchasing a property not only eliminates monthly rent expenses but also allows you to build equity over time. Additionally, real estate often qualifies for tax benefits, making it financially advantageous to make necessary renovations and build-outs to your space.

7. Embrace the Use of Freelancers and Fractional Team Members

In light of inflation and the potential strain on payroll budgets, consider adapting your workforce to include a significant freelance component. Working with freelancers and fractional team members offers numerous advantages, including cost-effective talent acquisition, reduced recruitment and onboarding expenses, and performance-based payment structures. Platforms such as UpWork provide convenient access to a diverse pool of freelancers across various fields, from copywriting to accounting, allowing you to find the right professionals for your specific business needs.

8. Innovate Your Marketing Strategy

In addition to cost-cutting measures, generating revenue growth is crucial to thriving in an inflationary environment. Marketing plays a pivotal role in attracting new customers and expanding your business’s reach. Start by reviewing and auditing your online presence through a well-designed benchmarking exercise of your competitors’ websites and leverage social media platforms to promote your products or services. Additionally, implementing a newsletter campaign enables you to maintain regular communication with potential and existing customers, nurturing long-term relationships. Numerous free newsletter templates are available to help you get started, allowing you to customize them with your branding elements for a personalized touch.

9. Foster Customer Loyalty Through Creativity

Retaining existing customers is vital for sustaining a steady stream of business and ensuring a consistent cash flow. Cultivating customer loyalty requires innovative approaches that go beyond conventional marketing tactics. Leveraging the expertise shared by Tech Target, develop a multi-channel approach to customer engagement, utilizing platforms and social media gamification to stay connected. By fostering meaningful connections with your customers and actively seeking their feedback, you can strengthen loyalty and drive repeat business.

10. Take a Proactive Stance on Financial Management

As a business owner grappling with inflationary challenges, taking a proactive approach to financial management is paramount. By adopting strategies such as newsletter marketing and building cash reserves, you can fortify your business’s resilience. Staying informed about economic trends, exploring innovative solutions, and continuously seeking opportunities for growth are essential components of effectively navigating inflationary periods.

Conclusion

Inflationary pressures present unique challenges for businesses, but with the right strategies and mindset, entrepreneurs can not only survive but also thrive in these circumstances. By implementing the hacks discussed in this guide, including building cash reserves, enhancing profit margins, leveraging technology, renegotiating supplier contracts, optimizing business location, embracing freelancers and fractional team members, innovating marketing strategies, nurturing customer loyalty, and adopting a proactive financial management approach, small business owners can safeguard their operations and position themselves for long-term success in an inflationary economy. Partnering with industry experts like Investment Capital Growth provides additional support and tailored solutions to navigate the intricacies of inflation, enabling small businesses to weather the storm and emerge stronger than ever.

Build your business and leadership skills with business consulting from Investment Capital Growth and affordable training Emerging Leaders Program and Executive Leadership Academy.

Recent Blog Post: Board Excellence: Empowering Collaboration and Engagement for Organizational Success

A strong board of directors plays a vital role in the success of any organization. They serve as the CEO’s second team and can be an impactful tool for driving growth and strategic decision-making. However, weak or ineffective boards can hinder progress and hold a company back. To ensure that your board is strong and well-calibrated, it’s important to reimagine the board meeting and make the most of this valuable resource.

In this article, we will explore various aspects of board meetings and provide insights into building an effective board, managing it over time, running productive meetings, setting realistic expectations for board members, and leveraging the board effectively during difficult times. By reimagining the board meeting, CEOs and board members can enhance collaboration, engagement, and decision-making, leading to improved organizational outcomes.

Building an Effective Board

One of the key factors in having an engaged board is selecting the right board members. Collaborative and active board members are crucial for board effectiveness. Here are some strategies for sourcing and engaging the right individuals:

1. Interview for engagement: Treat the board member selection process similar to hiring a senior executive. Conduct thorough interviews and check references, especially if the candidate has prior board experience. Clearly communicate your expectations during the selection process.

2. Audition potential board members: Consider inviting your finalist for a future board position to attend a board meeting as an observer. This allows them to experience the dynamics of the board and ensures they actively engage in the conversation. Properly prepare them for the meeting to maximize their participation.

3. Emphasize board member collaboration: Encourage a culture of collaboration among board members. Select individuals who are willing to work as a team, rather than operating in isolation. Fostering a sense of teamwork and shared responsibility can significantly enhance board effectiveness.

Robust Board Composition and Skilled Chair

Apart from selecting the right board members, it’s crucial to have a robust board composition and a skilled chair to facilitate effective board meetings. Consider the following:

1. Independent directors: Aim for a diverse composition of board members, including independent directors, founder/CEO, and investor directors. Independent directors bring valuable external perspectives and can enhance governance and decision-making processes.

2. Chair as a skilled facilitator: Whether the meeting is chaired by a chairman or the CEO (if they are different individuals), the meeting leader should act as a skilled facilitator. Effective facilitation ensures that discussions are productive and that everyone’s views are heard and considered.

Evolving Board Composition

As a company grows or pivots in new directions, it’s important to evolve the composition of the board. Consider the following strategies:

1. Ongoing recruitment: Continuously seek potential board members to maintain a pipeline of candidates. Be proactive in identifying individuals who possess the skills, experience, and diversity necessary to contribute to the board’s effectiveness.

2. Balanced representation: Maintain a proper balance of investors, executives, and independent board members. This ensures diverse perspectives and expertise in key areas. Consider setting shorter terms for board members, especially during the early stages of the business, to facilitate changes if needed.

Managing Board Growth

Adding executives, investors, and independent directors as the company secures new rounds of funding can quickly increase the size of the board. Managing this growth effectively is essential. Consider the following:

1. Rolling off earlier investors: As the company evolves, earlier investors may need to be rolled off the board. This can be a challenging process but is often necessary for the board’s continued effectiveness. Negotiate board size and composition with new investors during financing rounds.

2. Negotiating changes: If changes to the board composition become necessary, engage in open and transparent discussions with relevant stakeholders. Data, support from other board members, and relationships within the firms can assist in making changes, especially when dealing with VC board members.

Removing Ineffective Board Members

Occasionally, it becomes necessary to remove ineffective board members. The process can differ depending on whether the board member is classified as an independent director or a venture capital (VC) director. Consider the following steps:

1. Independent directors: The removal process for independent directors is relatively straightforward. Engage in direct conversations, discuss performance concerns, and provide opportunities for improvement. If the situation doesn’t improve, initiate the removal process as outlined in the company’s bylaws.

2. VC board members: Replacing VC board members can be more complex. Start by collecting data on the board member’s performance and any related issues. Seek support from other board members, especially those representing significant stakeholders. Engage in open and constructive discussions with the VC firm to explore potential solutions.

Running Productive Board Meetings

Effective board meetings are key to maximizing the board’s potential. Here are some strategies for running productive meetings:

1. Agenda planning: Create a clear and focused agenda that covers essential topics. Share the agenda well in advance, allowing board members to prepare adequately. Consider allocating sufficient time for strategic discussions and critical decision-making.

2. Pre-read materials: Provide board members with pre-read materials, including financial reports, strategic updates, and other relevant documents. This allows members to review the materials ahead of time and come prepared with informed questions and insights.

3. Active engagement: Encourage active engagement during the meeting. Foster an environment where all board members feel comfortable sharing their opinions and perspectives. Consider using techniques such as round-robin discussions or structured debates to ensure everyone’s voice is heard.

4. Time management: Effectively manage meeting time to ensure discussions stay on track and critical decisions are made. Assign time limits to each agenda item and use the chair’s facilitation skills to keep the meeting focused and efficient.

Setting Realistic Expectations for Board Members

Setting clear and realistic expectations for board members is essential to establish a strong working relationship. Consider the following:

1. Board member orientation: Provide comprehensive orientation for new board members, including an overview of the company, its strategic objectives, and the board’s roles and responsibilities. This helps align expectations and ensures board members are well-informed.

2. Regular communication: Foster open lines of communication between the CEO, board members, and the chairperson. Regular updates, both individually and collectively, help board members stay informed and actively engaged.

Leveraging the Board’s Potential During Challenging Times

During challenging times, such as economic downturns or organizational crises, the board’s support and guidance are crucial. Consider the following strategies:

1. Proactive communication: Maintain open and transparent communication with the board during difficult periods. Keep them informed about challenges, risks, and potential strategies for addressing them. Leverage their diverse perspectives and expertise in problem-solving.

2. Strategic guidance: Tap into the board’s collective wisdom to navigate through challenging times. Engage in strategic discussions, explore alternative approaches, and seek their guidance and support in decision-making processes.

