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What Is the Procurement Process, Which Are Its Stages?
The procurement process consists of identifying the goods your company needs and finding ways to get them. At a first look, this process seems quite simple, but it’s actually a lot more complicated than that. The process has all kinds of underlayers and stages that you need to follow if you want everything to go smoothly. Before making any moves, make sure you know all the stages of the procurement process. What is the procurement process? Procurement is some sort of more complex purchasing. Your company needs a series of goods and product to function. These come from the outside, so you...
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Active Versus Passive Investing: Should You Use One or Both?
Investment is one of the most important choices that you can make. Americans tend not to save enough for retirement, and making good investment choices can solve that problem. Investment is divided into two main approaches: active and passive. They have different...
What is Human Capital Management and How Can it Help Grow Your Business?
For a business to be successful, its leaders must learn how to manage the human resources at its disposal. For the employees to perform better, you need to know how to engage and show appreciation to them. To know how to maximize the productivity of your employees...
Entrepreneurial Marketing: What It is and How to Use It
Considering the new digital marketing age that we now live in, entrepreneurial marketing has become a means for entrepreneurs to market their products and services. They can do so just as efficiently as some of the more stable businesses and fortune 500 companies that...
How to Build a Brand for Your Business: the Basics
You can’t be recognized in your business industry without an identity. Business owners often forget why it’s important to build a reputation around the brands they have. Every product and service is only as good as the person or people who are selling it. You have to...
Business Development Vs Sales: What Does Each Do?
Conducting business efficiently to generate profit while maintaining ethical and professional standards is the ultimate goal of most organizations. Although some may view sales as the primary means of achieving this objective, the process is more deeply embedded in...
How to Reduce Tax Bill Efficiently in 7 Ways – 2018
Paying taxes is one of our main responsibilities as citizens. However, sometimes you might feel you are paying a bit too much. However, avoiding taxes is generally frowned upon if you don’t do it the proper way. There are some methods you can learn how to reduce...
How to Estimate Utility Costs for a Business the Right Way
If you want to start a business, you shouldn’t forget this comes with a lot of expenses. Even after the business is on, you should still take into account a lot of costs. A part of these go to utilities, which are essential for the good functioning of your company....
Top 10 Small Business Tax Shelter Strategies and Ideas
If you’re a small business owner who is confused about the taxes for small companies, you’ve come to the right place. Even Albert Einstein once said that the hardest thing to understand in the world is income tax. Today we are going to have a look at some small...
How to Reduce Labor Costs but Keep Employees Happy
If you have a look at the balance sheet of any company, you will notice that labor costs are the largest line item there. Many people want to learn how to reduce labor costs, but the key here is to maintain your employees happy at the same time. Today we are going to...
What Is the Procurement Process, Which Are Its Stages?
The procurement process consists of identifying the goods your company needs and finding ways to get them. At a first look, this process seems quite simple, but it’s actually a lot more complicated than that. The process has all kinds of underlayers and stages that...
Strategic Financial Management: What It Is and How to Do It Right
Most people who think about economics and accounting regard these disciplines as extremely exact and analytical. However, they often ignore the management part, which requires some creativity and the ability to look into the future. Strategic financial management is...
What is a Break-Even Analysis: Definition and Formula
The break-even analysis is a useful tool that lets you see what you need to sell, either monthly or annually if you want to cover the costs of doing business. This would represent the break-even point, where the total cost and the total revenue are equal. Today we are...
Why are Budgets Useful in the Planning Process? An Explanation
If you work in the business field, most likely you’re already familiar with creating budgets and planning for months or years. But have you ever asked yourself why are budgets useful in the planning process? Couldn’t we do just as good without them? Let’s have a look...
Which Are the Startup Seed Funding Stages and How Do They Differ
People think that venture capital is a very complicated concept that doesn’t affect everybody. However, let’s make an experiment. If you open your phone and look at the apps you installed on it, we bet that at least one was built and then marketed by using venture...
How to Prepare the Annual Budget for a Company in 15 Steps
Preparing an annual budget for your business is not as easy as it may seem. Not everybody has the skills or the patience to create and manage a budget on their own. Luckily, there are other options as well: hiring an accountant, a bookkeeper, a CFO, etc. If, however,...
