Operations Articles

When running a business, you likely face setbacks due to unforeseen costs. Unplanned expenses, like inventory shrinkage, can lead to a drop in profits and require you to alter your accounting books. To combat significant inventory shrinkage, you must familiarize yourself with what it is, why it happens, and preventative actions you can take. And […]

All types of businesses experience turnover at some point. And to improve your turnover rate, you must know how to calculate it. Read on to learn how to calculate turnover rates and ways to improve your rate.

Take a step back and think about this: How well do you really know your customers? If you’re in a business that involves money, such as a bank or insurance agency, it can pay off to do your due diligence when it comes to your customers. The process of knowing your customer and verifying your […]

You’ve heard of employees. You know about independent contractors. And by this point, you may be familiar with what is a statutory employee. But, what about a statutory nonemployee?

The time may come when you want to shut down your business to retire, open a new venture, or start a new career path. Regardless of your reason, the process for closing a business is different than selling it. Although it can be overwhelming, you can de-stress with our closing a business checklist.

Starting a business venture is risky. You may make costly mistakes throughout your entrepreneurial journey. And, there are many things outside of your control that can affect your enterprise. Although you can’t always prevent threats, you can defend yourself through small business risk management.

Not being able to pay your debts can be scary. And when your creditor is the IRS, you might be especially nervous about making ends meet. To alleviate some of your tax debt burden, consider applying for an offer in compromise.

In business, there are no guarantees. At some point, you may find your small business struggling to make ends meet or overburdened by debt. If you’re looking to increase your company’s bottom line, consider business reorganization. Some business owners panic when they think of bankruptcy organization. But before you stress out, remember two things. First, […]

As a small business owner, you know it’s rare for things to go according to plan. But, without a sense of direction, you’re steering your business blindly into the future. You need to know where you’re headed in order to make smart decisions. To get an outlook on your business, you can learn how to […]

Part of being a small business owner is strategizing pricing, creating and marketing products or services, and paying attention to industry trends. If you sell goods, you need to know about the product life cycle.