Revenue management helps increase revenue when the demand for products in high-priced markets are higher than the supply. This means that when a customer comes into a store and sees a product that they want, but is priced too high for their budget, they may be willing to pay more if the store uses revenue management techniques. What are the benefits of revenue management? Continue reading What are the Benefits of Revenue Management?
When you think about the newest technology, what comes to mind are probably all those big tech companies like Google or Amazon. But technology has been changing small businesses and narrow niches for years as well, and it has already enabled some pretty amazing innovations. How technology is changing garage businesses. Continue reading How Technology is Changing Garage Businesses
It’s time for manager’s and leadership to step up and chart the course for the year ahead. Leaders motivate others by defining goals, setting standards, and determining the minimum acceptable performance. Managers measure and monitor the goals to ensure acceptable performance. In other words, leadership is a self fulfilling prophesy. What’s the difference between leadership and management?
Working Capital is a common measure of the health of your business operations. Knowing how to manage working capital is a crucial aspect of financial procedures. Working capital refers to the funds required to operate your firm on a daily, weekly, and monthly basis. It is the money used to pay your suppliers for materials, as well as the money needed to pay for the items and services (such as inventory and payroll) that you have utilized while waiting for your customers to pay you. Continue reading Working Capital? | Definition
Most salon businesses are owned by technicians and stylists who are highly passionate and skilled in matters of hair, beauty, and fashion. Making people beautiful comes naturally, but using business management software, not so much. For them, the responsibility of building an effective management system of staffing, inventory management, client retention, and marketing is always a tall order to fill. Learn how to use business management software to grow your beauty business. Continue reading How to Use Business Management Software to Grow Your Beauty Business
Tracking operational metrics is an excellent place to start to keep watch on how your business is running! What gets measured, gets managed; but, what should you measure? There are many operational metrics that you should be measuring to enhance operations and keep your business working. Read on to find out what operational metrics are uses to run a business?
Continue reading What Operational Metrics are Used to Run a Business?
Starting a supply chain management business can be challenging but not impossible. You need to understand your market, have the right skills, and set out to attract your first customer. Read on to learn more about how to run a successful supply chain management business. Continue reading How to Run a Successful Supply Chain Management Business
One important topic on finance processes is knowing how to manage working capital. Working capital is the money it takes to run your business on a daily, weekly, and monthly basis. It is the money used to pay your suppliers for materials and the money needed to pay for the goods and services (i.e. inventory and payroll) you have used while you wait for your customers to pay you. Continue reading How to Manage Working Capital
What Would You Do with $1,000,000?
With $1 Million saved in your business would you:
- Pay off debt?
- Purchase new equipment?
- Invest/save for the future?
- Give yourself a bonus?
- Buy a new car, boat or plane? Continue reading How to Find Capital Using Inventory Procedures