In retail, a planogram is a schematic blueprint or model of a store that establishes where and how specific products should be placed to increase sales. It is completely to-scale and includes product categories, specific shelf placements, marks on where each display will go, the location of the cash wraps, and sometimes even decor elements….
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Time Theft: 7 Ways Employees Steal Time at Work
This article breaks down what is time theft, ways employees steal time, and how to spot it if it’s happening in your business. Also, learn the laws you need to know if you ever find yourself dealing with time theft.
There are many ways employees steal company time—and ultimately company money—from their employers. Time theft is when an employee gets paid for time they did not work, anything from taking extended breaks to modifying time sheets or having a co-worker punch in for them. One of the best things you can do to prevent and…
Customer Retention Rate: How to Calculate & Improve
Customer retention rate measures how many of your customers keep coming back over a specific time frame, such as a week, month, or quarter. The customer retention rate formula uses just three values: the number of customers at the start, the number at the end of the period, and any new customers acquired during that…
What Is a Merchant Account? A Guide for Small Businesses
A business would need a merchant account to securely accept electronic payments, such as credit and debit cards, and streamline the payment process, ultimately expanding customer payment options and improving financial transactions.
What Is a Merchant Account? A merchant account is a bank account where payment processors temporarily store a merchant’s sales proceeds until the funds are deposited to the merchant’s elected bank account. Merchant accounts are used in conjunction with a payment processor, which facilitates the transaction. Most merchant account providers also offer payment processing services…
Cross-Border Payments: Small Business Guide
Cross-border payments, which involve international transfers of funds between individuals, businesses, and financial institutions, are now essential in today’s global economy. The surging popularity of these transactions can be attributed to the increased interconnectedness of businesses worldwide. Small businesses, in particular, are embracing cross-border payments due to the benefits they offer, such as expanded market…
Self-employment Tax: Rates & Calculations
If you’re a sole proprietor, freelancer, or independent contractor, then you’ll likely need to pay self-employment tax. Considered the equivalent of payroll taxes that W-2 employees pay, self-employment tax is due on income earned and must be paid regardless of whether you receive a 1099-MISC for your services. The self-employment tax rate includes both Social…
What Is Online Banking? Definition, How It Works & Is It Safe?
Online banking is a system that allows you to manage your bank accounts using your computer or mobile device and the internet—which is why it’s also referred to as internet or web banking. Most traditional banks, or banks with brick-and-mortar branches, offer an online banking option to their clients. Generally, online banking covers typical banking…
HR Compliance: Examples, Laws & Best Practices [+Checklist]
Human resources (HR) compliance is the process of ensuring your company adheres to all employment laws and regulations—from hiring and onboarding new employees to administering their benefits and ending the employment relationship. Small businesses are uniquely susceptible to compliance violations because they often lack the oversight necessary to notice and correct issues. To ensure you…