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Many budding businessmen try to open up a small business being confident that their 5 to 6 years of learning period and obtaining a degree would come in handy but once they step into the shoes of an owner, they are not as comfortable and confident as they were before opening up their business. Having
Traditionally the Human Resources Department was viewed and considered as a support function by every business. HR was mostly involved in personnel management, making payrolls, managing employee leaves and executing other similar administrative tasks. With the inclusion of HR personnel in strategy formulation and execution, the role of HR today has transformed radically, leading to
Expansion is a very important decision that a business makes. It is not as prompt as launching a new face of an existing product or introducing a new package for the product and involves a lot more strategic planning, calculations, cash flow forecasts, budgeting, the demand for human resources etc. The businesses that have newly
Negotiations are very important in the field of business. Although, most people, like managers have mastered the skills of leading and controlling but what they lack in are negotiation skills. It does not always work for managers to order and force their decisions onto their subordinates because it often leads to a negative attitude in
In the olden days, need for managing risks was not that evident nor needed by businesspersons due to transparency in trading and operations, as well as people working with true devotion and loyalty to the business. Now, however the situation has changed greatly and people do not trust their friends, let alone work colleagues. A
Many of the new postgraduates and entrepreneurs who have started small business ventures not quite have the true idea of operating a business. Although management universities and institutes teach and train individuals on every aspect of business, but what they fail to supply is the knowledge regarding the importance of public relations. I will start
Payroll is considered as one of the most important aspects of business. Although there are several reasons behind it, compensating employees without errors, for their contribution of skills and expertise to the business at the right time is the main reason. With busy schedules and the workload on every employee or worker’s shoulders, errors in
The time of the year when people have to file their taxes is never easy. For those who like to be organized in their work and manage all the receipts properly filing for tax refunds is a piece of cake but for those people who struggle to sort out receipts, they almost lose the time
When you cannot seem to predict a bright future for your business for the new financial year, do not lose hope. There are certain techniques that you can apply to improve profitability of your business venture at the start of the new financial year without having to make huge investments. If you’re a new entrepreneur,
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