August 2024

Google beat Apple to the punch by releasing new smartphones packed with AI.

At the Made By Google event on Tuesday, Google interspersed the Pixel 9 release with celebrity appearances and jabs at Apple. Keke Palmer and NBA all-star Jimmy Butler were on stage and Google executives demonstrated what the Pixel camera could do.

At the event, Google revealed four new Pixel phones embedded with Google’s own Gemini AI assistant: the $799 Pixel 9, the $999 Pixel 9 Pro, the $1,099 Pixel 9 Pro XL, and the $1,799 Pixel 9 Pro Fold, which unfolds into an 8-inch tablet.

Related: How Google CEO Sundar Pichai Shook Up His Leadership Team for the AI Era

The Pixel 9 is Google’s first line to fully ship with Gemini Nano multimodality, meaning that users can access the AI assistant through voice, text, code, image, and video. Users don’t have to have a network connection to access Gemini Nano and the Pixel 8 Pro, released last year, uses the same system.

The Made By Google event usually occurs in October, and moving it up to August, one month ahead of Apple’s expected iPhone release, could be Google’s attempt to outshine Apple, Bloomberg mused.

Apple is reportedly launching Apple Intelligence and bringing AI to iPhones this fall for the 15 Pro, Pro Max, and any new iPhones. The new, upcoming phones could prompt Apple’s existing user base to upgrade their old iPhones for AI features.

Apple currently dominates the $61.5 billion U.S. smartphone market, with the iPhone capturing 58.81% of the market share compared to the Google Pixel’s 4.6%.

What can Google’s AI really do?

Google took the tasks that users turn to their phones for, like checking the weather, and gave them an AI boost. For example, the new Pixel Weather app features an AI weather report, while Call Notes gives phone calls AI-generated transcriptions that are saved on the phone, not the cloud, for security.

Pixel Screenshots saves phone screenshots in a separate app so users can search through them with AI, and not lose them on their camera roll. The Pixel Studio image generator creates new images on the spot, and Google demoed how to use the app to make invites to a party.

^{Google Pixel 9 Pro and Pro XL. Credit: Google}

Google’s pre-event advertising asked Gemini to write a breakup letter and start it “Dear Old iPhone.”

But the first Gemini demo took three tries to work. Still, Google used that as an opportunity to take another swing at Apple by emphasizing that it was a live demo — alluding to Apple’s prerecorded ones.

Google also claimed that the Pixel 9 had the “world’s first AI-powered camera” and compared a photo taken by the new Pixel 9 Pro XL to the iPhone 15 Pro Max without naming Apple.

.@Google is doing a LIVE Gemini demo, reiterating that it’s a live demo jabbing at @Apple doing canned demos and videos. It worked on the 3rd try. #MadeByGoogle pic.twitter.com/BRKv6J3vGc

— Anshel Sag (@anshelsag) August 13, 2024

Related: Apple’s AI Has a Catch — And It Could Help Boost Sales

The livestream on X with former President Donald Trump and billionaire Elon Musk has more issues, and this time it isn’t just technical.

The United Auto Workers union filed federal labor charges against Trump and Musk that allege two men attempted to “threaten and intimidate” workers on the X Spaces livestream who wished to participate in “protected concerted activity, such as strikes.”

Related: Elon Musk Praises Tesla EVs to Donald Trump in X Livestream

During the conversation, which the UAW called “rambling, disorganized” and “illegal,” Trump advocated for the firing of workers who went on strike.

“I look at what you do, you walk in, you say, ‘You want to quit?’ They go on strike,” Trump told Musk via livestream. “I won’t mention the name of the company, but they go on strike and you say, That’s OK, you’re all gone.”

The UAW noted in its lawsuit that under federal law in the U.S., employees cannot be fired solely for going on strike and that an employer threatening to let them go for that reason is violating workers’ rights under the National Labor Relations Act.

Related: Elon Musk Blames Cyberattack for Trump’s X Livestream Delays

“Both Trump and Musk want working class people to sit down and shut up, and they laugh about it openly,” UAW President Shawn Fain said in a release for the organization. “It’s disgusting, illegal, and totally predictable from these two clowns.”

In 2022, after Musk took over Twitter (now X), he initiated mass layoffs, letting go of thousands of employees and senior leadership following his acquisition of the company. In May, Musk fired Tesla’s entire Supercharger team after one executive tried to push back against more layoffs.

