Learning how to collect and use financial data to drive your business is critical to the long-term health of your business. Here’s what you need to know. Opinions expressed by Entrepreneur contributors are their own. Financial data should guide every business decision you make. This applies whether a business is a trillion-dollar behemoth or the small operation from which it grew. Operating by intuition may work in the early stages of your business, but eventually, you may suffer from not having enough information. If you get involved with the wrong analytics tools, you may find your business ends up just as bad (or worse) from too much information, which is often called analysis paralysis . Before that happens, it is integral to the success of your business to learn how to collect and use financial data. This will let you make more informed decisions that help your business operate efficiently and grow successfully. Data prevents failure Failure happens. You’ve read again and again that after a decade, 70% of businesses will fail , and you certainly don’t want it to happen to you. So, if Item 1 on your business bookkeeping list is to keep records so you can […]

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It’s part of a bigger plan to grow her fashion brand, Rouje, which launched in 2018, into a fully fledged lifestyle business. Haircare products and retail stores will follow. Photo: Rouje Les Filles en Rouje, the beauty brand launched by fashion line Rouje in 2022, is branching into skincare with a face wash, oil and cream. Haircare will follow next. It’s part of the company’s longer-term plans to build up a sizable beauty business alongside its fashion offering. Rouje was founded by the model and influencer Jeanne Damas in 2016, and while cosmetics were launched in 2018 under the Rouje name, last year, a separate brand was created for its beauty offering: Les Filles en Rouje. The skincare range joins the existing line up of nail polishes, blush and lip products. “Rouje was a digital brand in the beginning, but as I see it more as a lifestyle brand in the long term, it was very important for me to also develop the retail aspect, to make Rouje a physical experience as well,” says Damas. The new products, priced between $52 to $70, come in classically Gallic packaging inspired by vintage perfume bottles and cosmetics. Damas says she wanted […]

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(Photo: Adobe Stock) By the BF Staff From the January/February 2023 Issue Utility providers in regions across the United States offer programs, incentives, and credits to businesses looking to expand and relocate to their area, and this is one of the important factors that play into site selection decisions. An area’s utility can be the deciding factor when businesses are relocating and expanding. Utilities provide much more than electricity, gas, and water to a new business. The utility companies featured here are examples of those that go above and beyond, not only offering exceptional energy services but also collaborating with companies to improve economic development across the nation. For instance, utilities with the best innovative programs help businesses choose the best site based on workforce analytics and sustainability efforts. The selected community also benefits from this partnership with additional jobs, improved infrastructure, and, more often now, cleaner energy. The Top Utilities 2023 list covers an assortment of local players, multistate entities, and membership organizations. These utility companies are some of the most successful offering innovative programs and expert assistance to attract businesses that need to build a warehouse, break ground on a factory, or add a headquarters campus. Here […]

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Feb 9 (Reuters) – Canada’s Bombardier Inc (BBDb.TO) on Thursday forecast higher business jet deliveries for 2023, after strong demand for private flying drove its quarterly results above expectations despite persistent supply-chain snags. It expects full-year deliveries of more than 138 jets, compared with 123 last year. Backlogs of corporate jet makers have swelled over the last two years as demand for private flying shows little signs of cooling down, even against the fading threat of COVID infections on commercial flights. Cessna jet maker Textron Inc (TXT.N) had also offered a strong 2023 forecast last month. "The bizjet and luxury goods markets are off to a resilient start in 2023, demonstrating that high net worth individuals are still spending," Desjardins analysts said in a note earlier this week. Aerospace executives have also said that labor and parts shortages that left jet makers struggling to fulfill demand last year are set to ease in 2023. Bombardier’s backlog at 2022-end was $14.8 billion, a $2.6 billion increase. Book-to-bill, or ratio of orders received to units shipped and billed for the period, was 1.4. It forecast 2023 revenue of more than $7.6 billion, compared with estimates of $7.69 billion, according to Refinitiv […]

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This post has been edited for clarity. While we are facing climate and energy crises and uncertain economic times, businesses are at an inflection point, choosing between achieving growth objectives and meeting their climate commitments. But what if businesses didn’t have to choose? I’m here to tell you that they don’t—because of the power of water. Many business leaders are surprised by the intrinsic connections linking water, energy, greenhouse gas emissions and profit. Water is pumped, heated, cooled and treated, with each process requiring energy. Optimizing water use can help reduce greenhouse gas emissions and unlock energy savings. These four steps can help you harness the power of water to achieve sustainable business growth. Step 1: Understand Your Sustainability And Business Goals To achieve sustainable business growth, setting clear goals is the critical starting point. When setting performance and sustainability targets across water, energy and carbon, companies don’t need to choose between profitability or sustainability. Businesses can improve performance and reduce emissions by harnessing the power of water in their operations. Using less water in operations requires less energy, which reduces emissions and energy costs. Understanding your goals—or stepping back to set clear goals in the first place—will help […]

