Business Setup and Management

All businesses lose customers. According to Profitwell.com, this average customer retention rate by industry is: Retail: 63% Banking: 75% Telecom: 78% IT services: 81% Insurance: 83% Professional services: 84% Media: 84% While none of these industries can keep all their customers, it is possible to decrease the losses. The first step is figuring out why […]

When running a business, there are two types of costs: fixed costs and variable costs. Any alteration in the fixed or variable costs may affect your company’s net income and breakeven point. Fixed costs do not shift with the amount of the items produced or sold; however, variable costs do. What is a Fixed Cost? […]

You’ve just hired a qualified candidate — someone you think is perfect for the job. Now, you’re tasked with training that person, showing them the ropes, and introducing them to their new role at the company. That can happen at the orientation. Orientation is the first step in the onboarding process. Often, a new employee’s […]

First-line employees in the retail industry are the first to communicate with customers. The responsibility of leaving a good first impression is usually on their shoulders, and as the famous saying goes: you never get a second chance to make a first impression. Politeness and readiness help your customers leave your store with a smile […]

Price is often the determining factor in whether or not a consumer will make a purchase. It is one of the primary measures customers use to compare products and services with those of the competition. Understanding price can help you make a pricing policy that will attract more consumers and increase profitability. It’s a bit […]

The key to a successful business is having an organized setup. That’s never more true than in the warehouse, the backbone and foundation of a retail business. Having a disorganized warehouse can affect the production and productivity of your company. On the other hand, cleaning, organizing, and labeling your warehouse can make it seem larger […]

Thirty percent of Earth’s total waste comes from the United States, and 20.4% of that waste is made up of goods thrown out by businesses. As Earth Day approaches, let’s protect our planet from damage caused by human activities. Here are some tips on how to adopt cost-efficient and eco-friendly ideas for your business. An […]

Working past the traditional retirement age is more common than ever. According to the 2019 Census, almost 26% of the American workforce is between 65 and 74. Whatever your reason for wanting to work post-retirement, the good news is that you, as a senior citizen, have plenty of options. Whether you want to continue working in […]