When planning the finer details of your web store, rushing through your financial plan can lead to chaos. It’s important to be aware of how much money you need to spend, and only an extensive finance plan can provide the necessary security for the development of your web store....
Neuro-linguistic programming, NLP for short, is a collection of tools and models designed to facilitate and strengthen communication in various areas of life and work. The goal is to better understand oneself and others, and to make positive changes. We will tell you exactly what...
The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarized...
Have you heard of SMART goals, but you’ve never used an organized and effective method for setting objectives? We’ll explain the advantages of SMART goals, how to use the technique for your personal and business goals and what to watch out for with this method. Because, like all...
A sole proprietorship is one of the easiest types of businesses to set up. All you need to get started is a business idea and a bit of courage. The one-person business does not require registration with the state, but there are plenty of other requirements you will need to...
Whether you’re self-employed or employed – a growing number of professionals are working from home and many even set up a dedicated space to perform their job duties. To reduce any resulting financial burden, the costs for working from home can be deducted from your taxes....
Double-entry accounting or double-entry bookkeeping is an essential part of the accounting system. Lots of entrepreneurs have a hard time with bookkeeping, when in fact it should be an aid to you and provide a detailed overview of your finances. Double-entry accounting isn’t an...
Finding a company name has caused many a headache: How can you choose a name that’s compelling and imaginative, and at the same time succinctly describes your line of business? What’s more, it needs to comply with legal requirements. We explain how to choose an ideal business name and what you should keep in mind.
Whenever you have contact with the IRS, you are required to provide a tax identification number, often abbreviated to TIN or tax ID number. There are many different types of TIN, so it can seem like a lot of administrative work to apply for the right one. Find out which one you need and how to apply for the right TIN here.
The terms “Governance, Risk and Compliance”, known as GRC for short, comprises the three areas that are responsible for internationally operating (often listed) large companies functioning well. GRC includes management and internal cooperation, assessing internal and external risks, and ensuring that all business processes and laws and regulations are in sync.
If you want to minimize the risks associated with organizational errors, damaging actions by senior employees or even just economic crime in your company, you do not want to leave anything to chance. An ICS - short for Internal Control System - establishes guidelines that enable the monitoring of operational processes. What does an ICS look like?
Constructive criticism is important, and in the majority of companies, the concept is well-known on paper. Yet too few companies manage to use their errors to drive success. We provide an overview of what constructive criticism means and how it can be achieved in the workplace.
Corporate Governance is a core topic of business management and has long since stopped being only relevant for market-listed corporations. What principles and objectives are behind the catchword? What legal requirements apply? And what relationship does governance have to compliance? We answer the most important questions regarding this topic.
Microsoft Exchange is the leading collaboration software, which you can use to manage emails, appointments, and contacts. But it’s not the only software for that. If you’re looking for an Exchange alternative, there are a number of tools with a similar range of services, including free and open-source options. Just make sure to check that your chosen solution fits the IT infrastructure of your...
When a US government authority or department procures services or goods, it is required to allow private contractors to bid on projects. This allows any interested company to submit an application to secure a project contract. The legislation ensures that there are no unfair competitive advantages and that state taxes for government projects are used economically. But what types of tenders exist...
When a company is interested in bidding for a public contract, it creates an invitation to tender based on a statement of work. This includes detailed information on the project’s goal and expected services. To make sure that the awarding entity receives suitable offers, a few points should be taken into account when creating a statement of work.
Is it possible to improve economic success without raising product prices or lowering quality? Companies that optimize their value chain can do just that. Just-in-time production streamlines procurement and production, enabling significant savings. But careful: the strategy is not suitable for every company and every industry.
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