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Do marketers matter for entrepreneurs?

Because small-scale businesses form the commercial backbone of most emerging markets, their performance and development are critically important. And marketers’ positive impact on the businesses highlights the need for the field’s increased presence in emerging markets.

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Can marketers help improve the world? While this question may seem vast and unknowable, a new study proposes otherwise, stating that marketers can help entrepreneurs in emerging markets grow their businesses. And flourishing entrepreneurs in these markets can then improve lives, sustain livelihoods, enhance overall living standards, and strengthen societies.

Researchers from the University of Texas, University of Chicago, University of Notre Dame, and London School of Economics published a new paper in the Journal of Marketing that examined whether entrepreneurs in emerging markets can benefit from marketers’ help. The study, appearing in the Journal of Marketing, is titled “Do Marketers Matter for Entrepreneurs? Evidence from a Field Experiment in Uganda” and is authored by Stephen Anderson, Pradeep Chintagunta, Frank Germann, and Naufel Vilcassim.

Entrepreneurs are ubiquitous in emerging markets. In 2010, more than 31% of the adult population in Uganda, the setting for the study, was either starting a business or running a business less than four years old. However, many emerging market entrepreneurs struggle to make ends meet and their firms’ growth rates are low, stifling the positive impact they could have on society. The low growth rates seem to result from most businesses being undifferentiated and failing to attract customer interest.

Marketing helps firms differentiate by attempting to answer the question, “Why should the customer buy from the firm and not elsewhere?” Thus, the need to examine whether entrepreneurs in emerging markets can benefit from marketers’ help.

To test marketers’ effect on emerging market entrepreneurs, the researchers conducted a randomized controlled field experiment with 930 Ugandan businesses. The experiment allowed them to examine the impact of a business support intervention in which international professionals from varying functional backgrounds (e.g., marketing, consulting) volunteered time to help small-scale entrepreneurs. Results show volunteer marketers are effective at helping entrepreneurs grow sales, profits, assets, and employees. Specifically, compared to control firms, the entrepreneurs supported by volunteer marketers grew monthly sales by 51.7% on average, while their monthly profits improved by 35.8%, total assets increased by 31.0%, and paid employees rose by 23.8%. An analysis of interactions between volunteers and entrepreneurs indicates the marketers spent more time on product-related topics than other volunteers during the intervention.

Furthermore, analyses indicate the marketers helped the entrepreneurs focus on premium products to differentiate in the marketplace.

As Anderson explained, “Because small-scale businesses form the commercial backbone of most emerging markets, their performance and development are critically important. And marketers’ positive impact on the businesses highlights the need for the field’s increased presence in emerging markets. “

Chintagunta continued that “Given the positive and direct impact marketers can have on growth outcomes, we hope our study will motivate marketing practitioners to work with entrepreneurs and early-stage ventures in emerging markets.”

Governmental and non-governmental organizations actively serving emerging markets should also benefit from our findings when designing and implementing future business support services. Entrepreneurs should also take note of our findings and solicit marketers’ help. Finally, business schools could incorporate versions of this ‘remote coaching’ intervention into their emerging market programs with a focus on matching entrepreneurs with their marketing students. Multinationals can participate in future remote marketing coaching interventions like this, too.

“This endeavor, we believe, could be a win-win for the entrepreneurs and the multinationals: The entrepreneurs’ businesses would likely grow and the multinationals would likely have more satisfied employees, accrue corporate social responsibility-related benefits, and learn about opportunities (and threats) that exist in emerging markets” said Germann.

Strategies

Top tips to help businesses prepare for spring

Here are steps for businesses to ensure their readiness for this spring.

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QBE North America is sharing best practices to help businesses navigate the potential challenges ahead. With a season expected to alternate between late snowfalls and severe weather events, businesses must be well-prepared for a range of weather-related risks.  

