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As a small business owner, it’s imperative to have a complete understanding of your business’ financial inner workings. Part of that includes having extensive knowledge of your inventory and how to manage it properly. In this article we define the term “inventory reserve” and explain what you need Read More

“The Profit” starring Marcus Lemonis continues to provide compelling, real-world, business lessons week after week. Last week, Lemonis traveled to California to save a struggling wine store and bar called Amazing Grapes. A number of serious issues resulted in the business losing money. Read More

For most small companies, managing inventory is a challenge. Often, conducting inventory counts & maintaining appropriate stocking levels are tasks receiving limited attention. Fortunately, there are cost-effective inventory control solutions available for the smallest & largest of companies. Read More

Today’s small business owners have significant advantages over those of just a couple of decades ago. Advances in technology make many aspects of business more efficient and offer a number of effective tools. From basic information technology to logistics, marketing and human resources, there are a Read More

Anyone who tuned in to the first season of “The Profit” on CNBC should be aware of Marcus Lemonis’ 3 P’s philosophy. The core of his ideology centers on the fact that business success hinges upon the effective management of People, Process, and Product. On February 25th, “The Profit” returned for Read More

Depreciation is a topic many people find confusing, but the basic concept of depreciation is not particularly complicated. In fact, depreciation is simply a method of allocating the cost of a tangible asset over the expected useful life of the asset. As a simple example, a machine that cost $1,000 Read More

Knowing consumers’ holiday purchasing habits could have prevented UPS’s inability to deliver packages on time for Christmas. Recognizing on-line sales continue to increase, especially when retailers frequently offer the best deals right before Christmas, UPS should have taken their own advice and i Read More

In another month, the 2014 Sochi Winter Olympics will begin. Teams from around the world are training vigorously in the hopes of bringing home the glory and the gold medal in their chosen sporting venue. There will be 17 days of winter events and 9 days of Paralympic Games as a full house of specta Read More

The 2014 Winter Olympics will be held in Sochi, Russia, and the event has already proven itself to be the most expensive Winter Olympic Games of all time. According to CNN, the 17-day event will cost Russia at least $50 billion. In fact, Russia spent $8.7 billion just to build a new railway in prep Read More

The 2014 Winter Olympics, hosted in Sochi, Russia, will involve fifteen events over the course of 17 days. Hosting the 22nd Winter Olympics is no simple task: throughout this time there will be a tremendous volume of construction, utility routing, infrastructure maintenance, and asset management ch Read More