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,…
Marketing is a buzzword tossed around in business and entrepreneurship circles, but it's often hard to know how to implement the right tactics. Let's look at some of the best marketing strategies that make a profitable campaign.Why a Marketing Strategy Matters
A proper marketing strategy that involves various methods that are bound to be successful can make all the difference in the world when your business needs more customers and sales. Without one, it is hard for the company to gain traction nd acheive growth.
Here are the reasons you need a marketing strategy.Set Clear Objectives and Goals
Marketing involves more than just planning what you are going to do. It is about setting clear objectives for a campaign, making strategies to accomplish those goals, and developing plans based on the cir…
A great way to generate free leads is to build an audience on social media platforms and start giving away your content. This guide explains how to use social media for business without spending.
How Do I Get Free Leads for My Business
Social media’s most remarkable power is its ability to turn online users into customers, made possible through online brand awareness.
Social media free leads are made possible through social sharing tools like Facebook and Twitter hashtags and user profiles. They allow businesses to share their contact information with interested parties.
Creating an audience through social media channels is a great way to spread your company name and communicate with customers online.
Building an audi…
Small business owners are expected to cover a wide range of expenses to keep their business afloat. One of the most consistent expenses is payroll. Whether your employees are full-time, part-time, or contract, you're expected to consistently pay for their work.What Is a Payroll Loan and How Does It Work
A payroll loan is a type of funding you can receive that helps you pay your employees. Since payrolls are considered a general working capital expense, credit and invoice financing lines are used as payroll loans.
Payroll loans for small businesses are short-term funds to pay your employees. Online, alternative lenders typically issue employee payroll loans to make sure you can pay your employees on time and in full.Different Types of Payroll Loans
There are several benefits of payroll loans. These…
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…
Picture this, you have this great idea for a gym, and according to your projections, it will be a profitable venture. However, you have one main limitation: finances. Availability to finance a business idea plays a critical role in making your dream come true.
Are you stuck on the best way to finance your gym business idea? The good news is that there’s a way out: courtesy of loans. You can apply for a loan from various sources to skyrocket and stabilize your gym business.
If you’re interested in discovering the best gym business loans, you’re on the right site. We have exclusive information on different types of loans and how to apply them.
As a business owner, you understand the importance of having adequate finances to run a business. There are times when operations are not so profit-making, thus callin…
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…
Business divestiture is an important strategy for the growth of many companies, but what does it mean and what is an example of divestiture? Here’s everything you should know about this topic.
A business divestiture is when a company disposes of some or (more rarely) all of its assets. In this context, assets include intellectual property, other facilities, physical buildings, and anything else that may be of value or relevant to a particular product or service.What Does Divestiture Mean In Business
In business, the primary goal of a business strategy divestiture is to refocus the company. This usually means reducing the number of things the company is focusing on so it can give more focus to those and, hopefully, become more profitable.
How this occurs depends on the unique status and needs of each co…
Both young and mature companies have to decide the type of loans they might take out, who they will partner with, and their general operational guidelines. The truth is, investors are the lifeblood of all companies. Finding the right investors is vital to the success of a company.
While there are several types of investors, knowing which investor best fits the company's needs can accelerate a company's growth.
This post will walk you through two types of investors - private equity and venture capital. Often, entrepreneurs fail to see the distinction between private equity vs venture capital. The truth is that these investment strategies have subtle but vast differences.What Is Private Equity?
Private equity (PE) refers to direct investment in private companies where investors get control of interests …
No matter what gym you’re in, improving customer relationships is essential. The customers are the backbone of the industry, and they are also a vital part of your business.
Not using the proper business skills to engage a customer will create a domino effect. A lack of practical actions and poor leadership, communication, and trust with your customers can ruin business for you.
However, being accountable, clear about your intentions, embracing their visions, and being consistent with your actions are just a few ways to improve the relationship.
Let’s look at other ways you can maintain a solid, healthy, and successful relationship with them.
What Is a Good Customer Relationship?
A good customer relationship is built …
Ideally, all of a company’s clients would pay every invoice and bill on time. However, that’s not a reality even large enterprises live in. There will nearly always be a percentage of customers who pay late or don’t pay at all. While companies sometimes handle debt collection in-house, many small businesses don’t have the bandwidth to do that.
Instead, debt collection for smaller companies tends to involve hiring an outside agency. A debt collection agency has experts on hand familiar with debt collection regulations and best practices. Moreover, an agency can help your small business design and execute a debt collection strategy. Let’s examine how debt collection for small business organizations works.
What Is a Debt Collection Agency?
A debt collection agency is a company that collects outstanding debts …
Whereas many businesses focus more on customer acquisition, customer retention is equally important. Customer retention is your business's ability to make your customers come back for a given period. It is also how to survive inflation as a small business.
When you retain your customers, that indicates that your product or service pleases them. Your customers don't see the need to turn to your competitors. So, how to boost client retention?Why Is Customer Retention Important?
You spend a lot of resources to get new customers, so you wouldn't want your efforts to go down the drain. Customer retention is a vital aspect of business strategy and helps your business gain a competitive advantage.
Customer retention is how to adapt to inflation and aims to maintain your business customer base and improve loya…