Conclusion

Reimagining the board meeting and optimizing board effectiveness can have a significant impact on an organization’s success. By building an engaged and collaborative board, adapting board composition as the company grows, removing ineffective board members, running productive meetings, setting clear expectations, and leveraging the board’s potential during challenging times, CEOs and board members can enhance governance, decision-making, and ultimately, the organization’s performance. Remember, the board meeting is not just a requirement but an opportunity to unlock the true potential of your organization.

Build your business and leadership skills with business consulting from Investment Capital Growth and affordable training Emerging Leaders Program and Executive Leadership Academy.

Recent Blog Post: Expand Your Business with Confidence: 5 Important Tips You Need to Know

Congratulations on your successful business and your exciting plans for expansion! As you move forward, it’s important to keep in mind that while every business is unique, there are some fundamental strategies that can help guide your decisions.

To ensure a successful expansion, consider these five essential tips:

1. Fund Funding

Expanding a business requires funding, which can be obtained from various sources, we can shop the loan for you, with less documentation. Traditional bank loans are a common option and may have lower interest rates, but they often require extensive documentation and may be difficult to qualify for. Another option is crowdfunding, where individuals can invest in your business in exchange for a future product, service or equity. Small Business Administration (SBA) loans can be a viable option for small businesses that meet certain requirements, with the SBA providing guarantees that reduce the risk for lenders. Venture capital firms may provide funding for businesses with high growth potential, but may take a significant equity stake in the business in exchange.

2. Learn about potential markets

You must carefully consider where to expand before undergoing an expansion. Conduct market research to identify areas where there may be demand for your product or service.

Look for demographic and economic trends that suggest a potential new market. And don’t forget to consider the competition and regulatory environment in such markets. Forming a comprehensive and accurate perspective of your potential markets is crucial to your business’s future.

3. Appeal to new markets

Acquiring customers is also critical for any business. Think about how you will reach your target audience in the new market. Will you rely on social media, email marketing, or other advertising methods?

As you acquire new customers, you’ll want to keep them coming back by providing excellent customer service and delivering high-quality products or services. Repeat customers are the lifeblood of businesses of all sizes and industries!

Investing in a customer data platform (CDP) can be key to creating a unified view of your customers and gaining valuable insights. A CDP provides real-time profiles that yield up-to-date information about your customers and help you make informed decisions. That way, you can quickly build effective customer journeys that drive engagement while delivering measurable results.

4. Encourage customers to refer others

Word of mouth is still one of the most impactful marketing strategies, and it costs little to nothing. Inspire your customers to action by offering discounts or other incentives for referrals. A referral program can prove to be an effective way to grow your business with little effort and expense.

Rewarding customers for referring their friends can significantly boost customer engagement and loyalty. Show your appreciation and reward customers for spreading the word about your company by giving them gift cards. Using this gift card API lets you personalize and style your payments — whether prepaid cards, gift cards, or cash — and can also encourage further referrals while facilitating more exposure for your brand.

5. Step up your marketing game

After expanding your business, you’ll want to step up your marketing efforts to gain traction in the new market. Consider partnering with local businesses or influencers to increase your visibility. Use targeted advertising to reach your ideal customers, and make sure your employees are trained to provide excellent customer service.

Further, keep in mind that joining a marketing association can yield opportunities for:

• Networking with other professionals in the industry;
• Gaining access to resources and exclusive marketing events;
• And even mentoring from experienced professionals with years of knowledge in the field.

Wrapping Up

If your business is like most others, you could use all the help you can get to navigate the challenges ahead and prepare for a rewarding expansion. Finding funding, stepping up your marketing efforts, incentivizing your customers, and following the other tips above may be all you need to flourish. Take time to identify what works best for your business, and start devising a strategy today!

Build your business and leadership skills with business consulting from Investment Capital Growth and affordable training Emerging Leaders Program and Executive Leadership Academy.

Recent Blog Post: 6 Ways Businesses Can Combat Cyberthreats

95% of founders don’t know how to sell their company.

We have spent the last 15 years training Founders like you on how to do it.

Selling a business can be a complex and emotionally taxing process. Many business owners find it challenging to balance the practicalities of selling with the personal significance of what the transaction means for them and their family. However, with proper planning, a business owner can maximize personal after-tax profits, minimize taxes, accomplish charitable goals, and protect assets.

In this article, Cliff Locks explores the steps necessary for a successful sale of a business. I discuss the importance of getting educated. I’ve co-founded the Hyper Accelerator – M&A Program. The Hyper Accelerator is a 100-day global virtual accelerator program that helps founders prepare to sell or merge their companies. The program provides high-quality, actionable advice and insights to teach founders how to maximize the outcome of their exit. The program includes skill-specific workshops to defend your valuation, due diligence, and negotiations, and learn from top M&A professionals and professors from top business schools. The program also helps founders create liquidity for themselves and their shareholders, understand what their company is worth, and coordinate bids and financing arrangements. They have worked with entrepreneurs who have had successful exits, and the program is designed to help founders learn how to sell their companies. To get started, present your startup to one of their M&A expert mentors. You can learn more and enroll here: http://bit.ly/3FZIvM3 You’ll learn about assembling a collaborative team of advisors, building your data room, due diligence,  and implementing various planning strategies to successfully sell your company.

The goal is to successfully close their private transaction tax-efficiently while creating a lasting legacy for their family.

The Importance of a Collaborative Team of Advisors

A successful sale of a business begins with assembling a collaborative team of advisors. This team can include investment bankers, attorneys, accountants, and strategic wealth planning advisors. All these advisors must work together to prepare the business owner for the liquidity event and to maximize the value, speed, and certainty of the transaction closing.

One of the key components of a successful wealth plan is tax planning. The tax implications of a business sale can be significant, and the earlier the business owner starts planning, the more opportunities there are to minimize tax liability and maximize after-tax profits. There are a number of tax planning strategies that can be used to achieve these goals, such as intentionally defective grantor trusts, grantor retained annuity trusts, completed gift non-grantor trusts, incomplete gift non-grantor trusts, and spousal lifetime access trusts.

The investment banker’s role is to identify potential buyers, negotiate and structure the transaction, and ensure that the business owner receives the highest possible purchase price. The attorney’s role is to review and draft the transaction documents, ensure compliance with applicable laws and regulations, and protect the business owner’s legal interests.

The accountant’s role is to provide tax planning and advice, assist with financial due diligence, and ensure that the transaction is structured in the most tax-efficient manner possible. The strategic wealth planning advisor’s role is to integrate tax, estate planning, and business succession strategies to help the business owner achieve their personal and financial goals.

Incorporating Strategic Wealth Planning

Strategic wealth planning is critical for any business owner who wants to maximize the value of their business sale. By combining tax, estate planning, and business succession strategies, a business owner can have the greatest opportunity to maximize the wealth from the sale of their business.

Strategic wealth planning involves analyzing the business owner’s current financial situation, determining their financial goals, and developing a plan to achieve those goals. The resulting savings can be significant, and the earlier the business owner starts, generally, the better the results can be.

Another important component of a wealth plan is estate planning. A business sale can result in a significant increase in wealth, which can have implications for estate taxes. A well-structured estate plan can help minimize estate taxes and ensure that the business owner’s assets are distributed according to their wishes. There are a number of estate planning strategies that can be used to achieve these goals, such as charitable trusts, family limited partnerships, family limited liability companies, and qualified opportunity zone investments.

Asset protection is another key consideration in a wealth plan. A business sale can attract attention from potential creditors, and it’s important to ensure that the proceeds of the sale are protected from legal claims. There are a number of asset protection strategies that can be used to achieve this goal, such as asset protection trusts and estate freezes.

In addition to tax planning, estate planning, and asset protection, there are a number of other strategies that can be used to maximize the value of a business sale.

It’s important to note that there is no one-size-fits-all approach to wealth planning for a business sale. Each business owner’s situation is unique, and their wealth plan should be tailored to their specific needs and goals. That’s why it’s important to work with a team of trusted advisors who can provide personalized advice and guidance throughout the process. You can learn more about the M&A process and enroll here: http://bit.ly/3FZIvM3

In conclusion, selling a business is complex and requires careful planning and preparation. By getting educated and assembling a team of trusted advisors and developing a comprehensive wealth plan, business owners can maximize the value of their sale, minimize tax liability, and achieve their financial goals. Don’t leave any money on the table – start planning for your business sale today.

Let’s talk about your needs: [email protected]

Recent Blog Post: Investing in the Future: Preparing NextGen Successors for VHNW & UHNW Family Enterprise

As a Board of Director for multiple firms and founding three companies, I have seen firsthand the importance of succession planning for both traditional organizations and Family Offices. With my current work supporting VHNW and UHNW Families globally, I cannot stress enough the significance of preparing the NextGen succession planning.

Succession planning is a continuous process that requires careful planning and execution. It is not a one-time event, and it should be integrated into the company’s overall strategic plan and reviewed periodically to ensure its relevance and effectiveness.

