MAINTAINING AND WARRANTING PRODUCTION PROCESS In the production process, maintenance refers both to the maintenance of plant and equipment used to produce a product or project outcome and to the maintenance or servicing of the product or project outcome after it is sold. Maintenance must be taken into account when […]
Management
WHAT IS KNOWN ABOUT CREATIVITY Creative people are curious and strongly aware of their surroundings. They ask questions and aren’t afraid to do things differently. They are open to all ideas, believing that everyone is worthy of at least initial consideration, and they seem to have a high tolerance for […]
HOW TO INCREASE THE CHANCES OF BUSINESS SUCCESS Starting any business, large or small, requires a tremendous amount of time, effort, and resources. It makes sense to start a business that has the potential to grow large and provide a good return on that investment, rather than spending that same […]
COMMON OBSTACLES TO BUSINESS GROWTH IN RURAL AREAS Rural businesses are those firms that are established and operate in rural settings, far from the metropolitan areas that have traditionally been the site of most non-agricultural business enterprises. Most businesses continue to conduct business in large cities or thriving suburbs, but […]
TECHNIQUES FOR MANAGING ORGANIZATIONAL CHANGE EFFECTIVELY Organizational change occurs when a company makes a transition from its current state to some desired future change. Managing organizational change is the process of planning and implementing change in organizations in such a way as to minimize employee resistance and cost to the […]
KEY STEPS INVOLVED IN DOWNSIZING Layoffs and downsizing are both terms that refer to reductions that companies make in the number of employees on the payroll, although the term ”layoff” is used more often to refer to temporary displacement, while “downsizing” generally has more permanent connotations. Other terminologies sometimes used […]
KEYS TO ERECTING AN EFFECTIVE ORGANIZATIONAL STRUCTURE An organizational structure is the pattern or arrangement of jobs and groups of jobs within an organization. This pattern pertains to both reporting and operational relationships, provided they have some degree of permanence. The individual elements of an organizational structure typically include a […]
HOW TO SET AN INVENTORY STRATEGY An inventory is a detailed, itemized list or record of goods and materials in a company’s possession. The main components of inventory are cycle stock: the order quantity or lot size received from the plant or vendor; in-transit stock: inventory in shipment from the […]
THE IMPORTANCE OF INDUSTRY ANALYSIS Industry analysis is a tool that facilitates a company’s understanding of its position relative to other companies that produce similar products or services. Understanding the forces at work in the overall industry is an important component of effective strategic planning. Industry analysis enables business owners […]
HOW A FACTOR COMPANY CAN BE A USEFUL SOURCE OF FUNDS FOR SMALL BUSINESS OWNERS Factoring is a form of financing in which a business sells its receivables to a third party or “factor company” at a discounted price. Under this arrangement, the factor agrees to provide financing and other […]
