Understanding Customer Lifetime Value A widely recognized concept in marketing circles is customer lifetime value (CLV); however, not many business people without a marketing background understand what it is exactly or how to measure it properly. CLV is the forecasting of net profits that connect to a specific customer during their lifetime relationship with a […]
Managing Your Inventory To be successful, you need products on hand for customers to purchase. To be profitable, efficient inventory control is essential. Inventory management needs to be treated as a critical part of your everyday business endeavors. Types of Inventory Inventory is your product stock, goods you sell, and any materials needed to run […]
Gaining a Competitive Advantage It takes extensive research and strategic planning to gain a competitive advantage. Every advantage is significant and counts for establishing your business as the leader in your particular industry. Your target audience is a focused group of consumers that your company seeks to reach with its products and services, which is […]
What is the best checking account for my business? Choosing the right business checking account is key to effective money management. Here are a few questions to ask when looking for the best choice for your business. Will you have a large volume of cash deposits and transactions? If the answer is yes, it may […]
Money Management: Why it’s Essential For a business owner, hanging onto your money and managing it effectively can make or break staying in business, let alone turning a profit and growing. Even if you have an accountant, you still need to know how to manage your money. That means understanding the basics of bookkeeping, making […]
Getting a Business Loan Need money to expand with new equipment or into new locations? To pay suppliers, and market your products or services? If so, it might be time for a business loan. Getting the working capital you need with a loan you want at an affordable rate comes down to preparation. The most […]
Business Lines of Credit: Better Manage the Ups and Downs of Cash Flow Cash flow can be a major challenge, which a business line of credit can help solve. A line of credit saves you from retrieving money from your personal accounts, using credit cards for funds, or approaching family and friends if you have […]
