For many small businesses, inventory represents a substantial part of the company’s assets and expenses. Some companies only conduct physical inventory counts at the end of their fiscal year, relying on their software to determine whether there is sufficient stock to fill…

The world of business has always evolved, but in past centuries, evolution has been slow and typically involved protracted battles between those committed to change and those committed to maintaining the status quo. Throughout most of the 20th century, business…

An earlier post discussed the importance of retaining quality employees. In brief, employee turnover costs your company money in a variety of ways. There are easily quantifiable expenses, including the cost of placing ads or paying overtime to your remaining…

Starting your own business can be emotionally and financially rewarding, but it can also be emotionally and financially draining, especially during the early years of the company’s life. If you want to succeed as an entrepreneur, you want to make…

Many successful businesses begin as one or two-person operations. As the company grows, it becomes necessary to hire additional employees to keep up with all the tasks that must be handled to meet current and future demands. However, you may…

All companies incur expenses. Most of the time, invoices and statements are sent directly to the company for payment. However, there will be times when an employee incurs an expense on behalf of the company. For example, you might have…

Entrepreneurs often start a business as a one-person operation. They become accustomed to handling all the tasks and micromanaging every detail. However, as their businesses grow, they find that they need help, so they begin hiring employees. Unfortunately, many entrepreneurs find…

When you launched your business, you may have been the only employee, making you responsible for every task and every decision. Perhaps you had assistance from family members or friends, but your selection was probably based on their willingness rather…

Some entrepreneurs consider a budget to be a rigid, dictatorial document that robs them of power and stifles their creativity. Others believe that budgets are only important to government agencies or large corporations. However, a formal budget is just as…

As an entrepreneur, it is always an exciting moment when your business has succeeded to the point that you need to hire help and can afford the additional expense. However, if your business is thriving, you may feel that you…