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A “store for rent” sign hangs in an empty storefront in Somerville, Massachusetts, September 1, 2022. A “store for rent” sign hangs in an empty storefront in Somerville, Massachusetts, September 1, 2022. Brian Snyder | Reuters Stocks have posted sizable gains to start the year, with the S&P 500 up 8%, on hopes that a soft landing for the economy is in the cards. On Wall Street, Goldman Sachs just lowered its recession odds. The 500,000-plus jobs added by employers last month helped improved that outlook. Meanwhile, the Federal Reserve signaled last week that the “disinflationary process has begun.” But the latest wave of optimism, ranging from unbridled retail investors to revision-mode CEOs and more guarded central bankers, has not reached Main Street, where fears of a recession and frustration with high inflation remain the norm. Nearly half of small business owners (47%) say the economy is in a recession already, with an almost equal percentage (48%) describing the economy as “poor.” That’s according to the CNBC|SurveyMonkey Small Business Survey for the first quarter of 2023. Notably, the data is virtually unchanged from Q4 even as sentiment about the economy and in the markets has improved. One reason given […]

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Small businesses fights back against ‘swipe fees’ watch now Sol Dias Ice Cream, in the Dallas metro area, draws in customers with its award-winning mango sorbet and flavors with a Mexican twist like “tequila” and “queso.” The unique flavors may be what put Sol Dias, with its two locations, on the map, but it’s a small placard on the front register that’s calling attention. “We have a nice little sign in front of our register that says ‘Hey, credit card fees, they cost us a lot of money,’” Victor Garcia, longtime owner of Sol Dias, told CNBC. “Last year they cost us $25,000. This year, they’re going to cost us close to $30,000. We’re just simply informing the consumer.” Every time a customer pays for their cup or cone with a debit or credit card, companies like Visa or Mastercard charge a processing fee, also known as a swipe fee, amounting to a percentage of each transaction. The fees have more than doubled over the last decade, leading some business owners to look for new and creative ways to claw back their profits. They’re also stirring debate in Washington, pitting payments giants against the small business masses. A swipe […]

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Curtis Barton entered the insurance industry after college in 1996, thinking he would stay for two years just to please his father, an insurance executive. This traditional path would lead to a fulfilling 24-year career and the creation of his own company, Alkeme Insurance Services. Driven by the purpose of “shaping the future of insurance one partner at a time,” Alkeme’s chief executive has been named one of Insurance Business America’s Hot 100 for 2022 . In this conversation with Insurance Business , Barton said “timing is everything” when it comes to setting up an enterprise. Alkeme was formed in 2020 – in the middle of the COVID-19 pandemic – through the merger of seven agencies run by Barton’s friends. The consolidation made sense as the businesses had a combined revenue of around $32 million. Alkeme has since become one of the fastest-growing consolidated entities in the US insurance industry, and it supports the growth of other brokerages through acquisition, optimization, and scaling. Barton defines Alkeme as a “people business” that delivers an improved customer service platform by using technology. “There’s been a lot of pressure points on the business from technology, and that’s fallen off lately because of […]

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Photo: Darrel Hunter Tapestry said revenue fell 5 per cent to $2.03 billion in the second quarter of 2023 ended 31 December 2022, but stronger-than-expected gross margins and less exposure to wholesale in the US prompted the company to raise its full-year outlook, outperforming analyst expectations. Shares rose 9.93 per cent in pre-market trading on Thursday, following a 4.47 per cent dip in after-hours trading on Wednesday night, after rival Capri Holdings revealed a “disappointing” quarter due to weak wholesale demand. Tapestry, which owns Coach, Kate Spade and Stuart Weitzman, said it now expects revenue to reach $6.6 billion, at the top end of its previous guidance of $6.5-$6.6 billion. The updated outlook assumes, among other things, that the US dollar does not further appreciate; that Greater China will continue to gradually recover; and that inflationary pressures and consumer confidence don’t worsen materially. Tapestry had lowered its forecast in the first quarter after currency pressures and China-related disruptions weighed on results. Tapestry CEO Joanne Crevoiserat said the company’s omnichannel strategy and focus on its direct-to-consumer channel has paid off. DTC sales increased by the low-single digits during the quarter (excluding Greater China), and now make up 90 per cent […]

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The VIP hospitality industry still conducts most sales via isolated analog channels. DAIMANI solves this by offering a single cloud-based marketplace for live-event VIP hospitality packages. There’s a big problem in the hospitality industry: It’s not connected enough, according to DAIMANI CEO Max Mueller. His company is solving that issue with cloud technology that makes the entire process easy, from beginning to end. When booking a trip to a live event, customers typically begin with an event website for tickets, then browse online travel agencies for hotel rooms, and then peruse airline websites for their flights. That’s at least three tedious steps — not counting comparison shopping, or follow-ups to make changes. “We want to challenge this,” said Mueller, whose Zürich-based VIP hospitality provider DAMINAI offers tickets, flights, accommodation and more — all in one place. “Our mission is to create these connected services.” Eventgoers can seamlessly find and buy their tickets, flights and hotel rooms for banner events running on DAIMANI’s platform, including Wimbledon, Formula 1 and the entire German Fußball-Bundesliga. Indeed, DAIMANI digitalizes pretty much everything the hosting event will allow, while also ensuring that someone is always available by phone, email or chat — from seven […]

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