A stockout (or out-of-stock) is when a business runs out of a product in its inventory. Stockouts are best known for occurring in retail stores but can happen anywhere in the supply chain. When there is a stockout, the product can’t be purchased by customers, which damages the customer experience and causes lost sales. Stockouts…
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What Is a Conference Call: How It Works & Best Practices
A conference call is a meeting where multiple participants connect via audio, video, or web using an access code. It is typically done over a landline connection or internet-enabled device. Conference calls benefit remote and hybrid teams wanting to communicate over long distances. Keep reading to understand what a conference call is, the best practices,…
What Is an ACH Payment & How It Works for Small Business
Automated clearing house (ACH) payments are simply direct bank transfers of payments between people and businesses. If you process sales online or through invoices, then ACH transfers can save you time and money. ACH payment processing is a cost-effective and reliable alternative to traditional payment methods. What Is the Automated Clearing House? The Automated Clearing…
Safety Stock Definition & Calculator for Retailers
To avoid costly stockouts and to improve customer satisfaction, having adequate safety stock is key. In this guide, we will look at what safety stock is, how to calculate it, why it’s important, and some of its associated risks. What Is Safety Stock? Safety stock, also sometimes called buffer stock or “just-in-case” inventory, is the…
What Is a Planogram? Planogram Ultimate Guide for Retailers
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….
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…