The proliferation of e-commerce has been a game changer in the world of retail, and if adopted correctly can be hugely beneficial for manufacturers too.
Almost every small business struggles through ups and downs on their journey to funding business growth.
An accounting firms' success is increasingly due to their people skills, rather than just their ability to crunch the numbers.
“Success.” Typically defined as: ‘the accomplishment of an aim or purpose.’ Success means a lot of different things to different people. Success may mean wealth, or it may mean happiness.
With more than 800 million active monthly users, Instagram is a social media channel of massive proportions. And, when used strategically, it can reap major benefits for your retail store.
Meet Alana Turner, the co-owner of Poopsie’s, a quirky gift shop in Galena, IL. When Alana and her co-owner took over the business in 2010, they had about 5 employees.
You may have come across two terms which are often confused – Business-to-Business (B2B) retail and Business-to-Consumer (B2C) retail. In this article, we outline the key features of each model so that you know the differences between the two.
Grow your business by strengthening its eCommerce capability. eCommerce is one of the most rapidly growing ways to sell products to customers in most countries globally.
Question: are you planning to bring anything new to the in-store experience? If your answer is “no,” then brace yourself. The coming years could be rough for your retail business.
At Debtor Daddy, we’re firm advocates for giving customers reasonable time to settle their debts. Go in too hard, too soon and you’ll burn your relationships; leave it too late and you’ll waste a disproportionate amount time and money trying to collect what’s due. So when is the right time to engage a third party debt collection agency?
The Asia-Pacific region has seen an online boom over the past decade, particularly in eCommerce. This part of the world has the largest online market globally and high levels of growth in the Australian eCommerce market have had a lot to do with this.
This is a post by Alexandra Sheehan. Most thriving retail businesses process many transactions on a daily basis, sometimes thousands.
Successful marketing is key to raising brand awareness and growing your advisory services. By ensuring that clients receive a professionally branded report and a tailored advisory experience at each meeting, you will enhance the overall perception of your brand to the wider business community and are more likely attract new clients.
As passionate believers in the healing power of flower essences, Scott Harris and his co-founder Jayne Tancred established Tribe of the Tree in Sydney seven years ago.
Delving into the e-commerce world is an exciting adventure albeit somewhat daunting. You need a ‘shopfront’ – somewhere you can show off your wares to customers. Here we review some points to consider when choosing your cloud-based e-commerce software.
The manufacturing industry is changing and new trends are shifting the way manufacturing companies operate their facilities. In addition, manufacturing companies are looking to become more sustainable in their operations.
As businesses grow, it is often inevitable that additional entities will be needed. Typically these will arise from international expansion into new markets or for legal and risk mitigation.
Your profit margin is a metric that should always be on your radar, and for good reason: it answers critical questions about your business, like whether or not you’re making money or if you’re pricing your products correctly.
Strategic planning is the blueprint for your business. It’s an aspirational and practical plan for your future that can give you an exact outline of where your business is, and where it should be.
Over 2,000 years ago, Aristotle said “ First, have a definite, clear and practical ideal; a goal, an objective. Second, have the necessary means to achieve your ends: wisdom, money, materials and methods. Third, adjust all your means to that end.”
The world of accounting and bookkeeping is changing. It was a decade ago that I decided to upgrade our small business from spreadsheets and Word documents to a proper accounting system.
Students in the US won’t be flocking back to campuses until September, but for retailers, it’s high time to ramp up back to school (BTS) and back to college (BTC) marketing campaigns.
Outsourcing ‘business as usual’ tasks can bring focus and efficiencies your business needs in order to succeed in today’s fast paced environment. A new level of agility and access to quality analytics and expertise can be brought into your business. To get ahead of the competition, consider outsourcing.
Seasonality might make you think of the holiday season but seasonality is not exclusive to Christmas, Easter or Halloween! Seasonality also encompasses the summer seasonal boom.
As traditional retail channels dwindle in popularity, more businesses are turning to multi-channel retailing to provide an extra income stream and keep business ticking over.
The shopping habits of consumers has changed significantly over the past 10 years and will continue to change over the next decade too.
The UK retail landscape is changing rapidly. Consumer spending is decreasing, competition is increasing between businesses, and people are turning to e-commerce at an unprecedented rate.
These days, it seems like every retailer is running some sort of sales promotion. 25% off, $5 off a purchase of $50 or more, buy-one-get-one-free — these approaches are becoming so commonplace that it’s easy to get lost in the mix.
In the cosmetic industry, managing the supply chain efficiently and effectively is crucial for cosmetic companies to gain a competitive advantage.
13 may be unlucky for some but if you follow these 13 top tips on how to use Xero and make the most out of your account you won’t need luck.
