A price increase is never an easy thing to announce to your customers. On the one hand, you don’t want to lose their business by increasing your prices. On the other hand, you need to cover the costs of your own business and make a profit. Here are some dos and don’ts to follow when announcing a price increase to your customers.
What Is An Asset? How To Find The Right Assets For Your Business
You may have heard about assets before but don’t know what they really mean or why they’re important. In this article, we’ll explain exactly what an asset is and how to identify them.
What Is Opportunity Cost? How To Calculate It, And When To Do So.
Opportunity cost is an important concept in decision-making. It refers to the trade-offs that a person or a business faces when choosing between two or more alternatives. The opportunity cost of an action is the value of the next best alternative foregone, or missed out on when that action is taken.
7 Signs That You’re Penny Wise And Pound Foolish With Your Business
Is your business penny wise and pound foolish? Sometimes making penny wise decisions with your business can lead to being pound foolish in the long run. You may be able to save a little money in the short term, but if it means sacrificing essential functions or investments in your company, you could be doing more harm than good.
Why Do Small Businesses Fail In Receivable Management?
Receivable management is a critical process for small businesses, as it helps to ensure that cash flow is maintained and that late payments are avoided. Unfortunately, many small businesses fail to effectively manage their receivables, which can lead to financial trouble.
Are you guilty of overlooking trivial expenses on the balance sheet?
It won’t be incorrect to state that some trivial and unnecessary expenses get ignored during business reviews. The impact of saving such expenses is so miniscule that the management does not bother reviewing them. However, I recommend you question every single line item. What seems trivial may have a very significant impact.