The UAW, which is based in Michigan, currently represents over 40,000 autoworkers and formally endorsed Democratic Presidential nominee Kamala Harris earlier this month.

Trump and Musk have not yet commented on the charges.

Creating a workplace where your team thrives involves more than just offering competitive salaries and cool in-office perks. A truly fulfilling workplace goes beyond to encompass a range of benefits and programs designed to enhance the overall well-being and growth of your team members. Incorporating wellness programs, community-building workshops and other perks can foster deeper connections among employees, creating a strong sense of unity and belonging.

As the founder of ButterflyMX, I’ve had the privilege of witnessing the transformation of a simple idea into a pioneering force in the proptech industry. And that transformation would never have been possible without the dedication and fulfillment of our team. Our framework fosters a workplace where our team is not only motivated but also deeply satisfied with their work.

A shared commitment to innovation and improving the customer experience can significantly enhance workplace culture. By fostering a sense of purpose and camaraderie, companies can drive both personal and professional fulfillment, making the workplace not just a place to earn a living, but a space where individuals can grow and flourish together.

Related: This Is the Science Behind Thriving Workplace Cultures

The paycheck and beyond

Competitive compensation is essential, but it’s merely the starting point. Ensure your team is well-compensated while also recognizing that financial incentives alone are not enough to retain top talent.

Ensure your team receives other perks, like wellness programs and community-building workshops, that foster opportunities for growth and development to enhance their overall well-being.

For example, at my company, we host virtual community-building workshops, like succulent planting and candle-making. These workshops give our team an opportunity to foster deep connections with each other and create a sense of unity.

Alignment with beliefs and vision

Having a team that’s driven by a shared commitment to innovation and elevating the overall experience for your customers is crucial for creating a thriving work culture and environment.

Believe in the transformative power of technology to improve everyday life. This alignment will create a sense of purpose and belonging. Employees who resonate with your vision are more engaged and motivated, which makes them more likely to succeed.

For instance, during one of our early team meetings, we discussed our vision of transforming building access through technology. We took turns sharing personal stories of the frustrations we experienced with outdated intercom systems, and the team’s enthusiasm was palpable. This alignment of personal and professional goals created a strong sense of purpose and camaraderie.

Embracing uniqueness

Every individual brings a unique set of skills and perspectives to the table. Celebrate these differences, and encourage your team to leverage their unique talents. This not only enriches the collective experience but also brings fresh, creative perspectives to your projects.

Recognize and appreciate the unique skills and talents each employee brings to the table. For instance, if an employee has a hidden talent in graphic design, find ways to integrate that skill into their work, even if it’s not part of their primary job function.

Related: This Is What Happens When You Focus on Employees’ Strengths

Opportunities for growth

Emphasize the importance of continuous learning. Further, provide your team with opportunities to attend workshops, pursue further education and take on new challenges within your company. This focus on growth will cultivate a culture of ambition and innovation.

The bottom line: Employees are more likely to stay with a company that invests in their professional growth.

Offer opportunities for training, mentorship and career advancement. Create clear pathways for progression within your organization, and support your team in achieving their career goals. Regularly discuss career aspirations during performance reviews, and provide resources to help your team develop new skills.

Fulfillment

At the pinnacle of The Employee Hierarchy of Needs is fulfillment. Create an environment where your team feels appreciated, valued and part of something greater. Fulfillment is about more than just job satisfaction; it’s about emotional connection.

Make sure your team members know their contributions directly impact the success of your company and the satisfaction of your customers. This sense of fulfillment fosters loyalty and long-term commitment.

For instance, ButterflyMX is a hybrid company with remote workers across America and abroad. Each year, we host company offsites that give our team members a chance to collaborate in person and include opportunities for professional development and fun activities. This gives our team the ability to connect and build community in person. The camaraderie and sense of community that emerges from this experience has created lasting positive impacts on our workplace culture.

Personal reflections

Building my company has been a journey of learning and growth, not just for the company but for me personally. Creating a fulfilling workplace is an ongoing process — one that requires constant reflection and adaptation. One of the most rewarding aspects has been witnessing the personal and professional growth of our team members. Their success stories are a testament to the effectiveness of our employee-centric approach.

In my experience, a positive employee experience translates directly into a superior customer experience. When your team is fulfilled, they are more passionate about their work and more dedicated to providing exceptional service. This, in turn, strengthens customer loyalty and drives your company’s success.

