How To Write a Success Story for Any Business At some point in your business career you will likely be asked to build a case study. Whether it’s for school or for work, building a case study is a very methodical task. While case studies will differ across companies and sectors, your process should remain Read More…
What Are Risk Controls? (And Why They’re Your Best Defense) Risk management is a very important part of any business because it allows for the matching and identification of risk and the associated losses (loss exposures). Practically, this means managers put in place Risk Management Controls. Most business operations are concentrating on maintaining a customer Read More…
5 Ways to Assess Business Risk Risk Management is when a manager tries to organize his company (or business unit) to prepare in case of, and try to prevent, something going wrong. Risk management is one of the most complicated branches of management, as it requires managers to be able to assess unknown situations and Read More…
Short Term and Long Term Financing for Business A company, just like any person, sometimes needs additional money to operate and grow. Businesses seek external financial capital for many reasons, including managing cash flow, developing new products, replacing equipment, expanding operations, purchasing inventory, or increasing sales. Most business funding falls into two broad categories: loans Read More…
Competitive advantage is what makes a business better than everybody else at whatever it is they do. The business with a competitive advantage has an edge over its rivals and provides greater value for its stakeholders. There are many ways to achieve competitive advantage, but the two most common ways are price cutting and differentiation.
The Human Resources department at a business is in charge of everything from hiring and firing employees, organizing and implementing training programs, resolving internal conflicts, determining the pay scales, and everything in between.
Social responsibility is having a sense of duty to society and everything that is a part of it. In other words, “social responsibility” means managers are accountable to society at large, not just their shareholders.
Making Ethical Business Decisions “Business Ethics” defines what is right and wrong in a business—not necessarily what is legal or illegal. Ethical behavior is the responsibility of everyone in an organization, from front-line employees to senior executives. Unethical behavior can occur at any level of a business and may include falsifying or concealing information, misusing Read More…
Forms of Business Ownership A key first step for any entrepreneur is choosing the right form of business ownership. The four major forms of business organization are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each offers different advantages and disadvantages related to liability, taxation, financing, control, and government regulation. Other forms of ownership, Read More…
Management Theories and How They Are Used When holding a job, there are usually certain people that have specific “titles” that describe the work that they do. With those titles, comes the chain of command, which can be looked at as a flow chart: The CEO –> who oversees Management –> who oversees Associates. As Read More…
What’s Your Leadership Style? Leading and directing are important management functions, but usually do not appear in the main job description. A great manager needs to be able to both lead their team and direct their operations – failing either of these roles is a recipe for disaster. Leading vs Directing To understand how managers Read More…
Centralized and Decentralized Management Explained When a company starts to grow, one of the biggest questions they face is how to organize their management. The two main branches of management roles are centralized and decentralized authority. Companies usually fall somewhere between these extremes. Centralized Management Centralized management is the organizational structure where a small handful Read More…
How to Plan for Business Success Planning is an important management function because it helps businesses prepare for both short-term and long-term opportunities and challenges. Effective planning is guided by a company’s core values, mission, vision, and core competencies, which influence decision making, resource allocation, and long-term strategy. Planning also helps businesses respond to changing Read More…