Reducing small business costs is something every business needs to do, no matter the type or the structure of the business. In today’s economic situation, it has become increasingly important for small businesses to find ways to reduce overall costs. This helps to boost the bottom line of the business even when sales are lower. In some cases, it can … Continue reading
Supplier management is not something many small businesses think about, at least initially. You likely purchased from a supplier because they offered the product or service you needed and had a good price. However, there is more to the process of managing suppliers than just this. Consider the success of your business if your supplier stopped providing to you or … Continue reading
Supplier selection and evaluation process is the primary activity of any business to leverage your productivity. Who you hire as a supplier is up to you and the speck of what the company can provide. You can decide to work with small and low cost suppliers, especially when your needs are very specific or the options are very limited. You … Continue reading
If you were to hire an employee, you likely would spend time interviewing and learning about the prospective employee before you actually turn your business over to that person. You should do the same thing, if not more so, with your supplier. Here are a few supplier evaluation criterias that you need to take into consideration when it comes while … Continue reading
Many businesses focus on growing sales as a regular component to the actions of that business. However, in some cases, businesses get into a rut and use the same formulas over and over again to grow sales rather than stretching in new ways. If your business is growing slowly or has stopped finding success in its marketing methods, it may … Continue reading
An important consideration to the question of why to enter the market focuses on who is selling in that market for your business. If you have a sales team being paid to help you to find opportunities, those people are working to help you to succeed. In other cases, you may find that companies are trying to encourage you to … Continue reading
Before entering into a new market, it is a good idea to ask yourself what level of acceptability the market must offer to your business before you enter. Here are some questions and concerns to take into consideration before you make such a move with your business. In order to compete within that new market, what must your business offer? … Continue reading
Your business has the opportunity to move into a new market. You may be just thinking about the benefits of making such a move. On the other hand, you may be concerned about whether making this move is going to turn your business in a positive direction. In some cases, the decision to make such a move is an easy … Continue reading
Making a move into a new market can be a good move, but in other cases, it can pose risks to the business. In many cases, the market may have an opening, for example, due to the failure of another company. It can be tempting to take your business into that market to fill that vacancy, but before you do, … Continue reading
New geography is a term often used to refer to emerging markets, new markets in which a business could potentially expand. While emerging markets does often refer to whole countries that are restructuring the way they do business to allow for new opportunities to do businesses, it can also mean smaller markets that are growing. Perhaps a sleepy town nearby … Continue reading
