ALCOHOL INDUSTRY The US alcohol industry is experiencing its biggest hangover in decades, with no cure in sight. After enjoying a boom during the pandemic’s stay-at-home cocktail craze, major spirits and beer companies are now feeling the pinch, with consumers opting for generic products and younger Americans embracing moderation.

What if closing a part of your business could make you more profitable? That’s exactly what Wendy’s is betting on by closing 140 underperforming locations despite a simultaneous expansion into high-growth areas. This strategy follows a wave of similar closures earlier this year as Wendy’s moves toward “quality over quantity” to protect its brand and boost profits. For small business owners, Wendy’s strategic moves offer actionable lessons on resource optimization, customer ex

Online grocery sales soared to $27.4 billion in Q3, showing a 13.8% growth from last year—and it’s no surprise that delivery options are fueling this momentum. Delivery surged by 25% year-over-year to reach $10.9 billion as consumers increasingly prioritize convenience. Industry leaders like Walmart, Amazon, Instacart, and DoorDash are capitalizing on this trend with new offerings and strategic partnerships, giving them a significant edge. Mass retailers, notably Walmart, hav

I am excited to share this conversation between Dr. Ethan Karp and Dr. Vinod Purayath, a renowned innovator and scientist with over 150 patents. They discuss the importance of failure in fostering innovation and the future of sustainability in manufacturing. Don't miss it! https://youtu.be/BEILDj0dccM?si=-YCr83e0c5od9GUD

Remember your first Tupperware container? Maybe it was the one your grandmother used to store cookies or the colorful set your mother kept neatly stacked in the pantry. For many, Tupperware was more than just a container—it symbolized home, family, and the promise of well-preserved leftovers. However, the brand that revolutionized food storage has now filed for Chapter 11 bankruptcy, struggling to stay relevant in a world dominated by e-commerce and changing consumer prefere

Introduction In a world where 60% of homeowners are delaying renovations, understanding consumer behavior has never been more crucial for small business owners. Recent reports from home improvement giants Lowe’s and Home Depot reveal that consumers are postponing major renovation projects due to economic uncertainty. With rising interest rates and inflation tightening household budgets, homeowners await more favorable financial conditions before making big-ticket upgrades. Wh

Ohio's restaurant industry is experiencing a notable resurgence. According to John Barker, president and CEO of the Ohio Restaurant & Hospitality Alliance, the state now boasts about 1,000 more restaurants than it did pre-pandemic, with the total number reaching approximately 25,000. This rebound began in late 2023, signaling a critical recovery phase for the sector. Key Trends Driving the Recovery: Suburban Growth: The rise of remote and hybrid work models has shifted dining

Introduction In the industrial heartland of Northeast Ohio, brothers Mike and Dave run a small but proud manufacturing business. Their company has been a cornerstone of the community for decades, producing high-quality steel components for various industries. However, in recent years, Mike and Dave have felt the squeeze from forces far beyond their control. Global economic tremors and local competitive pressures have made their journey increasingly turbulent. Yet, with the ri

How you handle power as a leader or manager can define your journey to success. Let's explore five common leadership pitfalls that can undermine your credibility and effectiveness and how to avoid them. The Fixer Pitfall New leaders and managers often try to solve everyone's problems, micromanaging projects or offering unnecessary suggestions. Instead, focus on asking questions before providing answers. Actively listening to your team fosters their independence and enhances t

In 2001, a bold forecast from economist Jim O’Neill at Goldman Sachs set the stage for a shift in global economic power. He predicted four emerging markets—Brazil, Russia, India, and China—would dominate the world economy by 2050. This prediction materialized in the formation of the BRIC group, which later expanded to BRICS with the inclusion of South Africa in 2010. The aim was clear: to amplify the voice and influence of emerging economies on the global stage. Fast forward

This season's corporate earnings reports suggest a cooling period is on the horizon. Iconic brands like McDonald’s, Yum Brands, and Starbucks report that consumer wallets are snapping shut, echoing broader economic sentiments. Industrial stalwarts like 3M have noted a softening in discretionary expenditures, while Newell Brands highlights inflationary pressures as a culprit for their cautious projections. These indicators from the front lines of commerce are not just data poi

In the early 20th century, amidst the economic strains of the Great Depression, W.K. Kellogg made a bold move at his Battle Creek plant: He introduced a six-hour workday, effectively creating a shorter workweek. This decision was rooted in his philosophy of "more for all and less for none," which aimed to increase employment by spreading available work among more people. Kellogg believed this change would not only help mitigate unemployment but also improve the overall well-b

Express, alongside its associated brands Bonobos and UpWest, once thrived as a cornerstone of American corporate wardrobe retailing. However, the advent of remote work and a drastic shift in consumer fashion preferences led to a significant downturn in the company's fortunes. In the wake of changing work cultures, Express confronted stark financial realities, accumulating nearly $1.2 billion in debt against $1.3 billion in assets as of March 2. The situation became untenable

Why Your Business Needs You to Sleep More Have you ever considered sleep as your business partner? In the demanding life of a small business owner, sleep often takes a backseat to deadlines and deliverables. Yet, recent findings from a Gallup survey illuminate a concerning trend: a staggering 57% of Americans would feel better with more sleep, and only 26% manage the recommended eight hours. In a world where clear thinking and vitality are key to your next big breakthrough, e

"Elf on a what? It will never work!" As much a part of Christmas today as indulging in Starbucks' festive holiday drinks, it's essential to remember that in 2004, "The Elf on the Shelf" faced significant hurdles to publication. The family behind this now-famous holiday phenomenon encountered substantial financial challenges during those early years. They found themselves deeply in credit card debt, had to part with a beloved home, and even dipped into their 401(k)s to fund t

Marketing myopia was coined by Harvard Business School professor Theodore Levitt in 1960. It refers to the tendency of businesses to focus too narrowly on their products or services rather than on the needs of their customers. This can lead to businesses becoming complacent and failing to adapt to changing market conditions. One famous example of marketing myopia is the railroad industry. In the late 19th century, railroads were the dominant form of transportation in the Unit