The COVID-19 pandemic was tough on individuals, businesses, and economies everywhere. Organizations had to adjust their operations to stay afloat. In a post-pandemic world, companies have to make more changes to secure their growth in the long term. For example, you may have to alter how you approach marketing during a pandemic and after.
As a business owner, you must take time to regroup and think about running a successful firm in the new world. You might wonder what measures to take to ensure post-pandemic prosperity. Keep reading for a breakdown of actions to take to thrive in the new normal.Economic Recovery After COVID-19: Trends in 2023
The state of a nation's economy affects businesses and individuals alike. Thus, effective economic recovery after COVID will benefit both these groups. Here are some trends for recovery following the pande…
As the CEO, you may want to control every aspect of your business and ensure everything is going well. However, as your company grows, having control of every process becomes impossible. Has your company grown? If so, you need to learn how to delegate like a CEO.
First, separate different tasks into specific categories when pursuing delegation in management. Then figure out who can handle which assignment the best. Then, you'll need to delegate the tasks to the best employees. Now, spend your time focusing on complex and big-picture items.
To learn how to delegate like a CEO, read the guide below. Now, let's get started!
What Does Delegation in Management Really Mean?
Delegation is a vital part of a manager's job. However, many supervisors and managers avoid del…
All businesses must have the necessary funds to drive the cost of production and aid in increasing the overall gross revenues.
However, if the overhead costs, which are the expenses required to keep the business running, exceed the regular amount, the business may suffer a revenue loss.
So, what is overhead? Business owners need to track their business expenses to avoid draining the company’s revenues.
Overhead refers to the working expenses that drive the operation of a business. However, it excludes the costs involved in manufacturing and producing goods and services.
So if you are looking at overhead vs. operating expenses, overheads are the expenses incurred by a business to stay operating regardless of its success in the industry. Unlike operating expenses,…
Small businesses are the heart of the economy. They generate more than half of the nation’s job growth and contribute significantly to global financial wellness.
Notwithstanding the challenges that accompany entrepreneurship, small businesses are increasingly thriving. The secret to success is persistence. To be a successful entrepreneur, you need to know how to lead your team through the necessary stages of growth in small business startups.
By the end of this article, you will know and recognize the four stages of growth in small business management and understand how to lead your company through each.
Different stages of small business growth require different approaches. Innumerable variables are involved in the production, marketing, and sale of products and services, and it is impossible to manage th…
Any business owner will tell you that running a business is no easy feat. There are a lot of moving parts and pieces that need to come together to make a business successful. One of the most important aspects of running a business is strong partnerships.
We will explore the importance of partnership in business and the benefits and risks associated with partnerships. Read on to learn more!
A business partnership is a formal agreement between two or more individuals who wish to conduct business together. The partners agree to share the business’s profits, losses, and management.
There are three types of business partnerships:General partnership: all partners are equally responsible for the business. Limited partnership: one or more partners have limited liability. Limited liability partner…
Effective team meetings create opportunities for staff to exchange ideas, solve problems together, and get results. The productivity boost from effective meetings can mean more efficiency, higher productivity, and a focus contributing to your profitability and gym business success.How To Structure An Effective Team Meeting Online Or In-Person
Research shows top employees are three times more likely to work for a company with a strong sense of purpose. Structuring an effective team meeting helps provide focus and a sense of purpose.
As a team leader, it’s critical to ask the most vital question – is this meeting necessary? If so, your job is to create the structure for a productive team meeting in-person or online.
Here are four effective meeting strategies to make team meetings more effective:…
If you are a gym owner, you know that overnight, financial situations can change. Now more than ever gyms are aware that financing options are often necessary to get them through tough times such as slow seasons, a recession, or global events like the recent pandemic.
Whatever the case may be, looking into gym business loans and having a plan in place is always a good idea. Below, we will cover tips for people wondering how to qualify for a gym loan, and we will discuss various financing options to help you better decide what is best for your business.4 Tips To Help You Qualify
If your gym business is struggling, it can be challenging to qualify for a gym loan. Each business situation is different, and each loan has its own requirements. Below are four tips to help you get started if you are wondering how to qualify for a gym loan when business …
Owning a small business can be stressful, to say the least. Applying for a small business loan doesn't have to be stressful at all, though. And understanding how to get a low-interest business loan can bring relief to your company in just a few hours.
