Restaurants facing a nationwide disruption in coin circulation are getting creative to find ways to make change. A Taco Bell in California offered free tacos to customers paying with rolls of coins, and Chuck Cooper of Lee's Famous Recipe Chicken says the brand has asked customers to use exact change or credit cards.
Entrepreneur Monty West has capitalized on a love for coffee by opening Clever Fox Coffee in Claremore, Okla. West plans to feature fair trade coffee from all over the world and says that the business will "have coffee tastings and classes."
As more businesses see the benefits of working remotely, Greg Hanover of Liveops explains how to keep productivity high without being physically present. It's important to consider which employees will be best suited to working from home, find the right balance for your particular business and implement a robust communication framework, advises Hanover.
Members of the Forbes Finance Council share their advice for small-business owners preparing their retirement plans. Among other things, they caution against relying on business equity and stress the need to engage in strategic tax planning.
With uncertainty most likely affecting the back-to-school and holiday shopping seasons, Under Armour CEO Patrik Frisk predicts that a "tentative approach from the consumer is going to stay" through the second half of the year. The sporting goods producer expects revenue for the final two quarters to drop 20% to 25%.
Coronavirus lockdowns closed most gyms, where O2 sells half its sports drinks, so founder Dave Colina partnered with independent gyms to sell directly to members and split profits 50-50. O2 sacrificed margins to begin the program, but it paid off with growth in sales and profits.
Founders who put themselves in a buyer's shoes can improve their startup's team, culture, relationships and other areas, even if they never sell, because an acquirer must consider all aspects of the business, writes Tyler Griffin of Financial Venture Studio. "It is easy for teams to become insular and to ignore problems festering underneath the shiny performance metrics, and forcing yourself to think like a buyer can help uncover problems early," Griffin writes.
The right strategy for pricing for a new product is vital for startup survival, writes Startup Circle founder Abdo Riani, who offers three steps for determining the ideal price. "Underpricing, overpricing or not charging, even if the customers are willing to pay, can mean lower revenue, lost customers or even, startup failure," Riani writes.
Consider who should be getting the credit and whether more than just orders and revenue should be measured when deciding upon useful sales metrics, writes David Brock. It's also important to decide how sales activity and processes will be measured, allowing for more visibility into which steps can be improved, Brock writes.
Sell more effectively by putting yourself in your client's shoes and asking why you would make a change if you were them, writes Anthony Iannarino. Think about what a new solution means for the client and how they might justify the expense of what you're offering, Iannarino adds.