BARRIERS TO SUCCESSFUL BENCHMARKING CAN HINDER BUSINESS SUCCESS Benchmarking is the practice of identifying, understanding, and adapting the successful business practices and processes used by other companies (or even other departments within the same company) to increase your own business success. It is a business strategy that is used by […]
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SELECTING DISTRIBUTION CHANNELS FOR SMALL BUSINESSES Distribution channels move products and services from businesses to consumers and to other businesses. Also known as marketing channels, channels of distribution consists of a set of interdependent organizations such has the wholesalers, retailers, and sales agents, involved in making a product or service […]
VARIABLE PAY AND THE MODERN BUSINESS ENVIRONMENT Variable pay programs are an increasingly popular mode of compensation in today’s business world. These programs, which are also sometimes referred to as “pay for performance” or “at risk” pay plans, provide some or all of a work force’s compensation based on employee […]
EMPLOYEE THEFT: HOW TO CURB THE SCOURGE Employee theft is a problem of considerable size for many companies. Many corporate security experts estimate that 25 to 40 percent of all employees steal from their employers. Small business owners are not immune to this scourge; indeed, many analysts believe that internal […]
BENEFITS OF EMPLOYEE RETENTION Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their job. How to retain valuable employees is one of the biggest problems that plague companies in the competitive marketplace. Several years ago, companies accepted the “revolving door policy” as part […]
WHY NEW PRODUCT DEVELOPMENT IS ESSENTIAL FOR BUSINESS SUCCESS Product development is the process by which a company does one of two things: 1) create an entirely new product that either adds to an existing product line or occupies an entirely new niche; 2) modifies or updates an existing product. […]
KEYS TO SUCCESSFUL PARTNERSHIPS WITH LARGE COMPANIES BY SMALL BUSINESSES Many small business owners see large businesses exclusively in competitive terms. And for small enterprises, that characterization is an accurate one. An independent record store owner, for example, will undoubtedly and legitimately regard the arrival of a new record store […]
WAYS TO COMBAT ABUSE OF SICK LEAVES AND PERSONAL DAYS Sick leave and personal days are a form of time off afforded to employees who must miss work due to an illness or a personal situation. Since nearly all employees need time off occasionally, all businesses should have a clear […]
BENEFITS OF HIRING PART-TIME EMPLOYEES Part-time employees are those who, whether by personal choice or due to employment conditions beyond their control, work fewer hours than the regular, fulltime staff of a business over the course of a year. Many business owners rely on a blend of full time and […]
HOW NETWORKING CAN HELP IN GROWING A SMALL BUSINESS Networking is the process of intentionally meeting people, making contacts, and making relationships in the hopes of gaining access to such business related benefits as career advice, job leads, business referrals, useful information and ideas, and emotional support. For example, a […]
