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Cost management is key to business profitability

Cost management is key to business profitability

Business
An understanding of cost behavior not only helps cost management as such but also supports strategic and tactical decision-making across the entire spectrum of business operations. Projects, processes and regular operations can all benefit from cost management, leading to overall business performance improvement. Cost Analysis for Decision Support Information When cost accounting started during the industrialization era, the emphasis was on finding the direct costs of making a product or providing a service to help in setting prices. Establishment costs such as rent and administrative expenses tended to be ignored and had to be recovered through the high margins in the selling prices. Emphasis then turned to ascertaining the "full" cost of producing something. Complex and labo...
Business owners need these succession plans

Business owners need these succession plans

Business
For many business owners, family succession planning can be a daunting task. There are a number of variables and individuals to consider in the process. Advisors in different areas of expertise will need to be brought in. Also, what’s the timing for when the plan gets implemented? Again, there is a lot to consider and think about. Here are some valuable suggestions to consider for small business owners, the so-called small and medium enterprises. Not All Children are Entrepreneurial But before the process begins, owners must consider the idea that entrepreneurship does not necessarily pass from one generation to the next. It would be nice to have a child take over the business but that isn’t always the case. In fact according to the SBA, it occurs about thirty percent of the time...
Pros, cons and loans in self employment

Pros, cons and loans in self employment

Business
The pros and cons of self employment are actually pretty great in number, and they might not even be the same for every professional who’s ever dabbled with work at home. For some, hours of working alone can be refreshing, invigorating and the perfect environment for finishing projects. For others, the sheer loneliness of self employment is a deal-breaker. What does it take to work at home? Self Employment: The Pros Who doesn’t want to call the shots, be the boss and make all the decisions? Sure, self employment is great for independence. But at the same time, even that could be considered a con. What are the pros of self employment, and do these positives make up for the negatives that might come with working on one’s own? Flexible Hours. Need to be three hours late next Wedn...
The Fundamentals of Deploying Business Intelligence Software

The Fundamentals of Deploying Business Intelligence Software

Business
Data has become a critical asset in everyday business. Business intelligence lets organizations leverage data fully by offering visible insights into the available information. It also provides companies with unique competitive advantages— when done right.  Deploying business intelligence software, you’ll gain potentially overlooked insights from essential data, which can offer vital advantages to your operations. BI software also makes it easy for enterprises to monitor the copious amounts of data they collect.  With all of that said, deployment is everything. A single misstep could lead to budget issues, delays and data misuse. The following processes are key to the successful implementation of an actionable BI strategy. Identify Objectives Before you do anything with your da...
The Secrets to Successfully Selling Online

The Secrets to Successfully Selling Online

Business
Most businesses have an online presence, and the online marketplace is widely accepted to be the biggest opportunity for brands to thrive in the upcoming years, as brick-and-mortar footfall declines dramatically and is unlikely to recover. As businesses move online, they quickly tend to realize that successful selling online takes much more than simply putting your products or services up on your website. This guide is here to help you to learn about what successful online selling takes. Know Your Target Market Knowing your target market is vital – it impacts almost all the different activities that make up selling online. Knowing your target market is the best way to ensure that your digital marketing resources are bringing in the highest return. You need to be directly targeti...
Travel expense forms monitor business spending

Travel expense forms monitor business spending

Business
Travel Expense Forms Monitor Business Spending Managing expenses is a necessary part of any business, but particularly for a small business, due to the need to be extremely vigilant about costs. Reimbursing employee expenses can be expensive, and careful management of these expenses is important. In order to minimize costs, small businesses can maintain expense management systems, to keep track of records and trends. Organizing expenses and reimbursement is generally the same, regardless of the type of travel expense forms used. Expense Management Systems Expense management systems help small business owners organize the process by which employees report, and request reimbursement for, expenses. Travel expenses can add up, particularly for employees that are not careful with a...