Small businesses use inventory systems to order, track, and account for products sold. Periodic inventory is best for similar merchandise, while perpetual inventory is better for one-off or valuable items. Valuation methods include FIFO, LIFO, and weighted average, with FIFO resulting in higher net income and tax liability. An inventory system is the internal method […]
A business franchise allows an individual owner to use a parent company’s trademark and products/services. Entrepreneurs benefit from instant recognition, proven business strategies, and franchisor services, but may face negative consumer perceptions and limited creativity. A business franchise is a business model where a parent company allows an individual owner to use the rights to […]
Secured business credit cards can help startups build credit, but there are different types of guarantees. Business owners may be personally liable for repayment, but can also obtain prepaid or protected cards. Guaranteed cards may have higher fees and interest rates. Obtaining a secured business credit card can be the first step to building credit […]
Business teleconferencing allows people in remote locations to connect instantly, using basic phone technology or more sophisticated audio and video systems. It is a valuable tool for coordinating large projects and responding quickly to business situations. Companies can use specialized providers or develop their own systems. Business teleconferencing is a way to exchange information and […]
Business statistics uses data to make decisions in uncertain situations. It is used in finance, marketing, and customer service departments. Understanding and applying it can give companies a competitive advantage. Techniques include descriptive statistics, probability, hypothesis testing, and linear regression. Business statistics is the science of using data to make good decisions in the face […]
Business metaphors are words or phrases that make direct reference to a company or person as a point of illustration, helping managers and employees better understand the company and its operating environment. They are usually informal speech and can become jargon in a company. A business metaphor is a word or phrase that makes direct […]
A small business partnership agreement outlines the joint ownership of a business, including each partner’s rights, responsibilities, and investment. It also details how the business will be run, changes made, and disputes resolved. Seeking legal advice is recommended before signing. A small business partnership agreement is a document whereby the parties agree to own a […]
A business continuity audit tests a company’s plan to remain operational during internal or external threats. It includes analysis, solution design, implementation, acceptance testing, and maintenance. The audit is conducted by external auditors who interview employees and observe operations to determine the strength of the plan. A business continuity audit questions and tests the plan […]
A business transaction involves buying, selling, and marketing. It starts with attracting customers, then agreeing on terms and payment, and ends with the buyer paying and the seller releasing the product. A business transaction is a type of activity that includes buying, selling, and marketing elements. The overall process involves presenting an opportunity to purchase […]
A business coach helps companies and entrepreneurs improve their performance and achieve long-term goals. They assess the situation, formulate a plan, and work with clients over the long term. Business coaches need excellent interpersonal skills and a broad depth of knowledge to provide customized plans. Professional organizations offer additional training and resources for business coaches. […]
Business postcards are cost-effective direct mail advertising tools used to attract new customers or inform existing ones about special offers. They are preferred over letters or flyers as they don’t require the recipient to open or unfold anything and often receive at least a cursory read. Small businesses can generate postcards on a personal computer […]
Business history studies the origins and development of business institutions, drawing on economics, political science, and labor history. It originated in the US and UK, but is now studied worldwide, with a focus on topics such as management, entrepreneurship, and government regulation. Harvard Business School was an early leader in the field, and interdisciplinary methods […]
Business games, rooted in military training, prepare organizations and students for competitive and organizational challenges. They can be used in universities, tailored for specific industries, and can be performed electronically or in live events. Business games can create a relaxed atmosphere but have a serious intent, simulating real-life situations and assessing outcomes. A business game, […]
Business recovery planning, also known as disaster recovery planning, helps businesses prepare for events that could damage or disrupt operations. Plans include diverting functions to non-affected facilities, outsourcing functions, and preparing an escalation procedure. Every business should engage in some form of business recovery planning. Also known as disaster recovery planning, business recovery planning is […]
Instant approval business credit cards offer quick acceptance and can help manage finances and expenses. They often come with payment terms, cash bonuses, and usage discounts, and can establish a stable credit rating for future purchases and loans. An instant approval business credit card offers the convenience of immediate acceptance. In many cases, a business […]
Business tax planning minimizes tax liabilities by maximizing deductions and write-offs. It varies by jurisdiction and is done by accountants or lawyers. It’s important for businesses to plan ahead to capitalize on expected tax benefits. Commercial tax planning is the process that companies engage in to anticipate and, in many cases, minimize tax liabilities. Almost […]
Business incubators provide resources and support to new businesses, often overseen by universities or municipalities. They aim to encourage local economic growth and bridge the gap for those without access to business resources. Each program has its own structure and criteria for applicants, and may offer office space, courses, and networking opportunities. Business incubators are […]
To prevent commercial credit card fraud, companies should closely monitor accounts, keep cards physically secure, educate employees on company policy, limit credit lines, collect cards from departing employees, work with secure vendors, and report any suspicious activity immediately. There are several ways to prevent commercial credit card fraud. As with personal fraud prevention, the most […]
Business grammar principles include accuracy and formality, choosing a style, and handling correspondence. Grammar checking software can help catch errors, and companies should review communication before sending. Writing educational texts, personal correspondence, and business communication materials have similar grammatical principles, but they also have differences. While traditional grammar is important, some of the most important […]
Business analysts examine a company’s operations to determine strengths and weaknesses, using assessment tools and external sources. They create flowcharts, prepare reports, and recommend avenues for improvement. Communication skills and a high school diploma are required. Business analyst responsibilities typically focus on examining a company’s operations to determine its strengths and weaknesses. She traditionally studies […]
