Low unemployment is generally considered a good thing, and the US unemployment rate is currently at 3.6% even after the Federal Reserve raised interest rates 11 times (for a total of 6%) in the last 18 months. But for employers, this means the US labor market is tight. Labor shortage is one of the top six challenges business owners say they face today. Barring some radical changes, filling job openings in the US will continue to be a challenge for the foreseeable future. Employee retention will remain key to business growth and success. What can companies do to retain their existing talent and maximize their productivity? A lot… and we don’t mean pay raises.

Here’s how. Continue reading →

Among the biggest challenges facing companies in the US today is a shortage of labor. It’s an issue that has been persisting for years. The labor market is tight for various reasons that businesses cannot control. But with the unemployment rate remaining at a historically low level, many companies struggle to find and keep the best talent. Some solve the problem by raising salaries but that creates other issues. If people are the most valuable resource of any company, then success depends on attracting and retaining the best and brightest minds. Why is the labor market still so tight and what can the average business do to address that challenge? More importantly, how can recruitment and retention be the superpower that helps some companies succeed? It starts with caring.

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The old adage says that “if you fail to prepare, you prepare to fail.” Arguably, nowhere is this truer than when attending a networking event. It is not enough to just show up to such functions. When it comes to networking, preparation is the difference between it being a waste of time and landing the next big client. It’s important to make the most of every opportunity.

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Word Count: 1,588Estimated Read Time: 6 Min. For business owners, networking is important in order to monitor and improve reputation, increase visibility, develop a stronger support network, increase business growth, and develop impactful connections.  In other words, it is essential.  … Continue reading →

Use the Problem to Sell the Solution Word Count: 1,539Estimated Read Time: 6 Min. Problems are opportunities and every company is in the problem-solving business.  The goal of sales, then, is to understand each customer’s very specific problem / need … Continue reading →

Sales and Psychology Go Hand-in-Hand Word Count: 1,376Estimated Read Time: 5 ½ Min. Virtually every organization sells something.  Businesses sell an asset, product or service.  Non-profits or not-for-profits sell an idea or benefit.  Even governments sell protection, regulation of actions, … Continue reading →

More Psychological Strategies in Pricing Human psychology plays a big role in how people perceive prices and pricing has a big impact in how buying decisions are made.  For instance, pricing influences the perception of value.  People often associate higher … Continue reading →

Psychological Strategies in Pricing

Retailers use psychological sales triggers to influence customers into buying products. And these strategies are also used to help cross-sell or upsell products or services. These techniques include such obvious efforts as discounts or promotions, as well as product placement, suggestive selling, social proof and scarcity. There are also psychological strategies involving pricing, such as charm pricing, loss leaders, penetration pricing, price shelfs, price cliffs, and more. Even if people are aware of these psychological strategies, they still work?

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Word Count: 1,310Estimated Read Time: 5 Min. Last week, you went to Ikea to buy some inexpensive magazine holders to file the last dozen issues of Harvard Business Review piled on the floor next to your desk.  You walked into … Continue reading →

As the saying goes, necessity is the mother of invention. Innovation is about solving problems. Companies that are innovative focus on the needs of their customers and find ways to meet those needs in new and novel ways. That is what Uri Levine, founder of Waze, meant in his book “Fall in Love with the Problem, Not the Solution.” That’s how most companies start out: solving an existing problem. And some, like Steve Jobs at Apple, go a step further and foresee a problem even before the customer realizes they have it. But the bottom line is that innovation is really just good, old-fashioned problem-solving. If you want to bring something truly innovative to market, focus on the problem.

Here’s how. Continue reading →