Amortization allocates the cost of intangible assets or certain prepaid expenses over multiple years while depreciation allocates the cost of tangible assets with physical substance over their estimated useful life. Essentially, they are similar concepts in that they both involve the gradual allocation of the cost of assets over time. They help businesses reflect the... The post Amortization vs Depreciation: What’s the Difference? appeared first on Fit Small Business ..read more

PayPal is one of the most popular financial technology companies that lets users send and receive money. Businesses use PayPal to accept payments, create and send invoices, process payments on their website, and as a point-of-sale (POS) solution. We’ve put together 20 PayPal statistics to help you better understand how it is used by individuals... The post 22 PayPal Statistics for 2024 appeared first on Fit Small Business ..read more

Real-time payment (RTP) is the process of accelerating the transfer of funds between businesses and individuals from a few days to a matter of minutes. While this is the norm for credit card transactions, bank-to-bank real-time payments have been impossible until recent advancements in payment technology. For small businesses, this means faster payment processing, better... The post Real-time Payments Growth & Adoption: What It Means for SMBs appeared first on Fit Small Business ..read more

Vendor managed inventory, or VMI, is a collaborative strategy that differs from traditional supply chain models by bridging the gap between suppliers and retailers to make inventory management a shared responsibility. VMI can benefit both vendors and retailers if done correctly, but it requires careful setup and close communication. In this article, we’ll cover what... The post What Is Vendor Managed Inventory? Pros, Cons & Examples appeared first on Fit Small Business ..read more

Bulk email marketing (also called “mass email marketing”) is one of the oldest forms of digital marketing—mainly because it’s enduringly effective. If you open your inbox on any given day, you’ll likely find a dozen or so marketing emails, from newsletters to limited-offer coupons. That’s because emails remain a meaningful way to reach your audiences.... The post What Is Bulk Email Marketing? Why It Works + Examples appeared first on Fit Small Business ..read more

Every restaurateur and food service worker has encountered customer complaints. Common restaurant complaints can range from disappointing food and service to the temperature in the dining room. One key to being a successful restaurant owner or manager is knowing how to handle restaurant customer complaints. Responding to customer complaints can be nerve-wracking and downright uncomfortable—but... The post How to Handle Restaurant Customer Complaints [+Scripts] appeared first on Fit Small Business ..read more

For HR professionals and small business owners, understanding talent management ensures that the right talent is in place to meet current and future business objectives. Effective talent management also enhances employee satisfaction and engagement. Therefore, having robust talent management strategies are essential for fostering a high-performance culture that aligns individual achievements with the company’s broader... The post What Is Talent Management & How to Apply It—Ultimate Guide appeared first on Fit Small Business ..read more

The true benefit of performance management is its ability to create a supportive space where employees can improve their skills, leading to better work quality and increased productivity. Although widely used for strategic purposes, performance management does have its flaws—especially if not pulled off correctly. We’ve gathered key performance management statistics to provide a clearer... The post 10 Performance Management Statistics for Small Businesses appeared first on Fit Small Business ..read more

Employee cost includes direct and indirect expenses, thus encompassing the total cost of compensating an employee, including salary, benefits, taxes, and any other related costs. Understanding it is pivotal for small business owners, as it directly affects budgeting, financial planning, and profitability. There are two computations available to get this value: a simplified equation using... The post Calculating Employee Cost for Businesses: Calculator + Formula appeared first on Fit Small Business ..read more

In 3D printing, a special printer creates three-dimensional physical objects via an additive manufacturing process. 3D printing has been around in some form for decades, but only in recent years has the technology become so prevalent and so available that anyone with a few hundred dollars to spare can own a 3D printer at home.... The post 7 3D Printing Business Ideas to Try in 2024 appeared first on Fit Small Business ..read more