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…
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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,…
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…
Industry-specific CRM or General Use CRM: Which to Use?
Customer relationship management (CRM) software provides businesses with a centralized location to input, store, and manage leads and customer interactions. Industry-specific CRMs offer more niche and specialized tools to help particular business types, including insurance, healthcare, and hospitality, move customers and prospects through sales cycles more quickly. Meanwhile, general-use CRMs provide more universal features applicable…
New Employee Information Form: What to Include (+Template)
A new employee information form collects vital new hire data that you need to have on file. Your form should include some basic information, like the new hire’s name, contact information, and emergency contact details, as well as some pertinent employment-related details, like their role, hire date, and pay rate. Keeping this information helps you…
Accounting 101: Basic Terminologies, Accounting Cycle & More
In simple terms, accounting is the process of recording and summarizing transactions for the purpose of generating reports relevant to decision-making. Regardless of the business size, it is an important business function to ensure that all of the owners’ resources are used efficiently and effectively. Many certified public accountants (CPAs) and business executives define accounting…
Lead Generation: A Guide for Small Business
Companies of all sizes use lead generation to ensure they are regularly attracting new potential buyers into their sales funnel. In this article, you’ll learn more about what lead generation is, proven strategies for small businesses, and which software tools will keep your sales pipeline consistently full of opportunities. What Is Lead Generation? Generating leads…
What Is a Profit and Loss (P&L) Statement? [+ Types & Uses]
The profit and loss (P&L) statement (also known as an income statement) is one of the four basic financial statements that presents the revenues, expenses, and net income of a business. In basic accounting, the P&L statement is always one of the first financial statements to be prepared. It measures the performance and profitability of…