KEYS TO FINDING OPTIMAL FIRM SIZE Optimal firm size refers to the speed and the extent of growth that is ideal for a specific business. Optimal firm size is dependent on a variety of internal and external factors. For some home-based businesses, the optimal firm size may be the two […]
NET INCOME AS INDICATOR OF FINANCIAL HEALTH OF BUSINESS Net income is an accounting term that can be defined as the difference between a company’s total revenues (money earned from sales or investments) and total expenses of money paid to produce goods or services, plus salaries, rent, depreciation, etc.), for […]
THE VERSATILITY OF A MOBILE OFFICE Advances in communication technology, entrepreneurial creativity, and other ever-more-hectic pace of modern life have all combined to encourage the development and refinement of mobile business offices. Indeed, entrepreneurs have been a driving force in the creation of computers, telephones, and other office equipment and […]
CHARACTERISTICS OF EFFECTIVE MISSION STATEMENTS Mission statements are documents that are intended to serve as a summary of a business’s goals and values. Their contents often reflect the fact that they are utilized both as an internal performance enhancer and as a public relations tool. Mission statements serve several purposes, […]
MARKET ANALYSIS Market analysis is a tool companies use in order to better understand the environment in which they operate. It is one of the main steps in the development of a marketing plan. The first step is to conduct market research – or gather information through direct mail, telemarketing, […]
BENEFITS OF TARGET MARKETING FOR SMALL BUSINESSES A target market is a group of customers with similar needs that forms the focus of a company’s marketing efforts. Similarly, target marketing involves tailoring the company’s marketing efforts to appeal to a specific group of customers. Selecting target markets is part of […]
THE VALUE SELF-ASSESSMENT Self-assessment is a tool that involves performing a critical analysis of one’s own goals, interests, skills, and experience. Among its many applications in the business world are employee development, team performance, and organizational change efforts. But self-assessment is perhaps most valuable for would-be entrepreneurs considering starting a […]
ENVIRONMENTAL AUDIT Environmental audits are reviews of a company’s operations and processes for the purpose of assessing compliance with the environmental rules and regulations. Environmental audits cover a broad spectrum of business activities and areas; including buildings and building sites; activities and procedures; industrial and commercial developments; and engineering hazard […]
MISCONCEPTIONS ABOUT DEPRECIATION Depreciation is an annual deduction that businesses can claim for the cost of fixed assets, such as vehicles, buildings, machinery, and other equipment. According to the tax law, depreciation is defined as a reasonable deduction for the wearing down and/or obsolescence of these fixed assets. It is […]
HOW DECISION SUPPORT SYSTEMS CAN BE A VALUABLE TOOL FOR SMALL ENTERPRISES Decision support systems are a set of manual or computer-based tools that assist in some decision-making activity. In today’s business environment, however, decision support systems (DSS) are commonly understood to be computerized management information systems designed to help […]
