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For business leaders, the current ‘polycrisis’ means continually confronting new and different challenges. The Big Picture Crowdsource Innovation The world is experiencing prolonged economic, social and geopolitical turbulence. Business leaders have no choice but to learn how to operate effectively within today’s unpredictable environment. To face an uncertain world head-on, businesses must think big and develop growth strategies that are purpose-driven and focused on long-term value creation, not just short-term profits. In the past three years, the global economy has been reshaped by a string of shocks from the COVID-19 pandemic to soaring inflation and the outbreak of war in Ukraine. The pace of climate change also continues to accelerate, unleashing extreme weather events that claim lives and inflict heavy economic damage. Have you read? The world is experiencing prolonged economic, social and geopolitical turbulence, driving uncertainty and volatility to their highest levels in decades. For business leaders, that means continually confronting new and different challenges. Facing uncertainty head-on One thing is clear, we won’t return to the old normal. Business leaders have no choice but to learn how to operate effectively within today’s unpredictable environment. Successful business leaders realize now, more than ever, that businesses have a greater […]

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Shelmore Village in Mount Pleasant is a densely built 2006 development where each building has a ground-floor commercial space, and a residence on the upper floors. A development just like that one would not be permitted under a proposed Mount Pleasant zoning change. Thursday, Jan. 12, 2023. Grace Beahm Alford/Staff MOUNT PLEASANT — The town’s latest attempt to restrict housing and apartment development by slashing the number of residences that could be built above businesses is misguided and will only create more sprawl according to real estate interests. Town Council members say the pending change in land-use rules would block high-density developments that could overcrowd schools and increase traffic while also providing incentives for more affordable housing. The curious thing about Mount Pleasant’s proposed zoning change is that it targets a rule that’s existed for decades but has only been used once, for the 41-building Shelmore Village development in 2006. It’s a development of townhouse-style three-story buildings, with commercial space on the ground floor and two-story homes above. The rule that allowed Shelmore Village permits development of 12 residences per acre if they are built above first-floor businesses with street frontage in a commercial area. The town’s proposal is […]

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Kathi Klawitter (photo courtesy of Allied Payment Network) FORT WAYNE, Ind. – Fort Wayne-based Allied Payment Network Inc. has appointed Kathi Klawitter as chief operating officer. Allied, which provides payment technology for financial institutions, says Klawitter brings more than 20 years of experience building business units for companies within the financial and fintech industries. Klawitter will report directly to Allied CEO Geoff Knapp and will oversee the company’s operations to support growing demand and market share. In her new role, Allied says Klawitter will work to establish new business development, client retention, product development and performance optimization. “Kathi is a deeply experienced fintech leader who possesses a clear client-first mentality,” said Knapp. “Kathi has worked with community financial institutions her entire career, which puts her in the unique position of knowing exactly what it takes to nurture and grow those customer relationships. We are fortunate to have her join our leadership team.” Prior to her appointment, Klawitter worked for Wisconsin-based Fiserv Community Financial Institutions as head of operations, as well as head of operations & initiatives for the global business solutions division. Klawitter’s background also includes work as chief operating officer for Mississippi-based Security Card Services, as well as […]

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It’s a tale as old as time. Nepotism in family businesses is a phenomenon that has been present for centuries, but it has recently gained more attention due to the increasing number of family businesses and the growing awareness of the negative effects of nepotism. Nepotism is the practice of favoring family members in business decisions and operations, often without giving priority to selecting the most qualified individuals. Two generations of owners inside their factory getty One of the main reasons nepotism is prevalent in family businesses is that the owners of the business are often emotionally invested in their family members and want to ensure their success. They may also believe that family members are more trustworthy and loyal than non-family members. However, this can lead to the exclusion of qualified and capable employees, which can negatively impact the business. Nepotism can also lead to a lack of accountability and poor decision-making, as family members may not feel the need to justify their actions or may not have the necessary skills or experience for the position. Another major issue with nepotism in family businesses is that it can lead to a lack of diversity and inclusivity within the […]

