We’re 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 – 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 “nano businesses,” with “fewer than one” people engaged
When running a food service or retail business, it is crucial to evaluate it regularly to ensure that you’re 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 business’s inventory management been so far?
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.
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.
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 – 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.
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
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.
No matter what business you’re 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.
Online payments have evolved significantly over the recent years as more consumers are becoming more digitally savvy and opting for the more technol
Point of sale (POS) systems are becoming the technology of choice for organizations looking to thrive in the cutthroat business industry.
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
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
Productive work and the success of any business directly depends on the professionalism and quality of accounting. Observing the deadlines for filing reports, timely and correct payment of taxes, correct charges, timely posting of primary documentation, drawing up declarations are conditions that have a direct impact on the fruitful work of all departments of a company or enterprise.
Accounting allows the company to avoid misunderstandings with the authorities and representatives of tax ser
Modern retail is working to create a positive emotional atmosphere in stores. We've collected a few tools to help your grocery shop or supermarket create a sales-boosting atmosphere.
The buyer chooses a shopping place where he or she feels comfortable, pleasant, beautiful, convenient, joyful, fun, and also where he or she is appreciated, loved, and expected. All of these are about positive emotions. A good atmosphere will cause immediate sales growth and generally increase customers’ loyalt
Very often, small and medium businesses need financing. Ether it is the replenishment of working capital when there are cash flow gaps - you have not received payment for bills issued to consumers, but you need to pay your bills. Or you decided, for example, to buy new equipment to take your business to a new level. In other words, you need to find investment for development.
For years banks took the role of providing loans for businesses, but nowadays, many other online platforms can offe
Entrepreneurs and business owners need to improve their skills and knowledge to succeed—one of the ways of strengthening offered by online educational resources.
During the last decade, a MOOC becomes a popular way of learning. A massive open online course (MOOC) is an online course aimed at unlimited participation and free access via the web. Educational websites offer online courses with video lectures as well as quizzes to check the learning process. Many courses have additional interactiv