Measuring and encouraging customer retention is important for businesses in many industries. There are a couple of great measures to see how you are doing in this area. We’ll explain those and provide some tactical tips in this article. Measuring Customer Retention The most common metric to measure customer retention is the customer retention ratio. […]
Most large businesses have developed mission, vision, and values statements to help guide them and inform stakeholders about the company’s strategic direction. Going through this strategic exercise is a wonderful idea for even the smallest business as well. A company’s mission statement lists its core purpose and desired impact for employees, customers, owners, and other […]
Collecting money from customers is a key function in any business, and the more automated this process is, the better. The payment function varies by type of business, but more and more, there are online options available for collecting money over the internet. Here are few tips on what that looks like. Your Website The […]
Most entrepreneurs would agree that owning a business is an incredible privilege, and they would likely never want to go back to working for someone else. However, we all have our days! And sometimes those rough days can turn into weeks. If we’ve temporarily lost a little bit of our entrepreneurial passion, how can we […]
There’s more to being financially resilient than simply saving enough money for a rainy day. A part of being financially responsible is maintaining good financial records – and making sure people who need access to your records know where to find them if something happens to you. Here are some ideas for your consideration. Communicating […]
The past few years have seen major kinks in the supply chain due to a number of reasons: aberrant buyer behavior, source material scarcity, government shutdowns, and worker shortages, to name a few. What can a business owner do to protect their businesses from shortages and therefore, revenue loss? Let’s take a look at a […]
While there are literally hundreds of accounting reports that can help you run your business better, one of the most popular – and greatly underutilized – reports is the variance report. A variance report helps you compare how you are actually doing with either a past or expected performance. It makes it crystal clear how […]
You’re not alone if you’re having trouble attracting and keeping staff. A convergence of issues has created one of the greatest talent shortages in our lifetimes. With boomers retiring in large numbers, pandemic and opioid deaths, people not wanting to work for low wages, child care availability disappearing, tighter immigration policies, people rethinking their life […]
The last few years have been unlike any other in our lifetimes. As we close out 2021 and enter 2022, it’s the perfect time to reflect on what we’ve learned, what’s happening now, and what we want to accomplish in the next 12 months. Here are some things to consider. Celebrate Your Successes Give yourself […]
How effective is your sales function in your business? One way to answer that question at a deep level is to calculate conversion metrics for every step of your sales cycle. These numbers are not tied to any numbers on your balance sheet or income statement, but can help you realize a better return on […]
