Weâre going to say it, loud and proud: small businesses are the backbone of the economy. The Federation of Small Businesses reports nearly 6 million businesses with fewer than 50 employees, with half the gross revenue of the entire private sector. Some of these businesses are very small â so small that they are run entirely by the business owner alone.
These tiny but fierce businesses thriving today in the competitive market are called ânano businesses,â with âfewer than oneâ people engaged
When running a food service or retail business, it is crucial to evaluate it regularly to ensure that youâre on the right track. One of the most integral parts of your business is managing your inventory.
Inventory management is an essential part of supply chain management that ensures you have the right products in the correct quantity for sale at the right time.
How has your small businessâs inventory management been so far?Â
Have you had the right products and the right quantit
With the vaccines being rolled out in all parts of the globe and as the economy reopens, things are beginning to look up again for small businesses.
Small business owners are hopeful that now is the best time to take that plunge or level up the way they run their business, as chances for profits are on the rise. To be successful, you will need to grab your consumer's attention and make your business stand out from competitors.Â
Here are 9 game-changing tips every small business owners
Keeping your restaurant business up and running amidst the fierce competition and rapidly changing trends can be challenging. Seasonality, the economy, and even trends, so many factors come into play for people to continuously choose your restaurant. But one thing is constant for restaurateurs: no matter how much you sell, there is always something you can do to level up the way you run your restaurant business to increase sales and improve overall customer satisfaction.
Long gone are those
Everybody knows the challenges and risks of starting your own business. As tempting and promising as it may seem in our imagination, there is always a lingering hesitation we find at the back of our heads whether we would be able to succeed.
Everyone has to start somewhere, and many of the most successful entrepreneurs came from very humble beginnings. These entrepreneurs started small but grew their companies to worldwide brands. They started with nothing and still hit dizzying heights of
Nowadays, there is a rising trend of businesses going from the traditional brick-and-mortar store to online. When the pandemic broke off, urging people to make certain adjustments such as refraining from physical contact, we found ourselves doing more and more things online. Instead of going to the office, we start to work remotely. Even businesses were no exceptions to the transition by switching from running their physical shops to e-commerce. Analysis from UNCTAD has found global e-commerce s
Running a retail store requires an array of skills in administration, management, and marketing. From ensuring that your inventory is stocked up to putting together monthly sales reports and summaries, these skills are necessary for your store to run smoothly.
Having an efficient Point of Sale system can go a long way, so you can rest assured that all your operations are centralized and work simultaneously.
What is a POS And How Does It Work in Retail?
The Point of Sale (POS) refe
Between 2010 and 2013, mall visits decreased by 50%, and the trend continued until the present. Even more, when pandemic struck in 2020, driving all physical retail stores shut. This occurrence has been happening in Southeast Asia for several years, but very few realize that this is the retail apocalypse.Â
Despite growing optimism about the end of the pandemic, research has predicted that about 10,000 stores could close in the U.S. alone this year. This number will set a record high for a n
If you have started spreading the word that you want to dive right into the coffee shop business, you've most likely gotten some raised eyebrows from dubious friends and family. So if you need a little more push or encouragement, read on!
Opening a coffee shop can be highly profitable if you do it right. Come to think of it, most specialty coffee shops are likely to be full of customers any time of the day enjoying coffee, espresso, lattes, teas, desserts, and an exciting variety of pa
Food holds the power to change our mood, our feeling and attitude toward something. It has a healing power â a protective blanket that touches our soul- almost like a therapeutic session. A good hearty meal can influence our perspective.
But people sometimes tend to forget the fact that the food cooked in the home tastes different than the one cooked in the restaurant.
When we set off to cook a meal, be it for our family or a romantic evening for two, we would often start with a v
Affiliate marketing is a powerful marketing strategy by which a company taps into a network of affiliates to promote their products on their site. The affiliates are then paid a commission based on the amount of traffic, conversions, leads or sales generated by the promotion.Â
By partnering with affiliates, which mostly consists of influencers, bloggers, paid search focused microsites, email lists and large media websites to help you promote your business, you will significantly expand your
An affiliate program is a digital marketing strategy where your business recruits partners, known as affiliates, to place links to your business on their website, blog, or social media page. You then pay these affiliates a commission every time someone makes a purchase or visits your site via their affiliate link.
There are two ways to have an affiliate program: One is through an already existing affiliate network and the other is by using your in-house tracking solution.
Advantages of
Digital payment providers that offer the convenience of payment transaction using mobile phones are rapidly emerging in the global market today. One of the services that has gained popularity in the business world nowadays are QR code payment solutions.