The first step in developing a succession plan is to identify the key positions and the necessary skills, experience, and qualities required to perform these roles successfully. Based on this, potential successors for these positions should be identified, evaluated based on their performance, potential, and leadership skills.

Once potential successors are identified, the Board should develop a training and development plan that is tailored to each individual’s strengths and weaknesses. This may include job rotations, mentorship programs (which I can provide as a resource), and a combination of internal and external leadership training courses.

One critical aspect of succession planning is ensuring that the company’s culture and values are passed down to future NextGen leaders. To achieve this, the Board should work with current leaders to document the company’s culture and values and ensure that these are integrated into the training and development of potential successors and family members.

In the event of unexpected departures or emergencies, succession planning also involves developing contingency plans. The Board should identify potential NextGen interim leaders and family members, and develop plans for the smooth transition of leadership.

In conclusion, it is essential for Family Office Leadership and the Board to have a robust succession plan in place. By identifying potential NextGen successors, developing tailored training and development plans, and ensuring that the company’s culture and family values are passed down to future leaders, the Board can ensure the continuity of leadership and maintain the stability of the organization. Let us work together to make succession planning a top priority for our organizations and Family Offices.

Let’s talk about your needs: [email protected]

As we enter a new era of energy generation and consumption, the United States and Globally are facing a series of challenges that threaten to upend our electrical infrastructure. From weather-related outages to the transition from fossil fuels to renewable energy sources, our country’s power grid is under more pressure than ever before. One way to gauge the current state of the grid is by looking at the many “outage maps” available online. These maps show in real-time where electrical outages are occurring across the World, ranging from the entire country to state by state and even smaller jurisdictions.

At this writing, the maps show that some areas in Michigan and California are experiencing power outages due to severe weather. These outages are just the tip of the iceberg, however. In the coming years, outages could become more frequent and more widespread as our electrical infrastructure struggles to keep pace with demand. This demand will be driven by two major transitions currently taking place in the United States: a transition from fossil-based energy sources to renewable energy sources, and a transition to electricity in transportation, particularly with electric vehicles.

As we rush to electrify and reduce carbon emissions, our electrical infrastructure faces a daunting challenge. There are approximately 3,000 utilities in the United States, ranging from small public and rural electric cooperatives to large, investor-owned firms like the Southern Company and Exelon. These utilities are all part of the country’s electrical supply system, which has been described as the world’s largest engine. They all work together with surprising unity and are connected to one of three electric grids: the Eastern Grid, the Western Grid, and ERCOT, the free-standing Texas grid.

The utilities face a dual challenge of both generating enough power and transmitting it to where it’s needed. Adding to this challenge is the fact that adding two electric cars to a household can raise electric consumption by as much as 40 percent. To address this issue, many utilities are turning to distributed generation. This involves entering into contracts with customers to share the burden of power generation. These agreements can include incentives for customers to allow the utility to remotely turn off certain functions during peak hours and buy power from customers who have rooftop solar installations or backup generators.

Even with these efforts, experts predict that electricity demand will double in the United States by 2050, making it impossible to meet this demand with the current generation and transmission trajectory. The biggest frustration in the industry isn’t the siting of new wind farms and solar plants, but building new transmission lines to move electricity from resource-rich areas to where it’s needed. This is particularly true in Western states, where the wind blows and the sun shines, but transmission infrastructure is lacking.

One of the main obstacles to building new transmission lines is “not in my backyard” sentiment. While the Department of Energy is pouring money into new projects, residents often object to power lines being built in their communities. This means that while money is not a problem, selfishness and a lack of foresight could lead to worsening power outages in the future.

Ultimately, if the United States continues to electrify at the current rate, power shortages could become commonplace by the end of the decade and worsen throughout the century. Outage maps could become a regular fixture in our lives, providing a visual representation of the country’s failing electrical infrastructure. It’s essential that we act now to address these issues and invest in new transmission infrastructure to ensure that we have reliable access to power for generations to come.

Hydrogen storage is an important part of the solution to the looming electricity shortage. Hydrogen can be produced using renewable energy sources such as wind, solar, and hydropower. Once produced, the hydrogen can be stored and then used to generate electricity in a fuel cell when needed. This allows for the decoupling of the electricity generation from the electricity consumption, which is particularly useful in managing variable renewable energy sources.

Cliff Locks is available as a Board of Director or Board Advisory position as an Independent Director [email protected]

As a senior-level executive, you know all too well the importance of identifying growth bottlenecks in your business. These are the areas where progress stalls, and you find yourself unable to move forward. Identifying and addressing these bottlenecks is critical for achieving sustained growth and success.

One of the keys to unlocking growth in your business is identifying the numbers that get you excited. These are the metrics that can help you identify where small changes can have a big impact. By focusing on these metrics, you can make informed decisions and drive growth in your business.

So, what is the number in your business that gets you excited? For many businesses, it’s revenue growth. Increasing revenue is, of course, the ultimate goal for any business. However, revenue growth is not always the best metric to focus on when it comes to identifying growth bottlenecks.

Instead, consider focusing on metrics such as customer acquisition cost, customer lifetime value, and net promoter score. These metrics can help you identify areas where small changes can have a big impact on your bottom line.

Customer acquisition cost (CAC) is the cost of acquiring a new customer. By focusing on reducing CAC, you can increase profitability and growth. For example, if you find that your CAC is high, you may need to invest in marketing and sales to drive more leads and conversions.

Customer lifetime value (CLTV) is the total value a customer will bring to your business over the course of their relationship with you. By focusing on increasing CLTV, you can increase the return on investment for each customer. For example, if you find that your CLTV is low, you may need to invest in improving customer retention and satisfaction.

Net promoter score (NPS) measures customer loyalty and satisfaction. By focusing on increasing NPS, you can increase customer retention and drive growth through word-of-mouth referrals. For example, if you find that your NPS is low, you may need to invest in improving customer service and support.

In conclusion, identifying growth bottlenecks in your business is critical for achieving sustained growth and success. However, it’s not just about revenue growth. By focusing on metrics such as CAC, CLTV, and NPS, you can identify areas where small changes can have a big impact on your bottom line. By focusing on these numbers that get you excited, you can make informed decisions and drive growth in your business.

I’m excited to announce my new online and self-paced online course for Emerging Leaders, which I’ve designed to help you achieve your goals and become a multi-millionaire. Visit to learn more and start your journey toward financial success.

Looking for more ways to grow your business? Look to ICG Consulting for mentoring opportunities. Please reserve time to talk about your ‘Vision of Success’ and a few obstacles you see.  

These lessons are based on my personal experiences of taking charge of my career and starting three successful companies.

1. Set audacious goals that are achievable.

2. Confidence must come first.

3. You’re living the life that you’ve created.

4. Being busy does not equal being productive.

5. You’re only as good as those you associate with.

6. Quash your negative self-talk.

7. Avoid asking “What if?”

8. Schedule exercise and sleep.

9. Embrace failure.

10. Be accountable for your actions.

11. Embrace change.

12. Cultivate a thirst for knowledge.

13. Make a plan and take action by starting at step one above.

In conclusion, to empower yourself forward to greatness and higher income, it’s crucial to have written goals, confidence, surround yourself with positive influences, quash negative self-talk, and prioritize exercise and sleep. Embracing failure, being accountable, embracing change, thirsting for knowledge, making a plan, and taking action are all key components of success. Remember, you have the power to take charge of your career and create the life you want.

Goal setting must come first.

Are you feeling stuck and don’t know how to reach your potential? Get clear on your life’s purpose with a BHAG! As I tell my coaching clients don’t just dream, achieve! Set ambitious goals and start taking steps toward them today!

Are your goals too small? Don’t limit yourself by setting goals that don’t challenge you. Break out of the status quo and set a BHAG – a Big, Hairy, Audacious Goal. With our help, you can create achievable goals that will push you further and help you reach the heights of success.

Remember deserve to be successful. Don’t settle for mediocrity – challenge yourself and create a BHAG that will put you on an exciting path to success. With our help, we’ll guide you through creating achievable goals that will take you where you want to go.

Start living life with purpose and intention! Let a BHAG be the compass that guides you towards living a more rewarding life. With this tool, you will develop clarity around what’s important for you — it’s time for you to start designing your own life’s success story!

Unlock greater success by setting a BHAG today! Sign up now and get started on your journey to success for $1.00! Yes, for just $1.00, you’ll be an expert at getting your goals written down on paper. Yes, you can use Word.doc. But, has to be written down and printed out, to review on a weekly basis.

Confidence must come second to goal setting.

Confidence is essential to achieving success in any aspect of life, including one’s career. It’s not something that can be easily obtained, but it’s a mindset that can be developed over time. Successful people exude confidence because they believe in themselves and their abilities. If you lack confidence, it can hold you back from taking risks, reaching for new challenges, and pursuing opportunities that will help you grow professionally.