Related: Here’s How Business Leaders Can Cultivate Happiness in the Workplace

As you look to the future, your commitment to fostering a fulfilling workplace must remain steadfast. Continue to innovate and expand, and be guided by the principles that have brought you this far. By prioritizing the needs of your team, you can ensure your workplace remains a place where people love to work and build a brand that customers trust.

In conclusion, building a fulfilling workplace is not just about meeting basic needs; it’s about creating an environment where your team can thrive.

“One of my earliest memories in the U.S. was that my mother banned beauty magazines in our home. She thought the language was too disparaging to women. She was right about that,” says Karen Young, CEO of OUI the People. “My mother didn’t want the world to decide who we were. She wanted us to decide on our own who we wanted to become.”

Young launched OUI the People, her beauty brand, with $1,500 in her bank account. The original products — razors — were a nod to her grandmother and uncles in Guyana. As a child, Young was in awe of their skincare routines and the joy she witnessed in these moments at the bathroom sink. Her uncles would be focused on shaving, and her grandmother would pay close attention to her body care routine.

“My grandmother made sure I was slathered in coconut oil,” says Young. “My family was obsessed with caring for the body. It was an expression of self-love and care for others as well. OUI the People is a celebration of that softness and strength.”

Image credit: Maria Be

Young remains committed to creating products that nourish “you and your body, instead of making you feel less-than with marketing terms like ageless and flawless,” like those magazines her mother once shielded her from. On her journey to disrupt the beauty industry, here are three lessons Karen Young shares.

Related: Growing Up, She Was Bullied For Embracing Her Indian Heritage. Now Celebrities Like Mindy Kaling Wear Her Indian-American Fashion Brand — and She’s Aiming for Retail Stores Next.

1. Persevere in the face of setbacks

August is National Black Business Month in the U.S., a time when we celebrate and support over 3.5 million businesses that are Black-owned. In 2004, Frederick E. Jordan partnered with John William Templeton to turn August into National Black Business Month. Jordan and Templeton wanted to highlight Black founders and encourage communities to support their businesses. And support for Black-owned businesses can’t be a check-the-box exercise only for this month; it must be a year-round commitment.

In 2010, Jordan told Black Enterprise, “It’s very difficult for black businesses to survive. Their obstacles are enormous.” Two decades later, Jordan’s comments still ring true.

Unfortunately, the decline in funding to Black-founded companies drastically outpaces the overall decline in startup capital in the marketplace. “While total venture dollars in the U.S. fell 37% last year, funding to Black-founded startups dropped a staggering 71%,” according to Crunchbase data. In 2023, total U.S. investment in Black-founded startups marked the lowest amount since startups raised only $582 million in 2016.

“There’s a marked recession within a recession that Black women founders in particular are facing,” says Young. “The clawback of the capital has been visible and painful for many of us.”

As a Black woman founder, Young also shares her experience facing stereotypes when meeting with investors.

“It’s a latent disbelief that a woman of color can build a company that appeals to all consumers. There’s an undertone that only other people of color will find what we build of value or that it’s not big enough of a market,” says Young. “Thankfully, our data proves that wrong. And it can be difficult when someone comes to the table with a deeply rooted false perception and we persevere.”

Related: After Her Unexpected Layoff, This Founder’s Love of Fragrances and Self-Care Helped Her Cope. Now She’s Disrupting the Fragrance Industry.

2. Lean into the power of packaging

Young spent four years at Estée Lauder on the packaging design team. She raised her hand for a multitude of projects, was always asking questions and studied everything she could.

“I stuck my nose in wherever I could to learn as much as I could as fast as I could,” says Young. “I completely fell in love with branding at Lauder, and particularly packaging. It’s the last and final step of the story, and sometimes overlooked.”

OUI the People packaging across various product lines is bold, stands out, and is refreshing. It’s clear what the product does and why the consumer would buy it. Young advises founders to lean into the power of packaging; not to overlook or dismiss it.

“You may only have two to three inches of surface space to work with,” she says. “A consumer picks up your package and that’s the moment of truth. What’s on that package may determine at that moment whether they buy your product or not.”

3. Avoid the trap of launching too many products at once

“One of the mistakes I made is launching too many products at one time,” says Young. “I reminded myself that customers can only consume so much. As a founder, every product I put out is an act of love and dedication. But the consumer’s journey usually only starts with one product.”