Digital payments using QR codes are solutions that enable merchants to receive payments for their goods and services by providing a QR code for their customers to simply scan to complete the transaction.Â
These QR codes are generated by
QR codes are known for efficient marketing and information sharing, but it is also a popular way for people to make mobile payments, especially since the Covid-19 pandemic started. QR codes rose up to popularity as an excellent way for merchants to accept payments without the use of a card machines or other complex hardware and setup.
QR Codes can store a large amount of information per unit area. It works similarly to a barcode except it has a pattern of black squares that are arranged on
While maintaining inflated cash flow as their top priority, more and more businesses nowadays are leaning towards accepting payments online. As we aim to grow our sales with lesser boundaries, targeting global audiences, it is important to have a system that caters to the needs and convenience of our customers worldwide. Fortunately, there is an expanding selection of platforms and services to make money transfer from one online account to another in a cheaper, faster and more hassle-free way.Â
No matter what business youâre in or where you are in the world, there is a way to receive payments online. Online payment systems are third party payment providers that help businesses receive payments from their customers on the e-commerce website or online service platform. This is done via a user-made account, email address or credit card.Â
Online payments have evolved significantly over the recent years as more consumers are becoming more digitally savvy and opting for the more technol
The effectiveness of your order processing system is definitely a make or break factor for your business. If youâre managing a swiftly growing one and you just would like to save yourself the trouble of late shifts for packing and shipping products, orders going to the wrong address, and other unwanted circumstances of the likes, you should probably be considering integrating an order fulfillment software to help you win in this part of management.
Order fulfillment software programs are to
When you're managing a start-up business and you donât really deal with much volume of products, itâs easy to keep and track your inventory in your garage and make time to do the packaging and shipping yourself. However, fulfilling orders can quickly become a demanding task when your sales starts to increase, requiring you to invest in more storage space and additional equipment and staff.
Fulfillment services companies are firms that provide assistance to your business in terms of receivin
Your product sales are increasing, your daily orders are larger in volumes, your business is expanding and so are your goals; and youâre looking for a great way to free up your time by helping you take care of things in-house. Time can be considered your greatest resource and it just makes total sense to enlist a business optimization procedure to give you just that. This is what fulfillment services are here for.Â
A fulfillment service is a third- party warehouse that prepares and ships or
It is a common misconception to think that mergers and acquisitions, popularly referred to as M&A is only for large-scale, multi million businesses. Even in the local or regional set-up, M&A arrangements can be a power move for small and medium-sized enterprises (SME).
The concept of fast growth and value generation through M&A works just as much for SME, as it does for larger ones. When executed the right way and with the aid of the right financial advisors, the synergy of your b
Point of sale (POS) systems are becoming the technology of choice for organizations looking to thrive in the cutthroat business industry.Â
Grand View Research reveals that the POS software market surpassed $9.3 billion last year and will reach $18.1 billion by 2027. This increase can be attributed to its ability to automate sales processes, monitor inventory, and provide businesses real-time data and reports. It can also help businesses make quick and educated decisions to increase store pr
Launching a business, let alone running it is arduous and not for the faint of heart. The tedious process includes coming up with the idea, developing the business plan, finding and securing investors, products source, suppliers, finding a location, hiring employees and spreading the word through marketing, advertising, and social media. Despite going through all the hard work of all the steps, thereâs always a lingering chance that a single lapse could cause the entire business to fail. Just li
Retail franchising gives merchants and entrepreneurs the experience of owning a business without some of the risks and mistakes startups often make. By running an already established system of operations, your business is much more proven and secured. Not to mention not needing to invest much on advertisement and brand recognition, since those are already a given upon purchase of the franchise. You can also always count on support and advice from the franchisor and other franchisees to help you
Just like how our carâs dashboard gives us real-time data about how our car is performing, dashboard software collects data that can optimize business management and contribute to the overall success of the company. Â In just a glance, dashboard softwares helps merchants and business owners have a better grip of their businessâ performance by creating data visualizations (charts, graphs, scales, etc) to evaluate their operations at any time. This will eventually help them have better forecasts fo
If you are one of the many who find themselves caught in the jumble trying to figure out the difference between online marketplaces and e-commerce websites, then you have come to the right place! Here, we break down for you a thorough comparison of the two online platforms that are big in the e-market arena today, to help you decide which one is best for you and your business.Â
You are not alone. Most people assume that online marketplaces and e-commerce websites may be the same thing. Thes