If you want to build your confidence, start by setting realistic goals and taking small steps towards achieving them. Celebrate your successes, even the small ones, and learn from your failures. Practice positive self-talk and avoid comparing yourself to others. Remember that everyone has their strengths and weaknesses.

Building confidence takes time and effort, but it’s worth it in the long run. Once you have confidence in yourself and your abilities, you’ll be more likely to take risks, pursue opportunities, and achieve your goals. Confidence is the foundation of a successful career and a fulfilling life.

You’re living the life that you’ve created.

The quote “You’re living the life that you’ve created” emphasizes the idea that our current life is a reflection of the choices we have made, both big and small, throughout our lives. It suggests that we have the power to shape our own destiny and create the life we desire by making intentional decisions.

If we want to change our current situation or create a different future, we need to take responsibility for our choices and actions and make deliberate changes to create the life we want. This can involve setting goals, making a plan, and taking action to make it a reality.

At the same time, it’s important to recognize that external factors such as economic circumstances, cultural and social norms, and systemic inequalities can also impact our life outcomes. However, even in the face of adversity, we can still make choices that can help us move towards a more fulfilling life.

Being busy does not equal being productive.

That’s a very true statement! Being busy can often give the illusion of being productive, but in reality, it doesn’t necessarily mean that you are making progress or achieving your goals. It’s important to prioritize your tasks and make sure that you are focusing on the most important and impactful ones, rather than just filling up your schedule with busy work. Time management and prioritization are key skills that can help ensure that you are productive, not just busy.

You’re only as good as those you associate with.

The people you associate with can significantly impact your life, both personally and professionally. Surrounding yourself with positive and motivated individuals can inspire and motivate you to strive for success and personal growth.

Conversely, associating with negative or unmotivated individuals can have the opposite effect and hold you back from reaching your full potential.

It’s important to choose your associations carefully and seek out individuals who share your values and goals. Doing so can create a supportive and uplifting network that helps you grow and achieve your aspirations.

Quash your negative self-talk.

Negative self-talk can be harmful to your mental health and self-esteem. To quash negative self-talk, start by becoming aware of when and how you engage in it. Notice when you’re being overly critical of yourself, and challenge those negative thoughts with positive and realistic self-talk.

Here are some strategies you can use to quash negative self-talk:

1. Reframe negative thoughts: When you catch yourself having negative thoughts, reframe them into positive ones. For example, instead of saying “I’m not good enough,” try saying “I am capable and competent.”

2. Practice self-compassion: Be kind and gentle with yourself, just as you would be with a close friend. Treat yourself with the same care and understanding you would offer others.

3. Surround yourself with positivity: Spend time with people who lift you up and inspire you. Surround yourself with positive quotes, affirmations, and images.

4. Focus on your strengths: Instead of dwelling on your weaknesses, focus on your strengths and accomplishments. Celebrate your successes and remind yourself of your positive qualities.

5. Challenge negative thoughts: Ask yourself whether your negative thoughts are based in reality or are simply assumptions or beliefs. Often, negative thoughts are not based in fact, and challenging them can help you see things in a more positive light.

Avoid asking “What if?”

Avoiding asking “What if?” is a common piece of advice given to people who tend to worry excessively or ruminate on negative possibilities. When you ask “What if?” questions, you are essentially imagining worst-case scenarios and worrying about things that may never happen.

While it’s important to consider potential risks and prepare for the future, constantly asking “What if?” can lead to anxiety and prevent you from taking action. Instead of dwelling on negative possibilities, try to focus on the present moment and what you can do to move forward.

If you find yourself getting caught up in “What if?” thinking, it can be helpful to redirect your thoughts to more positive and productive ones. You can also try techniques like mindfulness, meditation, or cognitive-behavioral therapy to help you reframe negative thoughts and reduce anxiety.

Schedule exercise and sleep.

Scheduling exercise and sleep is important for maintaining good physical and mental health. Exercise can help improve cardiovascular health, increase strength and endurance, reduce stress, and improve mood. Sleep is also crucial for overall health, as it helps the body repair and regenerates, and lack of sleep can lead to a host of health problems.

To ensure you are making time for exercise and sleep, scheduling them into your daily routine can be helpful. This means setting aside specific times for physical activity, whether it’s going to the gym, taking a walk, or doing a home workout. Similarly, it’s important to establish a consistent sleep schedule, going to bed and waking up at the same time every day to help regulate your body’s natural sleep-wake cycle.

It’s also important to prioritize and make these activities non-negotiable parts of your daily routine. By doing so, you can establish healthy habits that will help you feel more energized, focused, and productive throughout the day.

Embrace failure.

Embracing failure means acknowledging that failure is a natural part of learning and being willing to learn from your mistakes. Rather than seeing failure as a personal shortcoming or a reflection of your worth, you can view it as an opportunity to grow and improve.

When you embrace failure, you become more resilient and adaptable. You are better able to handle setbacks and bounce back from them. You also become more open to trying new things and taking risks, which can lead to new opportunities and experiences.

Remember that some of the most successful people in history have experienced failure before achieving their goals. Failure is not a sign of weakness, but rather a stepping stone on the path to success.

Be accountable for your actions.

Being accountable for your actions means taking responsibility for your choices and the outcomes resulting from those choices. It involves owning up to your mistakes, not blaming others, and actively working to correct any negative consequences resulting from your actions. Accountability can be an essential part of personal growth and can help you develop self-discipline and self-control. By accepting responsibility for your actions, you can learn from your mistakes and make better choices in the future.

Embrace change.

Embracing change is a key aspect of personal growth and development. Change can be scary and uncomfortable, but it can also lead to new opportunities and experiences that we wouldn’t have otherwise had. We open ourselves up to learning, growth, and new possibilities by embracing change.

It’s important to remember that change is inevitable in life. Whether we like it or not, things are going to change, and it’s up to us to adapt and adjust. The more we resist change, the more difficult it becomes to move forward and achieve our goals.

One way to embrace change is to focus on the opportunities it presents rather than the challenges. Rather than dwelling on the negative aspects of a situation, try to find the positive and use it as a motivator to move forward.

Another way to embrace change is to take small steps towards your goals. It’s often easier to make progress in small increments rather than trying to make drastic changes all at once. By breaking your goals down into smaller, achievable steps, you’ll be more likely to stay motivated and see progress.

Finally, it’s important to be open-minded and willing to try new things. Embracing change often means stepping out of your comfort zone and trying something new. It may be uncomfortable initially, but the easier you do it, the easier it becomes.

Cultivate a thirst for knowledge.

Cultivating a thirst for knowledge is a great way to grow and develop as a person continually. By actively seeking out new information and learning opportunities, you can expand your understanding of the world and become more knowledgeable and skilled in different areas.

Here are some tips to help you cultivate a thirst for knowledge:

1. Read widely: Make it a habit to read books, articles, and other publications on a variety of topics. This will expose you to new ideas and perspectives and keep your mind engaged.

2. Seek out experts: Connect with people who are experts in fields that interest you. Ask them questions, seek their advice, and learn from their experience.

3. Attend workshops and conferences: Look for opportunities to attend workshops and conferences in your field of interest. This can be a great way to learn from experts and network with like-minded individuals.

4. Take online courses: Many online courses are available on various topics, often for free. Taking a course can help you learn new skills and gain knowledge in a structured, focused way. Like my new Emerging Leaders Program

5. Stay curious: Stay curious about the world around you. Ask questions, seek answers, and never stop exploring.

Make a plan and take action.

Making a plan and taking action is an important step towards achieving your goals. It’s not enough to simply have a vision of what you want to accomplish; you need to develop a clear plan of action that will help you get there. Here are some tips for making a plan and taking action:

1. Define your goals: First, you need to be clear about what you want to achieve. Write down your goals in specific, measurable terms.

2. Break it down: Once you have your goals in mind, break them down into smaller, more manageable steps. This will help you stay focused and motivated as you work towards your larger goals.

3. Set deadlines: Setting deadlines for each step will help you stay on track and give you a sense of urgency.

4. Take action: Once you have your plan in place, start taking action. Don’t wait for the “perfect” time to get started; start taking small steps toward your goals today.

5. Evaluate and adjust: Regularly evaluate your progress and adjust your plan as needed. This will help you stay on track and make progress toward your goals.

Remember, making a plan and taking action is key to achieving your goals. Don’t let fear or uncertainty hold you back; take the first step today and start making progress toward your dreams.

I’m excited to announce my new online and self-paced online course for Emerging Leaders, which I’ve designed to help you achieve your goals and become a multi-millionaire. Visit to learn more and start your journey toward financial success.

Looking for more ways to grow your business? Look to ICG Consulting for mentoring opportunities. Please reserve time to talk about your ‘Vision of Success’ and a few obstacles you see.  

