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24 Things You Can Do to Build Wealth While You Sleep
![24 Things You Can Do to Build Wealth While You Sleep Young businessman counting money](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661566_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Warren Buffet, the legendary investor worth billions of dollars, once said, “If you don’t find a way to make money while you sleep, you will work until you die.” Since we can all learn something from Buffet’s success, today’s the perfect day to learn an essential financial skill. Building wealth while you sleep can turn any financial situation into an overnight success story. There are countless ways to build the wealth all of us desire.
1. Go Big With Growth Stocks
![24 Things You Can Do to Build Wealth While You Sleep Woman on mobile](https://articles.entireweb.com/wp-content/uploads/2024/02/24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
I’m addicted to checking my E-Trade app every morning when the markets open. The rush of adrenaline I feel when my portfolio makes a considerable jump overnight is second to none. Many men and women go all-in on growth stocks, emphasizing tech companies like Amazon, Nvidia, and Alphabet. While it can be risky, the upside of these growth stocks can deliver monetary gains without you lifting a finger.
2. Be a Landlord
![24 Things You Can Do to Build Wealth While You Sleep Man buying house](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_814_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man buying house](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_814_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
We’ve all felt we could be a better landlord than the ones that have lorded over us throughout our lives, haven’t we? Well, considerable passive income is available if you aspire to be the best landlord you can be. Owning commercial or residential real estate is a full-time job, but there’s nothing like the feeling of a monthly rent check being deposited into your account while you sleep.
3. Collect Ad Revenue
![24 Things You Can Do to Build Wealth While You Sleep Man working with laptop affliate marketing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_911_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man working with laptop affliate marketing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_911_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
If you have your own website (personal or otherwise), you’re leaving money on the table by not placing ads wherever possible. While millions of internet users install ad-blocking software on their web browsers, countless users (our parents, mostly) still subject themselves to endless streams of advertisements. Capitalize on that fact by monetizing your website and receiving much-deserved pennies on every click-through.
4. Invest Long-Term
![24 Things You Can Do to Build Wealth While You Sleep Man investing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_267_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man investing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_267_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Although there’s nothing sexy or exciting about it, investing your hard-earned money into sensible mutual funds is one of the most efficient ways to earn passive income in 2024. Your diverse portfolio protects you against one individual stock tanking your nest egg while still giving you plenty of upside. Fortunately, investing in a mutual fund through most major banks’ smartphone apps is easier than ever.
5. Affiliate Marketing
![24 Things You Can Do to Build Wealth While You Sleep Woman working at home](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_708_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Woman working at home](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_708_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Participating in affiliate marketing makes me feel a little icky, but I can’t deny it’s an excellent way to bring in passive income in 2024. Setting up a blog or YouTube channel is one of the tech-savviest ways to start affiliate marketing. You can also go the old-school route and get in the good graces of a multi-level marketing program. If you’re passionate about selling goods, there’s no reason why you shouldn’t get a little kickback from people who buy it using your link or recommendation.
6. Collect Royalties
![24 Things You Can Do to Build Wealth While You Sleep Teen girl singing in bathroom](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_29_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Teen girl singing in bathroom](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_29_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Sometimes, successful wealth building can result from something random, like recording a song in your bedroom that unexpectedly becomes a hit. If you’re musically inclined, releasing original music and uploading it to streaming services like Spotify is another solid option for accruing passive income that compounds while you sleep. However, artists quickly note that you won’t get rich overnight. A successful music career is much more than having a few million listens on Spotify.
7. Open a High-Yield Savings Account
![24 Things You Can Do to Build Wealth While You Sleep Man depositing money in bank](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_835_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man depositing money in bank](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_835_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Although inflation is generally regarded as a net negative for society, no one denies that it’s a net positive for savings accounts. Opening a high-yield savings account is a savvy way to protect your investment while ensuring a healthy return with zero risk. While not all banks offer high-yield savings accounts, they offer one significant advantage over a traditional CD: You won’t be penalized for withdrawing money early.
8. Collect Subscription Fees
![24 Things You Can Do to Build Wealth While You Sleep Businessman in hotel working in laptop](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_248_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Businessman in hotel working in laptop](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661563_248_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
You’re in luck if you run a service for which people are willing to pay a recurring subscription fee. Subscription-based businesses are among the best ways to earn passive income because people are notoriously bad at canceling said subscriptions! Recent research reveals that 42% of people forget to cancel a service they never use.
