Employers in California must provide paid sick leave to all employees working in California for 30+ days per year. In addition to state law, some localities also have leave requirements. As a small business, you’ll need to ensure compliance with California paid sick leave law and budget accordingly. How California Sick Leave Works There are…
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What Is a Sales Commission Structure: 10 Types (+ Calculators)
A sales commission structure is a system that outlines how a company compensates its sales reps for the sales they make. It also helps motivate sales professionals to maintain or improve their overall performance. Commissions can be paid out weekly, biweekly, or monthly. The first step in developing a sales compensation plan is choosing the…
How Much Does It Cost to Open a Retail Store?
The cost of opening a retail store varies greatly—you should budget anywhere from $10,000 to a few hundred thousand dollars. It all depends on where you’re located and what your vision is. As retail continues its upward trajectory in a post-pandemic world, the time has never been better to start a retail business. Let’s break…
What Is Involuntary Termination + Reasons & Impacts
Involuntary termination occurs when a company (as opposed to an employee) initiates the termination of an employment relationship. It is often the result of cost-cutting measures such as downsizing or poor work performance or inappropriate workplace behavior by the employee. Below we will dive deeper into the reasons your company might use involuntary termination and…
What Is Customer Service Software? A Small Business Guide
Customer service software is a centralized platform that helps businesses manage their customer communication touchpoints. Designed to deliver excellent customer support, it typically requires an omnichannel approach that includes shared inboxes, live chat, in-app phone features, and ticketing tools. This article answers the question—what is customer service—and explores how it works, customer service tool types,…
FICA Tax: What It is and How to Calculate It
FICA (Federal Insurance Contributions Act) is a federal payroll tax on the paychecks of employees, as well as mandated contributions from employers to fund the Social Security and Medicare programs. Both employees and employers are responsible for paying 6.2% of employee gross earnings for Social Security and 1.45% of gross earnings for Medicare. These are…
What Is the Fraud Triangle in Accounting?
Designed by well-known criminologist Donald R. Cressey, the fraud triangle is a model for identifying the existence of fraud as exhibited in three risk factors: incentives, opportunities, and rationalization. It’s a guide for small business owners and managers to assess the possible areas in the business where fraud might exist. In the accounting process, we…
9 Sales Pipeline Stages Every Team Should Create
Sales pipeline stages are the steps within a sales cycle that identify the internal activities needed to move a prospect from initial contact to buying your products or services. These include tasks like prospecting, lead qualification, and product delivery—all of which can be tracked using customer relationship management (CRM) software. There are nine common stages…