While most of us are executives or entrepreneurs, real estate may be an entirely new ballgame. Today, we take a look at a few things you should know before you put your money to work in the real estate market.

Today’s tips are brought to you by Investment Capital Growth.

Vacation Rentals Are A Dual-Purpose Option

When you think of real estate investments, you might think of real estate development or repairing rundown homes to sell for profit. However, there’s another option. If you have a passion for traveling to distant destinations, you may also consider investing in vacation rentals. This type of investment offers you the chance to own one or more properties in desired locations, which you can rent out for short stays (similar to Airbnb or VRBO) for a nightly fee. You can reserve times for your personal use, giving you a customized vacation home to enjoy.

Timing Is Everything

Timing is crucial in both real estate and business. As you develop the skills to identify market trends and seize opportunities in under-serviced areas, it’s equally important to know how to recognize when real estate is in a downturn. Homelight blog contributing author Christine Bartsch explains that a slowing real estate market will have a higher inventory or show greater price movements. Buy the dips, and you’ll gain home equity alongside your rental income once the market picks up.

 You Might Not Be The Best Manager

No matter how successful you’ve been in business so far, real estate has many subtle nuances, laws, and moving parts that you may simply not fully understand. If you plan to invest in multiple properties, especially, having a property management firm on the payroll is a smart move that can help you avoid issues with discrimination or landlord-tenant laws and stay compliant with local housing regulations.

Be The Best In Class, Not Necessarily The Best

According to Neighborhoods.com, there are several different types of residential neighborhoods. These include master-planned communities, urban areas, suburban, “pocket” neighborhoods, historic, and active adult communities. When you’re looking to invest in real estate, try to be the best in whichever neighborhood type you’re choosing, not necessarily the best in an area. Remember, there are many different factors that go into what you can lease a property for (or how much it will sell for). You may find that you get a greater return in a lower-value area if these properties sell or rent quicker.

Your Realtor Is Your Partner

Choosing the right investment partners is key anytime money is concerned. When you’re looking at real estate, your realtor is your best partner. These individuals are not only masters of the buying process, they can also point you in the right direction of neighborhoods that may be positioned for growth in the future. They’ll have a network and, importantly, access to listings that haven’t quite made it to the market.

Maximizing your return on investment is key. Real estate can offer multiple streams of income, but starting a vacation rental business requires careful attention to detail. From understanding different types of communities to working with a knowledgeable realtor who can secure top properties within them, these tips can help safeguard your investment as you embark on a career as a real estate investor.

Whether you are an entrepreneur or leader of a Fortune 500 business, Investment Capital Growth’s personalized approach can help you make the most of your professional investments.

Transform Your Business into a Profitable Exit    

I’ve co-founded the Merger and Acquisition Hyper Accelerator Program. Learn more about preparing to sell your business and get top dollar, and ensure you’re not leaving millions of dollars on the table. Learn more and let’s talk:  http://bit.ly/3FZIvM3

Looking for more ways to grow your business? Look to ICG Consulting for mentoring opportunities. Please reserve time to talk about your ‘Vision of Success’ and a few obstacles you see.  

Growing your business is no small feat. It takes dedication, perseverance, and an understanding of the steps you need to take in order to increase revenue and reach new heights. Whether you’re a small business owner looking to expand or a professional seeking more success, Investment Capital Growth shares steps that can help you get there.

Explore Undiscovered Markets

The next step is expanding into new markets that offer promising prospects for your products or services. This could mean reaching out globally or targeting local areas where demand is higher than supply, whichever works best for you. Doing market research before making any moves will help you make smart decisions about where best to focus your efforts going forward.

Develop Strategic Partnerships

Strategic partnerships can provide numerous advantages for a business, from expanding the reach of products and services to accessing unique resources. Such alliances can also create new contacts, boost brand recognition, and diversify revenue streams. By taking advantage of these opportunities and finding the right partner or partners, businesses can set themselves up for long-term success.

Purchase Other Companies

Acquiring other businesses can be an excellent strategy for growth if the acquisition is well-planned and carefully executed. Merging two businesses with complementary goods or services can result in better customer experience, access to new technologies, and a wider customer base. In addition, acquisitions enable companies to enter new markets more quickly and effectively than they otherwise could.

Improve Business Processes  

Business Process Management (BPM) can help you automate and streamline tedious processes. This is done by analyzing interactions between employees, systems, and data. By optimizing how your business works, you can increase efficiency and reduce labor costs. Researching and start implementing Artificial Intelligence and Machine Learning that allows for additional Business Intelligence and the ability to add automation to your ERP system. Make sure to monitor the effectiveness of your BPM framework and act on any monitoring info to make improvements accordingly.

Transform Your Business into a Profitable Exit    

I’ve co-founded the Merger and Acquisition Hyper Accelerator Program. Learn more about preparing to sell your business and get top dollar, and ensure you’re not leaving millions of dollars on the table. Learn more and let’s talk:  http://bit.ly/3FZIvM3

Upskill With a Business Degree

Going back to school can be a great way to sharpen your business skills. A business degree program can help you develop essential knowledge in accounting, business, communications, and management. Consider enrolling in an Executive MBA program, pursuing an online degree is convenient and allows you to continue working while also keeping up with your studies. Go here to learn more about your online schooling options.

Participate in Business Events   

It goes without saying that networking events are essential for growing any kind of business. Whether it’s local meetups or industry conferences, attending such events will allow you to make valuable connections. You’ll meet professionals who can provide advice on how best to move forward with growing your venture from a point of strength.

Stand Out

To move your business to the next level of success, you’ll need to have a strategy and plan in place that is backed by research. This could mean going back to school to gain more knowledge on business, implementing business process management solutions, looking into better organizational structures, attending conferences and trade shows, and hiring a mentor to work with you. Depending on what works best for your particular situation, taking these proactive steps will place you in a position to realize successful growth.

Looking for more ways to grow your business? Look to ICG Consulting for mentoring opportunities. Please reserve time to talk about your ‘Vision of Success’ and a few obstacles you see.  

A financial giant combining business units. A major pharmaceutical firm reshuffling divisions after a spinoff. A food producer scaled back after the spike in sales started fading. A big software company trimming headcount after a years-long hiring spree.

Those four high-profile announcements, all within the past week, could spell a larger wave of reorganizations, experts say. Leaders are aiming to get their organizations leaner, more accountable, and more efficient in front of a recession, which many economists believe will arrive within 12 months.

But in many cases, new changes are coming on the backs of massive pandemic-inspired shakeups, some of which haven’t been fully completed. Reorganizations are supposed to drive positive change, but if leaders aren’t careful, employees could resist a new wave of them. “It’s a nightmare scenario. When you do it too frequently you inoculate yourself to change,” says Nathan Blain, a Korn Ferry senior client partner and global lead for the firm’s Optimizing People Costs business. Indeed, employees’ resistance to change is a leading factor in why so many change transformations fail.

Even absent a softening economy, organizations often will trim payrolls near the end of the year. “Leaders often want to start fresh on January 1st,” says Jennifer Pitts, a Korn Ferry senior principal in the firm’s Merger & Acquisitions and Private Equity practice.

But this year there’s an added urgency to make changes. The US economy has treaded water for the past six months, and there’s a growing consensus that the Federal Reserve’s campaign of raising interest rates to tame inflation will throw the worldwide economy into a recession. “You don’t want to be the last person to throttle back,” Blain says.

Still, organizations can run into trouble with restructurings. Experts recommend not doing a “spreadsheet exercise,” or telling every department to cut costs by a flat amount. That tactic does not take into account divisions that are growing rapidly which could use extra investment, and it could overvalue other areas that are unproductive.

It’s also critical to communicate what’s changing and why. It’s particularly essential this time around, experts say, because, on the surface, companies are more profitable than ever. The US publicly traded firms had an average profit margin of 15.5% in the second quarter of 2022, the highest level in 72 years.

Experts say it’s important to immediately and clearly articulate the big picture – why change is important now and how it will positively affect the organization long-term. Then, keep employees informed with regular communication.

Finally, if layoffs are to happen, they should be done quickly and decisively. Oftentimes companies let the process linger for many weeks or even months, which can sap morale. Organizations also should treat employees empathetically, offering services big (such as outplacement help or training support) and small (letting people say they are still employed during job searches). “People talk about how they were treated on the way out,” Pitts says.

Inevitably, bad times will pass, and companies may want to try to rehire people they once let go. A bad experience going out the door could sour ex-employees on the organization forever.

There’s an old adage in management: Don’t hire more people going into an economic downturn.

But that business aphorism is colliding headfirst with another staple of corporate life — spending every cent of the allocated budget before the end of the year. Combine that with the fact that many companies find themselves short of essential staff, and the final few weeks of the year could create some particularly contentious conversations between frontline managers and finance departments. “People is the most difficult spend category to discontinue,” says Nathan Blain, leader of Korn Ferry’s Optimizing People Costs practice.