9. Sell Something
![24 Things You Can Do to Build Wealth While You Sleep Man using ebay](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_143_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man using ebay](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_143_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
One of my favorite pastimes is finding something lying around my house I no longer want or need and putting it up for sale on eBay, Facebook Marketplace, or OfferUp. It’s the ultimate “set it and forget it” strategy. I often forget I have anything for sale and am shocked when I get offers for my unwanted items. Talk about a perfect passive income strategy.
10. Lend Money and Collect Interest
![24 Things You Can Do to Build Wealth While You Sleep Man lending money](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_825_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man lending money](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_825_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Sometimes, the best way to build wealth while you sleep is by lending money to friends or family (while collecting a healthy amount of interest). There’s nothing wrong with doing things the old-fashioned way. The next time you get a phone call from a loved one asking for money, remember to include the most essential part of the transaction: interest.
11. Operate a Vending Machine
![24 Things You Can Do to Build Wealth While You Sleep Self service drinks vending machine](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_403_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Self service drinks vending machine](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_403_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
If you’re like me, you’ve lived your entire life without realizing the dream of vending machine ownership. Think about it: Passive income, unlimited snacks, and the pride of owning a small business. Don’t scoff. According to studies, vending machines can easily create more than $75 in weekly revenue.
12. Outsource Your Freelance Work
![24 Things You Can Do to Build Wealth While You Sleep Man doing freelancing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_143_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man doing freelancing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_143_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Did you think all methods to earn passive income were legit? You’re wrong. Although I would never do this, many freelance writers outsource their assignments to writers who charge less than they do, ostensibly pocketing the difference. It’s a great way to thumb your nose at the institution of journalism while making excellent money (that’s sarcasm for those keeping track).
13. Rent Out Your Home
![24 Things You Can Do to Build Wealth While You Sleep Rent](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_587_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Rent](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_587_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Renting out your home (or individual rooms) is another excellent way to make passive income. Many people take advantage of Airbnb’s platform to earn a lot of money. In this scenario, not only can you make money while you sleep, but when you’re away on vacation, you can also make passive income while your houseguests sleep.
14. Rent Out Your Vehicle
![24 Things You Can Do to Build Wealth While You Sleep Man driving car](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_183_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man driving car](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_183_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Refusing to rent your vehicle — especially a second vehicle — is a stubborn way of saying, “I don’t want to make passive income in 2024.” Services like Turo aren’t fly-by-night companies; they’re legitimate platforms that protect you and your vehicle and give you the peace of mind needed to lend your car to strangers. Unless you need a daily driver, you’re leaving money on the table by not letting other drivers use your vehicle.
15. Create an Online Course
![24 Things You Can Do to Build Wealth While You Sleep Woman with laptop creating course](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_623_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Woman with laptop creating course](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_623_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
People are always looking to better themselves, so if you have something you want to teach the world, don’t be afraid to monetize it. Creating an online course on nearly any topic is a perfect way to make something lasting that continues to bring in money (if what you have to teach is valuable). Doing so benefits you and the endless number of men and women wanting to learn.
16. Write a Self-Published Book
![24 Things You Can Do to Build Wealth While You Sleep Woman writing book in laptop](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_381_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Woman writing book in laptop](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_381_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Authors rejoice: Self-publishing is one of the most effortless ways to earn passive income in 2024. Platforms like Amazon have user-friendly self-publishing options, and your book (whether virtual or physical) will live in their store forever. Every time a customer purchases your book, you reap the benefits.
17. Sell Stock Photos or Videos
![24 Things You Can Do to Build Wealth While You Sleep Woman selling stock photos](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_46_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Woman selling stock photos](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_46_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Anyone with an eye for photography should embrace the opportunity to sell stock photos and videos for websites that host them. It seems every good picture needs to be licensed these days, right? Thankfully, money can be made by selling your photos and videos as stock photos. Even bland B-roll traffic footage can bring in a nice chunk of change.
