A McKinsey study found that the average life span of companies listed on the S&P 500 was 61 years in 1958; today, it’s less than 18 years. McKinsey believes that by 2027, 75% of S&P 500 companies will have disappeared. New businesses have an 81% chance of surviving their first year; in two years, a little less than 70% of businesses are still standing. Only 25% make it to 15 years or more. There’s a clear long-term trend of declining corporate longevity, with this figure ...
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As the new year is underway, there’s reason to be bullish (or, at least, not bearish) about what 2024 may have in store. Holiday retail sales increased 3.1% despite lingering inflation, thanks to robust job growth and strong wage gains, which came as a big relief for retailers. Price-conscious consumers are still spending, suggesting the economy is strong. “What we’re seeing this holiday season is very consistent with how we’re thinking about the economy, which is that it...
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I have a friend who recently took a job with a respected women’s clothing retailer after 13 years of retirement. My friend, Leslie, a former school teacher, wanted to be of use and knew that retail was a great opportunity for seniors. She was all bright-eyed and bushy-tailed her first week. She loved that the manager asked her to try on clothes she liked and then suggested outfits that would look good on her. Leslie even purchased a few of those suggestions, couture she never would have ...
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I got to thinking about the generational make-up of today's workforce when I realized all the folks I interviewed in the current issue are well-experienced, older workers with decades of expertise and know-how, who are still creating and innovating with alacrity. (Yours truly included.)
There was a time when you entered the labor force, worked until a certain age, and retired. Now, more and more people are working into their golden years, a trend that's expected to continue fueled by aging ...
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I have a stack of virtual news clippings that either struck my fancy, taught me something new, or just made me shake my head in bemusement. On their own, they may not be enough for me to make a point, but together they have a thought-provoking synergy (and I'm sure I'll figure out what that is by the end of this column).
Our industry has been negatively affected by the loss of American manufacturing after we entered a long stretch of automation and outsourcing in the late 1970s; every ...
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Owning a business is no small feat, but in recent years, women have taken on starting their own businesses, leaving the nine-to-five to become entrepreneurs. In 2022, they were more likely to start a business than men. Last year, women-owned businesses had higher earnings growth (27% increase) than male-owned firms (22%). Still, male-owned businesses received $93,000 in funding, while women-owned businesses received $56,000. There are nearly 13 million women-owned businesses in the U.S., and the...
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Do you have a good friend at work? These days, fewer people do. According to the New York Times, 40 years ago, 50% of us had a close friend at work; that number has dropped to less than 20%. Work has become a more transactional place. We go to the office to be efficient, not to form bonds. We may have plenty of productive conversations, but we also have fewer meaningful relationships. That’s not a good thing because work friends play a big part in our happiness.
According to the U.S. Small Business Administration, 50% of businesses fail within five years of opening; fewer still make it to their 10th anniversary. So a company with legs surely must doing many things right, right? Not necessarily. Even if you’re providing a great product or service, the most important requisite to success lies in the customer experience. If customers feel ignored by your support team after having a bad experience with a product or service, they’ll shift for a ...
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In this month’s HFN magazine, Editor Allison Zisko gives Bridge a shout out in her ‘Letter from the Editor’ column. She encourages the home goods industry to adopt digital marketplaces (trade shows) now, and notes that Bridge started offering an online platform for the tabletop industry years ago.
She notes that many big, well-funded trade shows (read IMC, which may spend $100m, and Messe) have suddenly seen the writing on the wall and are building competitors to Faire...
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December 5, 2016
December 5, 2016
DELICIOUS THOUGHTS! We love these life lessons from the Editor of Elle Decor. Especially the part about buying extra spoons! The Hammered Antique Teaspoon pictured is Reed & Barton
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