What Is a Small Business Loan?
A small business loan is financing sought by a company's owner to start a new small business, purchase an existing small business, or infuse the current company with cash for various reasons (such as improvements or expansion).
It's good for borrowers to have an understanding of how small business loans work before applying. Business owners should also understand that there are typically two types of small business loans: low-interest and low-cost loans.
Let's look at the difference b…
According to the U.S Bureau of Labor Statistics, approximately 70% of small businesses make it to the end of the second year, and the number drops up to 50% at the end of the fifth year. This decline is mainly linked to financial problems. As a small business owner, you may lack enough funds to meet certain needs such as purchasing equipment, getting inventory, or expanding.
Therefore, you may need to get a loan to keep your business going. However, this step can be challenging, especially if you have bad credit. Fortunately, you no longer have to worry because many lenders are now financing entrepreneurs with poor credit. This guide discusses how to get a business loan with bad credit. Let’s delve into the details.Getting Small Business Loans with Bad Credit and No Collateral
Putting your property up for collateral when you have bad credit can h…
There are few singular success stories in business where only one person or company was able to gain success without any help whatsoever. Collaboration is behind winning deals and designs, fueling future accomplishments.
The benefits of collaboration are myriad. Examples of business collaboration include how writers, graphic designers, and photographers collaborate on an advertising campaign and how manufacturers work with suppliers to develop new products.
This business-to-business collaboration often brings success that no one partner business would have achieved independently.
Here we examine the benefits of collaboration and cooperation, and answer the question “What is collaboration in business?” and discuss its importance.
Types of Business Collaboration…
What Is Scaling In the Gym Business?
In order to understand scaling in business, it’s important to first understand what it is. Simply put, scaling is the process of growing a company or organization to a larger size. This can be done in a number of ways, but the ultimate goal is to increase profits and create more jobs.
There are a number of factors that go into scaling a gym business, and it’s important to have a clear plan in place before starting the process. One of the most important things to keep in mind is that scaling is not a one-size-fits-all solution; every company is different and will require a unique approach.
There are a number of different methods for scaling a business, and the most effective approach will vary from company to company. Some of the most common methods include growing the c…
What Is a Revolving Business Line of Credit & How Does It Work?
Suppose you're a business owner who could use cash on hand but doesn't have it readily available. This is when a revolving line of credit would come in handy. Let's make clear what these terms mean.
A line of credit is a determined amount of funds available from a financial institution to a borrower. Once the borrower pays back any borrowed money, the line of credit ends. For businesses who repeatedly want to tap this resource, a revolving line of credit works better, though. A revolving line of credit continually replenishes the amount available to borrow once a borrower pays back any amount owed.
A credit card is a prime example of revolving credit. Each month, the cardholder borrows based on a limit. If a cardholder has a credit limit o…
Finding the right financing options is a major challenge for small businesses. Many small enterprises, including startups, don’t yet have collateral. In some cases, their structure requires a flexible lending option.
This is where short-term business loans come in. Unfortunately, you probably won’t have much luck at the bank. In fact, an average of a minimum of 80 percent of small business loan applications at banks are rejected. Fortunately, however, there are other options.
With a reputable non-bank short-term business loan option, you enjoy accessibility and versatility. Here’s everything you need to know about how to get a business loan without collateral or a stellar credit score.
What are Short-Term Business Loans?
A short-term business loan (also referred…
When studying the economy, three interest rates control lending to banks, mortgages, and consumer loans. The three terms that often get confused are federal funds, prime, and discount interest rates, which helps with understanding SBA loans.
Anyone wanting to know how the economy works needs to know what the discount rate, the federal funds rate, and the prime rate are and why they are important.What Is the Discount Rate?
The discount rate is an interest rate the Federal Reserve charges for discount loans. This is the rate the Fed sets, so member banks can borrow money overnight if they need funding. The Fed sets the rate to allow banks to borrow so banks don’t fall below their mandated reserve levels.
The discount rate is also called the primary credit rate. The Federal Reserve sets this rate so banks…