Davis Smith started online outdoor apparel business Cotopaxi as a benefit corporation, and the company now commits 2% of its annual revenue to nonprofits focused on the developing world. Investor Kirsten Green notes that millennials are seeking out "brands that have a message that they can connect with."
Build brand loyalty by prioritizing your highest-value customers and by worrying less about the small churn, Jeff Sopko writes. Create emotional connections to make consumers bond with your brand, and back this up with rewards, he advises.
Company mission statements formulated by managers may fall short, so some brands rely on customers' stories to shape their culture. Consultant Erica Keswin cites several examples of how companies have tapped this valuable resource for inspiration.
When your business is growing, it's possible to lose sight of how that might affect existing employees, who may start to feel marginalized. Drawing on experience, A1 Garage Door Repair owner Tommy Mello offers ideas on how to keep workers engaged, with a focus on providing appealing benefits and keeping lines of communication open.
Performing a PEST analysis can help you understand how political, economic, social and technological factors may affect your business. This approach focuses on external factors, so it makes sense to combine it with other forms of analysis to get a complete picture.
Baking powder revolutionized baking and cut down on lengthy processes like leavening, which could take 12 to 24 hours, writes Ben Panko. The first modern version was crafted by chemist Eben Norton Horsford in 1856, who also developed America's first modern chemistry lab at Harvard University.