The 4 Principles of Successful Inventory Management

Managing inventory is always a struggle. Too much, or too little is never good, and finding that middle ground seems next to impossible. Having too much inventory means our carrying charges will be higher as we will hold inventory longer. Having too little, and we’ll miss important sales that could generate gross profit. So, with both ends of the spectrum representing high costs and lost profit, how exactly does a company find that middle ground? Is there a way to balance out the scale? Well, there is no guarantee, but there are four principles that all companies should follow when it comes to managing their inventory. Doing so might just get your company that much closer to your ideal inventory levels.  First, we’ll review what goes into your inventory costs, and then we’ll look at the four principles of successful inventory management.

5 Steps in Selecting The Perfect Franchise

As all people are different, what constitutes the ‘perfect’ franchise will be determined by business, environmental and financial factors, but also by your personal character, abilities and aptitude. Selecting a franchise is a task that requires you to look at external circumstances, but also demands that you examine your own nature. The following guidelines will help you to focus on the main issues in deciding what franchise, if any, is appropriate for you.

Booth Renter, Employee or Independent Contractor?

There seems to be an awful lot of “Independent Contractors” in the beauty industry. More commonly known as “Booth Renters.” However, the IRS says that very few people working as hair stylists or nail technicians actually qualify as Independent Contractors, according to their definitions.

How to Succeed in Business, Despite Your Emotions

Have you ever started a business that felt great to your ego but just didn’t make sense?

This week, I was offered just such a business partnership. It would have been wonderful for my ego. It was a fantastic brand with which to collaborate and a high-profile venue, with worldwide recognition. All my family and friends were impressed. Yet, it made absolutely no business sense.
How often do we make business decisions based purely on our emotions rather than on logic, insight, and real business savvy? This was my prime example. Had I become involved in this enterprise, I would have done so for all the wrong reasons—all the emotional reasons. Though logic told me this wouldn’t be the best course of action, I could easily have let my emotions win the battle; but, thankfully, common sense won.

Working with Mission and Purpose

I find it is very helpful if we have a ‘guiding light’ that will enable us to make the best choices around our time, our energy, our money and our love (our most valuable resources). When all these resources are operating in harmony, we can literally flow through life….as one client calls it: “It’s like having green-light days!”