You may have a great idea for a business, but how will you know whether it will be successful? Having a thorough understanding of your company within your market, industry or geography and how you can grow it profitably is important for any business owner. Not just for large companies, businesses of all sizes can …
The Importance of Conducting a SWOT Analysis of Your Business Read More »
A business plan is the foundation of your business. Some entrepreneurs start a business without any plan at all! However, without a business plan — even a simple, one-page business plan — a busy entrepreneur will miss opportunities and be unable to face challenges when they arise. Some people think that a business plan is …
8 Steps to Writing a Winning Business Plan in One Page Read More »
Inventory management is the method that a company uses to source, store and move its inventory (its products). This includes both the materials to manufacture these products (also referred to as raw materials) as well as the finished item. Needless to say, any type of inventory management system has to deal with a lot of …
Choosing The Right Inventory Management System For Your Company Read More »
Many entrepreneurs dream of starting a unicorn business. A unicorn startup is a private company with a valuation of over $1 billion within five to seven years. You and your team may have palpable aspirations of becoming the next former unicorns similar to Uber, Airbnb, Facebook or Google. With nearly 700 unicorns worldwide, reaching a cumulative …
Electronic commerce (commonly known as eCommerce) is the act of buying and selling products (and sometimes services) via the Internet. An eCommerce website is specifically designed in order to enable these online transactions. There are several components to an eCommerce site that are not included in standard websites, such as shopping carts, secure checkout and …
Managing the inventory in your small business is one of the (many) keys to success. Keeping close tabs on what (and when, and how much) goes in and out of your facilities keeps things moving along nicely, allows the number crunchers in your company to help have a holistic view of the finances, and perhaps …
Startup funding is vitally important. “4 out of every 10 startups today are in the ‘red zone,’ up 29 percent since December 2019,” according to a study by StartupGenome.com. The “red zone” is defined as having three months or fewer of capital runway. Capital is the lifeblood of your company and how you fund your business …
Tracking your inventory is a critical activity that helps you keep an eye on how your company is doing overall. Every business — big or small — that manufactures, stores, ships or sells a physical product needs to know the status of its inventory. And it’s not just for the departments directly involved in the …
Your marketing budget is hyper-critical to scaling your business successfully. However, most small businesses don’t budget nearly enough for an effective marketing spend. The U.S. Small Business Administration recommends spending seven to eight percent of your gross revenue on marketing and advertising if your small business has less than $5 million in annual sales. Yet, a report from …
3 Ways to Successfully Budget Your Marketing Spend Read More »
