When it comes to pricing products, no two terms are more often confused than margin and markup. While they are similar, they are two different things. Margin is the amount of money that a business makes on each sale after the cost of goods sold (COGS) has been subtracted. COGS is the cost of the
How to Keep Employees’ Morale Up with a Looming Recession
Sure, you get to be your own boss and set your own hours. But you also have to wear all the hats, from marketing to accounting to customer service. And that's not even counting the challenge of keeping your employees motivated and productive, especially during a recession. A recession is a period
How to respond to a client suffering sticker shock
Sticker shock, or client objection over price, is something all salespeople deal with at some point in their careers. And, most entrepreneurs are their company's salespeople in their business' infancy. It is a feeling that the prospect wants to spend less money on the product or service, even though
How to know if you need a CFO service
As a business owner, you understand the importance of having accurate financial records and strong internal controls to ensure the security and stability of your company. However, managing these tasks can be time-consuming and overwhelming, especially if you need a dedicated financial team or are
Washington Law Requires Salary Range On Job Listings
The pay transparency law in Washington State requires employers to provide the salary range on job listings and advertisements. Most Washington employers now must provide salary fields on job listings, promotions, and recruitment tactics. The law also dictates that employers disclose pay information
Keeping Your Startup Afloat When Investment Funding Is Drying Up
You've probably heard a lot about how investment funding is slowing down for startups. It's true – the numbers don't lie. It might seem bad news, but it doesn't have to be. There are many reasons why this could be a good thing for your startup. How to make your startup thrive in this
Effective Ways Of Dealing With Customer Churn
When running a business, an essential element for maximizing profits is your company's ability to attract new customers (while maintaining the old ones). However, all companies experience some level of customer churn, which lowers their revenue and profit margins. Customer churn is the number of
When to Quit Your 9-to-5
"An entrepreneur is someone who jumps off a cliff and builds an airplane on the way down." This adage is the startup world in a nutshell. Things move at terminal velocity and you need to think quickly. While there are people who save and meticulously plot out the next 5, 10, 15 years, arguably, most