“As we transition from the colder months into a notably unpredictable spring season, businesses need to recognize potential risks and strengthen their preparedness,” said Ted Cabaniss, AVP, Field Surveying, QBE North America. “Effective planning and preparedness are key to mitigating potential disruptions and accelerating recovery efforts in the face of adverse weather events.”

QBE North America recommends the following steps for businesses to ensure their readiness for this spring:

Plan

  • Ensure access to and clearly mark all utility shut-off valves (e.g., water, sprinkler, gas, etc.) and know when and how to use them.
  • Reassess and update your business continuity strategies to include alternate suppliers for a swift recovery from potential disruptions.
  • Create an emergency plan and conduct regular drills of the plan with all team members.

Inspect and Maintain

  • Schedule comprehensive fleet maintenance service checks on company vehicles, including brake systems, wiper blades, tire pressure and oil levels and filters.
  • Evaluate and prune trees and landscaping to mitigate risk of damage to structures and/or power supply.
  • Inspect plumbing and pipes for signs of wear or damage to prevent water leaks.
  • Assess walkways, ramps and outdoor spaces for any damage and address as needed.
  • Perform maintenance on any electrical systems, including backup generators and exterior lighting.
  • For facilities with recreational areas, ensure all equipment is safe and operational.
  • Verify the functionality of sump pumps and water removal systems.
  • Conduct a thorough test of fire safety and security systems.

Clean

  • Remove accumulated clutter and debris inside and around the exterior of the property.
  • Safely dispose of unused flammable materials and ensure proper storage of necessary chemicals.
  • Clear and clean gutters, surface drains and grates and conduct a roof inspection of roof drains and HVAC condensate lines.
  • Address any landscape erosion and/or modifications needed to maintain effective drainage.
  • Maintain air quality by cleaning or replacing HVAC filters and ensuring systems are professionally serviced.
  • Organize and store winter equipment and properly secure flammable materials.

In the aftermath of property damage, prompt and efficient actions can help businesses address the issues quickly and safeguard against further harm. Here are tips from QBE if a disaster were to occur:

Respond

  • Conduct a damage assessment as soon as the area is safe to enter.
  • Inspect all fire safety systems, including sprinklers, fire extinguishers and related components, for any signs of physical damage.
  • Document the extent of the damage using photos and/or videos and secure any damaged parts/equipment for examination before initiating any cleanup efforts, restoration or repairs.
  • Ensure damaged equipment is properly cleaned and dried and have its electrical integrity professionally assessed.
  • Arrange for a certified technician to inspect and service heating and cooling systems before they are reactivated.
  • Exercise caution when using portable or emergency generators and avoid locations near air intakes. Monitor for carbon monoxide buildup, power backfeeds and improper fueling.

“Unforeseen losses can occur despite the best preparations,” said Monique McQueen, VP, Property Claims, QBE North America. “Check in with your insurer to review your insurance policy and discuss any operational, property and/or workforce changes to ensure you have the right coverage.”

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Strategies

5 Handy ways to jumpstart productivity in your workspace

Set up a workspace that lets you explore your passion with these tips.

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Designing a project workspace can take your creativity to new heights. Whether you’re into woodworking, metalworking, building models or repairing bikes or tools like chainsaws, having the right space allows you to focus on creating and enjoying each project to the fullest.

Completing a job to your satisfaction requires the right tools, equipment and resources to get the job done. Set up a workspace that lets you explore your passion with these tips from the DIY pros at Work IQ Tools:

Identify your needs. 

Every project comes with a unique set of tools and requirements for success. Make a list so you can ensure you account for every detail.

  • Determine if a large, flat workspace is required or floor space is better suited.
  • Balance comfort and craftsmanship by choosing a stable chair or rolling chair or decide if working on your feet is more practical.
  • Decide exactly how much space you realistically need.
  • Assess your access to adequate power sources.
  • If you’re using paints and varnish or other odorous substances, ensure there’s proper ventilation.