Young marvels at the beauty industry; how fast paced it is and how much innovation hits the marketplace. And as a brand directly selling to consumers, Young says it has become easier to take an amazing concept to market relatively quickly. She recalls launching multiple body scrubs based on marketplace trends. A popular influencer called out one of the scrubs as her favorite, and sales spiked at Sephora. Young had to make the difficult decision to discontinue one of the products; it wasn’t profitable.

“Don’t be afraid to do one thing very well,” says Young.

Related: This Award-Winning Korean Chef Says Entrepreneurship Is Glamorized. Her Recipe For Success? Hard Work and Consistency.

Now, OUI the People is projected to grow 2x this year and the brand will scale from 260 retail doors to over 600. Young has raised venture capital in the past, but timing is everything, and it has been challenging to meet the distribution opportunities with no additional capital infusion.

“Just as we have had incredible growth via retail, the doors have been shut tight on funding. We’re pacing ourselves, including saying no to certain opportunities that could put too much tension on the business. Despite the current climate, I know we’ll persevere,” says Young.

Disney announced at D23, its annual fan exhibition event in Anaheim, California, over the weekend that the company is making its biggest expansion ever to Magic Kingdom at Disney World in Orlando, Florida.

Disney Experiences Chairman Josh D’Amaro shared the company’s plan to add a new “Villain’s Land” and begin mass renovations to Frontierland that will create a new Cars-themed attraction.

Related: A Fifth Walt Disney World Theme Park Could Be Coming Soon — Here’s What We Know

“Since the beginning, our Disney Villains have given us endless possibilities to tell new stories,” D’Amaro said.

D’Amaro noted the new Villian area will include two new attractions as well as dining and shopping options. More details will follow.

@ftjtravel To all poor unfortunate souls, we are finally getting a land of villains!!!! The first of its kind and only the way Disney can do it!!! Get ready to expand your MK experience and adventure with your favorite evil characters!! #disneyvillains #disneyparks #magickingdom #disneytok #ftjtravel #d23 @Disney Parks ♬ original sound – Fairytale Journeys Travel

For the Cars-land, Disney plans to add two new attractions, a faster-paced road race and one family-friendly ride for all ages. The company already has a Radiator Springs (the fictional town from the hit movie) area at Disney Land in Anaheim, California.

Animal Kingdom in Orlando is also getting a completely new land called Tropical Americas, which will include themed attractions and experiences from Esperanza, Encanto, and the Exciting Adventures of Indiana Jones. It will replace the existing Dinoland USA.

@popheadz.official Disney’s Animal Kingdom will be getting a brand new land, Tropical Americas!!?? this land will be focused in latin cultures from south and central america and feature Indiana Jones! #fyp #viral #abcxyz #foryoupage #xyzabc #trending #fypシ #foryou #fypシ゚viral #disney #d23 #waltdisneyworld #animalkingdom #indianajones #CapCut ♬ original sound – Pop Headz

“With Tropical Americas, we’re bringing huge projects to life for generations of fans,” D’Amaro said about the new addition that’s set to open in 2027. “This is the type of signature storytelling that our Disney Imagineers have been creating for 70 years.”

In Disney World’s Hollywood Studios, another land is being built that will take guests into the Laugh Factory with a new Monsters, Inc. attraction — and Disney’s first-ever suspended roller coaster.

The announcements come just days after Disney reported its Q3 2024 earnings and said its parks division may be flat “for a few quarters,” citing inflation and higher prices inside the park.

Related: Disney Issues Warning for Theme Parks Upon Earnings Results: ‘Bit of a Slowdown’

“We expect to see a flattish revenue number in Q4 coming out of the parks,” Disney Chief Financial Officer Hugh Johnston on a call with investors. “It’s really just a few quarters. I don’t think I would refer to it as protracted, but just a couple of quarters of likely similar results.”

In June, Disney struck an agreement with the Central Florida Tourism Oversight District, which voted in favor of Disney’s proposal to expand Disney World in Orlando. The project is expected to cost upwards of $17 billion over the next two decades.

Despite what former President Donald Trump claimed on Truth Social on Sunday, Vice President Kamala Harris’s 15,000-person crowd in Michigan was not fake or created with AI.

Trump claimed on Sunday that Harris “cheated” and “A.I.’d” the crowd of supporters who greeted her when she arrived at the airport in Detroit on Wednesday.

“There was nobody at the plane,” Trump wrote, later calling for Harris to be disqualified from the election because “the creation of a fake image is ELECTION INTERFERENCE.”

