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MBA1900 Q&A Wednesday: How do I forecast purchases and inventory of goods for future sale?

The first challenge of e-commerce: keeping track of inventory.

It can be a nail-biting affair to predict exactly how much product to order or create, without knowing exactly how much people will buy. Too much, and you lose money on overhead. Too little, and you lose money on lost sales and slow fulfillment. How do you strike the right balance?

It’s Q&A Wednesday, and we’re helping one listener find the e-commerce Goldilocks Zone.

This listener runs an auto parts business, which can be particularly tricky to predict. In this episode, we explain a simple formula for deciding how much product to keep on hand, and how to measure the success of your predictions. 

You can never know precisely how much product customers will ask for. But by studying industry patterns, you can make a very educated guess. Click Play!

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Google Domains

A lot of entrepreneurs feel overwhelmed when it comes to starting a business. When you’re ready to introduce your idea to the world, it starts with a name. Google Domains makes it simple to establish your business identity with a domain name, website, and tons of other tools to help make your business a reality. Establish your business online at domains.google/100mba and use code 100mba for 20% off a new domain purchase or transfer. Terms & Conditions apply. Visit domains.google/100mba for more details.

Justworks

Small business leaders – are you doing it all on your own? Let Justworks lighten the load. From running payroll and managing benefits to figuring out state-by-state rules and regulations, Justworks makes it easier. Hire, onboard, and manage employees with less time and stress. Access national health insurance plans to cover your employees wherever they work. Get all the benefits of Justworks’ efficient tools, intuitive interface, and expert support. Find out how Justworks can help your business at justworks.com.

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MBA1899 Do Company Policies Work?

Company policies: do they uphold your principles and offer a guidepost for how your team conducts business? Or are they just fluff?

We all know that the only real rules are the ones that actually get enforced. Is it realistic — or even necessary — to have hard-and-fast policies? Do your policies keep your team grounded and in line with company values, or are they just words?

Is it professionalism, or pantomime?

Today, we discuss how to have real policies that genuinely guide your team. In fact, your team should play a key role in creating those policies, to ensure they’re a compact, an agreement, rather than a set of top-down mandates. 

Put your values into action, and get your entire team on board. Click Play!

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Google Domains

A lot of entrepreneurs feel overwhelmed when it comes to starting a business. When you’re ready to introduce your idea to the world, it starts with a name. Google Domains makes it simple to establish your business identity with a domain name, website, and tons of other tools to help make your business a reality. Establish your business online at domains.google/100mba and use code 100mba for 20% off a new domain purchase or transfer. Terms & Conditions apply. Visit domains.google/100mba for more details.

Capella University

At Capella University, you’re in control of your education. With the game-changing FlexPath format, you can take classes at your own pace, set your own deadlines, and even leverage your previous experience to move faster. And the faster you move, the more you’ll save. Now THAT’s smart. Learn more at capella.edu.

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MBA1898 Must Read: Great by Choice by Jim Collins

Every business owner has to deal with forces beyond their control. But handling what you can control is usually enough to guarantee that you can navigate whatever happens.

That’s the basic premise of Great by Choice, Jim Collins’ study of businesses that thrive in unpredictable, even hostile conditions. Researched like a thorough work of academia, but written like an accessible guide for real-world entrepreneurs, Great by Choice makes one thing clear: you can succeed, come what may.

You just have to stick to certain principles.

With a conscious strategic approach, you can organize your business around big-picture ideas that equip you to weather the storms. Just as good nutrition and fitness can preclude all kinds of threats to your health, certain key principles of business “wellness” can make you resilient. Click Play!

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SYFOB

Learn how to start your own business online, from scratch — without taking dangerous risks or sinking yourself into debt. This 10-part audio course lays out a complete roadmap for producing your first products and getting your brand off the ground. Get a special extended free trial of Himalaya Learning, an audio education platform with lessons from Tim Ferriss, Malcolm Gladwell, Omar, and more — just go to himalaya.com/mba and use promo code MBA.

Avast

Avast has been a global leader in cybersecurity for more than 30 years, trusted by over 435 million users. Their new all-in-one solution, Avast One, offers a wide range of features: security solutions to stop malware, phishing and virus attacks; privacy features that keep your identity and actions hidden, and performance products to clean up (and speed up) your devices. A free version of Avast One even includes award-winning free AV, free VPN, free firewall, and more. Learn more at avast.com.

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Great by Choice by Jim Collins

Built to Last by Jim Collins

Good to Great by Jim Collins

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MBA1897 How to Choose The Right Tools + Free Ride Friday

Which software is best?

Whether it’s for web design, CRM, payment processing, fulfillment — you name it — every new business eventually runs into the question above. And yes, you can sift through company websites, review forums, and more as you search for The One. 

But listen to this episode first!

Today, we’re not reviewing software. Instead, we offer a matrix, a list of questions you should ask yourself before considering any of your options. By nailing down exactly what you and your business need, you can do better than searching for the “best” tool. You can search for the best tool for you. 

If you’re not careful, software (and its costs) can pile up. Stay lean, and take a strategic approach to your choices. We’ll show you how — Click Play!

