The Location of Your Business Makes a Big Difference

If you are considering opening a business you need to consider the location as one of the most important aspects of where you plan to lease space. Demographic information is important because this will tell you how much people within your community are willing to pay and what type of products they desire. 

A retail store has a range of around 3-5 miles of customer interest. Unless you are a limited "big box" retailer that can draw people from a wide geographic area you will need to attract people near your location.

Seek out busy streets that get a plenty of foot traffic. As a brick-n-mortar business sells by attractive physical visits this type of exposure is important. 

You will also want to locate your business around other business that are in retail as well. People frequent areas that have lots of options for shopping. Business located together will draw more than they can alone.

You may also want to make sure people in your area like what your selling. Check on income, purchase habits and education. These will make a big difference in what type people are willing to frequent your store.

You may also want to consider the parking problem. Shoppers want convenience in parking that allows for quick access. If you walk a few blocks with heavy items you will understand why you might lose customers if their cars are not nearby. 

Empowering Employees to Be Independent Actors

Employee empowerment brings benefits for managers who want their employees to think and act on their own in ways that are advantageous to their position. One of the biggest problems for employees is learning to think for themselves when it comes to acting on opportunities within the workplace. Your management style can have a big influence on how successful they will be.

Instead of telling employees what to do have them think through the possibilities and then guide them to the right answers. They may be missing key points of knowledge or don't understand what the company wants in this situation. This is your golden opportunity to help them reach their own conclusions.

Have employees complete different functions so they can learn about the multiple aspects of their job. Empowerment comes through knowledge and helping them function in a wide range of responsibilities for at least a limited time can create greater awareness of what the entire spectrum of their duties entail. They will then be able to make important connections that lead to better conclusions.

Expect them to be responsible for some aspect of their job. They are the mini boss. That doesn't mean you need to give away the entire department but it can be helpful to give them limited control over specific aspects of the job. They are responsible for the results and bringing up any issues that arise before they become a bigger problem.

Treat each employee with respect as though he or she is groomable. Pretend you are training your replacement and you are grooming them to be successful either at your company or somewhere else. This respect leads to a belief that they are worth something and can achieve their goals. Feeling like they have something to offer and are confident goes a long way.

Americans Feeling More Optimistic About the Economy

According to a poll from the Pew Research Center confidence in the U.S. Economy is extremely strong and reached a point higher in optimism than the financial crisis. Fifty-eight percent of the people feel the economy is doing well while 40% don't feel its doing that well. The jump in optimists went to 14% with marked differences in age.

Older people and people with incomes over $75K a year felt it was doing much better. Those with college degrees feel better than those who don't while Democrats and Republicans feel about the same. Much of the change was with the Republicans who surged after the last election.

Feeling optimistic about the economy is a good thing because it often leads to consumer spending. Consumer spending fuels the economy when people spend more of their money because the near future looks bright. They don't face the same inherent risks as when the economy is not doing well at all.

The way we feel often impacts how we spend our money. When we are positive we buy more products, update our houses, extend our credit and go out to eat more. There is generally a feeling of bliss and a believe that things will continue to improve in a way that will lead to more opportunities. Optimism and positive believes about oneself often go together.

Reach the Report

Keep Your Business Model Simple Silly!

Complexity can kill a business model quickly. When it comes to making money simplicity is king in business model design. The best companies run a simple model and continue to improve on that model over time. They focus on their model and continue to develop their efficiency and effectiveness leading to greater sales and profits. A few aspects of a simple model are below:

1.) A simple idea run over and over until it is perfected.
2.) It allows you to compete because you keep improving your model.
3.) Think of your inputs, conversion of the product/service, and your output.
4.) Once you have perfected your model you can add more products and services within that model.
5.) Continue to work on the price, cost, processes, and efficiency of the model until it works.
6.) Stay focused on a simple design because you can adjust when necessary.

Think of how a business operates. They buy a product, apply a markup and sell. They should focus on finding lower cost suppliers, pricing according to what the market can bear, and then learn to be the best at selling. The business is essentially supplier and advertising. The other details are used to enhance the model but the model stays the same regardless of the size.

Top Brands that Appeal to Millennial Lifestyles in 2017

Millennials are soon to be the largest consumer group in the market and businesses should consider carrying the brands that will have the most appeal. They are the trendy 20 to 35-year-olds that live in work in a global on-the-go world and want things that appeal to their lifestyle and values. Each of the lines fit with how Millennials live their lives.

Trader Joe's: Organic and reasonably priced food store.

Net Flix & Hulu: Streaming movies that can be used on your tv, computer, and smart phones.

Levi's: High quality jeans that made a comeback.

AT&T: Upper scale phone service with strong customer care.

Starbucks: Trendy coffee shop for people who want to hang out or need their joe to go.

Amazon & eBay: Find products and ship them to your home.

Tag Heuer, Polo, Gucci, Armani, Calvin Klein: Luxury clothing and accessories that says something about the value of the buyer.

Ikea: Moderately priced furniture and housewares for apartments and new homes.
 

Adidas, Jordan, Under Armour, and Nike: Trendy sports related products that show they are active and on the move. 

2017 Bangkok International Conference on Business, Big-Data, and Decision Sciences

2017 Bangkok International Conference on Business, Big-Data, and Decision Sciences
Conference Date: August 2-4, 2017
Conference Venue: Chulalongkorn University, Bangkok, Thailand

To promote Thai tourism industry, the Thai Government has announced that the visa fee for tourists from all countries has been waived until the end of August. Hence, we cordially invite you to participate in International Conference on Business, Big-Data, and Decision Sciences (ICBBD) 2017. This conference is a three-day event which will take place from August 2 to 4 at Chulaongkorn University, Bangkok, Thailand. Prospective authors are welcome to submit your one-page abstract or full papers on any aspects of Business, Big Data, and Decision Sciences. All submissions to the conference will go through anonymous review processes by at least two independent peers. In the digital age, how to effectively use big data to provide businesses highly competitive strategies to make best decision is a definitely vital challenge for all researcher and industry managers.

Notice:
1. Accommodation and travel expenses are not included in the registration fee.
2. The registration fee mainly covers a half-day Thai food class, two luncheon buffets, four tea and coffee breaks with snacks, a welcome reception gathering, attending all sessions, workshops and keynote speeches, program handbook, CD-ROM proceedings with ISSN number, and a bag.

Enquiries: icbbd.conf@gmail.com
Web address: http://icbbd2017.globalconf.org/
Sponsored by: National Taipei University of Technology, Chulalongkorn University, Shih Chien University, Chung Yuan Christian University, Vilnius University, and The Tourism Authority of Thailand

Those Little Out of the Way Lunches

Little out of the way places offer great escapes from the bustle of the workplace. No point in frequenting the busy and trendy chain restaurants that your coworkers go to when you can find your own secret place to dine. No lines, unique food, and quite atmosphere allow you to unwind and relax.

It takes a little time to find these hidden gems as they aren't the first thing you find on Google Maps. They are the little restaurants hidden between the large strip mall establishments and around the corner from the local grocery store.

Typically they are mom and pop type restaurants that have a unique flavor and cuisine that isn't offered in other places. Many times they are ethnic in orientation but cater to the American pallet with a few different options.

Walking around and reviewing the area will discover these niche store. Once you enter their atmosphere is often settled into a impression that lasts with you for some time. As you keep going back you begin to become familiar with the family and small staff of workers.

Little gems are what makes dining fun. No freshly scrubbed look, no multiple locations and bland food, more spice and lots of charm. Eating in style isn't always about price because it has something to do with where you eat than what you pay for. Keep looking, they are right there hidden under your noses.