Related: Facebook Issues Apology After Photo of Donald Trump Was Erroneously Labeled ‘Altered’

But the image was not made with AI. It was taken at an event covered by Fox News, Reuters, the Detroit News, and other media outlets. Fox Detriot wrote on Wednesday that “thousands” attended the Detroit rally, and confirmed today that an estimated 15,000 people showed up.

Harris’s campaign responded to Trump’s accusation by stating that the image was real. Videos from the event, as well as Getty Images photos captured at the time, confirm that the image was real too.

Tech giants including Google, Meta, and Microsoft have pledged to keep an eye on their platforms for AI-altered or created content ahead of the November election. But this may not be able to stop an influx of AI-generated content — and claims of fake photos.

As of last month, Google requires advertisers to disclose when they use deepfakes, or realistic AI versions of people’s voices and likenesses, in election ads.

Despite these efforts, AI has already made multiple appearances this election season. In February, an AI robocall in President Joe Biden’s voice told 20,000 New Hampshire Democrats not to vote in the state’s presidential primary.

1) This is an actual photo of a 15,000-person crowd for Harris-Walz in Michigan

2) Trump has still not campaigned in a swing state in over a week… Low energy? pic.twitter.com/VgTfoMAcuk

— Kamala HQ (@KamalaHQ) August 11, 2024

In late July, Elon Musk shared a parody video of Harris with his 193.8 million followers on X. In the video, Harris’s voice and likeness are manipulated to say statements like “I was selected because I am the ultimate diversity hire.”

Musk did not disclose that the video was a parody when he shared it. He endorsed Trump in early July.

After the attempt on Trump’s life at a rally in Pennsylvania in July, a Meta spokesperson apologized after the company incorrectly labeled a photo of Trump as “altered.”

Trump is scheduled to appear in an interview with Musk on X Monday evening.

Related: JPMorgan CEO Jamie Dimon Offers Policy Advice to Donald Trump, Kamala Harris in New Op-Ed — Is an Endorsement Next?

One of the most famous quotes of Theodore Roosevelt, which stays relevant up to this day, is: “Do what you can, with what you have, where you are.” It is very much a goal of all business people to work under ideal conditions and have all the resources that they may need, but this is not always possible. This quote is a rallying cry of sorts that encourages one to use what one has now, to take advantage of what is available right now, and to push forward and make the business work even when the odds are stacked against it.

Below is the way of adopting this mindset to change your business management strategy for success.

Related: How These 5 Entrepreneurs Used Their Limited Resources to Grow Their Business Into a Successful Venture

The mindset of resourcefulness

The concept of entrepreneurship is inherently about leveraging the existing resources in the environment. When I first began my business, I had a lot of ideas, but little capital available to help me execute them. The first few weeks of the startup were moving and inspiring, but then the founders faced a lack of money, a small staff and enormous competition. However, instead of waiting for the perfect conditions, I decided to take whatever I had and start working with it.

Embracing constraints

Restrictions are known to foster creativity and act as a notable driver for innovation. In bare-boned circumstances, one is always challenged to reason and search for alternative ways and means of doing things through proper techniques of planning. For example, the lack of a massive amount of advertising funds made me look for other ways of marketing the company, such as guerrilla marketing and efficient use of social networks, which I probably would not have been forced to do otherwise. This was not only cheaper but also brought more credibility to the whole process and true interaction with the audience.

Focusing on strengths

Remember, it is better to work with what you have than to complain about what you do not have. Focus on your strengths, which can be personal and/or organizational, and enhance them. For instance, in my case, it was a very dedicated and good-natured small group of employees. We did not have the personnel strength of a large business corporation, but we had flexibility, a hardworking nature and comprehensive knowledge about our targeted segment. These strengths became our competitive advantage in the implementation of organizational strategies and operations.

Leveraging immediate opportunities

Sometimes, the best things are staring us in the face, and we don’t see them because all our energy is in what we lack. Roosevelt’s advice helps one to look at the opportunities in the vicinity and strive to explore them.

Building local networks

Begin by forging good relations with people within your region or state. The moment I started my business, I introduced myself to the local chambers of commerce, participated in business fairs and partnered with other small businesses. They enabled valuable support, generated opportunities for further development and contributed towards future growth.

Utilizing available technology

Today’s modern world would not be imaginable without the use of technology. Still, some of the strategies designed for the early stages of company development require no significant investment and involve the following key points: Tools used included Google Workspace for teamwork and document sharing, Canva for designing graphics and social media for advertising. These tools made it possible for us to work with optimum efficiency and productivity and were relatively cheap.

