Kodak dominated the photography and imaging industry for decades. Mike Periu investigates why it so quickly saw its demise. In its day, Kodak was a revolutionary company. Founded 119 years ago by George Eastman, the Eastman Kodak Company invented the modern photograph and dominated the photography and imaging industry for decades. This dominance was based on a combination of proprietary technology, strong intellectual property and aggressive marketing. The company was a cash generating … [Read more...]
How To Manage A Crisis
Today it's important to be prepared for the unexpected. What does it take to be a real leader to manage a crisis? As the owner of a company, you have a great responsibility to your employees, customers, suppliers and other stakeholders. This responsibility becomes urgent when something unexpected happens—something that could lead to job losses, salary reductions or even the closure of the company. Like they would to any leader, people will look to you in a time of crisis. They depend on you. … [Read more...]
Should You Offer Free Shipping?
If your company sells online, shipping costs are a very real factor in your revenue equation. Is it worth footing the bill? Should You Offer Free Shipping? If your company sells online, you have one significant disadvantage to your brick-and-mortar competitors: shipping costs. Most consumers don’t like the idea of having to pay extra fees after they already agreed to a certain price. But the obvious need to move product from point A to point B comes at a cost. This cost is explicit in online … [Read more...]
How Economic Deleveraging Will Affect Business
Deleveraging is an inevitability that your long-term business plan must take into account. Here's what it means for you. The era of financial deleveraging is upon us. Prepare yourselves for higher unemployment, lower economic growth and an emphasis on paying down debt that may last for decades. This isn’t the first time in history that major economies have gone through a deleveraging cycle. But as business owners, it’s important to understand what specific implications we can expect. It’s an … [Read more...]
Civility: 3 Virtues Absent In The Modern Business World
With the highly competitive nature of our economy, have we lost what other generations would have called "civility"? "Go for the jugular" and "nice guys finish last" are common sayings among highly competitive individuals. In fact, this type of thinking permeates many business cultures, and has for decades. The highly competitive nature of our economy, the consumption-oriented society that requires ever-higher levels of disposable income have created negative work environments. We have lost … [Read more...]
Customer Service Mistakes That Can Cost You Your Business
There are certain behaviors that customers find really upsetting. Here are four customer service mistakes that should raise a red flag. There are certain behaviors, attitudes and actions that customers find really upsetting. Perceived slights on the part of a customer service representative can sometimes have significant repercussions for your business. Many customers today won’t ask to see the manager; instead they’ll tweet about what happened to thousands of followers. You won’t even have an … [Read more...]
How To Loan Money To Family or loved one
What do you do if a friend or loved one asks for a loan? Here are some points to consider. Warning: This article is about how to lend money to a relative the right way. However, it doesn’t guarantee that you'll get repaid. Proceed with caution. As the economy continues a long slide back into recession, many families that haven’t faired as badly as others are receiving an awkward request from relatives and close friends: loans. Loaning money to a loved one is a tricky thing. Once the … [Read more...]
How To Handle Your First Media Interview
Don't ruin your chances of establishing yourself as an industry expert. It’s a rite of passage for any aspiring business mogul. When a reporter reaches out to you, it's an opportunity to establish yourself in the public eye as an industry expert. So if you properly prepare yourself for your first media interview, it could prove to be one of the most profitable investments of time in your career. Being mentioned in the press is far more valuable than buying an ad. It's significantly more … [Read more...]
Sometimes you need to take a gamble to succeed
In today's volatile economy, threats to your business exist everywhere. Sometimes you need to take a gamble to succeed. How Small And Local Businesses Can Play To Win It’s not easy being a small and local business in the United States today. Threats that can lead to business failure are everywhere: poor economic conditions, limited access to financing, high unemployment among potential customers, competition from Internet-based companies and lower prices from large corporate competitors. Taken … [Read more...]
IRS Beefs Up Its Criminal Investigations
12% of the population thinks it's ok to cheat on taxes. The IRS is hoping to change that by putting more focus on fraud. On a regular basis, the IRS conducts its "Taxpayer Attitudinal Survey" which measures what the overall population thinks about different aspects of taxation. The question that is most interesting—and most controversial —is, "Do you think that it is ok to cheat on your tax returns?" According to the results of the survey, 12 percent of the population thinks it is in fact ok. … [Read more...]
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