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What business leaders are learning from the Coronavirus outbreak

The onset of the Coronavirus or COVID-19 has been a shock to businesses throughout the country. Because of state-wide lockdowns and preventive measures, almost every business has had to adjust in one form or another in order to ensure the continuation of operations and secure the safety of employees. Unfortunately, not every business can operate under these new conditions. Michael Saltzstein predicts that this outbreak will force most businesses to adjust to a new reality. And while this outbreak will eventually pass, it shouldn’t stop business leaders from learning something new from this unique experience. Here are some lessons business leaders are learning from the pandemic.

Business continuity plans were tested

It’s hard to imagine a multinational corporation ceasing operations. That is until now. Seemingly large operations that may seem too big to stop had to grind into a halt. Businesses that have emergency continuity plans have had those plans tested. And those who don…
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Three skills all successful leaders develop

Michael Saltzstein firmly believes that most of the successful business leaders in the world have similar mindsets. One of these mindsets is the determination to acquire and develop new skills continuously.

For this blog, Michael Saltzstein shares three crucial skills, which the most successful entrepreneurs have developed throughout their careers.

Hiring and managing effectively: While hiring and managing people are skills that every entrepreneur should have before they even set up their first business, hiring and managing people effectively is a different matter altogether. A company goes through different stages in its existence, and develops many moving parts, knowing how to hire and manage people throughout these stages and in the various departments and teams is a key leadership skill.

Utilizing the latest technology: Almost every business today is driven by technology. On the downside, so many companies close down because owners don’t adopt or invest in technology. Anot…

Why you should insure your business

So much finance is necessary when starting a business that it can sometimes leave the entrepreneur vulnerable. While businesses are always a sort of gamble, it shouldn’t have to be one that goes all out where the loser has to lose everything. This is one of the reasons why entrepreneurs should have their businesses insured, says business expert Michael Saltzstein. Here are other solid reasons why you should insure your business.

Protect your personal finances: If an uninsured business faces sudden hardships, entrepreneurs could be forced to use their personal funds to repair the sinking ship. For example, a business that’s sued for whatever reason will always assume that the owner be personally liable because of their level of involvement in the business. Not having insurance could wipe your finances clean with just legal fees alone.

It’s inexpensive compared to other expenses: Financial literacy isn’t taught to every entrepreneur who’s starting their own business. Some busine…

Building the brand: Looking at and dealing with business risk

Michael Saltzstein believes that there can be no success without risk. This belief is also something that the greatest entrepreneurs have in common. However, risk comes in many forms. For huge businesses, corporate threats are everywhere, which is why it is paramount for leaders to come up with risk management strategies. The successful identification of risk factors is just the first step. Entrepreneurs also need to know how to deal with these potential threats to the business.

According to Michael Saltzstein, learning how to analyze risks can give a business leader an advantage, especially if and when they know which risks should be dealt with immediately, and which ones to use as avenues for learning and growth.

Take, for example, acts of negligence that would lead to unfortunate events such as customer injury or any damages that may happen to their properties. The possibility of such events may cause the company thousands, if not, millions of dollars in legal fees if the…

Strategic planning for business expansion

Sufficient planning must follow after a company decides to pursue growth whether by adding new locations, new services, new products, or through acquiring another company. For visionary leader Michael Saltzstein, the management must have an overview of the aspects they want to enhance so that they can uphold the quality of services they provide.

Before actively working toward expansion, the management must have a team that will strategize and outline the next steps. During the planning, the team must consider the market condition, the company's current state of operations, and the personnel. According to Michael Saltzstein, the management must perform due diligence to ensure readiness. They must also consider the different options for expansion such as adding services, franchising, acquiring another business, finding a new market, or diversifying. When working toward expansion, repositioning will be inevitable. The company must be ready for these complex changes. They must continu…

Innovation: The next level in business management

Michael Saltzstein knows only too well the importance of innovation to the growth and success of a company.

With the rapid advancement of technology, business has picked up in almost every industry. Many of the more innovative companies today have experienced growth and expansion at a rate that simply leaves every other company behind. Just look at Apple and Amazon as examples.

The intense competition among businesses has prompted the best minds in the world to release newer and better products and services. In other words, innovation has been the catapult for many companies to expand their markets. The competition has gotten to the point where huge corporations employ thinkers from various fields to help research and development teams to “think outside the box.”

The ability to innovate has also made companies more flexible and durable in times of crisis. Innovation has become a skill that aids adaptation in times of great change. And Michael Saltzstein notes that it isn’t just about …