Related: 4 Resources You Already Have Are Enough to Crush Every Challenge

Adapting and iterating

It has to be understood that business environments are dynamic and not stagnant. Flexibility and regular improvement should be considered among the key factors for long-term success.

Starting small and scaling

A common mistake that business owners often make is that they plan and wait for that perfect moment to start. But first, begin with a small scale, and when you have gained some data regarding your ideas, expand your business. The first product that I brought out was far from ideal. Yet, by delivering it to the customers, I was able to get it back, refine it and rush through iterations. This enabled us to not only improve the offering but also adapt to the market more efficiently and expand.

Learning from failures

It is worth underlining that failures are natural in the process of entrepreneurship. Some people see them as setbacks and losses, but they should learn from them. Every failure has its own lessons that you can learn from and that can help you improve. In my experience, some of the greatest advancements that we made were after we had some of our largest misfortunes. Taking what went wrong as the basis and making specific changes allowed the improvement of the situation, and transitions appeared to become stepping stones.

Maintaining a positive and proactive attitude

One of the most critical factors in the entrepreneurial field is the attitude that a person develops. The quote by Roosevelt emphasizes the need to possess positive thinking and a proactive attitude.

Cultivating resilience

It is very important to understand that entrepreneurship is all about the roller coaster ride. Resilience must be grown to manage this ride of emotional ups and downs. Each time I encountered any form of difficulty, I was so inspired by Roosevelt’s words. They guided me on how to have good focus, maintain a good attitude and keep on going regardless of the circumstances that may seem to be hopeless.

Celebrating small wins

When engaging in large projects, one risks failing to see the small successes. However, these can appear as valuable strides, and the best way to counteract this is by implementing other strategies that increase morale, energize your team and give them momentum. Each time we advanced in our progress, no matter which level, we always stopped to note progress and then had a party. This practice enhanced healthy motivation amongst the team members, implying success in cultivating a positive organizational culture.

Related: 6 Characteristics of Resourceful People That Bring Them Success

With what you know, where you are and what you have to work with, you can ensure great, monumental change, heal and overcome obstacles while pushing your business forward.

Adopting this mentality was the secret ingredient in my entrepreneurial pursuits. I was able to understand the importance of being creative, taking a shot at what lies ahead in the near future, being consistent in embracing changes and being optimistic. These principles are not theoretical, they are practical strategies you should adopt to completely change your business outlook and achieve success.

No business owner wants to face failure, but sometimes despite their best efforts, a business model just does not work out as planned. Trust me, failure does not have to be the end of the road. With some determination and a willingness to think outside the box, it is possible to turn things around by reinventing a failed business idea. It’s also important because reinvention allows you to learn from past mistakes, gain new insights and emerge stronger with an improved strategy.

Here are a few tips that would help your business pass through the bad phase.

1. Analyze what went wrong

You need to thoroughly look back at what has not been working. You will need to closely examine every aspect of the business from top to bottom to understand what exactly caused it to fail. Was it the product or service offered? The target market? Pricing issues? Operational problems? Marketing mistakes? Carefully reviewing financial records, sales data, customer feedback and more can reveal the root problems holding the business back. With an accurate diagnosis of what has not been working, you can then determine the right areas to focus the reinventing efforts on.

Related: Here’s How To Make a Graceful Exit When Your Startup Fails

2. Modify the core offering

Once you have identified issues with the original product or service, consider revamping or replacing the core offering. This may involve tweaking features, changing designs, improving quality, switching to a new delivery method and more. For example, a bakery selling bread could see slowing sales and decide to expand into specialty baked goods and desserts as well. A landscaping company struggling with high costs could shift to offering lawn care package plans. Making targeted adjustments or expansions to the core product or service line is a good way to breathe new life into the model.

3. Overhaul the target audience

It is also important to review whether aiming at the wrong customer segment is hampering your success. To correct that, you need to look for new demographic, psychographic or geographic groups that may be a better fit. For instance, a dress shop selling only business attire finds that most customers are older executives, so it focuses on career women in their 20s and 30s instead. As another example, a local pizza place sees it needs to attract families to boost weekend sales. Finding an audience more receptive to the offerings can make all the difference. What is key here is your market research; it will help you identify an optimal new target.