Indeed, there are numerous companies that are short of workers, with about 10.7 million open roles in the US. And for the moment, most companies have the budgeted funds to pay for new recruits, since most expanded budgets this year are based on the robust financial performance of 2021. Moreover, despite some high-profile headlines about losses, corporate profitability is near a 70-year high.

However, recent surveys indicate that an overwhelming majority of corporate leaders expect a recession in the next 12 months. The accumulated impacts of inflation, the war in eastern Europe, and the continued effects of COVID-19 in Asia likely will slow the economy worldwide. Tech firms of all sizes have announced hiring freezes, layoffs, or both, and many analysts expect other sectors to follow.

From the C-suite perspective, CEOs and other high-level executives could personally get involved, signing off on every new hire, at least until they believe economic conditions look better. “CFOs should also start communicating with lower-level managers that they should be really cautious on any spending,” Blain says.

Internally, these executives might want to encourage holding back 2022 money for another reason: to have it on hand to deploy if any downturn turns out to be mild. Experts say executives will want to use cash in reserve to make strategic moves that could help the organization pick up market share.

That leaves a few options for managers that find themselves still short of roles. Some are considering going out and using this year’s budget to hire a couple of the highest-skilled people they can find, says Mark Grimshaw, a Korn Ferry senior client partner and member of its Global Sales and Service practice. At the same time, these managers are considering how they would reshape their departments if they had to cut costs next year. “It could be as simple as ‘We might lose our five least-performing salespeople, but we accept that might happen,’” Grimshaw says.

Importantly, these managers should present their plans to the company’s financial officers before they go out and hire anyone. That conversation can help keep the manager’s budget from being taken away at the last minute and can help protect the manager—and their department—in the future. “This creates an advanced dialogue. When it comes to cost-cutting, CFOs remember these conversations,” Grimshaw says.

Using contractors rather than new full-time employees to do critical work is another option. It allows managers to get work completed without signing up the organization to a long-term commitment.

Another option is to rein in non-employment spending for the rest of the year. There’s often the temptation to make down payments on next year’s events, such as big employee off-sites, conferences, or other events, with money left over in this year’s budget. “There are all sorts of things you can spend money on at the end of the year where the efficiency of every dollar spent gets lower and lower,” Blain says.

If you’re going to use the budget on non-hiring areas, make it for additional training or less expensive ways to get face-to-face with key customers. “Do you think you can do all you need to do with who you have now? If you think you can, then all of it becomes rebalancing what you have, training, and redeploying,” Grimshaw says.

Given the current rate of technology development, it’s safe to assume that the workplace will look completely different in the coming 5-10 years. Artificial intelligence, machine learning, and IoT will become increasingly ingrained in day-to-day operations, and workers will need to learn new skills and, if needed, pivot to new industries. In this article by Investment Capital Growth, we’ll explore key developments AI will bring to the workplace and its impact on workers across industries.

1. Hiring will be AI-based

In the coming years, expect your employer and many others to start implementing AI into their hiring process. Hiring employees is a time and cost-intensive process for any business, as reported by Business News Daily, businesses on average spend $4,000 on recruiting one employee.

AI will significantly streamline this process by undertaking the role of scanning applications and creating a list of prospective candidates having a high chance of succeeding in the organization. AI will achieve this by evaluating candidates based on various criteria such as skill level, personality, and organizational fit. While the final decision-making will rest in the hands of the HR manager, inputs provided by AI will benefit both the organization and the candidates.

1. The collaboration will be easier with BPM

 Currently, all businesses use at least a couple of digital tools for managing day-to-day operations. Additionally, these tools are utilized by teams in silos and often have no interoperability. Not only does this lead to project delays, but makes collaboration a challenge.

As reported by BPMApp, business process management (BPM) software is an AI-powered tool that connects all tools used by the business. As a result, employees can seamlessly share information and do not need to depend on manual intervention to understand what other teams are working on. Additionally, BPM provides the functionality of automating processes such as data entry, report creation, etc., taking the burden of repetitive tasks off employees’ shoulders and providing them more time to work on projects of higher importance.

1. Remote working will be simpler

A major challenge faced by workers working remotely during the COVID-19 pandemic was the lack of work-life balance. This had many reasons, such as – remote working being a new phenomenon for most, the disconnect between employee and employer expectations, and more. But, with the use of AI, remote working can become simpler and more manageable for all employees in the following ways:

• Reduced Time Investment: As mentioned in the previous point, AI tools can be used to automate tasks, reducing your daily workload. This will help to achieve a good work-life balance.

 On-Demand Assistance: Whether you work in customer service, marketing, finance, or project management, expect to have an AI bot working with you and providing assistance as needed, whether that be to retrieve files from the database, download reports, schedule meetings, and an array of other work-related tasks.

 Furthering your education will be key

While it is expected that employers will spend big on retraining employees, it’s in your best interest to upskill and develop expertise in the field of data science, programming, IoT, or any other emerging technology. The best way to achieve this will be to earn your master’s in data science online. Compared to a traditional degree, you’ll have greater freedom to choose a schedule and continue working while earning a new academic credential.

Additionally, the skills you learn will prove useful to make a seamless transition into an AI-dominated workplace and even open doors to better opportunities in different industries.

AI-powered workplaces are no longer a possibility. Rather, it has already become the norm in many industries. While this is bound to cause disruptions in terms of work processes and employee roles in businesses, as an individual, your go-to plan should be to develop in-demand skills through a degree in IT-related fields and develop expertise regarding up-and-coming technologies such as BPM, CRMs, etc.

I’m an expert in ethics in AI and can guide you as you look to implement Artificial intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) Email me: at [email protected], Schedule a call: Cliff Locks, or fill in the below form to start a conversation.

Recessions can hit the economy hard, but they can also take a toll on your team member’s personal finances. However, that doesn’t mean that the bottom will fall out of the market. In fact, if you prepare properly, it’s possible to shore up your accounts and come out of a recession in better shape than ever.

Improve Your Budgeting Skills

Economic recessions create ripple effects that can affect wages, opportunities for promotions, and investments. When finances are tight, it’s helpful to tighten up your budget. Start by itemizing your expenses; then, find ways to cut costs. Easy ways to reduce monthly expenses include cooking at home rather than going out to dinner, cutting back on streaming subscriptions, and installing smart thermostats to reduce electricity usage during hot summers and cool winters.

Take your efforts a step further with informed buying decisions. Eliminate impulse buys by reading customer reviews and ratings online to ensure that you’re making a smart investment. That way, you can rest assured that each product is made to last.

Upgrade Your Homeowner’s Insurance and Home Warranty

In a tough economic climate, unexpected expenses can wreak havoc on your finances. Make sure you’re covered by upgrading to a homeowner’s insurance policy with a low deductible and ample coverage. The premiums might be higher, but you’re less likely to be stuck with hefty repair bills.

Alternatively, consider a home warranty. While homeowner’s insurance covers structural damage and property loss, warranties cover your home’s systems and major appliances. But is a warranty worth the price? If your water heater, furnace, stove, plumbing, or electrical system is getting old, a warranty can help you cover the cost of a replacement. Investigate any active warranties first to see if the cost is justified. If you’re not sure about major systems, check out the last inspection report on your house to look for notes about damage, age, or failure.

Consider Refinancing Your Home

When was the last time you evaluated your mortgage? If you’re in a better financial position than when you applied, you may be able to work with a lender in the US or elsewhere in your country to refinance your mortgage at a lower interest rate. Depending on the remaining balance, a new mortgage can also reduce your monthly payments and cut the price of mortgage insurance. This creates a buffer to help you offset the effects of a recession — and when the economy rebounds, you’ll be in a better position.

Cope With Financial Stress

Financial worries can create a significant amount of anxiety for your team members. Make sure they take care of their mental health by finding ways to cope with financial stress:

• Relieve tension. Work out regularly to ease tight muscles and release stress.
• Talk about it. Discuss your worries with trusted people; this brings perspective and prevents negative thoughts from festering.
• Avoid comfort shopping. Buying little treats can feel good at the moment, but it only exacerbates the problem.

When you’re intentional about stress relief from the beginning, it’s easier to stave off depression.

Thriving in a Tough Economy

If you’re concerned about the possibility of an economic recession, now is a great time to prepare a conversation with your team to go over your business and personal finances to weather the storm. For ways to help your business thrive in tough times, too, contact me Email me: [email protected], Schedule a call: Cliff Locks, or fill in the below form to start a conversation.

