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Biz Tek Today: Technology and Automation

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There is no denying that technology and automation will continue to impact the business landscape (see article below on robots and workers). It is coming. But what will be the impact? I recently read an article in the Wall Street Journal that highlighted the many retailers closing significant store locations. The fact is that many of us don’t go to the store or mall as much with services such as Amazon. And with technology taking over job positions such as cashiers, there is less need for workers. So with stores closing due to changing buying patterns and technology replacing humans, where do the workers that were in these positions go? The demographics most impacted are the younger folks and the senior generation, both of which rely upon entry level positions to get a start in life or supplement life. I don’t hear much talk about this growing problem. Technology is good but it does have an impact that society needs to notice.


Entrepreneurship

Why CEOs Need to Embrace Social Media (and How to Do it)
Entrepreneur
Most business leaders leave money on the table by remaining invisible. They have zero social media presence and the remaining CEOs are just on LinkedIn. It’s simple: If you want to be rich, you can’t ignore potential revenue streams…READ MORE

5 Tips From A Veteran Entrepreneur That Every Millennial Entrepreneur Needs To Know
Forbes
As a young entrepreneur at eighteen, I made just about every mistake in the book. The thing was, at the time, by achieving early success I thought I had it all figured out. Like so many entrepreneurs first starting out, I was hungry for success and eager to make my mark on the world…READ MORE

6 Things Good CEOs Always Do to Connect With Employees
Inc.
A CEO I reported to back in my corporate days suffered from a condition I call invisible executive syndrome. He dwelled in the safety and comfort of his office most of the 50-plus hours he put in per week. It was safe because, at the time, turnover had reached an astounding 60 percent …READ MORE

Introverts tend to be better CEOs — and other surprising traits of top-performing executives
Washington Post
The image most people have of a straight-from-central-casting CEO is usually something like the following: An extroverted, charismatic, confident executive who climbed a mistake-free ladder to the top with a degree from an elite school. But a new 10-year study from a leadership advisory firm and…READ MORE

10 Tips to Energize Your Team and Grow Your Business
Small Business Trends
To make your small business as productive as possible, you need a great team behind you. But it’s not always easy for small businesses to get the most out of their employees. Luckily, members of our small business community have plenty of experience in this area…READ MORE

69 Ways To Be A Better Social Entrepreneur
Forbes
The other day, a colleague asked me, “Would you rather buy a 400-page book that guaranteed you’d lose 30 pounds in 30 days or a one-page checklist with the same guarantee?” That got me thinking, what if I could get the best advice that my network of social entrepreneurs and impact investors could offer in short, tweetable chunks…READ MORE

Technology

9 Tech Entrepreneurs Who Believe Robots Could Soon Replace Human Workers
Inc.
In fulfillment centers around the US, thousands of tiny orange robots sort packages for Amazon. In a California factory, red, multi-armed machines assemble Tesla’s electric vehicles of the future. This is the world the tech industry is creating. According to most available data, the next 20 years will involve rapid automation of manual labor and customer service jobs…READ MORE

How technology is going to shape farming of the future
The Hill
The recent introduction of “smart” technology into farming practices provides a new way for farmers to manage natural resources and hence, the economic profitability of the farm. Smart farming practices based on data collection will prove to be beneficial for water conservation and soil longevity…READ MORE

5 Technology Trends in Business Payments
Techspective
Tech companies like Apple, Facebook, Square and Venmo have been moving into payments over the past several years, dramatically changing the way consumers pay for things. Checks and cash are fading as people increasingly pay using their phones or take advantage of in-app payment capabilities. But what about business payments?…READ MORE

How to attract tech talent at your small business
Telegraph
If you’re not a technology expert, hiring people who are can be intimidating, but instead of bluffing your way through it, follow these pointers. Hiring staff is a big deal for small business owners, whose team is their greatest asset. Finding the right person at the right time is key…READ MORE

Transactions

How to Maintain Brand Consistency After Buying a Business
B2C
If you’ve just purchased a business, you’re probably eager to get started putting your own unique stamp on it. But before you do, make sure you consider your messaging and the importance of maintaining consistency in the brand you’ve acquired. Whether you’re sticking to an existing business model or developing your own, brand consistency should be a priority…READ MORE

7 Questions to Ask Yourself Before Selling Your Business
Business.com
So, you’re ready to sell your business? You’ve nurtured it from the ground up, into a venture that’s now successful enough that it will appeal to others, who will ideally pay your full asking price. But if you think that alone is the criteria that make a business sale-ready, think again. There are many things to consider before you put your business on the market if you hope to reap the benefits of a successful sale….READ MORE

Earn-outs Can Help Eliminate The Risk When Buying A Business
Forbes
If you spend any time looking to acquire a business, you will soon discover that every business for sale is the opportunity of a lifetime, at least from the seller’s perspective. I wish I had a dollar for each time a seller stated that “the sky is the limit for this business under a new owner”. Leaving aside the salesmanship of a seller or their intermediary, quite often, there are real gems available to purchase that can in fact thrive under a new owner…READ MORE

What to Know Before Buying Out a Business Partner
American Express
Business partnerships can end for any number of good reasons. A senior partner decides to retire. A beloved partner moves away for family reasons or is faced with a life-changing opportunity. Buying out a partner in these circumstances can still be stressful and involved, but the experience is typically a positive one…READ MORE

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Biz Tek Today (BTT), is an online resource for entrepreneurs. BTT recognizes that you are a busy leader in business and that finding time to identify and read relevant news for your business is challenging. BTT seeks to lessen this burden by regularly gathering the best of the best news articles from a host of national media and industry sources and delivering them to you in one convenient email.

 

Michael N. Mercurio, Chair Business Law and Transactions
mmercurio@offitkurman.com | 301.575.0332
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