4. Rethink pricing strategies

Pricing problems are a frequent culprit in business failures. If you think this might be a major issue, consider altering price points, adding package deals and offering discounts. You can also think of implementing new payment options to make the business more affordable and accessible. A cafe may decide to start selling coffee subscriptions for a monthly discounted rate, or an event planning service may introduce less expensive basic packages in addition to high-end options. Being flexible and creative with how customers pay for products and services can open new doors. For that, you need to do your market comparisons first to ensure any new pricing is competitive and reasonable.

Related: Want to Be a Successful Entrepreneur? Fail.

5. Streamline operations

Inefficient or cumbersome internal procedures could also be draining time and resources away from growing the business. Look for ways to simplify workflows, delegate tasks, improve organization, speed up processes and reduce expenses involved in day-to-day operations. For example, if you have a flower shop, you may move inventory and sales online to cut down on in-store management. It also helps with your marketing, SEO and inventory management — what more could a florist ask for right?

6. Overhaul marketing strategy

Another crucial area for reinvention is marketing. You will need to reassess your target messaging, advertising platforms, branding, social media presence and all other promotional avenues. Outdated or ineffective marketing is clearly not helping to improve sales and growth. For instance, an auto repair shop sees slow website traffic, so it optimizes content and launches local search ads focused on specific services. Or a local store revamps its signs, coupons and social pages to better represent the new niche product focus. A complete marketing makeover tailored to converted goals and audience is essential if you want to see real growth.

7. Consider partnering or franchising

Looking into partnerships, alliances or franchising models could open up new revenue streams and expansion opportunities to reinvent sluggish growth. A bistro may choose to offer branded packaged meals for grocery stores to market on a wider scale, or a fitness app developer may seek brand collaborations with gyms and sports equipment companies for mutual promotion. When one business model is not working well independently, joining forces with others can take a concept further and fast-track your efforts (with built-in support systems).

Related: The No. 1 Reason Business Ideas Fail and How You Can Avoid It

8. Accept needed changes

Sometimes more drastic changes than anticipated are necessary to really turn things around from failure to sustainable success. Be open-minded and willing to overhaul aspects you may have initially thought were unchangeable if the reinvention process clearly indicates a major shift is required. For example, let’s say a magazine publisher hopes to go digital-only and potentially needs to rebrand to better represent the new focus. Or an antique mall sees its future lies in shifting to an art gallery/studio format. Reinvention involves flexibility and taking big risks on new approaches even if a complete business model transformation results. Having a “whatever it takes” mentality will definitely help you get unstuck!

The most important things here are to figure out exactly what went wrong the first time and be open to new ideas for fixing problems. It also takes testing changes and not giving up, even if at first something different does not help right away. Reinventing is hard since it means changing a lot of things owners might have wanted to keep the same. But you have to do it for the sake of your business. Good luck!

The redefinition of the business sphere due to globalization, technological advancement and customer expectations, among other factors, calls for fast leaders’ adaptation; otherwise, the company will fall apart even when it is at its peak.

According to McKinsey’s report, 87% of executives have or expect skill gaps within their workforce over the next few years. It can be overwhelming with pressure on innovation coupled with the need for top talent.

1. Invest in employee development and upskilling

To fill skill gaps, companies must consistently develop their employees. This means crafting custom learning plans, providing training programs and motivating workers to learn new skills related to their job positions. By establishing a learning culture, businesses can guarantee that they have a flexible workforce capable of dealing with future challenges.

Example: AT&T is one of the companies that has successfully introduced large-scale reskilling programs enabling workers to acquire new competencies through online courses and certifications. The strategy has allowed AT&T to shift into different business areas and technologies smoothly.

Practical Tip: Establish an organized staff training program within your firm. Motivate employees to set academic objectives for themselves and give them all the required resources plus support so as to attain these goals.

Related: Can’t Find the Right Talent to Hire? Here’s the 5-Step Framework I Used to Hire Over 100 Employees

2. Leverage technology for talent acquisition and management

Modern technology can effectively identify and close skill gaps. AI-powered hiring platforms are more efficient than traditional methods of finding candidates with the appropriate skill sets. Further, talent management systems can track employee performance, highlighting skills shortages among workers while suggesting suitable development programs.

Example: Unilever employs artificial intelligence to screen applicants during recruitment processes and predict their future job performance as well as cultural fit within the organization. This has made its hiring process faster and attracted high quality employees.

