The inventory turnover ratio is an efficiency ratio that measures how quickly inventory is turned into sales. A high inventory turnover is generally positive and means a company has good inventory control while a low ratio typically indicates the opposite. There are exceptions to this rule that we also cover in this article. If you…
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What is Cross-Selling: Definition, Principles & How to Use
Cross-selling is a strategy used by salespeople to increase the overall value of a sale by suggesting additional products or services that complement the existing purchase. It is commonly used in retail sales but also has become common in B2B sales as well as service-based industries like professional firms and agencies. One of the best…
73 Ecommerce Terms You Need to Know
Ecommerce terms can be confusing, and the fact that new ecommerce terminology appears regularly doesn’t make it any easier. Below is a glossary of the most common ecommerce terms in use today. The definitions provided here are in easy-to-understand language. Build your mastery of ecommerce terminology by reviewing these 73 terms today. If you’re serious…
Hawaii Labor Laws: What Small Businesses Need to Know
Businesses operating in Hawaii must comply with federal labor laws in addition to myriad Hawaii state labor laws. These laws affect employers differently based on business size. Hawaii’s labor laws support Hawaiian workers with fair pay and other workforce benefits like unemployment, health insurance, disability benefits, and a safe and healthy workplace. Outsourcing payroll and…
What Is a Microloan and How Can Your Small Business Benefit?
A microloan is a small loan, generally up to $50,000, made to startups and emerging small businesses. These loans are offered by nonprofit organizations known as microlenders. Microloans typically have repayment terms of up to seven years and offer favorable interest rates that are lower than those available through online lenders. What Is a Microloan?…
Property Management Fees: How Much Do Property Managers Charge?
Paying property management fees for someone else to manage your rental property can save you time and money. Management fees are typically between 4% and 10% of gross monthly rent, plus fees. Some companies charge a flat monthly rate of $100 or more. Fees include advertising, screening tenants, handling leases, coordinating repairs, and responding to…
Voicemail Drop: Definition, Cost, Features & Providers
Voicemail drop is software that sends a prerecorded message, or “drop,” into a voicemail inbox without the phone ringing first. This is useful for ensuring that messages are delivered to prospects for as low as just a few cents per message. However, it is also associated with spam calls, so it should be used sparingly….
What Does a Property Management Company Do & When to Hire One
Property management companies are great for investors who want to be less hands-on or who live far from their rental properties. What a property management company does to help investors is they manage the day-to-day operations of rental property. Depending on the property, management companies typically charge between 4% and 10% of gross monthly rent….
What is Upselling? Definition & How to Increase Sales
Upselling is a sales tactic where you offer your customers an additional product, service, or upgrade during or immediately following their initial purchase. Examples include offering extended warranties on laptops or premium features on a car. Upselling can be used to increase sales by getting customers to spend money besides the basic purchase. How Upselling…
Call Parking: Definition, Benefits & When to Use It
Call parking is a feature found on phone systems that allows you to put a call on hold at one handset and continue the call from any other phone. This helps you transfer calls throughout the office and also ensure security via a personal identification number (PIN). This is usually free with business phone systems….
Accounts Payable Turnover Ratio: Definition, Formula & Free Template
The accounts payable (A/P) turnover ratio measures how fast a business pays its suppliers. The ratio is calculated by dividing total supplier purchases by the average accounts payable balance for the period. It can be used to identify payment issues, and it gives creditors a sense of your payment history with vendors. If you use…
What Is ADA Compliance & Who It Applies To
The Americans with Disabilities Act (ADA) prevents workplace discrimination and helps enable proper access to business facilities for disabled patrons. Workplace ADA compliance falls primarily under Title I of the ADA, workplace, and employment―ensuring your hiring, employment, and disciplinary practices are fair. ADA enforcement begins once your business reaches 15 employees or more. How ADA…