With the “Gig” economy booming, hiring outside consultants has quite fashionable these days. Even smaller companies and startups are hiring them. However, are they worth the price? Let’s look at some of the pros and cons of hiring a business consultant, especially for a smaller venture.
Outsourcing is becoming more common as companies strive for efficiency and outsourcing allows for a fluid workforce that can be sized to accommodate more or less work volume. In 2014, U.S. manufacturing outsourced 53% of their work while IT services outsourced 43%, R&D was outsourced 38% of the time, Distribution 26% and Call or help centers 12%. This does not mean that all of those jobs went overseas. Some outsourcing occurs as larger companies hire smaller more specialized companies to perform portions of specific tasks.
It’s the rare business that doesn’t want to increase sales and thus increase profits. Of course the most obvious way to increase sales is to get more prospects.
Untapped markets throughout the world are waiting for a product or service like yours. The problem is, you either don’t know they need what you have to offer and or you have no idea how to get it to the appropriate markets. While these are common barriers for entrepreneurs, they can be navigated with the right approach. Here is how to use international commerce to get your business booming.
If your company is struggling to hire new employees, it’s time to review your hiring processes and change some of your practices. A sluggish economy that is compounded by competitive candidate market means most companies need to speed up their hiring processes through strategic planning, better decision making, and implementing technological solutions.
The key to a startup success is knowing that the faster your startup can get from a business plan to revenue, the more likely it is the company will survive and succeed. Many new businesses measure their finances in terms of their “burn rate,” which is a number that indicates the rate at which venture capital is being used and not replaced through sales.
The success of many businesses depends on how well inventory is tracked, organized and handled. Here are three proven ways to increase efficiency and profitability through better tracking inventory, reviewing data and streamline processes.
Happy employees will promote the company they work for, whereas disgruntled employees will only do sub-par work and may be inclined to steal from or defraud the company. Given these crucial points, it is important that business owners identify ways to increase employee loyalty.
Business expenses can quickly spin out of control and cause you, the proprietor, quite a bit of undue stress. So, how do you prevent it and more importantly how do you get back the monetary control that you need in order to keep your business healthy? Pay Attention to Even the Smallest Business Expenses The […]
Every entrepreneur needs affordable and efficient software programs to help them run their company, to save time and save money. Read on to learn about four key programs that will ensure the financial success of your small business.