Practical Tip: To improve talent acquisition through human resources procedures, incorporate machine learning tools and artificial intelligence into your HR processes. In addition, use data analytics to understand your workforce’s strengths or weaknesses.

Related: Don’t Fall for These 3 Marketing Myths — Here’s What to Do Instead

3. Foster a culture of innovation and collaboration

To close the skill gap within an organization, it is important to encourage innovation and collaboration. Businesses can solve complex problems by creating cross-functional teams and fostering open communication with diverse skill sets and perspectives. This not only promotes creativity but also allows employees to learn from one another and develop new skills.

Example: Google’s “20% time” policy — which permits workers to devote some of their working hours to personal projects — gave birth to innovative products such as Gmail or Google News.

Practical Tip: Foster a culture that supports experimentation as well as cooperation among different departments. Create regulations that permit staff members to pursue fresh concepts while collaborating with peers in various divisions.

4. Soft skills development

Although technical skills are essential, soft skills like communication, problem-solving and adaptability are equally important. Leaders should emphasize building these skills in their workforce to enable employees to successfully deal with the intricacies of contemporary business.

Example: IBM has included training for soft skills in its leadership development programs because it acknowledges that such abilities contribute significantly towards organizational success.

Practical Tip: Add training for soft skills into your growth plans. Motivate workers to take part in workshops and seminars aimed at enhancing interpersonal relations as well as leadership capabilities among them.

Related: Why Prioritizing Soft Skills in Hiring is Crucial to The Modern Workplace

5. Building a diverse and inclusive workforce

Inclusion and diversity are essential for closing skill gaps and encouraging creativity. Companies that welcome different types of people can tap into a larger pool of talent while gaining insights from various points of view. Workplaces that make everyone feel included create an environment where individuals want to work harder and stay longer.

Example: Salesforce’s prominence as a tech industry leader is partly due to its focus on inclusion and diversity.

Practical Tip: Create programs for inclusivity within your business. Establish measurable objectives regarding diversifying your workforce, then ensure these principles guide all recruitment processes. Companies can also implement policies to include global employees, not just local ones, by using nearshoring or offshoring.

The business landscape constantly changes, and leaders must stay ahead of the curve to remain competitive. Companies can create a future-ready workforce by developing their employees, utilizing technology, encouraging creative thinking and building a diverse team. These strategies will not only improve team performance but also set businesses up for success in the long run.

To embrace these shifts requires an environment that promotes constant learning and adaptation. By being aware of trends before they happen and investing in the right tools and strategies, leaders can ensure that their departments can function successfully no matter how much things change. This type of leadership will result in a more engaged and efficient workforce, which will drive sustainable growth within your company while also sparking innovation all around it.

In today’s visually driven world, eye-catching and thought-provoking imagery is important for businesses to stand out and engage their audience. While it sounds easy enough to incorporate into your marketing plan, not everyone is confident enough in their artistic abilities to leverage it on their business.

Entrepreneurs looking to enhance their brand’s visual appeal can now access the award-winning Luminar Neo editing software, along with six add-ons and a comprehensive how-to video, all for just $149.97 (regularly $752). This makes it an exclusive bundle that can help you elevate your visuals game.

Luminar Neo is renowned for its powerful photo editing capabilities and user-friendly interface. Rated 4.6 stars in the App Store, this software allows you to transform ordinary photos into extraordinary works of art with just a few clicks.

Whether you’re a seasoned photographer or a novice, Luminar Neo provides AI tools to create captivating art easily. Do you love an image but think it could be tweaked? AI allows you to change out skies and enhance landscapes and even portraits.

Other tools give you easy access to control all aspects of a photo’s light, layering, masking, and making local adjustments. There are even presets you can rely on if you’re looking for quick, pro-level results.

Because this is lifetime access, you will get future updates. Some of the more recent updates Luminar Neo went through include AI light manipulation, removing noise from photos, and panoramic stitching.

This software also comes with a how-to video and six add-ons that extend its capabilities. Some of the add-ons are a Light Reflections Overlay and a Wintertime Overlay.

Luminar Neo was awarded a Red Dot Award in 2022 and has 4.8/5 stars on Trustpilot, which means it’s worth a try, especially at this price point.

Invest in Luminar Neo today and unlock the potential to create stunning, professional-quality visuals that enhance your brand’s image and help drive success.

Get the Luminar Neo editing software, along with six add-ons and a comprehensive how-to video, for just $149.97 (regularly $752) through September 3.

StackSocial prices subject to change.