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Google Domains

A lot of entrepreneurs feel overwhelmed when it comes to starting a business. When you’re ready to introduce your idea to the world, it starts with a name. Google Domains makes it simple to establish your business identity with a domain name, website, and tons of other tools to help make your business a reality. Establish your business online at domains.google/100mba and use code 100mba for 20% off a new domain purchase or transfer. Terms & Conditions apply. Visit domains.google/100mba for more details.

Huntington Learning

Want to be your own boss in the fast-growing, $20 billion tutoring industry? Want to help kids? Become a Huntington Learning Center franchisee. You’ll join the nation’s number one K-12 tutoring and test prep provider with a proven system that works! Huntington franchise owners earn 46% more in revenue than the closest competitor — no education experience needed. To learn how you can join Huntington and have a lucrative and rewarding future, call Huntington today at 1-800-653-8400 or visit huntingtonfranchise.com

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The Automated Webinar Challenge

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MBA1896 How Often Should You Email Your List?

One of the biggest reasons for unsubscribes: too many emails.

Of course, one of the biggest reasons for slow sales is not enough emails. So how many is enough? What’s the Goldilocks Zone for email frequency? 

Healthy open and click rates are the key to online marketing. Even in the age of social, email is still the highest-converting way to reach out to your audience. But inboxes are becoming harder and harder to get into — and stay in for the long haul.

Today, we discuss how to know if you’re under-or-over-communicating, and how to establish an email frequency that works for you and your audience. With a little research, strategy, and communication, you can get it just right. Click Play!

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WebinarNinja

Looking for an easy webinar platform? WebinarNinja is the user-friendliest option ever. With built-in marketing tools like landing pages, email, and more, WebinarNinja has everything you need. Deliver high-quality webinars without the stress! See how it works at webinarninja.com/webinarninja-webinar-software-demo/

Avast

Avast has been a global leader in cybersecurity for more than 30 years, trusted by over 435 million users. Their new all-in-one solution, Avast One, offers a wide range of features: security solutions to stop malware, phishing and virus attacks; privacy features that keep your identity and actions hidden, and performance products to clean up (and speed up) your devices. A free version of Avast One even includes award-winning free AV, free VPN, free firewall, and more. Learn more at avast.com.

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MBA1895 Q&A Wednesday: How Do I Get On Other Blogs?

The written word: it’s still your most powerful tool for creating online traffic. But sometimes, you have to stimulate that traffic by getting your thoughts onto someone else’s site.

The question is, why would anyone let you?

Guest posting was huge for our business in its early days. By posting on more popular sites, Omar was able to build a foundation that made everything else possible. In fact, we still get traffic from years-old guest posts that continue to resonate — and generate leads.

But first, Omar had to convince these other bloggers to host his posts. 

Today, Omar shares how. With a creative (if somewhat more labor-intensive) method, he went from being ignored to hearing a big loud “yes” from other blogs. 

This trick can work for you — if you’re willing to put the effort in. Click Play!

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Google Domains

A lot of entrepreneurs feel overwhelmed when it comes to starting a business. When you’re ready to introduce your idea to the world, it starts with a name. Google Domains makes it simple to establish your business identity with a domain name, website, and tons of other tools to help make your business a reality. Establish your business online at domains.google/100mba and use code 100mba for 20% off a new domain purchase or transfer. Terms & Conditions apply. Visit domains.google/100mba for more details.

Avast

Avast has been a global leader in cybersecurity for more than 30 years, trusted by over 435 million users. Their new all-in-one solution, Avast One, offers a wide range of features: security solutions to stop malware, phishing and virus attacks; privacy features that keep your identity and actions hidden, and performance products to clean up (and speed up) your devices. A free version of Avast One even includes award-winning free AV, free VPN, free firewall, and more. Learn more at avast.com.

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MBA1894 Was Our Virtual Team Retreat a Flop? Lessons Learned.

In business, you have to play the hand you’re dealt. In the age of COVID, that means moving traditionally IRL activities online.

Sometimes that works out. Sometimes…not as much.

Following up on our episode about why we chose to hold a virtual retreat, today we discuss the results. Our online “retreat week” just ended, and we learned a few things. Some aspects of it worked well — really well. 

But some in-person experiences are just irreplaceable.

With dozens of employees on four continents, we had some fears and apprehensions about organizing this event. Hear how we decided to navigate the whole thing, and how it went. You might just get some great ideas for building camaraderie virtually, when there’s no other way. Click Play!

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SYFOB

Learn how to start your own business online, from scratch — without taking dangerous risks or sinking yourself into debt. This 10-part audio course lays out a complete roadmap for producing your first products and getting your brand off the ground. Get a special extended free trial of Himalaya Learning, an audio education platform with lessons from Tim Ferriss, Malcolm Gladwell, Omar, and more — just go to himalaya.com/mba and use promo code MBA.

Avast

Avast has been a global leader in cybersecurity for more than 30 years, trusted by over 435 million users. Their new all-in-one solution, Avast One, offers a wide range of features: security solutions to stop malware, phishing and virus attacks; privacy features that keep your identity and actions hidden, and performance products to clean up (and speed up) your devices. A free version of Avast One even includes award-winning free AV, free VPN, free firewall, and more. Learn more at avast.com.