News & Insights

Financial Literacy Fuels the Success of Small Businesses

According to QuickBooks, "32% of small business owners say better financial literacy would help them improve budgeting and cash flow." Understanding key economic concepts such as cash flow management, budgeting, and tax strategies helps entrepreneurs make better decisions, optimize performance, and avoid costly mistakes. However, many small business owners struggle with these concepts, making financial literacy programs essential.

Negotiation Strategies for Profit and Customer Retention

For small business owners, pricing is a delicate balance between profitability and customer retention. Mastering the art of price negotiation can significantly impact your bottom line while maintaining strong customer relationships. Let's explore effective strategies and insights backed by data.

According to a study by McKinsey & Company, a 1% price increase can translate to an 8.7% increase in operating profits, assuming no loss of volume. This underscores the significant impact that effective pricing can have on a small business's profitability.