Starting a new business comes with many risks. Did you know about 20% of new companies fail within two years of starting1? This fact reminds us that staying in business is tough. Entrepreneurs often find it hard to get money to start, overcome challenges, and plan well. But there’s even more to consider. So, what … Read more
Organizational behavior (OB) explores how people, groups, and structures work together in companies. It focuses on improving how we all work together and make decisions. This field helps us better manage teams, enhancing workplace vibes and strategies. We delve into topics like what motivates us, different ways to lead, and how to handle change. Looking … Read more
It’s a common misconception that nonprofits cannot make money. This is not true. They can, but they must use all extra money to support their cause, not for personal profit1. This rule helps them keep their tax-free status according to the IRS. In 2016, nonprofits provided jobs for 12.3 million people. This was about 10% … Read more
Building your LLC’s business credit is key for getting loans and keeping a healthy finance. A strong business credit score separates your company’s money matters from your personal ones. This means better loan access and more financial chances1. Starting LLC credit not only keeps your personal things safe. It also helps you get good deals … Read more
The coffee shop market is growing quickly. It’s expected to be worth $237.6 billion by 20251. People love the convenience and atmosphere of cafes, making them increasingly profitable. In the U.S. alone, there are over 65,410 coffee shops. By 2025, we’ll see about 17,537 more2. This is great news for anyone in the coffee business, … Read more
In today’s fast-paced world, businesses aim to work smarter. Value Stream Mapping (VSM) is a key player in this quest. It uses lean management to show how work flows from start to finish. This method helps a company see where delays or waste happen. So, why is this important for your business? VSM lights the … Read more
The halo effect plays a big part in business. It shapes how you think and the choices you make. Edward Thorndike showed us this bias. It makes people jump to conclusions based on little info. Executives might lean too much on famous sources, like the Harvard Business Review. This can lead to poor research and … Read more
Have you ever wondered why some products keep making a lot of money with little extra work? This is where the cash cow comes in. Understanding what a cash cow is can open doors to steady money-making opportunities. It helps your business stay profitable and stable. Seen as a key part of the BCG Growth-Share … Read more
Starting a restaurant is an exciting journey that mixes culinary inventiveness with business skills. Whether you dream of becoming a food entrepreneur or wish to open a diner, this guide will lead you through every step. It covers everything from understanding different restaurant types to finding your own culinary specialty. Every aspect is key to … Read more
When your business is in trouble, it’s vital to act quickly. A solid business recovery plan can put you back on track. Turnaround strategies are key to avoiding failure and achieving growth. Big companies like 3M and Ford have turned things around by focusing on new technology and exploring new markets1. It’s crucial to tackle … Read more
For small business owners, diving into corporate structures can change your tax approach. The S corporation stands out for its tax plus points and asset safety, similar to a C corporation. By fitting under Subchapter S of the Internal Revenue Code, they let profits and losses flow straight to shareholders. This way, it skips the … Read more
Creating an effective business proposal is key to winning or losing a client. It aims to show potential clients, investors, or partners why teaming up is a great choice. It highlights how your services can boost their success1. This article will guide you through creating compelling proposals that grab attention and seal deals. A strong … Read more
The key to increasing profits is in strategic pricing. By using target pricing, companies can set prices that meet customer expectations and boost profits. It involves understanding market demand and changing prices wisely to increase profits. For instance, a premium phone case company sets its price at $25 per unit. Their goal is to attract … Read more
More businesses are choosing satellite offices to support remote work and grow. These offices make it easier for companies to work from different places. This leads to happier employees and less money spent on office space. For instance, Actualize Consulting focuses on better wellness benefits. Degreed uses the Calm app to ensure their remote teams … Read more
Dressing professionally is key in fields like finance, government, and law. It helps you make strong first impressions. A study in Psychological Science reveals we judge people within seconds of meeting them. So, wearing the right clothes matters1. Wearing quality business clothes can make you feel better about yourself. It can also earn you respect … Read more
Understanding what counts as a small business might sound easy, but it’s complex. The Small Business Administration (SBA) sets clear rules to figure out if your company is considered small. It looks at things like making money, having a location in the U.S., and mainly working within the country or helping by paying taxes and … Read more
Nowadays, it’s crucial for retailers to keep products in stock to keep up with competition. Vendor Managed Inventory (VMI) makes supply chains stronger. It does this through sharing data automatically, improving forecasts, optimizing shipments, and keeping stock rates high. VMI also adapts quickly to changes in market demand. Rick Bumpus, the Executive VP and COO … Read more
Thinking about owning a franchise? One key part is the franchise fee. This fee is critical for making business investment choices. It covers initial and ongoing expenses, crucial for the franchise’s success. For instance, Groutsmith’s initial fee is around $19,900. But, fees for different franchises usually range between $25,000 to $50,0001. It’s important to know … Read more
Start using Lean management principles to get rid of waste and boost your work’s effectiveness. These rules started with the Toyota Production System (TPS) back in the 1950s. They have helped Toyota become a top name in the car world1. Through ongoing efforts to get better, like Kaizen, companies can see big improvements in efficiency2. … Read more
Success in business comes from more than just making money. It’s about fulfilling the needs of customers, employees, and investors. Knowing what your business aims to achieve is crucial. It’s one of the top three things that drive a company forward. Understanding what customers want and having the right team are also key. Together, they … Read more