Macroeconomic inflation is an increase in the overall level of prices in an economy. But microeconomic inflation specifically refers to the impact of inflation on individual businesses and consumers. Some of the effects of macro and microeconomic inflation on our businesses include the following:
Increased Production Costs
In macroeconomic inflation, the prices of inputs such as raw materials and labor increase,…
Company Management
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Explaining Why a Job Was Eliminated Due to Restructuring
Posted on February 10, 2023
In today's dynamic business environment, restructuring has become an essential strategy for companies aiming to adapt to evolving market demands, streamline operations, and stay competitive. However, a job eliminated due to restructuring is often a difficult reality for both employees and employers. As companies face pressures from economic shifts, technological advancements, and changing consumer behaviors, job eliminations have become…
How Does Inflation Affect a Small Business?
Posted on January 31, 2023
Inflation is an external threat to businesses. As the prices continue rising worldwide, small businesses are finding it increasingly difficult to purchase goods and services, especially those engaging in cross-border trade. They are under the pressure of either raising the prices and potentially losing sales, making drastic cost-cutting choices, or taking loans to cover the additional expenses to stay…
How to Keep the Books for a Small Business
Posted on January 16, 2023
Bookkeeping in small businesses involves setting up a framework and choosing methods to keep track of contemporary activities within it. Small business owners need to remain focused on their personal hourly rate, and as quickly as the business can afford, it should be handing over the bookkeeping work. Simply stated, when your hourly rate is greater than the rate…
Best Small Business Finance Management Strategies
Posted on December 15, 2022
Starting a small business can be both extremely difficult, and reassuringly rewarding. But managing what many consider to be the financial minutia, such as the capital, assets, losses, debts, and liabilities can be draining. You can have superior knowledge in your industry or a strategic or competitive advantage, but if accounting isn’t your strong suit, you could be accidentally…
Top 10 Small Business Management Tips
Posted on December 02, 2022
Managing a small business is one of the most underrated things out there. Even the highest level of commitment doesn't guarantee success, and keeping up with the ever-changing consumer demands and market dynamics is no easy feat. While there's no rule of thumb on making a business successful, these small business management tips could be what you need to…
Why Office Space Management is So Important for Your Small Business
Posted on November 29, 2022
Imagine not having enough space to fit the essential requirements in your organization to the point where you can't even accommodate new employees. Or having excess space not being utilized, especially now when workplaces are adopting a hybrid work environment. How counterproductive would that be for your business? This is the reality most small businesses today are grappling with…
Company Management: Keys to Success
Posted on November 22, 2022
Learning how to best go about implementing company management strategies and standard operating procedures is no easy task. Businesses rely heavily on data. So it is a science, but it is also an art form. Doing everything right still isn’t guaranteed to lead to success. You can be a great leader, yet not a great manager, and the other…
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