HOW TO CONSTRUCT A LETTER OF INTENT A letter of intent is essentially a document that summarizes the major ingredients of a proposed transaction, including the price, payment method, and important target dates (for contract signing and closing). In most cases, the letter of intent is not legally binding, but […]
HOW TELEMARKETING CAN BENEFIT BUSINESS PRODUCTIVITY Telemarketing is the process by using the telephone to generate leads, make sales, or gather marketing information. Telemarketing can be a particularly valuable tool for small businesses, in that it saves time and money as compared to personal selling, but offers many of the […]
WHY SEED MONEY IS ESSENTIAL FOR PROSPECTIVE ENTREPRENEURS Seed money, or seed capital, is the financing an entrepreneur needs in the very early stages of launching a new business. It gets its name from the idea that early stage financing plants the seed that enables a small business grow. Obtaining […]
KEY COMPENSATION PLANS FOR SALESFORCE The sales commission is a method of compensating salespeople for the services they provide to their employer. Under the so-called “straight” commission arrangements, the salesperson receives a previously agreed percentage of the revenue brought in by a sale that he or she makes. Commission arrangements […]
IMPORTANCE OF CONSIDERING THE COSTS ASSOCIATED WITH MANUFACTURED PRODUCTS Product cost is the process of tracking and studying all the various expenses that are accrued in the production and sale of a product, from raw material purchases to expenses associated with transporting the final product to retail establishments. It is […]
STEPS TO SUCCESSFUL INVESTOR PRESENTATIONS Investor presentations are an important but often overlooked aspect of entrepreneurial efforts to secure financing for their businesses. Presentations are particularly important to business owners hoping to raise money from private investors. Whereas institutional investors such as banks rely primarily on financial statements, business plans, […]
FACTORS IN ARRIVING AT A PRICING STRATEGY Intelligent pricing is one of the most important elements of any successful business venture. Yet many entrepreneurs fail to educate themselves adequately about various pricing components and strategies before launching a business. Smart business owners will weigh many marketplace factors before setting […]
KEYS TO SUCCESSFUL PARTNERSHIPS WITH LARGE COMPANIES BY SMALL BUSINESSES Many small business owners see large businesses exclusively in competitive terms. And for small enterprises, that characterization is an accurate one. An independent record store owner, for example, will undoubtedly and legitimately regard the arrival of a new record store […]
WHY REENGINEERING OFTEN FAILS Reengineering is a management tool that is popular with many organizations. Like many such tools, it aims to cut costs while at the same time increasing productivity and providing higher levels of service. And while all this is true, reengineering still offers much more. The concept […]
KEYS TO SERVICE BUSINESS SUCCESS Service businesses are enterprises that are established and maintained for the purpose of providing services (rather than or in addition to products) to private and/or commercial customers. Services have been defined as “activities, benefits, or satisfactions which are offered for sale or are provided in […]
