HOW TO PREPARE COMPETITIVE BIDS Competitive bids are offers extended by businesses in which they detail proposed compensation that they will receive in exchange for executing a specific task or tasks. These tasks can range from providing a service for a set period of time to manufacturing and transporting a...
Year: 2020
WHEN OFFERING COLLATERAL FOR A LOAN Collateral is an item that is pledged to guarantee repayment for a loan. Collateral items are generally of significant value – property and equipment are often used as collateral, for example, but the range varies significantly, depending on the lending institution and variables in...
HOW TO LAY THE GROUNDWORK FOR A NEW BUSINESS People launch their own business for all sorts of reasons. Some are wary of the corporate settings in which they have previously laboured, and hunger for an opportunity to exercise greater control over their lives. Some want to make greater use...
HOME-BASED BUSINESSES: HOW TO BALANCE WORK AND FAMILY Owners of home-based businesses face unique challenges in the realm of achieving a desired work/family balance. Whereas small business owners who commute to their place of business everyday are usually freed from child-bearing responsibilities for the duration of their time there, entrepreneurs...
THINGS TO CONSIDER WHEN DECIDING TO BUY AN EXISTING BUSINESS The decision to buy a business is an extremely important one, for such an acquisition almost inevitably brings significant changes in the buyer’s financial situation and personal life. Such purchases, then, should not be made before first thoroughly investigating all...
HOW BRAINSTORMING CAN PROVIDE SOLUTIONS TO BUSINESS PROBLEMS Brainstorming is a group problem-solving technique that is intended to help members develop innovative new approaches in an unthreatening environment. Brainstorming in its most basic form involves stimulating all the members of a group to express a variety of ideas, which are...
HOW AUTOMOBILE LEASES WORK Leasing an automobile is an alternative to purchasing that usually enables consumers to pay lower up-front costs and make affordable monthly payments. At the end of the lease period, however, the consumer does not own the vehicle. Instead, consumers opting for automobile leasing arrangements pay for...
HOW ACTIVITY-BASED COSTING WORKS Activity-based costing (ABC) is an accounting method that allows businesses to gather data about their operating costs. Costs are assigned to specific activities – such as planning, engineering, or manufacturing – and then the activities are associated with different products or services. In this way, the...
THE TURNAROUND PLAN FOR A TROUBLED COMPANY The Gestation Period of Crisis A crisis rarely develops overnight. The time between the initial cause of trouble and the point of intervention can run from 18 months to five years. What happens to a company during the gestation period has implications for...
WHY BUSINESSES GET INTO TROUBLED WATERS The Cause Trouble can be caused by external forces, and not under the control of management. Among the most frequently mentioned are recession, interest rate changes, changes in government policy, inflation, the entry of new competition, and industry product obsolescence. However, those who manage...
