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Recent Articles Published by Arlene Soto
managing
What is a Product Life Cycle? (Definitions + Examples of How it Affects Your Business)
Every product runs through the same product life cycle stages. Read on to learn what each stage is and how it can affect your business. Read more »
managing
How to Balance Cash Flow in a Seasonal Business
When it comes to managing cash flow, seasonal businesses have unique challenges. These techniques will help you manage your cash flow, and adapt to changes within your business. Read more »
managing
Will Having a Positive Attitude Really Help Me Be More Successful in Business?
Many scholars and researchers have studied the benefits of having a positive attitude. Athletes focus on winning as well as skill development. Optimism leads to more creative thinking and the energy to accomplish goals. A positive attitude reduces stress and leads to better health according to the Mayo Clinic. Operating a business successfully requires energy, health and creativity as well as many other skills and resources so a positive attitude is an asset that can benefit any business. Read more »
planning
The Latest Questions Small Businesses Are Asking
How do I decide if a business idea is likely to be successful? What is meant by “company culture” and how is it important to my business? Do I need to hire a Certified Public Accountant (CPA) for my small business? How do I sell my products to the federal government? What's your question? Read more »
planning
Finding an Industry Association for Your Small Business
Industry associations, also known as trade groups or business associations, are organizations founded and usually funded by businesses in that specific business or industry. Thousands of industry trade groups are in existence worldwide, and every industry has at least one trade group. Industry associations often provide access to certification, education, information, trends, political lobbying, group... Read more »
managing
The Art of Good Inventory Management
Inventory is generally defined as the raw materials a business has available to manufacture finished goods or merchandise available to sell to customers. Too much inventory uses cash ineffectively, while too little inventory holds up production in a manufacturing environment or gives customers a reason to shop with the competition. Additionally, having the wrong inventory... Read more »
planning
What is the Biggest Cause of Business Failure?
There are many reasons businesses fail: lack of money, changes in the economy, ineffective management, employee turnover, theft, illness, or death of the owner are just a few. According to SCORE (Service Corps of Retired Executives), the main reason businesses fail is ineffective management, whether it be poor planning or not understanding all that is required... Read more »
managing
How to Hire the Best Attorney for Your Small Business
Hiring professionals for a small business is an important process. The best attorney for your business will depend on what the legal needs are for your company. In fact, there is a good chance there is no one attorney who can handle everything, so the best attorney may actually turn out to be a law firm... Read more »
starting
Is Your New Business Idea Worth Pursuing?
I have so many new ideas for my business. How do I determine which ones are the best to pursue? Most business owners want their business to grow, and often growth includes consideration of new products or services. Sometimes, though, brainstorming new possibilities interferes with maintaining the core business by distracting the owner from focusing... Read more »
planning
The Importance of Setting Goals in Business
Why is it important to set business goals? Goals are powerful—they can focus attention on achieving desirable outcomes. In business, one desirable outcome would be profitability. Profitability does not happen without making sales, plus correctly managing expenses. Employees prefer to know what management expects them to accomplish, and goals provide that direction. The human brain... Read more »
planning
How to Delegate Effectively and Find More Time For Yourself
How can I feel more comfortable delegating important tasks to my employees? Delegating tasks to others allows time for you to manage your business, and relieves the pressure of having to do everything. Effective delegation increases the productive output of the company, and allows the organization to prosper. It also helps motivate and develop leadership... Read more »
planning
How to Calculate ROI For a Small Business
Return on investment (ROI) is a financial concept that measures the profitability of an investment. There are several methods to determine ROI, but the most common is to divide net profit by total assets. For instance, if your net profit is $50,000, and your total assets are $200,000, your ROI would be 25 percent. A... Read more »
managing
What Do Customers Want?
The best way to know what customers want is to ask them. Some of the things you hear might surprise you. The main question will be, are you willing to implement the ideas your best customers provide? Let’s explore some of the feedback you may hear: 1. Provide better product selection You’ll need to ask... Read more »
managing
What to Look For When Hiring a Sales Person
Top sales people are the ones who listen to customers and partner with them in finding the right solution. In the interview process it’s important to ask questions that address these desirable characteristics. Read more »
managing
How Do I Make Sure My Holiday Sales Season is Profitable?
At this time of year, retail problems abound: unsold inventory, too few customers, unprofitable pricing, shoplifting, employee theft, bad checks, and on and on. Read more »