Have you ever considered selling private label products? If so, keep reading. For this post, we caught up with Sarah Ferrence, the founder of Mod. Merchant, a firm that helps retailers and wholesalers adapt and grow their businesses in the new era of retail.
Many firms will decide to take on debt at some point, at different stages of growth and for several reasons.
Managing seasonal pressures in the automotive industry is an ongoing struggle for car dealers, repair shops and others in the auto business.
Father’s Day is just a few short weeks away, and while this holiday isn’t as huge as the day dedicated to moms, consumers still increase their spending quite a bit.
As more businesses use online inventory management, manufacturing and procurement tools, businesses that stick to traditional ways of operating are likely to surrender their competitive advantage.
Scammers use clever tricks to reel you in and get you to reply to their email or not hang up the phone. Most scams seem like genuine offers but they are carefully designed to trick you into giving away your money or your personal details.
One of the major differences between brick-and-mortar and ecommerce retail is the ability (or inability) to create a physical customer-product interaction.
When was the last time you gave your retail checkout counter some love? (And no, we’re not just referring to cleaning up your countertop or moving some stuff around.)
Competition is rife in every industry. In order to keep up with competitors you have to be innovative and quick.
There are many factors that can contribute to business success or otherwise. When first starting out, business owners can be focused solely on serving customers that they forget to check out the competition.
In an ideal world, your business would never have excess or obsolete inventory. However, this can and often does happen when demand for certain products decreases and supply remains steady or increases.
Cash flow can be hard to get to grips with for any business; whether you’re growing, just starting out, or established. In fact, 82% of businesses become insolvent because of bad cash flow.
Shifting data, systems and the inner workings of a business onto the cloud can be a big move. However, it’s hard to stay away from the cloud these days; the applications of cloud-based software are seemingly endless.
When it comes to quality control as a manufacturer, it’s important to remember the role inventory management has on your ability to moderate quality. In terms of running a business, your aim will be to make quality products that will sell, with as little waste as possible.
There were almost 5 million retail sales jobs in the U.S. in 2016. Those workers, both full- and part-time, represent a sizeable chunk of the workforce, and they’re also a key component to every growing retail business. (post by Alexandra Sheehan)
While millennials are still a significant consumer segment for retailers, there is another shopper group that’s continuing to gain spending power.
No matter how inventive or simple your business model is, you can still have problems with cash flow. Here is a rundown of the best and worst businesses for cash flow.
While there are many things that can affect the in-store experience (e.g. products, prices, store environment, etc.) customer service is always going to be one of the top factors that impact how shoppers perceive your brand.
As some of us begin a new financial year, it’s time to reflect on trends from the year that’s been. The 2018 financial year continued the dramatic trend of change that small and medium sized businesses have been experiencing for the last few years.
Perhaps the most important part of retail is the moment of the transaction — when money transfers from the customer to the cashier. (post by Cara Wood)
Local store marketing is critical for many retailers, particularly those who have brick-and-mortar stores. Chances are, the bulk of your foot traffic comes from people in the neighborhood, so it’s vital that you get yourself in front of as many locals as possible.
One critical factor for food and beverage industry growth is innovation. While the food and beverage players are experienced innovators, the industry itself is facing new consumer, food safety and regulatory challenges.
When thinking about threats to your retail store, shoplifting is probably number one, right? The idea of someone swiping hundreds of dollars of products into a giant bag and walking out with them is horrifying, isn’t it? (post by Cara Wood)
With stock market volatility the highest it’s been in over two years, it’s easy to lose your cool and forget your long-term goals.
No entrepreneur or business startup sets out to fail, yet in every industry, there are those companies that grow and dominate their markets, while others stagnate or ultimately fail.
Working remotely or freelancing has its positives— working in your pyjamas being one of them— but when it comes to self-motivating and staying productive, it can be an uphill battle.
Controlling a supply chain can be a very difficult exercise. Businesses can struggle to control what is going on in their supply chain and this can result in failure.
If you are a startup owner or entrepreneur, it is no secret that you may be working within a tight budget. The ability to make pennies stretch is an important survival skill.
Recruiting more women into roles within the technology sector continues to be to a major challenge for employers. In the UK technology sector, only 15% of people working in STEM roles are female, and women hold only 5% of tech leadership positions.
There are many lessons to be learned through failure. Each time something does not work in a business, there are endless reasons and factors that could culminate to cause the failure.
Highly successful retail businesses don’t just happen overnight, nor does it (usually) occur because of one big, bold action.
Numbers don’t lie, so if you find yourself at a loss with what’s happening in your business, one of first the things you should do is look at your retail metrics.
Gift giving is a major part of the holiday season. As a result, the holiday seasons is hectic, not only for the consumers, but also the retailers and manufacturers supplying the gifts.
The Harvey Weinstein scandal is back in the news this week – and it’s a reminder that we should seriously think about how we recognize and prevent sexual harassment in the workplace.