The Inventory Processing System: What It is and How to Do It
The inventory processing system, or the inventory control system, as it’s also called, is a tool that simplifies a lot the work needed for a company. Consequently, today we are going to look at a definition of it and see how to do it. Inventory Processing System...
8 of the Best Side Business Ideas to Try Out Today
Even if you already have a stable job, some extra money are always welcome. Some might think working two jobs is too much, but starting a business on your own can be a solution worth considering. The best thing about these businesses is the fact you don’t need a lot...
Breaking Down Marginal Benefits and Marginal Cost
Sometimes, businesses might want or have to produce more. In this case, they need to pay attention to a number of factors. These factors include marginal benefits and marginal cost, which are changes in general benefits and costs whenever there’s a change in...
What Is the Net Present Value (NPV) and How Do You Calculate It?
The Net Present Value, or NPV, is a vital element in finance. If you think about it in comparison with other concepts, NPV is not that difficult to grasp. Yet many people have a hard time in figuring out what it means and how to deal with it. Therefore, what is the...
9 Different Types of Leadership Styles: When to Use Which?
Any leader needs a certain technique to coordinate and direct others. Depending on the number of subordinates and the working environment, a person can choose from quite a big number of these techniques. Therefore, before choosing the approach, the leader needs to...
What Is the Best Way to Engage Employees?
All business owners often have to face one of the biggest dilemmas in the industry – the engagement of their employees. Keeping them motivated and willing to do their best in any conditions can be tough sometimes. This is why this subject is one of the hottest among...
Change Management 101: Definition, Steps, and Examples
Sometimes, organizations need to improve their performance, solve some issues, or start projects and take advantage of certain opportunities. Most of the time, they need change to get things done. These changes can be of all sorts, starting from job descriptions and...
Why Is Human Resource Management so Important? The Bottom Line
The debate on the importance of HR is split between two sides, as there are people who appreciate it and others who don’t give it the regard it might deserve. The second side fails to see the real value of HR, and regard it as an executive department that doesn’t...
What Challenges Do Managers Face in Motivating Today’s Workforce?
Motivation is essential in a company, as employees need to be constantly willing to do their best and get good results. However, it’s not always easy to maintain it among people. Managers can have a hard time in keeping the employees eager to reach their full...
7 Best Traits of a Good Sales Manager and How to Build Them
Being a great sales manager usually comes with time and experience, but is also the product of a series of qualities and skills. However, you can become good in what you do by developing a series of latent skills, or even acquiring some new ones. Learn which are the...
Top 4 Best Time Management Tools for Employees 2018
It’s important for your employees to reach their target within the specified time frame, but it doesn’t always happen like that. The pressure has gotten bigger, as they have to achieve more tasks in less time. This is why time management is more necessary. Companies...
7 Tips on How to Manage a Sales Team and Improve It
A great sales department is essential for any company, as it helps them acquire profit. This is why so many managers are trying their best to coordinate a sales team as well as possible, and drive the best results from them. However, it’s not always easy to manage a...
Account Management Strategy – Definition, Plan, and Principles
One of the most important things for a company is the relationship with its customers. To take care of it, companies need special employees that know how to talk to customers and how to convince them their products are the best. For this, they need an account...
Turnaround Management 101: Process, Strategies, and Examples
Sometimes, business might not go as good for your company as it used to. This is the moment when you should intervene and try to improve its financial status. Such a process is called turnaround management, and requires a lot of attention and strategy. Sometimes, the...
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...
How to Determine the Global Warming Costs on Your Business
Global warming has a dire effect on the environment, affecting millions of ecosystems in the world. Many species went extinct because their habitat has been destroyed, and the consequences don’t end here. Unfortunately, the global warming costs might affect us more...
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 Do a Telecom Audit to Dramatically Slash Your Bills
A telecom audit could net your business big savings on communications equipment, cell phone plans, and internet service plans.
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...
Examples of Office-Related Expenses on Income Statement
An income statement deals with the revenue of a business, but also with its expenses. Whenever a business offers some services, it gets paid for them. However, not all this amount of money turns into profit. The expenses are necessary to maintain the well-functioning...
How to Do a Utility Audit and Save Big on Your Company’s Bills
Performing a Do-It-Yourself utility audit can evaluate your utility usage and help your company saves hundreds of dollar in utility expenses.
