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Ways To Reduce Inventory Shrinkage From Expired Products

  • September 25, 2020

Ways To Reduce Inventory Shrinkage From Expired Products

Inventory shrinkage tends to be a massive problem in the retail industry. One of the greatest causes of inventory shrinkage is food waste, generally because certain products expire too soon. This issue generally causes grocery store profit margins to decline. One of the best ways to prevent this from happening is to find methods that will reduce the number of expired products you end up with. Here, we will discuss the most effective ways to reduce inventory shrinkage from expired products.

Use a Point of Sale System

Your staff can fill your point of sale system with the proper data to show you the customer demand for various items. Inventory shrinkage often rises if you overestimate the demand for food products, as this, therefore, leads to overstocking. Overstocked items are unlikely to sell as quickly, leading to wasted product and money. Use the data from your point of sale system to review details such as the day, month, year, and impact of local events on purchases. Through this research, you can better estimate the likelihood of sales on specific products, making it easier to plan what you need to keep in stock.

Optimize Your Cooler To Move More Product

Many times, the way you display, rotate, and sell products out of the cooler will have a direct effect on the amount of product that expires. One of the first ways to deal with this is to apply the first in, first out method, which keeps the oldest product at the front of the cooler to sell first. Selling your oldest product first is imperative. Many times, customers like to look through products and find the one with a more distant expiration date, even though an item with a closer expiration is often still good. Reducing prices on older items to stimulate sales before the items expire might also help. Make sure your coolers are in proper working order as well. Using electronic shelf label solutions can allow you to check refrigeration levels to see if temperatures are off.

Educate Customers and Staff

Though this is one of the most basic methods, it’s still a highly effective way to reduce inventory shrinkage from expired products. Utilize signage to identify the details of certain foods that are prone to spoiling faster. You can use these labels to indicate where the food came from and how customers can use it. Digital signage is helpful in this area and can engage shoppers with this information to help further the appeal.

It’s best to discard any expired items through off-spec and outdated product destruction, which may cost more money on top of dealing with inventory shrinkage. So, implementing some of these methods to reduce product waste is one of the best ways to save your business money.

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Tips for Reducing Shipping Costs

  • September 25, 2020

<p>One of the biggest challenges for new entrepreneurs is the unexpected costs of shipping. This includes the costs of shipping to customers, but also the cost of having things shipped to yourself. There are many costs and responsibilities associated with starting any business no matter how big or small it is, and finding ways to save money is at the top of the list. Shipping is a huge part of the expenses, and these are some <strong>tips for reducing shipping costs</strong> that can pay off huge.</p><h2>Leverage Flat Rate Shipping</h2><p>All major shipping companies offer flat rate options that are great for standardizing the process and removing the variable rates that get excessive. Shipping companies offer flat rates by zones, or based on the distance a package travels. UPS, FedEx, and the post office provide free flat rate boxes, which is a huge savings in itself. The information can get confusing, so talk to your rep about it before deciding on flat rate shipping.</p><h2>Get To Know Your Representatives</h2><p>Shipping companies typically employ huge teams of sales reps to make sales and take care of customers. Every region around the country has at least one rep just waiting to contact you. It’s their job to please the customer, so get to know them and <a href="https://www.dtsone.com/how-to-improve-your-relationship-with-your-3pl-provider/">improve the relationship</a>. The reps are allowed to negotiate rates, they answer questions, and they find lost packages or shipments. They can and should be your best friend. </p><h2>Negotiate the Rates</h2><p>Carriers know that once you start using a specific company for shipping, it’s a massive headache to switch carriers and you’ll be a customer for a while. For these reasons, freight and small package carriers will give incredible incentives to secure you as an account, and all you have to do is ask. Reps will also help you with the process and even subsidize the costs of switching if you’re already using another company. Always price compare before entering into a contract to find the best rates. Try to get them even lower during the initial meeting.</p><h2>Use Their Equipment</h2><p>Most prominent small package shipping companies have their own shipping software. Whenever possible, use that software for scheduling shipments and tracking. They have printers, scales, and computers that they will give you for free as long as you use their shipping services. Most of the freight carriers have their own online scheduling pages as part of their website. Don’t reinvent the wheel and use the free services they are offering.</p><h2>Claim All Refunds</h2><p>The best <strong>tip for reducing shipping costs</strong>, and a basic tenet of business, is to never leave money on the table. When you pay for expedited shipping services, there is a chance that the shipment will get to the destination late. When that happens, the company offers refunds because their service was unsatisfactory, and most of those refunds go unclaimed. If you have a next-day shipment that doesn’t get there on time, ask your rep about how to claim the refund you are owed.</p>

