SPECIFIC EXPENSE ACCOUNT POLICIES FOR A SMALL BUSINESS Expense accounts, also called expense allowances, are plans under which companies reimburse employees for business-related expenses. These expenses include travel, entertainment, gifts, and other expenses related to the employer’s business activity. Of particular interest to businesses and their employees is the tax...
Month: November 2021
HOW GROUPTHINK WORKS Groupthink is defined as “a mode of thinking people engage in when they are deeply involved in a cohesive in-group, when the members’ striving for unanimity override their motivation to realistically appraise alternative courses of action. Groupthink refers to the deterioration of mental efficiency, reality testing, and...
PRICING GOODS AND SERVICES FOR FOREIGN MARKETS Pricing products to be competitive in international markets can be a challenge. Pricing that works in one market may be totally uncompetitive in another. A well-considered pricing strategy, then, is regarded as an essential component of any business’s exporting plan. Any business, large...
WHEN TO BUILD A CUSTOMER PROFILE As mass marketing’s appeal begins to fade, it is being replaced by target marketing. Target marketing means knowing as much as possible about your current and potential customers and reaching them through very specialized advertising or marketing campaigns. The first question to ask when...
STRATEGIES FOR TRACKING ADVERTISING’S EFFECTIVENESS Once a business owner has successfully designed and placed an ad (or had that ad successfully designed and placed by an agency), he or she will be eagerly awaiting the increased sales that advertising promises. While advertising can be an effective means of increasing profitability,...
GUIDELINES FOR DETERMINING FACILITY LAYOUT AND DESIGN Facility layout and design is an important component of a business’s overall operations, both in terms of maximizing the effectiveness of production processes and meeting employee needs and/or desires. Facility layout is the physical arrangement of everything needed for the product or service,...
WHY CREATING A DISASTER AND RECOVERY PLAN IS RIGHT FOR BUSINESS Business owners are strongly encouraged to make contingency plans for responding to and recovering from disasters that may befall them. Analysts note that disasters, whether they take the form of floods, corporate espionage, fire, health pandemic, or power outages,...
STEPS TO OBTAINING CREDIT APPROVALS FROM LENDERS Many businesses must rely on loans or other forms of credit to finance day to day purchases or long-term investments in facilities and equipment. Credit is one of the foundations of the any economy, and businesses must obtain credit in order to compete....
WHEN SECURING A BUILDING CONTRACTOR BECOMES INEVITABLE Many successful businesses eventually decide to expand their operations by purchasing, leasing, or building a new facility. In some instances, the business in question relocates its entire operation in the new facility. In other cases, the business may use the new facility to...
