Inventory shrinkage is the difference between a product’s recorded stock count and the amount physically on hand. The difference between these two amounts is referred to as “shrink.” In a retail setting, it is also sometimes called retail shrink. Either way, both mean the same thing—you’re missing inventory you thought you had. You can use…
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What Is Last Mile Delivery? An Ultimate Guide
Your last mile delivery strategy could make or break the customer experience—and your budget.
Last mile delivery refers to the last leg of a package’s journey when a customer purchases an item from a business. It is the final step, bringing the delivery from the fulfillment center to the final destination—typically a residential address. Last mile delivery strategy is important as consumers’ expectations get higher and logistical challenges grow…
10 Cash Flow Management Tips for Small Businesses
Cash management is the process of managing cash inflows and outflows and utilizing idle funds to generate passive income. It involves collecting from your customers punctually so that you can pay your bills on time, avoiding penalties and interest. The lack of available cash can impact your business’s operations, affect your ability to settle payables,…
Salary History Bans By State: Everything You Need to Know
Learn how salary history ban laws can affect the interviewing and hiring process. Check your state and local laws.
Salary history refers to an employee’s past earnings and can include details about other benefits received, such as bonuses and paid time off. Sometimes, new employers ask for a job applicant’s salary history so they can consider it when making a job offer. There currently are no federal laws against asking these questions, but many…
Internal vs External Recruitment: A Guide for Small Businesses
To find the best candidates for your company’s open roles, you should evaluate internal vs external recruitment. Internal recruiting is when you fill an open position from within your current bank of employees by promotion or transfer. External recruiting entails posting job ads to hire a candidate that does not currently work for your company….
Understanding the SBA Guarantee Fee
Small Business Administration (SBA) loans are issued by private lenders but are guaranteed by the government in the event of a default. To cover the potential costs of a default, an SBA guarantee fee is often included as part of the costs associated with getting a loan. The amount of this fee varies depending on…
What Is a Business Money Market Account & How It Works
A business money market account (MMA) is a type of business deposit account that lets you earn competitive interest with low risk. It typically offers higher yields than a business savings account but lower yields than investment accounts and certificates of deposit (CDs). Most MMAs have a monthly limit of six transactions. However, unlike savings…
What Is Sell-through Rate & How to Use It (+ Free Calculator)
Sell-through rate (STR) is a critical retail metric that tells you how well products are performing based on the amount of inventory sold compared to the amount of inventory received during a set period of time. Typically, retailers will measure sell-through rates weekly, monthly, quarterly, and yearly, comparing their real STRs to their targets. It…