Markets expand and shrink. One of the common traits of successful business owners is that they keep on exploring new markets. Four things are important in exploring the new markets for a small or medium-sized business. This article briefs the need for exploring new markets and four key things in the process.
The price is equal to the cost plus profit. Cost affects the price and price affects consumers. A close look at cost and how it is ascertained in industrial production is referred to as a cost audit. Such audits help in controlling the cost of production, ensuring efficient usage of resources, and protecting consumers’ interests. It is in the vital interest of consumers that producers ensure proper implementation of cost auditing so that true costs can be ascertained for determining just prices. This article elaborates on the multiple economic and social benefits of cost audit and its features.
Human resource management is sometimes narrowly defined as planning, directing, and coordinating the administrative functions of an organization; however, modern-day human resource management expects HR Managers to think beyond administrative functions. The most difficult part of their job is to manage expectations and to serve as a bridge between management and employees.
Gender bias is a phenomenon that has long been under debate. In businesses most of the time it is also referred as workplace bias. The victims of gender bias are most often women. This article highlights the iniquity of gender bias in the workplace. It discusses factors of gender bias and the strategies to ensure equal opportunities for men and women.
Blue-collar workers constitute a large part of the industrial manpower. It is very important th ...
Communication is the essence of any business. The success of businesses largely depends on how effectively the entrepreneurs communicate with the stakeholders. This article elaborates on a few important communication styles and 7 points for effective communication in business.
Management accountants are vital for the smooth functioning of your business. Not only do they ensure the accurate flow of data, but they also assist you in making decisions based on reliable information. This article discusses the importance of Management Accountants and why they are important for your business.
Budgeting is an essential component of business management. A well-articulated budget aids in cost control, staying on track with plans, and maintaining financial discipline. The article emphasizes the importance of budgeting and presents key steps in creating a brief budget for a small business.