Business casual is an “in-between” office dress code that’s less formal than business professional but still “business” enough to front-face with clients and executives. Think of it more as dressing down a business professional outfit—not dressing up a casual outfit. It’s inherently subjective, which is why many businesses choose to create a business casual dress…
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What Is Self-insurance? A Guide for Small Businesses
Self-insurance, sometimes called self-funding, is when your business forgoes traditional insurance coverage and takes on all the financial risk by setting aside money to pay employees’ healthcare claims. Small businesses may consider this option for several reasons, including a lack of negotiating power, resistance by insurance companies to take on the risk of a small…
What Is B2B Sales? The Ultimate Guide to Business-to-Business Selling
Business-to-business (B2B) selling involves selling a product or service to another business. B2B selling often requires a lengthier sales process and a distinct set of consultative sales skills for reps engaged in this type of role. We’ll explain what B2B sales is in greater depth, provide common examples of B2B businesses, and explain some of…
What Is the LIFO Method? Last-in, First-out Explained
The last-in, first-out (LIFO) method is one of the three inventory cost flow assumptions, alongside the FIFO (first-in, first-out) and average cost methods. The LIFO method is popular in the United States because it’s allowed for tax purposes, and proponents argue that it’s an appropriate method of costing inventory because it most closely matches the…
What Is Financial Ratio Analysis? A Small Business Guide
Financial ratios depict relationships between accounts and line items in your financial statements, such as assets compared to liabilities or total debt compared to owners’ equity. Financial ratio analysis is the process of examining those relationships for insights into your business’ liquidity, profitability, efficiency, and solvency and how it’s doing against industry standards and benchmarks….
Sales Operations: The Complete Guide
Standardized and established sales operations create a repeatable flow of leads through the pipeline. Without properly managing this business component, sales activities become disorganized and opportunities slip through the cracks, diminishing your ability to grow revenue. In this article, we explore what sales operations are, how they should be structured, and the types of software…
Depreciation: How it Works + Examples
Depreciation in accounting and bookkeeping is the process of allocating the cost of a fixed asset over the useful life of the asset. The cost of the asset should be deducted over the same period of time that the asset is used to generate income instead of deducting a large expense when it’s purchased. Depreciation…
What Is the FIFO Inventory Method? First-In, First-Out Explained
First-in, first-out, also known as the FIFO inventory method, is one of four different ways to assign costs to ending inventory. FIFO assumes that the first items purchased are sold first. Companies must make an assumption about their flow of inventory goods to assign a cost to the inventory remaining at the end of the…