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Business 101: Tried and tested methods from growth and expansion

Image source: Company growth and expansion should be two of the main goals of every business owner. For today’s blog, Michael Saltzstein reviews four tried and tested methods and strategies for business growth and expansion. 1. Market development Through market development, companies target previously unexplored markets. If the current market has become saturated or if a product or service emerges, it is a good time for this particular growth strategy. 2. Product expansion While common, product expansion or product development is an effective growth strategy. The intention here is to launch new products and services in the existing markets of the business. Product expansion involves investing in research and development or acquiring rights to create and distribute another business or company’s products. Image source: 3. Market penetration Like market development, businesses looking to grow and expand can target additional market sh
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Cybersecurity issues arising from COVID-19

Image source: Since the start of the pandemic, the world has been craving more information about COVID-19. While fake news and fraudulent websites have existed prior to the blast of the global health issue, cybercriminals are taking advantage of the situation, creating fake news websites and fraudulent accounts on Zoom. Companies that don’t have pandemic plans in place and were caught off guard by COVID-19, leading to more security breaches caused by staff members misguided about the best practices on the remote work setup. Michael Saltzstein notes that the extensive adoption of remote working is the primary cause of the increase in cyberattacks. Individuals are more vulnerable to cyberattacks due to the highly emotional and physical issues brought by COVID-19. Cybercriminal groups are taking advantage of the global situation, expanding their social engineering or psychological manipulation assaults. Image source: The lockdown period has most of the world

What is labor compliance and why it matters

Image source: Every year the US government, particularly the Department of State, releases the Trafficking-in-Persons Report. The US does not tolerate any form of wrongdoing in terms of work or any activity that violates a person’s rights surrounding work. Individuals who are complicit in these illegal practices often receive sanctions and the condemnation of society at large. If you’re running a business, you should know about why labor compliance, says Michael Saltzstein. First and foremost, consumers today have become more concerned about where their products are coming from. They are concerned about how ethical the sourcing is. For example, when workers at a plant in China connected to the manufacturing of iPhones started taking their own lives, many consumers viewed Apple negatively. Many consumers believe their purchasing power can also be leveraged for ethical causes and often support businesses that mirror their best beliefs. Image source: To

What to expect in occupational health and safety standards post-COVID19

Image source: COVID-19 has changed the way people have been living their lives. Experts are being more comfortable with the idea that everyone will be living with the threat of the virus for the long haul. Because of this, Michael Saltzstein reminds us all that this is not the first time the world has had to co-exist with a health threat. Furthermore, people can expect some trends to develop in occupational health and safety standards following this pandemic. To begin with, companies may generally take on a hybrid approach to employee attendance. Before the pandemic, workers were required to report to the office and spend a fixed time doing work in the confines of a common space. Now, people have been forced to stay at home and use the internet to connect to one another. Chances are, this practice will be made into a more regular aspect of business operations, to keep the number of employees present in the office to a minimum, mentions Michael Saltzstein.

The elements of a post-COVID-19 business recovery plan

Many businesses today have been forced to close down due to the COVID-19 pandemic. Others who still survive are not operating as robustly as they used to, and many of these are already beaten to within an inch of their lives. Business expert Michael Saltzstein shares a plan for companies who are still clinging on to some hope for a better future post-COVID-19. Keep displaced workers at bay. You might have had to let go of some people to downsize your company and make it manageable for your business to survive. Give your displaced workers preferential treatment if they are still looking for a job when you get over the pandemic. It helps a lot that you get back people who are already familiar with your line of business. Explore work-from-home as a permanent operation. Take this time as an opportunity to assess which aspects of the work can be done at home for the long haul. If there’s one thing that you can expect from this pandemic, it’s the fact that work-from-home will become

Overcoming entrepreneurial adversity

Image source: Whoever thinks that a business is exempted from adversity must be creating a highly idealized picture of reality in their imagination. It might even be argued that as a business grows, it becomes more susceptible to all kinds of challenges. As far as Michael Saltzstein is concerned, adversity is a part of any business that endeavors to succeed. Here are a few ways to prepare for it. Invest in good relations with others Good relationships pave the way for help or assistance to come in naturally when a business needs it. Many business owners form quality relationships with business partners in the industry. Just maybe, one of the relationships you are fostering today will save you in the future. There is absolutely nothing wrong with bringing in a helping hand. Surround yourself with smart people Early on, invest in the kinds of people who will turn out to become assets in your company. Give them opportunities to grow, so they will choose to re

What business leaders are learning from the Coronavirus outbreak

Image source: 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