A minimum order quantity (MOQ) is a sales strategy used by wholesalers and other B2B suppliers in which they set a minimum number of products they will sell in a single order. For example, a clothing supplier may require that retailers purchase a minimum of 100 T-shirts per order, not allowing them to purchase any…
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Business Credit Report: What It Is & How To Read It
A business credit report is a snapshot of a company’s financial health. It shows details about the company’s debt and how it handled debt payments in the past. It is broken into various sections, each showing different information for company liens, outstanding loans, derogatory payment information, and recent credit applications. Lenders and investors often use…
What Is Lean Project Management? Benefits & When to Use It
Lean project management is the process of delivering value to the customer and minimizing waste. It is a subset of the larger agile project management framework, developed primarily for manufacturing to eliminate inefficiencies from work processes. Proper application of the lean methodology results in higher customer satisfaction, lower costs, and enhanced product quality. Discover what…
Internal Recruitment: What It Is, Benefits & Tips
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…
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…