Category: Running a Business

What is Vertical Integration and How Small Businesses Implement It

What is Vertical Integration and How Small Businesses Implement It

Vertical integration is a business model that businesses can use to gain competitive advantage and increase their market share by gaining control of their supply chain. As a business strategy, vertical integration involves one company purchasing or acquiring a supplier or distributor in an expansion deal. Read on to find out more about vertical integration and how your business can use it to get a leg up on your competitors.  What is Vertical Integration? Vertical integration allows companies to gain… Read More
What is Regression Analysis and How it Applies to Financing

What is Regression Analysis and How it Applies to Financing

Regression analysis is a type of data analysis that gives small business owners detailed insights that improve their products and services. Small business owners use regression analysis to examine the influence of one or more independent variables on a dependent variable.  Businesses that often use regression analysis include insurance companies, pharmaceutical companies, credit card companies, and finance companies. Here’s a look at how regression analysis works and how it applies to financing. What is Regression Analysis? Regression analysis helps business… Read More
What Are EDI Payments?

What Are EDI Payments?

For business owners, protecting their assets — including their and their clients', customers', and vendors' information — is of the utmost importance. The transfer of information and data between multiple entities can result in errors, breaches, and delays that small business owners simply cannot afford. As a result, entrepreneurs are incorporating new systems into their payment processing to streamline and protect payment information  What Are EDI Payments? EDI stands for “electronic data interchange” and it is not actually a payment… Read More
What is Risk Management and Why Is It Important

What is Risk Management and Why Is It Important

Like everything else in life, running a small business comes with risks. As a business owner, there’s a non-zero chance you’ll have to deal with challenges like damaged equipment, market fluctuations, employee theft, unforeseen pandemics, or personal emergencies.  The good news is you don’t have to be helpless against these unpredictable circumstances. In fact, you can lessen the impact by planning ahead with risk management. Let’s take a closer look at how risk identification works, and the practical steps you… Read More
How to Accept Payments Online

How to Accept Payments Online

In an increasingly online world, more and more small businesses have had to start offering a way to accept payments online. In fact, most customers expect to be able to pay online now. Online payments allow customers to pay with credit cards, debit cards, direct transfers from their bank account, or with a digital wallet, which makes it more convenient for both them and you. It also allows you to expand your business to customers who want to buy your… Read More
Working Capital Formulas and What They Mean For Your Business

Working Capital Formulas and What They Mean For Your Business

Every small business has some level of working capital, but if you’re unsure of what it is and how it’s calculated, we have you covered. In simple terms, working capital can also be referred to as net working capital. It’s the difference between a company's current assets like what cash they have, accounts receivable/customers' unpaid bills, and inventories of materials and finished goods — and its current liabilities, like accounts payable and debts. How to Calculate Working Capital Working capital… Read More