18. Roll the Dice With Cryptocurrency
![24 Things You Can Do to Build Wealth While You Sleep Man with crypto coins](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_107_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Man with crypto coins](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_107_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
I’m terrified of the volatility of cryptocurrency. That doesn’t mean you have to share my fear, however. Investing in cryptocurrency may be the riskiest way to make passive income while you sleep, but it arguably has the most upsides. Nobody really knows what causes the ebbs and flows of crypto coins, and waking up one day to see a massive return on your investment is a happy thought.
19. Become an Influencer
![24 Things You Can Do to Build Wealth While You Sleep Influencer woman](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_18_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Influencer woman](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_18_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
If you don’t mind being looked at as a vapid, irresponsible individual, being a social media influencer is another excellent example of how lucrative passive income can be. As an influencer, you can help shape the next generation of men and women to do the least amount of work as humanly possible while still making an impressive amount of money. (In a way, it’s the new American dream.)
20. Rent Out Your Pool
![24 Things You Can Do to Build Wealth While You Sleep Super Soaker](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_409_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Super Soaker](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_409_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Some smartphone apps allow you to rent your backyard pool, similar to Airbnb. Although I’m not in love with total strangers using my beloved pool for their leisure, I favor making money off that amenity. I can’t believe the things people will pay money for in 2024.
21. Become a Content Creator
![24 Things You Can Do to Build Wealth While You Sleep Content creator](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_38_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Content creator](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661564_38_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
While being a content creator is easier said than done if you’re an attractive person with a knack for salesmanship, you can do much worse than being in front of a YouTube webcam all day. Whether you’re a game streamer or a lifestyle guru, content creation is the ultimate passive side hustle. After all, the more viewers who watch your videos, the more money you make (even while sleeping).
22. Open a Certificate of Deposit
![24 Things You Can Do to Build Wealth While You Sleep Certificate of Deposit](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_186_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Certificate of Deposit](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_186_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
As my father says, opening a CD is one of the best ways to make passive income. If you know you won’t need your money for a set period (anywhere from a few months to a few years), opening a Certificate of Deposit with a local bank can yield impressive results. Thanks to higher interest rates in 2024, many CDs earn over 5% over time, which is a fantastic return on your investment.
23. Rent Out Your Parking Space
![24 Things You Can Do to Build Wealth While You Sleep House with parking space](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_718_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep House with parking space](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_718_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
If you pay for a monthly parking spot in a city or town and don’t use it as much as you thought you would, then consider renting it out to other drivers. Companies like SpotHero operate like the Airbnb of parking spaces. Users pay to use your valuable parking spot. Somebody else should pay you for the privilege if you’re not using it.
24. Chase Dividends
![24 Things You Can Do to Build Wealth While You Sleep Couple discussing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_876_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep Couple discussing](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_876_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
Although chasing stratospheric highs in the stock market is alluring, many savvy investors prefer quietly chasing dividends in the form of well-performing legacy stocks. By purchasing stock shares from companies like Exxon Mobile and Verizon Communications, you can ensure a healthy dose of quarterly dividends being deposited into your account. While these dividends are paid out in relatively small amounts, they will add up over time, making them one of the easiest routes toward a dependable passive income.
17 Sneaky Money-Saving Hacks You Can’t Afford to Miss
![24 Things You Can Do to Build Wealth While You Sleep 24 Things You Can Do to Build Wealth While You.webp](https://articles.entireweb.com/wp-content/uploads/2024/02/24-Things-You-Can-Do-to-Build-Wealth-While-You.webp.webp)
![24 Things You Can Do to Build Wealth While You Sleep 24 Things You Can Do to Build Wealth While You.webp](https://articles.entireweb.com/wp-content/uploads/2024/02/24-Things-You-Can-Do-to-Build-Wealth-While-You.webp.webp)
Making minor adjustments to your spending behavior can lead to substantial savings in the long run. However, it’s crucial to identify which habits genuinely contribute to these savings and which do not. One user inquired about the most effective money-saving practice, prompting the compilation of a list featuring the top 17 choices. These habits have proven to be instrumental in helping individuals accumulate significant savings over time.
