Have you heard of SMART goals, but you’ve never used an organised and effective method for setting objectives? We’ll explain the advantages of SMART goals, how to use the technique for your personal and business goals and what to watch out for with this method. Because, like all...
Neuro-linguistic programming, NLP for short, is a collection of tools and models designed to facilitate and strengthen communication in various areas of life and work. The goal is to better understand oneself and others, and to make positive changes. We will tell you exactly what...
The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarised...
A Skype interview can be a perfect solution in a world of work that’s increasingly benefiting from employee mobility. However, it’s important that no personal habits sneak their way into a Skype interview with a future employer. If you consider all the technical and formal...
If you’re planning to set up an online store, you have a lot to consider. Amongst other things, your checklist will include applying for a business license, developing a concept, and calculating your finances. But don’t despair! A host of e-commerce programs and optimisation...
Double-entry accounting or double-entry bookkeeping is an essential part of the accounting system. Lots of entrepreneurs have a hard time with bookkeeping, when in fact it should be a boon and provide a detailed overview of your finances. Double-entry accounting isn’t an...
Crowdfunding is a way of raising funds for a project using an online campaign. It’s a popular way of financing, especially for private individuals and startups. Usually private individuals are addressed directly. Four main crowdfunding models have been established, which differ...
Hidden reserves can occur within a company through many ways: Some arise more or less of their own accord, others are created either intentionally or unintentionally. Usually these are completely legal or even required by law. On the other hand, however, these hidden assets can be used for activities of questionable legality. Here, we explain what hidden reserves are, how they are created and what...
Those who apply to register a patent protect their intellectual property against third parties using the same idea. But a patent application requires good preparation and a lot of effort. Before national or even international protection of your idea is guaranteed, there is often a long way to go through various authorities. We explain how to successfully apply for a patent and how to save time and...
Many companies are looking for an alternative to Microsoft 365. It is not always an easy decision to make as there are now numerous free and paid options on the market. Not every option will be right for every company and their requirements. Here we will present a variety of alternatives to Microsoft 365 and discuss their respective advantages and disadvantages.
It is important for companies to have an objective picture of their current market position when making strategic decisions. Analysing your own business activities in comparison with the competition involves comparing your internal strengths and weaknesses with the opportunities and risks posed by micro- and macroeconomic environmental influences. These factors can be determined using PESTEL...
Entrepreneurs face problems on a regular basis. However, in order not to postpone but instead to solve these problems, it is important to look not only at their effects but also at their causes. The fishbone diagram is a tool that helps to identify causes of a problem in a structured way. We explain the principle of this cause-effect diagram.
For many, asking other people questions can take a lot of effort. But those who succeed in finding the ideal mix of attentive listening, showing interest, and questioning at the right times can also benefit professionally. The deliberate use of questioning techniques also helps you to promote communication based on trust and find the optimal answers to relevant questions with your coworkers.
Obviously, work hours need to be accurately recorded. The question is how and with what tool? There are a variety of time tracking systems on the market with varying prices and functions. However, the right solution for you is not necessarily the one with the lowest price or the largest range of functions. The system needs to be the right fit for your company for everyone to benefit from it.
How you make sure that your project will be a success? With a well-thought-out project plan. When creating a project plan, you should make the work stages clear, as well as the requirements that the project has to be successful. In doing so, you’ll always know what the next steps are in the project, and if you are still on schedule and within your budget.
“Agile working” is currently one of the biggest trends in the corporate world. It’s seen as the best way to master the challenges of digitalisation. How does the agile approach work? What opportunities and risks does it involve? And what role will this hot topic play in the future? We provide an overview.
If the price of a product is increased or decreased, this has an impact on demand. The price elasticity of demand indicates how strong this impact is. It shows whether the demand for a product or service is elastic (fluctuating) or inelastic (stable) when the price changes. We explain how this value is calculated and provide an example.
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