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Floods, storms, wildfires, and other natural catastrophes create countless exposures for businesses. For most, planning for when (rather than if) disasters strike is a must. But two key issues place organizations at more risk and increase the need for robust disaster risk management plans: remote working and physical expansions. “Employees are going to work from home for the foreseeable future,” said Dale Buckner (pictured), CEO of Global Guardian. “So, when it comes to planning for natural disasters and disruptive events such as earthquakes, hurricanes, tornadoes, tsunamis, and wildfires, I think the number one difference is that you now must account for people that you think are in North Carolina, but could be in Australia, the Caribbean, basically thousands of miles away.” Buckner also strongly advocates for business leaders to put disaster risk at the top of their criteria when planning to expand their physical footprint. As executives consider their expansion plans for office locations, plants, and warehouses, they need to be aware of the natural disaster risks of chosen locations and potentially reassess plans to avoid those risks altogether. How does remote work influence businesses’ disaster risk planning? Around 5.1 million Canadians were working from home as of May […]

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The Bank of Canada has raised borrowing costs by 4 percentage points since last March. Canadian business sentiment fell to its lowest since the Covid-19 pandemic in a central bank survey, while consumer expectations for short-term inflation held at a record high. Data released Monday by the Bank of Canada show the economy adjusting to high interest rates and heading to a period of weaker growth or even a mild recession. More businesses than usual expect their sales to decline, and consumers have reduced their spending plans. The central bank’s business outlook indicator fell to 0.07 in the fourth quarter, from a revised 1.74 previously. Firms said rising interest rates and high inflation are crimping their outlook for demand and plans to invest. About 70% expect the economy to enter a recession. Higher rates and inflation have also limited the ability of consumers to spend, the bank said in a separate survey. Most workers don’t expect their earnings to catch up with recent price pressures, and about half of households think they will be negatively affected by a potential recession. About half of consumers who expect a recession think it will be moderate in severity and length, while 90% […]

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To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video About the show DW’s Business News offers a global perspective of the most important economic events of the day in 13 minutes. Informative reports and up-to-date assessments by our correspondents guide our viewers through the constant flow of information. Compelling stories show the human being behind businesses and the economy. DW’s Top Story More stories from DW Africa Germany Go to homepage

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Special to USA TODAY There is an oft-quoted statistic in business that it costs six times more to create a new customer than it does to keep a current one. Why is that? Well, there is no doubt that getting new customers definitely takes time, effort, and money, and so, as such, long-time customers are, indeed, small business gold; they allow us to pay the bills, hire employees, and grow our businesses. They are how entrepreneurs keep the dream alive. And that then begs the question: How do you in fact create repeat, long-term customers? For, while a one-time customer is nice, it is that repeat customer who really makes the difference. Customers can choose any business to service their needs; they will only choose yours time and again if you offer them something above the ordinary. Here then are five ways to keep customers coming back for more: 1. Be great at what you do People hire you to do a service for them, or they go into your shop or online store to buy something from you. If your product or service is average, they may be back, they may become a regular, or they may not. […]

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Each year the Philadelphia Business Journal compiles a list of the region’s fastest-growing companies for our Soaring 76 publication. Nominations for this year’s program are now open, with updated parameters. Taking into consideration nearly three years of the Covid-19 pandemic and its effects on businesses and their bottom lines, we’ve adjusted our requirements for 2023. Companies still must have minimum revenue of $750,000 in the first year of the considered timeframe – in this case 2020 – but the second-year minimum revenue threshold is being waived. This updated structure broadens eligibility to the many companies that launched in the region over the past three years and takes into account the headwinds all businesses have faced. What hasn’t changed is the need for companies to have sustained revenue growth year over year. That means a company must have had greater revenue in 2021 than in 2020, and then continued that growth in 2022. To make the final list of Greater Philadelphia’s 76 fastest-growing companies, nominated firms will be ranked by their combined year-over-year revenue growth rate. We determine this figure by averaging the percent increase of growth from 2020 to 2021 and 2021 to 2022. That figure then determines if […]

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Creativity is an ongoing negotiation with yourself and the world. While making space in the daily hustle of running a business is difficult, finding small ways to tap into your creative mind can spark insights and innovations that broaden your business’s horizons. Opinions expressed by Entrepreneur contributors are their own. Creativity is a crucial aspect of running a successful business, as it allows for insights and innovations that can drive your company forward. While it may not always be easy to make time for creativity in the fast world of entrepreneurship, practical measures can help tap into your creativity and boost your business’s potential . As an entrepreneur, teacher and author who can’t wait for inspiration to strike, I always add new techniques to my toolbox to jumpstart my imagination. Here are a few techniques to try: 1. Brainstorm Brainstorming is a powerful tool for fostering creativity in business. This can involve jotting notes on napkins, indulging in streams of consciousness or using an app like Biograph to speak my mind, collect ideas over time and collaborate with trusted partners. Brainstorming allows you to generate abundant fresh material and make connections you might not have otherwise considered. It can […]

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