17 Sneaky Money-Saving Hacks You Can’t Afford to Miss
12 Keys to Embracing a Frugal Lifestyle
![24 Things You Can Do to Build Wealth While You Sleep woman reviewing her budget](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_379_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
![24 Things You Can Do to Build Wealth While You Sleep woman reviewing her budget](https://articles.entireweb.com/wp-content/uploads/2024/02/1707661565_379_24-Things-You-Can-Do-to-Build-Wealth-While-You.jpg)
To some, living a frugal lifestyle might be sessions of extreme couponing. For others, never paying full price for anything could be a commitment. But what does it mean to live a frugal lifestyle? Are there general rules to follow, or is there an assortment of ideas you cherry-pick from? The first step is to understand what living frugally really means.
12 Keys to Embracing a Frugal Lifestyle
Chris Phelan is an American culture writer, frequently dabbling in the travel, finance, and entertainment fields. He currently resides in Asheville, North Carolina where he is constantly amazed at the number of black bears wandering down his street on any given day.
His work can be seen on Wealth of Geeks, NBC, Bravo, USA Network, Yahoo, and countless other online publications.
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Unlock Simplified, Pro-grade Design Capabilities with Ashampoo 3D CAD Professional 11
![Unlock Simplified, Pro-grade Design Capabilities with Ashampoo 3D CAD Professional 11 Unlock Simplified, Pro-grade Design Capabilities with Ashampoo 3D CAD Professional 11](https://articles.entireweb.com/wp-content/uploads/2024/08/Unlock-Simplified-Pro-grade-Design-Capabilities-with-Ashampoo-3D-CAD-Professional.jpg)
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
For entrepreneurs and design professionals who are looking to elevate their projects, Ashampoo 3D CAD Professional 11 offers a powerful yet user-friendly solution that combines precision, versatility, and an extensive object library—all for just $39.99 (reg. $330).
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This Windows-only software is designed to make your workflow more efficient and your designs more precise. It has a host of powerful tools and features that simplify complex tasks. For instance, the program offers dedicated input modes for walls, windows, and doors, allowing you to quickly and accurately define key elements of your project. Additionally, numerical editing tools provide even greater precision, ensuring that every measurement and modification is spot on.
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4 Tips for Building Stronger Relationships Between IT and Non-Technical Teams
![4 Tips for Building Stronger Relationships Between IT and Non-Technical Teams 4 Tips for Building Stronger Relationships Between IT and Non-Technical Teams](https://articles.entireweb.com/wp-content/uploads/2024/08/4-Tips-for-Building-Stronger-Relationships-Between-IT-and-Non-Technical.jpg)
Opinions expressed by Entrepreneur contributors are their own.
Most companies have some form of dedicated IT management. According to a workforce survey, the common IT to non-technical staff ratio is typically around 4% of all personnel.
These IT individuals and departments often need to communicate with the other staffers throughout a company. From basic day-to-day activities to long-term collaborations, meeting deadlines and maintaining security, it’s important that the relationship between IT and the non-technical workforce is not just existent but effective.
If you’re aware of a lack of quality in your IT-related inter-departmental collaborations, here are four ways to enhance communication and build better professional relationships between technical and non-technical teams.
1. Establish and promote healthy communication
Communication cannot be overlooked in any business setting. As the workforce becomes more geographically diversified by distance and time zones, it’s important to maintain communication, not just with teams but between departments. This is ground zero, especially in an isolated area like IT.
One way to enhance communication is through regular cross-team meetings. Many companies hold recurring meetings where everyone comes together to hear company-wide updates and generally realign themselves. If the thought of a full company meeting sounds like a mammoth, intimidating and time-sucking use of resources, never fear. There are multiple ways you can implement this concept efficiently.
For instance, Zappos holds its well-known all-hands meetings three times a year. Spacing out these larger communal moments helps make them special.
If meeting is a problem in any quantity, you can go a different route: pre-recorded messages. If you choose this option, though, be warned that simple video messaging can become just as confusing and lengthy as a meeting. Instead, look for tools that help you send purposeful, value-centered messages.
Marketing platform Drift, for instance, used the communications tool Zight to improve its internal communication. The company used screen recorder technology to send annotated, knowledge-based videos to their employees. This organized and enhanced the purpose of each message, making it easier to reference later on without rewatching the entire thing.
The takeaway? Invest in some form of healthy cross-departmental communication that fits with your workflow.
2. Use jargon-free language
Removing jargon and technical terms from basic inter-departmental communication starts at the top. IT leaders must demonstrate how to remove dense language when talking, recording, typing and otherwise engaging with coworkers.
