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…
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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…
What Is APY In Business Banking & How To Calculate It
Annual percentage yield (APY) refers to the total amount of interest that you can earn on a deposit within one year. Because APY compounds, the APY on account will be slightly higher than the stated interest rate. In other words, you can earn interest on previously earned interest with APY. APY is important because it…
What Is Employee Compensation: Types & How Compensation Plans Work
Employee compensation is what employees receive for services or work rendered at a company or business. While it typically refers to the money that workers get from employers, there are many forms of compensation for employees. Aside from wages and bonuses, it includes non-monetary items like stock options, company-assigned computers, and benefits (such as health…
What Is a Severance Agreement? A Guide for Small Businesses
A severance agreement is a contract between an employer and an employee that outlines the terms of a severance package upon employee separation. It covers various aspects, including financial compensation, benefits, confidentiality clauses, and non-disparagement agreements. Severance packages are generally a company perk—unless there’s an employment agreement or collective bargaining agreement that requires one upon…
What Is Agile Project Management: Types, Methods & Benefits
Agile project management (APM) is the process of breaking down projects into smaller, manageable sections to focus on the continuous improvement of a product or service. With this approach, teams enhance their speed and collaboration by repeatedly adjusting to changing feedback and requirements throughout the project life cycle. In this article, we explore what agile…
What Are Payroll Taxes & What Do Employers Pay?
Payroll tax is the sum of taxes that are withheld from an employee’s wages by employers. These taxes are directly remitted to the government and consist of Federal and State unemployment taxes, Social Security, and Medicare taxes. As a small business owner or payroll employee, understanding payroll taxes is non-negotiable. They play a substantial role…