HOW RETAIL TRADE CAN BE A REWARDING ENTERPRISE FOR SMALL BUSINESS OWNERS Retailers are business firms engaged in offering goods and services directly to consumers. In most– but not all – cases, retail outlets are primarily concerned with selling, merchandise. Typically, such businesses sell individual units or small groupings of […]
AUTOMATION AND THE SMALL BUSINESS Understanding and making use of automation-oriented strategic alternatives is essential for manufacturing firms of all shapes and sizes. It is particularly important for smaller companies, which often enjoy inherent advantages in terms of operational nimbleness. But experts note that whatever your company’s size, automation of […]
KEYS TO SUCCESFUL BIDS FOR GOVERNMENT CONTRACTS Many small businesses maintain and increase their operations through reliance on local, state, and federal government contracts. While these businesses may also secure business through the offering of competitive bids on jobs offered by the private sector, small business owners should be aware […]
HOW TO DEVELOP A CLEAR, CONCISE, COMPELLING MARKETING STORY (PART 2) Whether you are a sole proprietorship or a fortune 500 company, you have the same job to do. You must develop a clear, concise, compelling marketing story that addresses your customers’ needs and concerns. And you must use the […]
HOW TO DEVELOP A CLEAR, CONCISE, COMPELLING MARKETING STORY (PART 1) Whether you are a sole proprietorship or a Fortune 500 company, you have the same job to do. You must develop a clear, concise, compelling marketing story that addresses your customers’ needs and concerns. And you must use the […]
HOW PENETRATION PRICING WORKS Penetration pricing is a strategy employed by businesses introducing new goods or services into the market place. With this policy, the initial price of the good or service is set relatively low in hopes of “penetrating” into the marketplace quickly and securing significant market share. This […]
REQUIREMENTS FOR SUCCESSFUL QUALITY CIRCLES A quality circle is a participatory management technique that enlists the help of employees in solving problems related to their own jobs. A quality circle is defined as “a small group of employees doing similar or related work who meet regularly to identify, analyze, and […]
HOW TO DETERMINE OVERHEAD RATES Overhead expenses are those production and nonproduction costs not readily traceable to specific jobs or processes. Overhead expenses encompass three general areas: indirect materials, indirect labor, and all other miscellaneous production expenses, such as taxes, insurance, depreciation, supplies, utilities, and repairs. Therefore, overhead expense is […]
KEY COMPONENTS OF A TYPICAL LICENSING AGREEMENT A licensing agreement is a legal contract between two parties, known as the licensor and the licensee. In a typical licensing agreement, the licensor grants the licensee the right to produce and sell goods, apply a brand name or trademark, or use patented […]
WHEN DECIDING WHETHER OR NOT TO LICENSE A NEW PRODUCT Given the popularity of licensing, many businesses today must face the question of whether to manufacture a new product itself or license the product to another company. Major factors entering into this decision are the nature of the product and […]
