Patch Rubin spent years as a carpenter before deciding to build his own guitar, and he subsequently became a luthier. Rubin, founder of Wide Sky Guitars, uses wood imported from Alaska to build his instruments, and he finishes two a month.
Even when sales calls and presentations go well, they won't result in a transaction if the buyer has no urgency to act, writes Sean McPheat. To help encourage buyers to make a decision, highlight a problem your product addresses and illustrate how the problem will be compounded if time passes and it's not properly addressed, McPheat writes.
Reflecting on the importance of integrity in running a business, Larry Alton outlines how to overcome three difficult situations entrepreneurs may face. For example, it's important to communicate openly if you're going to have trouble making payroll, he writes.
Leaders often feel isolated and unable to connect personally with employees, writes Art Petty. Finding avenues outside of work to discuss challenges and feelings can help, and so can practicing regular drop-ins to see how employees are doing, he writes.
A few signs indicate that your business may be attractive to investors, writes Jared Hecht, co-founder and CEO of Fundera. The odds of finding funding will be better if your business serves a need, you have a business model and a plan, and you have proven that you are financially responsible.
In addition to general liability insurance and property insurance, restaurant owners may need other types of coverage, including policies for product liability and disaster recovery, writes Evyatar Sagie of Next Insurance.
The American Public Transportation Association says a lack of investment in public transportation will cost businesses $340 billion in lost sales from 2017 to 2023. "This study shows that decades of underinvestment in America's aging bus and rail public transit infrastructure has negative effects on the economy," said APTA president Paul Skoutelas.