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.
CRA provides a number of mobile phone apps that taxpayers (individuals, corporations, etc.) can use to assist with their tax obligations...
U.S. State Department was able to deny or revoke passports to U.S. citizens having a “seriously delinquent tax debt”...
T5018 should be filed for any subcontractor payment or credit made relating to goods or services received in the course of construction activities...
A travel allowance paid to an employee for the use of their personal vehicle for business purposes will be non-taxable if it is reasonable...
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.
Two significant changes are proposed. First, a limit to the small business deduction for CCPCs generating significant income from passive assets, and second, a new regime to stream the recovery of refundable tax to the payment of specific types of dividends
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.)
CRA states that T4s are required for all employees, including family members, and subject to payroll deductions, as appropriate.
Gains or losses from selling or buying DCs must be reported on one’s tax return... DC received in exchange for goods or services must be included in the seller’s income for tax purposes. GST/HST would also apply on the fair market value (FMV) of goods or services
CRA require PayPal to disclose sales records of Business Account Holders...
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)
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.
Debtor days measures how quickly cash is being collected from debtors. The longer it takes for a business to collect, the greater the number of debtor days.
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.
Is your New Year's resolution to update your website? Use our tips to help you create engaging content! Is your New Year's resolution to update your business website?
Creating a highly-engaged workforce and a thriving workplace continues to be a major focus for all HR managers. And the reason is simple.
If you’ve been keeping abreast with the latest trends then you’ve likely heard about the shifting shopping habits of consumers.
The best suppliers will provide the most suitable goods or services at the right prices and within the right time frames for your business needs. Below we give you six factors you need to know when considering a new supplier.
Many virtual currencies, such as Bitcoin have emerged over the last 10 years but just how safe are they? We explain how virtual currencies work and the risks you take buying, trading or investing in them.
Training in the workplace is a very valuable and important component of running a successful business.
Conducting business is no longer as simple, and dare we say primitive, as being present in the store at the point of sale, making said sale, recording said sale and replenishing inventory stock – all in a very hands-on manner.
Online purchasing has not-so-slowly and very surely become the way people shop. It is efficient, convenient and best of all can be done without any concern for traffic or trying to find dreaded car-parking at a mall.
Take a moment to put yourself in your target customer’s shoes. Now, pretend you’re someone who’s walking into your store for the first time.
Holiday seasons are often just as exciting for food manufacturers as they are for consumers. Holiday seasons are big business for food manufacturers.
If your business is doing well and you’re looking to expand, that can be a sign of success. However, moving to the next stage of business development can be a risky endeavour.
Having reliable rostering software, like goRoster, means that you know who is working in your business at any given time. It’s a great tool to help you manage your staff without having to be on site 24/7.
If there were no customers, there would be no business. And with no business, there is no income. So, it would be safe to summarise that customers should be the point of business, would it not?
Buy now, pay later payment services allow you to delay payment or pay by instalments (often fortnightly) over a period of time.
Inventory control and supply chain management has evolved on a near continuous basis since the 1980s.
To manage people in fast-growing small businesses like yours, you need to streamline all areas of HR administration – which would be hard to do without HR software.
If you’re reading this, then you’re likely: a) not meeting your retail sales targets; or b) meeting your targets but want to find ways to blow past them.