Thought Leaders

In 2023, businesses will continue to adapt to changing conditions in the global marketplace. But as much as things change, certain operational fundamentals remain the same. Key among those fundamentals is the need to cut expenses wherever possible without compromising customer satisfaction and the quality of products or services offered. There are numerous ways to reduce costs that can drain a small business of opportunities for growth. Here are valuable cost-savings tips to keep in mind: 1. Look at your “geographic income statement.” During the pandemic, many businesses made the

There are many principles for running a strong, thriving business. Key among these guidelines is this: What can be measured should be measured. The data compiled for key business metrics can, as we have said before, “say a lot about what you’re doing right and where your best efforts are falling short.” No CEO or business owner should ever ignore or neglect the information available through KPIs (Key Performance Indicators). According to Investopedia, the most commonly used KPIs include: Revenue growth Revenue per client Profit margin Client retention rate Customer

For the smooth running of a small business, no paperwork may be more essential than financial reports. These documents inform business owners and CEOs about the success or lack of success in past business activities, while also painting a fairly reliable picture of what lies ahead. Some business leaders believe that their finance staff is better equipped to handle these matters, so they opt for a hands-off approach. As Bob Haines, President at TAB Treasure Valley, Idaho, notes, this is not the best approach to managing financial resources within the