Impulse purchases account for a significant chunk of the consumer spending pie. According to a study by Marketing Support, Inc. and Leo J. Shapiro and Associates, about one-third of all consumers make a sizeable impulse buy every week, with a median purchase of $30.
Picture this — you find yourself in an industry that is dominated by big chains at the top and crowded with online stores that keep popping up. How do you stay competitive?
Software as a Service (SaaS) has paved the way for businesses and consumers to test early cloud services. With SaaS being both flexible and financially attractive, businesses continue to take advantage of the simplicity and high performance the cloud offers.
Running your own business is awesome, right? There are not many other lifestyles that afford the opportunity to enjoy the kind of life you’ve always dreamed of, on your own terms. Time, money, flexibility… the chance to have it all.
One of the complexities of managing a small to medium sized business is having the ability to optimise your organisation, enabling it to run more efficiently.
Almost every small business struggles through ups and downs on their journey to funding business growth.
When it comes to creating a vibrant company, values are absolutely foundational – in fact, they’re one of the most visible aspects of any company culture.
Stockouts almost always make it to the “worst nightmare” lists of retailers, and for good reason. Not only do they lead to lost sales, but out-of-stocks also result in reduced customer satisfaction and lower loyalty levels.
Whether you’re just setting up shop or been running your store for decades, acquiring new customers is always the name of the game.
Who is your favorite retailer and why? We posted that question on LinkedIn last week because we wanted to learn more about the retailers that consumers love.
As some countries ring in the new financial year, now is the time to reflect and make New Year’s resolutions for your SME for the financial year ahead.
We have scoured the marketplace to bring you the five best Xero apps of 2018. From reporting software to time management applications, we’ve covered a wide variety of apps designed to make your life easier.
How much money do you lose to stockouts and overstocked items every year? The answer might surprise you.
Conflicts are inevitable, even in the most engaged of workplaces. Regardless of the source of the conflict, if they are left unresolved, conflicts can quickly impact employee morale and productivity.
As industries increase in globalisation, establishing trading relationships with suppliers further and further afield, there is a concurrent and rather ironic push for consumers to support local entities and ‘shop small’.
The success of a business, amongst other things, is largely dependent on their ability to supply their product or service to a customer exactly when and in what quantity they require.
It is a difficult task to gauge customer satisfaction without some form of survey to do so. However, understanding the extent to which your customer base is happy with your services is integral to your company’s success.
Customer Success is one of the most important strategic priorities at Spotlight Reporting. The more we learn about Customer Success principles, strategy and practice, the more we can see the powerful resonance this could have for accountants in practice.
Dealing with difficult customers can be… well, difficult, but it doesn’t have to be. With the right attitude and action steps, you can effectively navigate these tricky customer situations and emerge (hopefully) unscathed.
Every seasonal business – whether it’s a haunted house attraction open on Halloween or a summer souvenirs shop on the beach – dreads the off-peak season.
Free healthy meals at work, discounted travel, opportunities for personal development and study, flexible working, and paid time off for volunteering – these are just some of the compelling employee benefits that leading company’s offer.
Global sourcing occurs when companies go beyond their home borders for sourcing goods and services.
One of the best ways to get inspired in your retail business is to see merchants like yourself who are killing it.
The growth of the coffee industry has been truly unprecedented and experts have been prepared for the bubble to pop.
There has been a lot of chatter in the media recently that another economic downturn might be around the corner. As The Wow Company found in their recent “How recession-proof is your business” survey, a surprisingly high number of UK-based businesses are not prepared for the next recession.
Strategy lies at the heart of most successful businesses. Businesses that plan and have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions.
After spending months thinking about it, you finally decided to quit your 9-5 job and start your very first business. You think that this will be a win-win situation for you because you get to do what you love and be your own boss.
If you’re shipping your goods out to your customers, it’s essential to ensure your freight costs are as low as possible. At the same time, we all know how important it is to reduce our impact on the environment.
Working from home is becoming increasingly common as many employees look for flexibility and work-life balance.
Most small businesses are trying to grow their market share and revenue. This typically means thinking deeply about one of the major factors affecting inventory management: pricing strategy.
The 3 Best (and 3 Worst) Things You Can Do On Social Networks. Successfully managing your social media efforts takes more than just creating an account and posting a few updates every now and then.
Sales numbers are not the only factor that influence a business’ bottom-line. Inventory management is just as important, and managers need to be wary of a few common inventory management mistakes to avoid.
Over the last five years, peer to peer lending has become a popular alternative to traditional bank lending for individuals.
There are several advantages to getting some good PR for your business. In addition to generating buzz, getting covered by the press can drive traffic and sales while boosting your credibility in the process.
Business to Business (B2B) marketing practices are changing. Here we identify the latest trends and best practices of 2017.