As prices on various products and services have risen to levels not been in nearly 40 years, consumers and business owners alike are starting to wonder if inflation will be here to stay. While you can get a different answer to this question from almost any economist, the fact is the current business environment is one that will be difficult for small business owners in many ways. Read more
As you know by now, the COVID-19 pandemic has resulted in the world’s supply chain going haywire. Along with this, it has altered the ability of manufacturers to produce the all-important computer chips that are used in so many things in today’s world. While most of the focus regarding the chip shortage has been primarily on automakers and other large corporations, small business owners have felt the impact in many ways. If you’re curious about the impacts to small businesses and what lies ahead, here are some important facts to keep in mind. Read more
The current labor shortage is a strange phenomenon. According to the experts, there are millions of jobs available, but not enough workers to fill them. Now, along with supply chain disruptions and chip shortages, businesses of all sizes must deal with an absence of workers to keep their businesses running smoothly.
Do you feel the urge to start your own business? Whether you’re thinking of an online business or something firmly planted in the brick and mortar realm, you’ll be glad to know there are plenty of resources available to you. Most of the following resources are free. Some require a small investment. All of them are valuable and indispensable to entrepreneur-minded folks like you.
Maximizing customer value is an important part of maintaining and growing your business. Your customer value proposition is what keeps existing customers happy and brings in new business. Without a clear value proposition, you may have difficulties marketing yourself to new customers.
Its year-end review time at many companies. Instead of dreading it, or worrying about giving negative feedback, why not turn it into a chance to improve morale and engagement? You can do this by including a professional development plan with your review.
As any bookstore owner who’s heard a customer say, “That’s okay, I’ll order it on Amazon,” when a book is out of stock can tell you – supply chain management can make or break a small business. Supply chain management is the flow of input materials, finished goods, or services, through your business. It’s particularly important for businesses that produce or carry physical inventory.
Do you know how much inventory is in your warehouse right now? If the answer is a shrug, you would do well to learn about inventory management. Businesses which rely on the sale of physical goods must learn how to manage the flow of those goods in and out of their warehouse.
Whether you’re big or small, putting together a PR strategy pays off in multiple ways. A press release that a reporter turns into an article could send new customers to your door. Having a good reputation in your community strengthens your business’ sales and longevity. And good relationships with the media result in free publicity and building your reputation as experts in your field.
For many companies, personnel and personnel-related costs represent the biggest chunk of their expenses. During this pandemic, companies of all sizes have had to take a closer look at their personnel costs to see where cuts can be made. This has resulted in millions of people losing their jobs. But what if there were alternatives? Maybe your company doesn’t need to lay off as many people as you might have thought, in order to survive.