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Innovation Management 101: Definition, Process, and Examples

Innovation Management 101: Definition, Process, and Examples

Nowadays, innovation is an essential point in business. If you want your company to be successful, you need to make use of innovation as much as possible. This way, you’ll find solutions others wouldn’t have thought of, and find new ways to attract customers. To promote innovation within your company, you’ll need innovation management. Why is innovation good? Innovation means renewal and bringing something new to a situation. Usually, this is of great benefit to society in general, and to companies in particular. Whenever someone has a fresh perspective, chances to make the best of that...

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How to Calculate IT Expense as a Percentage of Revenue

Most companies have an IT department. Those who manage these departments have to report their activity and the units they consume or produce. One common practice is to report the IT expense as a percentage of revenue. This is a good method to show a CEO how some of...

How to Calculate Fixed Manufacturing Overhead Costs

When you have a business that produces goods, you should manage the production costs really well. Any manufacturing process will bring a series of costs with it, and they are of different types. You might think they might vary depending on the product and other...

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How to Start a New Business: Follow These 7 Steps

How to Start a New Business: Follow These 7 Steps

Startups have become quite a norm in the US, as they make up an overwhelming 99.7 percent of all businesses. People are more willing to create their own company, as they get more flexibility, independence, and get the chance to develop their own ideas. Doing this is...

10 Simple but Effective Ways to Attract New Customers

10 Simple but Effective Ways to Attract New Customers

Whenever you start a business, you are on the unending quest to attract new customers. This is often difficult, as it might be hard for you to develop something unique among dozens of businesses. Here are a series of strategies which might guarantee you success and...

How to Measure Brand Awareness: Use These 5 Steps

How to Measure Brand Awareness: Use These 5 Steps

If you want your business to grow, you mainly need to increase your brand awareness. While some might find that measuring it is a matter of vanity, knowing how many people it can attract can teach you what strategies you need to apply. No matter how important it might...

What Is a Letter of Credit and How Does One Work?

What Is a Letter of Credit and How Does One Work?

The business between a buyer and a seller doesn’t involve only these two parts. When we talk about a big sum of money, a bank should naturally be involved. In fact, the task of guaranteeing a payment actually enters in the attributions of the bank. This is where the...

13 Best Ideas for Launching a Family-Owned Business

13 Best Ideas for Launching a Family-Owned Business

Having a family-owned business sounds like a great idea, but is that truly so? Once you get your family involved with a business, there may be more than one problem to appear. Today we are going to focus on the essentials for launching a family-owned business, and...

13 Ways to Reward Employees and Motivate Them

13 Ways to Reward Employees and Motivate Them

Think about the last time you were praised and how did you feel in that moment. Whether you’re a manager, a supervisor, or the owner of the company, it’s important to remember to praise your employees and the people you work with. If you're familiar with the path goal...

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