Even if prices are raised and there are more affordable alternatives on the market, we will often continue to buy products from the same brand. The reason for this is the same as explaining why we always choose to fly with the same airline or get our coffee from the same place:...
According to the US Small Business Association (SBA), a small business is a privately-owned and operated business with a small scale of trade and a small number of employees, depending on the industry. A small business can be an LLC, partnership, or sole proprietorship. There are...
A work-life balance involves a lot more than simply dividing working time and personal time equally. The concept is often viewed as a philosophy that determines many aspects of a person’s life. In order for it to succeed, both employers and employees must make an effort to create...
You’ve made it past the application process and the initial screening and you’ve been invited to an interview. It’s normal to be nervous, especially if you have limited experience in selling yourself. There are a few unwritten rules that apply for all interviews. As soon as you...
Keeping track of taxes in the US isn’t exactly a piece of cake. There are so many types of taxes that it’s difficult to know which ones apply to you and your business. If you don’t file your taxes correctly with the IRS, it could result in penalties, which could cost your...
Customer care is one of the corner stones of a successful company – whether you are running an online store or offering bank accounts. Even smaller companies can benefit from the use of CRM tools, which help to organize customer- or buyer data. These software systems automate and...
Companies have a responsibility towards their employees, the community, and the environemnt. The larger the company is, the more it penetrates into all areas of our lives and should therefore behave responsibly. The ethical focus of a company is known as its corporate social responsibility (CSR). It is not only an internal direction or corporate philosophy that dictates this – the company’s impact...
Unfortunately, when doing your annual accounts, it’s not always possible to know how much your operating expenses will be in advance. Because of this, you should always allocate a portion of your income for provisions and accruals. This way, you can avoid financial risks. But what do these terms mean, and how should they be recorded on your company’s balance sheet? This handy guide provides...
What does depreciation mean and what role does it play in a business environment? These questions are of great importance to entrepreneurs. Depreciation is often a closed book for business founders. To find out more about the basics, continue reading this article, in which we explain not only various depreciation types and methods of calculation, but also shed light on how to act with low-value...
Even if prices are raised and there are more affordable alternatives on the market, we will often continue to buy products from the same brand. The reason for this is the same as explaining why we always choose to fly with the same airline or get our coffee from the same place: we share the company’s values. These values are formed on the basis of the company vision and mission statement. But what...
Car workshops, construction companies, and insurance agents are rarely commissioned without research. Instead, the first step is to obtain a cost estimate that gives a detailed breakdown of the expected cost items and therefore provides a basis for budget calculations and price comparisons. However, it is unclear to many customers that even the most accurate cost estimate does not rule out...
If you want to develop software, you first need a suitable concept for the development process. For larger projects in which the evaluation of possible risks and potential costs plays a decisive role, the spiral model is ideally suited. In this article, you can find out exactly what is behind this process model and how it works.
To correctly evaluate a company, and to be able to compare it with others, you require appropriate key figures. However, the profit at the end of the year is not the right choice for all situations. Business economists often use other comparison values. The EBITDA value emerges again and again in this context. But: what is EBITDA?
You rely on meaningful figures for running your company. The EBITDA margin gives you a powerful tool for measuring the profitability of your company in its day-to-day business operations so you can make corrections if required. You can ignore items which are not significant for the result of your company operations. We explain how to calculate the EBITDA margin.
Before a business idea can be implemented, it is necessary to create a business plan. This serves as the founder’s roadmap, and summarizes all necessary information about planning and finances. However, the business plan is also highly relevant for investors as well as potential financial and funding institutions, since it is a decision-making factor for loans and grants. Due to its importance and...
There’s a sale in the store. Large queues at the counter. Hardly any staff to be found. Apparently, there was a misunderstanding about the work schedule: two employees didn’t show up because they had lost theirs. The solution? Go digital. With Excel, you can easily create a work schedule and send it as a PDF file to your employees’ smartphones. But how does this work?
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