Internal recruitment refers to the process of filling job vacancies within an organization by hiring from among the existing employees, rather than recruiting from outside. It is a talent acquisition strategy used by companies to leverage their current talent pool when sourcing candidates for open roles. The most common types include promotions, transfers, and internal…
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What Is Click-to-Dial? Benefits for Small Businesses
Click-to-dial, sometimes called click-to-call, refers to the technology that allows a user to initiate a call by clicking a button or a text indicating a phone number. Click-to-call buttons may be placed on a website, such as on product pages, enabling web visitors to click the button and instantly connect to a business without keying…
How Do Marijuana Dispensaries Pay Federal Income Taxes?
Marijuana dispensaries must file federal income tax returns and pay income tax the same as any other business—except that dispensaries are not allowed to deduct their operating expenses because they are considered drug traffickers under federal law. Marijuana dispensaries must pay federal income taxes by filing one of the following tax returns: Schedule C: For…
What Is Six Sigma in Project Management? A Guide for Small Businesses
Six Sigma is a project management methodology that identifies defects and variations in business processes to facilitate business transformation and improve output quality. It’s typically used by manufacturing firms, as it improves operational efficiency. However, other industries like banking and ecommerce adopt it for its cost reduction and enhanced productivity benefits. In this article, we’ll…
What Is a Prepaid Expense and the Required Journal Entry?
A prepaid expense refers to an expenditure that a company pays in advance before it receives the related benefit or service. These expenses are initially recorded as assets on the balance sheet because the company has paid for goods or services that it will consume over time or use in the future. They are gradually…
What Is Scrambled Merchandising? Pros & Cons + Examples
Scrambled merchandising is a merchandising technique in which you mix unrelated or off-brand products into your store that are not associated with your original brand or product selection. The technique is most often used to test out the introduction of new products, reach new customers, offset seasonal slumps, and meet unmet demands in your target…
What Is Project Management & How It Benefits Small Business
Project management is the discipline of organizing tasks, resources, and timelines to complete a project and achieve predetermined goals. It applies to various types of projects, such as software development and marketing campaigns. Regardless of the type of project, all initiatives typically follow the same life cycle that involves five key phases: initiation, planning, execution,…
What Is a Sweep Account & How Does It Work?
A sweep account is a specialized bank account that receives transferred funds from another business bank account once it exceeds a specified balance threshold. This is done primarily for one of two reasons: to earn a higher interest yield than a standard account or to extend Federal Deposit Insurance Corp. (FDIC) insurance beyond the limits…