Moving your business to a new city can sound like a desirable prospect at first glance. There might be better opportunities, better living conditions, or perhaps the city may be more aligned with your political and social convictions.
However, the purpose of business is to make a profit in a...
On the invisible tool belt that all business owners wear, there’s one section for financial analysis. If you dig in there, you’ll find metrics like contribution margin to help you price your manufactured goods. Today, we add one more gadget: prime costs.
Overview: What is a prime cost?…
As a business owner, you’re tempted to say “yes” to every customer who wants to buy from you. Why would you turn down money? But the reality is that, for some companies, not all sales are good for your business.
Especially in the retail world, businesses have to make careful decisions about how much product they sell to customers. That’s because…
Business owners use cost allocation to assign costs to specific cost objects. Cost objects include products, departments, programs, and jobs. Cost allocation is necessary for any type of business, but it’s more frequently used in manufacturing businesses that incur a wider variety of costs.
If you have a business, you have overhead costs. Whether you work alone or have a staff of 50, overhead expenses are a part of doing business. Learn what overhead costs are, the different types of overhead your business may have, and how you or your bookkeeper can learn to easily calculate them.
Throughout this pandemic, you’ve probably had quite a few questions cross your mind. I know I have. Some of these questions might even be defining moments for your business’s future.
So, what are the answers to the questions business owners are asking?