This isn’t just because leading by example is effective. It’s also because workplace jargon often finds its largest adherents in the upper echelons of a business. One study from MyPerfectResume found that 33% of those asked considered upper management to be the most likely to overuse workplace jargon.
Even worse? A third of those asked had also used jargon that they didn’t even understand. Use jargon-free language. It keeps communication transparent and avoids peer pressure and embarrassment from undermining effective understanding between IT and other teams.
Related: Here’s Why You Absolutely Have to Stop Using Jargon at Work
3. Bridge knowledge gaps with cross-functional training
Specialization and niche knowledge are defining factors for IT teams. Tech workers’ value comes from their ability to bridge the gap between humans and machines. However, this expertise isn’t as effective if the communication gap between IT staff and other personnel widens too far.
One way to keep all staff on the same playing field is to engage in cross-functional training. This is the process of educating employees from various departments in disciplines that are complementary to their own focus. It emphasizes shared knowledge and helps teams both respect and understand their respective duties in the larger context of business operations.
Google has mastered the art of cross-departmental training. On the one hand, the company famously used its whisper courses — a series of micro-lessons in email form — to teach small teamwork lessons. In addition, the search engine giant encourages employee-to-employee training. This shares knowledge in a peer-to-peer fashion and maintains a culture of learning.
Again, the takeaway here is that you don’t have to follow a formula for cross-departmental training. Find something that works for your setup, and then invest in it.
4. Cultivate a culture of inclusivity
Inclusivity is a common workplace culture goal. It emphasizes making all members of a workforce feel welcome. It seeks to embrace gender, age and other demographic differences and to incorporate the strengths of each individual and team into a company’s operations.
This is a powerful way to keep IT and non-technical personnel connected and respectful of one another’s contributions. As a central focus of how a company operates, an emphasis on empathy and respect helps keep those all-important communication channels open and healthy.
No company has demonstrated genuine, effective inclusivity in business activity quite as well as Pixar. The media company is famous for its ability to develop high-quality ideas and, at the same time, make sure everyone feels welcome and part of the conversation.
The company’s “Notes Days” are a poignant example. These are days when the entire company shuts down and comes together to collectively brainstorm. The result is some of the best inter-departmental collaboration in modern history.
If you want your tech and non-tech teams to connect, make them feel included.
Related: How to Build an Inclusive Culture That Permeates All Levels of the Organization
Breaking down barriers between IT and the rest of the professional work world
The IT department has become an integral part of most modern businesses. But it cannot operate in a vacuum. Miscommunications can lead to confused expectations, missed deadlines and even compromised safety and security.
It’s essential that leaders make an effort to align their IT and non-technical teams. This keeps everyone informed and up-to-date as you work together to achieve the same goal as a business.
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5 Ways Kamala Harris Can Support The Franchise Community
![5 Ways Kamala Harris Can Support The Franchise Community 5 Ways Kamala Harris Can Support The Franchise Community](https://articles.entireweb.com/wp-content/uploads/2024/08/5-Ways-Kamala-Harris-Can-Support-The-Franchise-Community.jpg)
Opinions expressed by Entrepreneur contributors are their own.
The five weeks between the Republican and Democratic conventions could have been a lifetime, as a brand-new Democratic ticket formed in record speed. As always, the International Franchise Association (IFA) is neutral in presidential elections and we will work with whoever is in the White House for the betterment of our model. Just as we were in Milwaukee for the RNC, we were on the ground in Chicago, educating candidates and campaigns about all the good franchising provides, especially for minority-owned businesses.
More highlights from championing franchising with lawmakers in Chicago at the #DNC2024. IFA is proud to work with members across the aisle on policies that support the franchise business model and its 9M employees in the U.S. pic.twitter.com/vexxskHpuK
— IFA (@Franchising411) August 21, 2024
Like many Americans, the franchise community is interested in learning more about Vice President Harris’ vision and policy priorities, which she characterized in her acceptance speech as an Opportunity Agenda. It is encouraging that one of her early commercials features her time working at McDonald’s. In fact, if elected, Harris, along with her husband Doug Emhoff, will share a common thread with the 1 in 8 Americans
who have worked at McDonald’s. To genuinely support the franchise business model, here are five concrete ways Vice President Harris can appeal to the franchise community.
