TIPS FOR EMPLOYERS CHECKING REFERENCES Employee references are the positive or negative comments about an employee’s job performance provided to a prospective employer. In most cases, a prospective employer will contact a person’s current or former employer to seek references as part of the process of considering that person for […]
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STEPS IN DETERMINING BUSINES HOURS The term “business hours” refers to the “open” and “closed” schedule that every business decides upon for its operations. Small and large businesses adhere to a wide range of business hours, depending on many factors, including target customer expectations and demands, technology, and seasonal fluctuations […]
POSITIVE IMPLICATIONS OF CANNIBALIZATION Cannibalization is a phenomenon that results when a firm develops a new product or service that steals business or market share from one of its existing products and services. Thus one product may take sales from another offering in a product line. Although the idea of […]
BUSINESS EXPANSION AND RELATED ISSUES All successful small business startups eventually face the issue of handling business expansion or growth. Business expansion is a stage of a company’s life that is fraught with both opportunities and perils. On the other hand, business growth often carries with it a corresponding increase […]
WHAT FACTORS DRIVE CUSTOMERS’ PURCHASING POWER? (PART 1) Many companies make the mistake of thinking their customers make purchase decisions based on one or two purchase factors that they think are key purchase criteria, such as price or product availability. But this is rarely the case. Customers usually base their […]
KEY GUIDELINES IN SELLING A BUSINESS (PART 1) Many business owners eventually decide to sell their companies, though the reasons for such divestment vary widely from individual to individual. Some owners may simply wish to retire, while others are impatient to investigate new challenges – whether in business or some […]
FUNDAMENTALS OF WORKPLACE PRIVACY Employee privacy issues have surged to the forefront of the business press in recent years, spurred by the changing workplace dynamics and a litigation-conscious business environment. Observers say that advances in telecommunication, coupled with heightened concerns about vulnerability to litigation, have exacerbated management concerns about monitoring […]
EMPLOYEE LEASING PROGRAMS Employee leasing programs are arrangements in which businesses lease their employees through an outside contractor that attends to the various personnel-related activities commonly associated with human resources management. Employee leasing programs have become particularly popular among small- and mid-sized companies, who view leasing as: a viable option […]
RESTAURANT BUSINESS: HOW TO OUTSELL YOUR COMPETITORS Restaurant business is one of those businesses many people feel they can manage successfully. In most cases, success or failure here often reminds one that it is a business that must combine two things: (1) Your idea and skill concerning which food and […]
REWARDING EXCEPTIONAL PERFORMANCE Staff members are paid for the work they do, but many employers have incentive schemes for exceptional performance. When considering these as an option, work out what constitutes expected performance, and plan a sliding scale for anything above it. Defining Exceptional Performance The term “exceptional performance” […]
