Retail stores sell goods directly to the end user in small quantities, typically in either a brick-and-mortar or ecommerce store. Wholesale suppliers, on the other hand, sell wholesale goods in larger quantities to store owners and others within a number of industries, who then sell the goods to the end consumer. Selling products wholesale provides access to a diverse range ... Read More

A timesheet is a data table that tracks the total hours an employee has worked during a set period. Businesses may use timesheets to track time spent on tasks, clients, or projects. Larger businesses use software or apps to track employee hours, but paper-based timesheets will suffice for smaller companies with fewer employees. In this article, we'll share a few ... Read More

Your business plan is a great way to organize and provide a map to make your business idea a reality. It's an essential component of raising finance and attracting investors, business partners, or managers. According to Harvard Business Review, the most successful entrepreneurs write their business plan between six to twelve months after deciding to start their business, increasing their ... Read More

Your balance sheet is one of the most important financial statements you'll ever use. It presents a clear and critical insight into the financial health of your business. It's used by potential investors that want to evaluate whether or not to invest in a company, business owners that want to craft more effective business strategies, or internal departments that want ... Read More

Supply chain management is vital to any business. It’s defined as the system encompassing the logistics of producing and selling commercial goods, including resource acquisition, product development, and delivery. Traditional Supply Chain Models (and Their Meaning) Supply chain management is usually broken down into six separate categories. All six supply chain models have the same goal, rely on similar components, ... Read More

The FIFO method, or First In, First Out, is an asset management and valuation method in which the assets produced or acquired should be sold, used, or disposed of first. FIFO makes the cost flow assumption that the oldest inventory's costs are included in the income statement's cost of goods sold (or COGS), while the remaining inventory assets are matched ... Read More

An inventory list is a complete, itemized list of your business inventory. It includes your raw materials, work-in-progress, and finished goods. Your inventory list should contain the item number, name, description, cost, and stock quantity of every inventory item. It should also be kept up to date at all times. If done correctly, your inventory list becomes one of the ... Read More

As a marketer, you come to realize that even SEO and visits aren't enough to convert leads into customers. Demand generation marketing builds brand awareness by increasing website traffic. This is typically achieved through inbound marketing during the customer journey. It's focused on revenue creation and usually involves an integrated tech stack. Demand generation marketing has many other benefits, too. ... Read More

Inventory turnover ratio refers to the number of times a business sells and replaces its stock of goods during a given period, taking the cost of goods sold relative to its average inventory into account. While inventory turnover can vary dramatically between industries, a high turnover ratio generally means that goods are sold faster; a low turnover ratio indicates poor ... Read More

Loss prevention refers to the steps businesses take to reduce profit loss through theft, cybercrime, fraud, and human errors. Loss prevention is not only an important part of remaining profitable but also improves customer satisfaction and employee health and safety. What Is Loss Prevention? Loss prevention has several definitions. Retail loss prevention, for example, refers to shrinkage due to stock ... Read More

It's easy to see how businesses can confuse enterprise resource planning (ERP) and customer relationship management (CRM) systems. CRM often forms part of your ERP software package, and both are used to streamline and automate business processes. Both touch multiple departments, serve as vital data repositories, and may even be built on the same platform. However, they are far from ... Read More

Whenever you have a new business idea, it’s important to do enough due diligence to determine whether or not it's feasible. This could be a brand new, novel business idea or simply an expansion of your existing business – like modifying an existing product offering or expanding a specific department. Your break-even point (BEP) reveals the moment your business idea ... Read More