Invest in the right equipment. Having the right tools allows you to work faster, easier and smarter. Incorporating a solution like the IQ Vise System is like having a built-in problem solver with smart features that improve functionality and capability. The vise features a ball and socket design that allows articulation and 360-degree rotation at any angle for optimal work positioning while complementing task-specific jaws are crafted to create the perfect grip for an extensive range of shapes and materials.

Plan for storage. 

Keeping all your parts and pieces neatly organized means they remain in good condition until you need them, and you can find what you’re looking for easily. When you’re planning your storage needs, think about the space you need at every stage, including how you’ll protect a project that is in progress when you step away from your workspace.

Light it up. 

A well-lit workspace gives you the visibility you need to complete each project to your satisfaction. Overhead lights rarely do the trick for hands-on work, so plan to add task lamps to your work area. Look for models with features that match your hobby needs, such as dimming capabilities and goose necks that allow you to position the lights just right.

Remember safety. 

Different projects require distinct protective gear, but virtually all DIYers can benefit from some basic safety precautions. At the least, keep a first aid kit handy for nicks and cuts, but also consider safety glasses, gloves, ear protection and other gear that can help protect you while you work.

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Strategies

5 Tips for making a successful family business transition

Family business transition is difficult and requires skills of emotional intelligence. Counseling provides a space where you can safely identify where past grievances and your emotional needs have become roadblocks and even self-sabotage.

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When it comes to a business transition, most family business owners “fly by the seat of their pants.” This is the view of family business expert Chrissy Myers, author of the book Reluctantly Resilient: One CEO’s Journey to Thriving in Leadership and Life.

A leader at her family’s insurance agency, Myers thought she knew the answers to business and life. That is, until the Affordable Care Act shook the very foundation of the business. In the tailspin of activity just before ACA went live, Myers unexpectedly lost her husband. Suddenly, she was a single mom with two kids under six, steering a business with an uncertain future.

Myers candidly shares her struggles as a business leader in a market upheaval, the challenges common in a family business and the stress she experienced as a widow and mom dating and building a healthy family. 

“We question our decision to work with Mom and Dad and wonder why everyone else makes it look so easy,” says Myers. “We are all feeling the same way, hoping no one else notices what a struggle we are enduring.”

Although she has been through a complete transition herself, Myers notes, “I can’t offer a step-by step guide to transition your family business, but I recommend the following based on what I learned in the process:

1. Go to therapy for yourself. 

Family business transition is difficult and requires skills of emotional intelligence. Counseling provides a space where you can safely identify where past grievances and your emotional needs have become roadblocks and even self-sabotage. It’s also a space to level up your skills in communicating your needs while acknowledging the needs of others, responding rather than reacting, and balancing your work with your other priorities.

2. Engage a lawyer and an accountant you trust.

Before calling around or asking for referrals, prepare a list of the qualifications and qualities you need in these two key roles. Take your time interviewing and finding the right fit for you. You will likely continue to work with these professionals after the transition and for years to come. Comfort with how these professionals communicate with you can be just as important as their skill sets.

3. Take no hostages. 

If you have a spouse or significant other, children, or close friends who will be with you on your ownership journey, get their buy-in and support early in the process. Following the emotional and high-stress days as you navigate the transition, there will be difficult days ahead when the business is yours. Getting through the transition is the first, not the final, step. Take time to create a framework of how work and life will fit together. This is key to ensuring you continue to be happy with your decision over the long haul. Be intentional in the time you spend with your family, and try not to talk about the transition all the time. I know it’s hard.

4. Take care of yourself. 

The way you care for yourself during the transition creates the pattern of how you care for yourself as a business owner. Discipline yourself to eat well, exercise, and get enough sleep. Make time to do enjoyable things, ones that give you energy, because you are going to need it.

5. Establish a limit. 

You must have a threshold at which you are willing to walk away regardless of where you are in the process. My own limit came two months after my mom had retired without a completed agreement.”

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