Let’s start with a few leadership quotes:

“Great leaders are not defined by the absence of weakness, but rather by the presence of clear strengths.” — John Zenger

“Become the kind of leader that people would follow voluntarily, even if you had no title or position.” — Brian Tracy (Note: Brian Tracy is one of my mentors)

“Great leaders are almost always great simplifiers.” — General Colin Powell

“The supreme quality of leadership is integrity.” — Dwight Eisenhower

“Innovation distinguishes between a leader and a follower.” — Steve Jobs

Businesses need great people to thrive, and great talent today has more options than ever before. Employers in almost every industry are hiring — or, perhaps more accurately, attempting to hire — and almost all of them are facing lengthy search cycles and talent shortages as a result.

• Fortunately, there’s one lever every business can use to attract top talent: competitive compensation.

• It’s still the top factor for candidates when considering joining a new company or staying with their current employer, and it’s still your best bet for attracting the caliber of candidates your company needs to thrive.

• 2022 Salary Guide provides accurate, dependable benchmarks you can use to measure your own offerings against those of the broader market.

Contributor: Randstad and edited by Cliff Locks, Investment Capital Growth, Executive Consultant | Board of Director | Corporate Governance | Host – Private Equity Profits Podcast | CEO/Entrepreneur with 3 Exits | Reverse Logistics/Supply Chain | SaaS | Clean Tech | Med Tech | AI | ESG | DEI

Most senior managers have never seen or dealt with hyperinflation and should be very concerned about inflation’s effect on business.

Therefore, boards should be worried about it, too.

According to Charan, a prominent business consultant for companies like Toyota, Bank of America, and Fast Retailing, higher inflation can be expected to stick around for three or more years. And, worse, factors such as fear of future price increases, rising energy costs globally, and the war in Ukraine may turn the situation toward hyperinflation, a state that Charan describes as “insidious.”

For Charan, author of 33 books, including his latest, Rethinking Competitive Advantage: New Rules for the Digital Age, the forthcoming Leading Through Inflation, and four bestsellers, boards can protect their companies from inflation by carefully monitoring the information and recommendations they get from management.

Boards must broaden their perspective and see the longer-term picture when considering whether the company is sufficiently protected from inflation. A three-year outlook for inflation’s impact is almost mandatory because cumulative cost increases over this period could be 20% or more in some industries.

The fact that most, if not all, in management have never experienced a phenomenon like hyperinflation makes the situation even more dire.

With that in mind, Charan provides eight actions that boards should be undertaking immediately to lessen risks caused by high inflation. They must keep in mind that the actions they take now will also help prepare for a recession, as well as the enormous opportunities that will come in the future.

Actively learn about inflation. The board should continually seek to update its knowledge base on inflation. Work to gain a 360-degree view. Search independent sources so you can anticipate new surges and watch for emerging practices to deal with the problems that arise. Expanding your knowledge about inflation will allow you to ask incisive questions of management and make quick, decisive judgments on leadership actions and performance. Timing and magnitude of price increases, for example, is critical.

Search for understanding on additional factors. Realize how inflation converges with other external and impactful factors, such as ESG, the building of infrastructure, war-caused shortages, rising wages, and the continuing battle with COVID. The board must continually study the actions of other industries for a diversity of thoughts, assumptions, and biases. Some industries portend what is to come for others.

Establish metrics. Boards should monitor performance on an inflation-adjusted basis, altering goals, KPIs and strategies accordingly. Create dashboards, monitor competitive data, and keep an eye on qualitative narrative psychological trends. These steps are useful for both boards and management, as it is essential for both groups to be on the same page during a period of inflation.

Adjust capital allocation. Allocation at this time should be based on a three- to four-year horizon. Make explicit assumptions based on the concept of cumulative inflation and compounding of risk.

Undergo cash flow planning. When conducting this step, make sure to keep in mind currency exchange issues globally.

Be prepared to change your business model. In a period of heightened inflation, you may have to adjust your business model. Be aware of consumer behavior, and do not hesitate to rethink your company’s strategy and business model. One such example Charan presents is Volkswagen, which recently announced its intention to stop “chasing volume and market share.”

Says Charan, “Volkswagen decided to do that based on shortages and inflation numbers they were seeing. Existing growth-oriented KPIs were not taking the company in the right direction. A focus on their ‘cash gross margin’ should strengthen the company even though they will lose some market share. They said, ‘We need to focus more on the higher-end electric vehicles that are coming along.’ They’re trying to create better market positioning.”

Consider new topics for executive sessions. According to Charan, there are several topics that boards would be wise to discuss during executive sessions. For instance, who are the critical people for the business during a time of higher inflation? Are they willing to increase prices? If they do not have the courage to raise prices, do they need to be removed or replaced? Another topic that should be up for discussion during alone time: is management goals and compensation challenges.

Weigh the worst-case scenario. Know what your approach will be if high inflation becomes hyperinflation. One step recommended by Charan would be to establish a special committee composed of the chairs of all other board committees for a focused discussion of all possible considerations, obstacles, and impacts.

Contributor: Ram Charan is a world-renowned business consultant, author, and speaker who has spent the past 40 years working with many top companies, CEOs, and boards of our time. and edited by Cliff Locks, Investment Capital Growth, Executive Consultant | Board of Director | Corporate Governance | Host – Private Equity Profits Podcast | CEO/Entrepreneur with 3 Exits | Reverse Logistics/Supply Chain | SaaS | Clean Tech | Med Tech | AI | ESG | DEI

Research on naps, meditation, nature walks, and the habits of exceptional artists and athletes reveals how mental breaks increase productivity, replenish attention, solidify memories and encourage creativity.

Contributor: Ferris Jabr is a contributing writer for Scientific American. Edited by Cliff Locks, Investment Capital Growth, Executive Consultant | Board of Director | Corporate Governance | Host – Private Equity Profits Podcast | CEO/Entrepreneur with 3 Exits | Reverse Logistics/Supply Chain | SaaS | Clean Tech | Med Tech | AI | ESG | DEI

Data analytics can play a major role in the success of any business. Not only can utilizing the right data tools and processes help streamline operations, but it can also help businesses cut costs by focusing funding and efforts on the right areas.

Of course, the success of any business relies on its customers, and analytics can also improve customer relations by tracking the effectiveness of marketing strategies and the products or services themselves. When there are customer complaints, analytics can help business owners suss out the issue quickly and prevent bigger issues. Some data analytics tools can even predict the future, in a way; predictive data can give you a sense of what the trends will be in the coming months, which will inform your budget and help you plan for launches and other events.

Different forms of data can also help you minimize unsavory risks, which assists with cutting costs as well as protecting your reputation. Because analytics is such a varied field, it’s crucial to do some homework and figure out which areas you need the most help with. Break down your needs according to tasks like marketing, customer acquisition, and daily operations, and take a look at this guide from Investment Capital Growth when you’re ready to get started.

Streamline Your Marketing Strategy

You may feel that your marketing strategy is already working well; if it’s not broken, don’t fix it, right? Wrong. Every marketing campaign has room for improvement, and that’s where data analytics comes in. The right tools can give you essential information about your customers and their shopping habits, where they live, how old they are, and what they think of your competition. These same tools can also show you seasonal patterns and trends, which are crucial to any business’s success. Once you’ve identified your target audience, you’ll need to find out what they like about your products or services and where they’ll access them. Rethinking your marketing strategy may seem overwhelming at first, but once you start using analytics, the process will become easier.

Keep an Eye on Your Cash

Marketing, like anything else in business, takes money. When it comes to managing your cash flow and learning ways to reduce spending, analytics is invaluable. When you need to figure out where your capital is going, you can use software specifically designed to utilize API to get bank transactions. This will show you 24 months’ worth of transaction data, which can be separated into categories to provide detailed insights. Not only that, it will provide real-time transaction updates so you always know where your money is going. Getting your finances in order can prevent major problems down the road, and the right tools can help you stay organized and on track.

Boost Your Efficiency

From managing money to ensuring that customer service is the best it can be, your business may have room for improvement where efficiency is concerned. If your computer system is clunky, your customer service will likely suffer. If your eCommerce program is hard to navigate, you may be losing sales without even realizing it. Analyzing the way your employees, programs, and customers interact with one another will give you some insight into just how efficient your business is and will show you where you can make some changes. Business process management, or BPM, can automate certain workflows to make everything run more smoothly. Because BPM is an operation management framework, you’ll need to constantly monitor the data it provides so you can take steps to improve the output.

Get More In-Depth Information

You may be able to utilize a spreadsheet to see your revenue, but those numbers won’t give you the whole picture. What was your customer engagement like? What was the percentage of conversions on your website? How satisfied were those customers after their experience? Measuring and analyzing this data can help you figure out where to make changes to your site, such as using a messenger bot to encourage conversations, helping customers subscribe to your email newsletter, or creating a customer satisfaction survey.

Tracking engagement is also a great way to learn more about how well your social media pages are working for your business. Certain content metrics will show you how many people saw your posts versus how many clicked on the link attached, how many people viewed videos, and how many followed you or signed up for subscriber lists. If you have a lot of page views but not much engagement, it may be time to reconsider your strategy. Change up the media you use and add live videos to encourage real-time viewers; post at peak times of the day to ensure that your content doesn’t get lost in the feed.

