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 […]
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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 […]
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, […]
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, […]
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 […]
ADDRESSING TEMPORARY CASH FLOW PROBLEMS IN TROUBLED TIMES Cash management is a broad term that refers to the collection, concentration,  and disbursement of cash. It encompasses a company’s level of liquidity, its management of cash balance, and its short-term investment strategies. In some ways, managing cash flow is the […]
FINANCIAL TOLL OF ABSENTEEISM ON A BUSINESSÂ Absenteeism is the term generally used to refer to unscheduled employee absences from the workplace. Many causes of absenteeism are legitimate – personal illness or family issues, for example – but absenteeism also can often be traced to other factors such as a […]
BENEFITS OF INTERNSHIP PROGRAMS Internships are arrangements in which tertiary institutions students lend their talents to companies in return for an opportunity to develop business skills and gain exposure to the work environment. Many internship programs do not compensate interns financially – though some companies make exceptions to this general […]
IMPORTANCE OF A CROSS-TRAINING PROGRAM FOR EMPLOYEES Cross -training involves teaching an employee who was hired to perform one job function the skills required to perform the other job functions. Simply put, cross-trained employees become skilled at tasks outside the usual parameters of their jobs. Cross-trained employees might focus their […]
WHY BUSINESS PLANNING IS IMPORTANT FOR BUSINESS SUCCESS …Key steps in the planning process Business planning, also known as strategic planning or long-range planning, is a management directional process that is intended to determine a desired future state for a business entity and to define overall strategies for accomplishing the […]
