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...
THE ELEMENTS OF DECISION MAKING Decision making is a vital component of business success. Decisions that are based on a foundation of knowledge and sound reasoning can lead a company into long-term prosperity; conversely, decisions that are made on the basis of flawed logic, emotionalism, or incompetent information can quickly...
HOW WORKPLACE INTERCULTURAL COMMUNICATION CAN ENRICH BUSINESS GROWTH The term “Intercultural Communication” is often used to refer to the wide range of communication issues that inevitably arise within an organization composed of individuals from a variety of religious, social, ethnic, and technical backgrounds. Each of these individuals brings a unique...
KEYS TO SUCCESSFUL EMPLOYEE STRIKES MANAGEMENT An employee strike is an episode wherein a company’s work force engages in a work stoppage in an effort to elicit changes from its employer in such areas as wages, benefits, job security, and management practices. Strikes are typically engineered by labor unions often...
HOW TO DESIGN EMPLOYEE REWARD SYSTEM In a competitive business climate, more business owners are looking at improvements in quality while reducing costs. So, while businesses need to get more from their employees, their employees are looking for more out of them. Employee reward and recognition programs are one method...
EMPLOYEE BENEFITS AND SMALL BUSINESS Employee benefits encompass a broad range of benefits – other than salary – that companies provide to their employees. Some of these benefits, such as workers’ compensation, social security, unemployment insurance, are required by law. The majority of benefits offered to employees, however, are bestowed...