Find Out How Customers Found You

Traffic data can also be a big help when it comes to getting into your customers’ minds. How did they arrive at your website? Was it through a search engine, or did they read a review of your services on another customer’s blog? When they landed on your site, how long did they stay? Not only can this information help you plan for a marketing strategy, but it can also help you form a deeper connection with your customers as well as find new opportunities. After all, consumers have access to a variety of different shopping and payment methods these days, so it’s important to have an understanding of how those are used. When it comes to customer retention, this information provides crucial details that will allow you to hold onto those loyal individuals and keep them coming back. This data can also give you important insight into whether your website is working or if it needs a few tweaks.

Find the Best Team Members

Not only can data analytics help you streamline processes with sales and customer service, but certain metrics can also help you make valuable changes to your hiring and training processes. Rather than reading through a stack of resumes – which is time-consuming – you can use analytics to identify certain skills and qualities in job candidates and match them to the right position, which saves you both time and money.

Make Sure Your Data is Accessible

No matter how you use your data analytics tools, it’s important to make them accessible to your entire team, especially if you have remote workers or employees who are spread out. Ensuring that the right people can see this valuable information will keep everyone on the same page and will allow them to make better decisions throughout the workday. You can even use software to distill specific types of data into a report that can be shared with your team or investors.

Utilizing data tools for your business can seem daunting at first if you don’t have experience with them, so do some reading on your options. With so many resources at your fingertips, you can choose the best ones for your needs without creating stress for yourself.

At Investment Capital Growth, our proven methodologies raise brand awareness, nurture leads along the buyers’ journey, close new customers, and ensure lasting client relationships. Call (631) 338-2114.

Contributor: Cliff Locks, Investment Capital Growth, Executive Consultant | Board of Director | Corporate Governance | Host – Private Equity Profits Podcast | CEO/Entrepreneur with 3 Exits | Reverse Logistics/Supply Chain | SaaS | Clean Tech | Med Tech | AI | ESG | DEI

Machine learning is certainly drawing attention to itself in business – in a good way, of course! Moreover, machine learning is often used interchangeably with artificial intelligence because their design is often so similar. This must be why so many companies welcome the disruption of machine learning/artificial intelligence in their workflows because they see what it can do for their business’s growth. Here’s why you should, too.

 This article is one of several great pieces of content you can find on the Investment Capital Growth blog.

What exactly is machine learning?

While machine learning may sound like something that’s out of sci-fi books, it is, in fact, something that many of us are familiar with and use nowadays already. In essence, machine learning involves the programs computers use to execute many of the basic tasks humans would ordinarily be responsible for.

For example, the use of software bots is a commonality these days when it comes to promptly attending to basic customer queries online. Other more complex tasks that machine learning might be responsible for include speech and pattern recognition, image recognition, etc. But there are other, more inherent benefits that come from using machine learning in the digital age.

It enhances teamwork and workplace culture

With machine learning, there is no room for misinterpretation. This is where teamwork can be enhanced by using the sophisticated methods of artificial intelligence to alleviate the pressures associated with repetitive and menial tasks so that teams can put their best efforts into areas where their skills and expertise really lie. Moreover, when machine learning is combined with automated systems like Business Process management, workflows and processes tend to work even more efficiently than they already do because they are programmed to function better and deliver even better results. Furthermore, BPM is an operations management framework that is designed to improve efficiency in business processes, reducing the likelihood of human errors, which has a positive impact on your balance sheet and bottom line at the end of the day. However, as efficient as a Business Process Management is, there will always be room for improvement, which is why you will need to be cognizant of the fact that the system may need to be monitored closely to ensure it achieves the output for which it was designed.

It improves learning opportunities

Machine learning can be used to improve learning opportunities in the workplace, as far as matching employees with options that will best suit their talents and abilities. Machine learning can also be used to develop training opportunities and plans for further growth.

It can be used to predict more accurate forecasts

Machine learning and artificial intelligence can also be used to predict future outcomes of current projects more accurately. Moreover, because the predictive methods are more advanced, there are more in-depth insights into what will work or not, which can also give your business the edge it needs to succeed in an age where digital technology reigns supreme.

It enhances customer interactions

Customer interactions can be improved and simplified. And because maintaining customer service standards is so crucial, artificial intelligence and machine learning can automate many of the ways in which we interact with customers, whether by text, email, social media, or phone so customers are attended to promptly – all the time.

All in all, machine learning is showing no signs of slowing. Rather, its rapid advancement is set to take over the ways things are traditionally done in business for streamlining and simplifying business processes for the better.

Contributor: Cliff Locks, Investment Capital Growth, Executive Consultant | Board of Director | Corporate Governance | Host – Private Equity Profits Podcast | CEO/Entrepreneur with 3 Exits | Reverse Logistics/Supply Chain | SaaS | Clean Tech | Med Tech | AI | ESG | DEI

The notion that every company is a technology company became a popular idea over the past decade, as advancements in software, data analytics, and artificial intelligence profoundly transformed the business landscape. Companies of all stripes are now coming to recognize that the same holds true when it comes to thinking globally. The past three years have provided a master class in how quickly events that were once considered black swans can become a cascade of real-time risks that require a significant shift in the approach to both company strategy and risk management.

Every Company Is a Global Company

Overlapping shockwaves of a worldwide pandemic, historic supply chain shortages, and war in Europe have reinforced that companies of all sizes, across industries, are impacted by disruptions as far-flung as Wuhan or Kyiv. “The interconnectedness of the world’s economies is significant. This is true despite protective measures countries have taken, starting with the Great Financial Crisis and continuing through the US-China trade wars, COVID-19 lockdowns, and the Ukraine conflict,” says Krishna Kumar, VP, international, at the RAND Corporation. “Supply chain risks that had started becoming evident during COVID-19 have been amplified by the conflict in Ukraine. It illustrates how events not exactly in our backyard can cause serious disruptions to companies and societies.” He points out that while the disruption is most immediate for companies that fled Russia either because of sanctions or public pressure, “other companies that do not directly have business in Russia and Ukraine are also impacted due to shortages and increasing prices.”

Learn about the key opinions and experiences executives shared with us, together with our analysis of the blueprint for a higher-performing CSO.

Leaders don’t know what kind of disruption is coming next — but they know it’s coming. Our experts discuss five mindsets that can help manage continuous change.

For the first time in a year, wage growth is slowing. But experts aren’t sure if the bidding wars are over.

The firm’s project managers used to earn $140,000 per year. Then came the Great Resignation, and to retain them, the company hiked their wages to $165,000. A third left anyway. To attract new applicants, HR bumped salaries yet again, to $175,000, then $190,000.

For almost a year, amid all the talk of fantastic bidding wars for talent, it didn’t seem possible. But figures suggest that an era of ever-increasing compensation may be losing steam—at least for now. According to the latest government figures, wage growth slowed for the time since spring in 2021, falling this May to 5.2% from 5.5% in April. All of which are critical for firms trying to compete more and boost profits. “Labor costs are integral to profitability and how well a company does overall,” says Tom McMullen, a senior client partner in Korn Ferry’s ESG and Inclusive Rewards practice. Indeed, wages are typically the largest cost for organizations in labor-intensive fields.

To be sure, talent wars are far from over in some fields, such as engineering and healthcare, fueled in part by Great Resignation and baby-boomer retirements (more than 10,000 per day, on average). But for a growing number of roles, experts say, budget-minded leaders are noticing a downtick in salary raises.

How long they will is anyone’s guess. Wages over the past year have not kept up with inflation, which may limit companies’ ability to temper wage growth. What’s more, supply-chain disruptions and the ongoing geopolitical conflict, along with the scarcity of labor, are working in tandem to produce a roller coaster of fluctuations in wage growth and inflation. “There’s a lot of moving parts to this, and it’s still pretty dicey,” says McMullen. A lot of wage growth is due to job-hopping, he says, so slower wage growth could be an early indicator that the stream of workers seeking to change their jobs has also slowed. He predicts that employees in some sectors will experience the shift more than others, especially those in industries with struggling stock prices.

HR departments expect to see calmer hiring patterns. “I think we’ll see a slowing of turnover,” says Brian Bloom, vice president of global benefits for Korn Ferry. “With a looming recession and possible layoffs, people will be less motivated to change jobs.”

But experts caution that the feistiness of applicants and employees is not going anywhere. Lower wage growth may mean employees won’t leave for higher pay elsewhere, but it won’t stem their demands for flexibility, for example. “It doesn’t end the Great Resignation,” says Andy DeMarco, vice president of human resources for the Americas at Korn Ferry. He suggests that managers remain mindful of the fact that most turnover is not driven by money. “You still need to provide the right experience for high performers around career growth, workload, and opportunities,” he says.