Be a champion for franchising
First, Vice President Harris should be a champion for franchising and use every day on the campaign trail to visit franchises and meet their employees in swing states — and everywhere in between. Doing so will unlock franchising as a component of the Opportunity Agenda, including the unique benefits of franchising for all stakeholders involved in the model.
Those stakeholders are substantial — from the nearly 9 million employees who work for America’s 800,000 franchise businesses (and earn higher wages and better benefits than non-franchised employees) to the franchise owners themselves, who are more diverse in race and gender than non-franchises.
Abandon an expanded joint employer rule
Second, Vice President Harris talked at the DNC about working with business and labor. Yet, one of labor’s top priorities has been a joint employer rule that would effectively destroy franchising. A Harris administration that wants to support small business creation must abandon efforts to implement an expanded joint employer rule.
Bipartisan majorities in congress and a federal court have rejected expanding the joint employer test to include reserved and indirect control. Even Democratic supermajorities in the California legislature, and her home-state Governor Gavin Newsom, rejected joint employer liability. This created a pathway to negotiate a bill with organized labor that preserved franchisee equity in their business, and creating predictable increases in the minimum wage.
Call for pro-small business tax policies
Third, Vice President Harris should call for pro-small business tax policies, given the expired and expiring provisions of the Tax Cuts & Jobs Act (TCJA). These include extending the qualified business income deduction (QBID), also known as the section 199A deduction, and restoring a pro-growth interest deductibility standard that expired at the end of 2022.
Extending the 199A deduction, along with passing the bipartisan Tax Relief for American Families and Workers Act — which garnered overwhelming bipartisan support in the House this year — would greatly benefit franchise owners. This legislation would increase the amount of interest owners can deduct from their income taxes, offer temporary bonus depreciation for the purchase of equipment and short-lived capital assets and include other pro-business and pro-worker provisions.
These actions would provide small business entrepreneurs with a competitive edge over large corporations and demonstrate that Vice President Harris is committed to addressing the needs of the small business community. She can chart a new path and extend an open hand to the business community by putting the politics aside and commit to extending a policy they have come to rely on. Without action, every business owner in country wakes up on January 1, 2026, facing a tax increase.
Increase lending limits at the SBA
Fourth, increase lending limits at the Small Business Association (SBA) and boost access to the 7(a) Working Capital Pilot (WCP) program. During her acceptance speech, Harris pledged to, “provide access to capital for small-business owners and entrepreneurs and founders.” Launched earlier this year, WCP is a line of credit product that features an annual guaranty fee structure that works to offer greater flexibility than a traditional term loan to meet specific business needs.
Accessing capital is increasingly challenging in such a high-interest rate environment. The SBA pitched the concept as a means of breaking down barriers seeking to start their own pathway to entrepreneurship, where the franchise model is poised to continue playing a major role.
Outline a future for the Federal Trade Commission
Finally, Harris should outline a future for the Federal Trade Commission (FTC) that includes a modernization of the Franchise Rule, a federal regulation solely enforced by the FTC that governs the sale of a franchise. Currently under review by the FTC, the Franchise Rule hasn’t been updated since 2007 — the same year the first iPhone was introduced.
Research published in the Wall Street Journal showed it took more than 20 years of education to understand a Franchise Disclosure Document (FDD), and a federal investigation found many prospective franchisees did not read the disclosures at all. This needs to change, especially during the pre-sale process when a prospective franchisee is deciding whether to invest significant financial resources in a franchise.
A Harris administration would be wise to course-correct the FTC to foster entrepreneurial development in franchising and double-down on the true mission of the FTC — to protect consumers and prospective franchisees. The franchise business model encourages workforce development and small business formulation in local communities, we look forward to working with any administration and any political party toward that important goal.
Related: Is Franchising Right For You? Ask Yourself These 9 Questions to Find Out.
Matt Haller is the President and CEO of the International Franchise Association (IFA). Greg Flynn is the Founder, Chairman, and CEO of Flynn Group and Flynn Properties, and an IFA Board Member. With 2,700+ Applebee’s, Taco Bells, Paneras, Arby’s, Pizza Huts, Wendy’s and Planet Fitness units generating $4.7+ billion in sales and employing 75,000+ people in 44 states and 3 countries, Flynn Group is the largest franchise operator in the world.
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