The fashion industry has been imploding for a while now and, thanks to the drastic changes COVID has brought, the need for a change is greater than ever. Over inflated inventory and constant surplus issues, all of which have been a thorn in the side for years, are even more painful and in danger of threatening retail than before.
In the recent New York Times article, Sweatpants Forever, Irina Aleksande takes a look at just how fashion has been further imploding under the added weight of the Coronavirus. Stuck on a precipice of change since the 2008 recession, the industry has struggled to truly find its footing in terms of producing what consumers really want
As your business grows, you’ll likely have more capital in rotation. As you bring in more money, you will also need to spend more to continue growing.
However, it’s important to ensure that you’re not spending in excess and are still saving money where you can. Otherwise, you may find yourself in the red and facing some exceptionally difficult financial decisions.
Below, 15 members of Forbes Coaches Council share their best advice for business owners looking to keep their operations lean and save money.
1. Observe, Plan And Earn Before You Spend
Understand, observe and become fully aware of your industry and the needs of your business. Learning to optimize your costs takes time, errors, small tests and planning based on the data you collect every day. Ask yourself what you
Major retailers aren’t about to hand over all the shopping traffic to Amazon, just because it’s Prime Day. For instance, Newegg is embarking on the second round of its Fantastech Sale (between us though, this is pretty much a Prime Day deal, just by another name). Which is great news if you’re a gamer. Right now, you can get a whopping
on an Asus ROG Strix G 15.6 gaming Laptop. It’s only $900, down from its original price of $1,300. Game on!
What’s on offer is a powerful, versatile, upgradeable gaming laptop. ROG, one of the dominant names in the es-ports business, introduced the Strix to help gamers dominate in their field. This is a reliably kickass machine for every kind of gamer. And it looks great too.
ASUS really kicked up the design of this laptop. There aren’t many sleeker gaming laptops out there, but
Founder of multiple e-commerce stores, the education program eComBuilder, and the first German Shopify Education Partner.
The global retail market is currently facing an unprecedented crisis, with international supply chains shattered andmany workers teetering on the edge of unemployment. While the physical retail model was already fading, the effects of the recent pandemic have accelerated the decline of traditional brick-and-mortar stores.
Covid-19 has dislocated businesses small and large, and those without an online presence have been left struggling for survival. As someone who helps business owners build e-commerce sites, I’ve seen firsthand how having an online store, or lack of, can impact their business. However, simply having e-commerce ability isn’t enough, and as we continue to witness the downfall of traditional retail, smartly leveraging an online presence could be the difference between folding and thriving.
Create limitless availability.
By operating on a limited working day model, traditional
There may be a surprising silver lining to the Covid-19 crisis for some small businesses.
Nearly 60% of small business owners said there has been at least one positive thing to emerge from managing through the coronavirus pandemic that will be continued by their organization in the future, a new report has found.
Wilmington Trust’s upcoming Business Owners’ Outlook shows that for some entrepreneurs that may mean working remotely or having better communication with employees. For others, it could be creating or revising a plan for what would happen if another unexpected event hit their business.
The coronavirus pandemic has created many unknowns and highlights several questions that many small business owners need to answer: Who would run your business if you were sick or unable to work? How can you sell your company in the middle of this health and economic crisis?
Co-Founder Event Farm, CSO at MemberSuite overseeing all of the company’s strategic initiatives, marketing, brand direction and culture.
Several months ago, I was staring at more than 15 years’ worth of work being completely wiped out. The event technology business I co-founded was heading to the garbage pile like so many other events-based businesses that have crumbled due to Covid-19.
Taking a step back to assess the carnage, it’s no surprise that if every event on the planet is canceled, the industry struggles. But what I think made this so severe is the speed at which it happened. Seemingly overnight, the industry lost its ability to operate. It would be one thing if I told you that 12 months from now you’d need to be ready for a complete shutdown. It’s entirely different if it just happens like a flip of a switch. You can argue that all companies
From flat-rate cash back to lucrative travel rewards, there’s something for everyone.
Have you shied away from using rewards credit cards because you don’t know where to start? Maybe you’ve been carrying around the same rewards credit card for a decade, even though your spending habits have changed.
If that’s the case, you’re probably leaving a lot of money on the table. Using research by The Ascent on the monthly spending habits of American households, we’ve found the best rewards credit cards for the average American. If your spending falls in line with that average, you could save from $638 to $1,638 with one of these rewards credit cards.
For unlimited cash back with a bonus: Chase Freedom Unlimited®
The latest developments on the Chase Freedom Unlimited® make it one of the most lucrative cash back cards on the market for just about anyone. You’ll get 5% back on up