New York SBDC Research Network

By Tim Berry From Bplan Picture from Pixabay Industry analysis is part of good management. That’s not just for the business planning, but rather for business survival, beginning to end. Most of the people who successfully start their own business have already had relevant business experience before they start, most often as employees. Although all business owners need to know their industry, the documented details and explanations are mainly for when you’re writing a business plan you need to show to outsiders, like bank lenders or investors. You’ll need to do some industry analysis so you’re able to explain the general state of your industry, its growth potential, and how your business model fits into the landscape. And if your business plan is more of an internal strategic roadmap, you should still be very sure—whether you have to prove it to others or not—that you know your market, even if you don’t do a formal industry analysis. Whether you’re a service business, manufactur

By Rae Steinbach From Funding Circle : People start new businesses with their friends or families for a variety of reasons, but this can lead to a unique set of problems that most conventional businesses don’t encounter. This approach makes it easy to share successes, but mixing your personal and business lives can get complicated very quickly. If you’re concerned about your business—or more specifically, your business partners—it can be tough to know when to walk away. These are some of the biggest red flags to look out for if you’re worried about your ability to stay in business with people close to you. Difficulty Maintaining Separate Roles Businesses typically have very defined roles for each member of staff, making it easy to create a reliable chain of command and distribution of duties. When working with friends, on the other hand, it’s easy for these lines to become blurred over time if you don’t assign clear responsibilities in advance . If one of your colleagues s

By Jann Chambers From UK Web Host Review With so many different opportunities to choose from it is easy to suffer from “shiny object syndrome” and fleet from one idea to the next. I’m sure you have a ton of amazing business ideas. However, it is important to stick to one area and be consistent before expanding into other areas... The main thing about your blog is being consistent in creating content. This doesn’t necessarily mean that you need to get organized (wink-wink) you can easily schedule both your blog posts and social media posts to advertise your articles. So if you’re like me and like to get everything done in one go – you can... An eCommerce business is basically the same as starting any shop/ store, the only key difference is that people don’t normally visit your warehouse in person. When you ship the products you’ll need to ensure that this is handled professionally and the chosen company are competent and cost-effective. Additionally, the postage and packaging, ta

Article by Lucy Koch eMarketer A simple and seamless checkout experience still tops shoppers’ list of in-store must-haves, because ain’t nobody got time ... to stand in long lines. When location platform GroundTruth asked US consumers in June 2018 about what made in-store shopping better than digital, more pointed to a quick checkout experience than any other factor, at 81%. But in-store shopping has its drawbacks—half of respondents to the GrouthTruth survey noted crowds and long lines as the biggest pain points. And these inconveniences can hinder consumers’ paths to purchase.

By Allen Graves From Bplans In today’s ultra-competitive marketplace, restaurants have the challenging and sometimes unenviable task of making their brand stand out from all the others. For newer businesses, it can be even more difficult due to a smaller budget and fewer loyal customers. In comparison to online retailers, brick-and-mortar businesses are typically short on what has become the most important component of marketing today—actual customer data. Customer data—the kind you get through market research—is essential to understanding who your customers really are, where their interests lie, and how they prefer to spend their money. It also helps businesses assess the feasibility of new products, services or menu items before putting them on the market.

By Roberta Chinsky Matuson From LinkedIn I received a call last week from a CEO who was concerned about the sudden increase in employee turnover in his organization. He couldn't understand why anyone would leave his firm. He then went down a laundry list of perks he recently added, that would have made even Google envious... I see companies spending a ton of money trying to outdo one another in terms of perks and crazy office designs that few appreciate. Tales of kegs being opened at all hours of the day or exotic snacks that are making employees fat seem to be all the rage. Yet, here we are. Employees are less engaged today than back in the sixties when a steady job was the key to engagement. You can access my employee turnover calculator for free. That's right. I won't see the results unless you decide to send them to me, nor will I hound you with follow up email automatically spewed out by some contact management system. All I'm asking here is for you to ta

Article by Caroline Cakebread From eMarketer With retail e-commerce sales growing rapidly in the US, it can feel like online buying is taking over the world. But for consumers, brick-and-mortar shopping is still important. They’ll spend almost 90% of their retail dollars in person this year, and a large portion of that foot traffic will come from webrooming. Webrooming, or researching a product online before buying in a physical store, has helped boost in-store traffic for a few retailers in particular last year... The Home Depot also saw increased in-store traffic last year, something CEO Craig Menear credited to BOPUS (buy online, pick up in-store). “These online shoppers see the relevance of our stores...” Like Ulta Beauty, the company plans to expand its footprint in 2019, something it hasn’t done in several years. Image by Trang Le from Pixabay