Mike Koenigs

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Taking your brand overseas breaks barriers in more ways than one. It's been a tough economic time across most industries these past years during COVID, but if you have the wherewithal to take your company global, then you'll be doing yourself a big favor. Given the opportunities that exist to reach untapped clientele, talent, and future business partners, the move will spark innovative mindsets as you create a winning business environment through your organization's platform that works well for all parties involved. Here, 13 Fast Company Executive Board members discuss the decision to invest in other markets outside of the United States and how the move has enhanced their company's growth potential.

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Here are 11 factors to consider before you open a second or third location. If revenue streams are increasing at your flagship location, then your business may be ripe for an expansion. But just because business is booming doesn't mean you should make assumptions about your potential to succeed in a new market (locally or globally).  Taking on additional overhead should be a strategic decision that is driven by potential new revenue, a decrease in expenses, or provides a competitive advantage to make the company a standout. Below are essential questions that Fast Company Executive Board members urge you to ask yourself before you move forward with the right plans to grow the business.

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If you're strapped for cash, you can still find practical ways to launch and grow your new establishment successfully. Building a start-up business on a small budget is never easy. But being new to the industry it's important to build the best track record and gain as much positive attention as possible to elevate and expand your company in no time. Below, 15 gurus from Fast Company Executive Board share their time and knowledge about low-cost ways to create a buzz factor of excitement about your product or service.

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These key measurements enable leaders to guide the way on the road to success in the marketplace across industries. In business, there are many essential metrics that leaders must continue to track in order to keep their company on target to meet its quarterly and annual goals. For example, lagging customer retention rates may evolve, based on consumer behavior patterns during any given season, but by implementing an adjustment, you'll be able to stay on track and meet the needs of your customers exactly where they are. Below,  Fast Company Executive Board members have compiled a list of high-level metric points that are important to evaluate, on a rolling basis, if you want your business to develop and thrive.

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Here's how implementing good advice can improve your bottom line in the business world. The success of a well-run business is not determined by its financial performance levels alone, and that is why leaders need to take a holistic approach and consider how each area of the establishment and decisions made about specific contributions to the company can build it up or weigh it down.  As you work towards achieving your financial goals, it's also important to find the right balance and prioritize how to maintain a steady cash flow and make wise choices about how and where to invest your time and money to elevate the organization.  Below are 16 members of Fast Company Executive Board to share some of the best practices they've received about how to manage their company finances.

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Utilize these smart budgeting guidelines to keep your company thriving, instead of afloat. When you gain an understanding of the cost to keep your company up and running on a deeper level, you'll be able to plan ahead for unexpected events that come your way and keep a better eye on the cash flowing in and out of your business. If you create a clear financial target year after year—every quarter—and remain transparent, providing financial updates to your team and clients, you're bound to be on a path to success in no time. Below, leaders from Fast Company Executive Board offer their best practices to manage your company's money properly and make sure that your financial partnership is solid and has your best interests at heart.

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Sustainable outcomes begin with your customer. If you're a start-up business owner you'll want to implement the best growth hacking strategies to attract and retain the most customers. Although daily marketing outreach methods seem intimidating at first, that's exactly what it will take to get the company off the ground, especially if you plan to remain in business. For this practical reason, nine members of Fast Company Executive Board offered to share their low-cost tips to mastering "the art of the follow-up."

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I've outlined what to look for when being acquired by a private equity firm that any founder can model, and here are some of the questions you should be asking during the process.

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15 leaders weigh in on meeting consumers where they live. Despite the thriving and evolving digital economy, leaders still need to strike a healthy balance between their company's online and offline presence if they want their business to remain relevant to current and prospective customers. To enhance your daily presence in their personal or professional lives, it's also essential to listen so you'll understand their needs because that will help you come up with some of the best solutions that are well timed and informative. Below are 15 additional tips, from members of Fast Company Executive Board to equip you with the essential tools to stay authentic and active in your targeted communities.

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Here's how to finesse supply chain demands in a low market. If you're going to beat supply chain demand when the economy is tough, it's important to remain proactive in business so you can continue to gauge the clients' interest during the unforeseeable future. As you build your cash flow and supply chain network, to steadily upgrade your products and services during the good times, you'll be able to strengthen the confidence and commitment of your most loyal customers even when times are bad.  Below are 10 steps Fast Company Executive Board members have taken to deal with the current inflation and supply chain crisis.

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Cultivate a culture of unity, understanding, and company success. Some of the best company initiatives or creative campaigns may have started out in a room full of disagreement. So, if you find yourself in a similar situation with colleagues about how to move forward on a collaborative project, it's best to put it on pause, humanize each contributor's voice, and remind yourselves why you began working together in the first place. Finding your way back to the true value incentives is a best practice to align with the company's mission and goals. Here are 15 ways, from Fast Company Executive Board members, to help team members put the good of their company (or project) first.

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Being an observant but active listener speaks volumes. Just because you're not the most charismatic voice in the room or an extrovert, doesn't mean you're any less qualified to be an effective leader and command attention in the workplace. On the contrary, in addition to your professional background, it's your active listening abilities and emotional intelligence that draws people into your conversation.  To drive these points even further, a panel of Fast Company Executive Board members share 11 reasons why it often pays to be an introvert at your job.