One of the biggest challenges for new entrepreneurs is the unexpected costs of shipping. This includes the costs of shipping to customers, but also the cost of having things shipped to yourself. There are many costs and responsibilities associated with starting any business no matter how big or small it is, and finding ways to save money is at the top of the list. Shipping is a huge part of the expenses, and these are some tips for reducing shipping costs that can pay off huge.

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Habits with Money Should Change as You Age: How to Manage Your Finances Throughout Life

  • September 25, 2020

How to Manage Your Finances Throughout Life

How should you manage your finances throughout life?

Good question!

Financial education is abysmal throughout the United States which has resulted in a large number of Americans left in debt. Analyzing how much money can be earned with a certain degree seems to go out of the window when it comes to student loans. Far too many students put themselves far in debt for an education they could have received at a much lower rate. There is no shame in taking classes over the summer at a local college where credit hours are less expensive than a large state university. Going to a university out of state can double or triple the costs simply due to state of residence.

Financial habits need to change as we age whether it is spending, investing, or paying off debt. The last thing anybody wants is to mismanage their money which results in them having to go back to work after retirement. The following are tips for each age range of your life so you can make the best financial decisions for yourself.

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8 Tips To Become Rich Using Bitcoin

  • September 25, 2020

8 Tips To Become Rich Using Bitcoin

Ready to get rich with bitcoin?

Want to earn some free bitcoins? Well, by now, you have already heard about bitcoin and cryptocurrencies. And you are still not aware of their existence, man you need to work on your general knowledge.

Bitcoin and cryptocurrencies have become a new trend that has been robust and is changing the world's financial infrastructure.

The way we are stepping into the digital world, the financial ecosystem is also adapting to the new digital financial ecosystem. If you are still not aware of the methods you can use to earn money, we are here to guide you through the methods you can use to earn profit from bitcoin and cryptocurrencies.

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IMPACT INVESTING: A GUIDE TO THIS DYNAMIC MARKET

  • September 25, 2020

IMPACT INVESTING: A GUIDE TO THIS DYNAMIC MARKET

Ready to learn about impact investing?

We all make investments in our lives, whether it's a conscious decision or a choice shrouded beneath the need of the hour.

From our educational and professional careers to our children, we have generously invested our time, energy, and resources to achieve a brighter future.

But one thing that remains common in the case of all these choices is the underlying intent to move forward.

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Tips for Reopening a Retail Business During COVID

  • September 24, 2020

Tips for Reopening a Retail Business During COVID

With the concern of COVID-19 still looming over a lot of businesses, many owners are taking very specific measures when it comes to reopening. Some of the first to have reopened are retail businesses. While many have been given the go-ahead to open back up for the general public, owners and managers should consider measures that will provide the safest environment for employees and customers while also allowing businesses to thrive in this new environment. To get started, check out these tips for reopening a retail business during COVID.

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Business Plan Essentials: 3 Tips To Get Started

  • September 24, 2020

business plan essentials

What are the essentials of a business plan?

I'm glad you asked.

Crafting a proper business plan for your idea is not for the faint of heart. In fact, the real work begins after you have that epiphany for your company or solution to a common problem.

For something as important as a business plan, it's never recommended that you "just wing it." Rather, we've identified the 3 key business plan essentials you'll want to incorporate most as you start that first draft.

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BEGINNER’S GUIDE TO LUCRATIVE INVESTMENTS

  • September 22, 2020

Personal finance or Money Management is one of the underrated skills in the world. Our academic curriculums have progressed immensely in science and arts, and they are still evolving. But the teaching in the domain of personal finance is not relevant to match the reality of the financial world. Students learn the bare minimum, yet that is not enough to initiate effective private finance practices. Similarly, it is also essential to ponder that no matter how skillful an individual becomes and earns big bucks if they do not know how to manage them, they will fall behind.

In personal money management, there are many hardcore concepts to learn that can easily shape the destiny of any individual's financial future. And again, it is not highly dependent on your earning only and how you manage it. One must understand the fundamentals of maximizing earning, making budgets, and reducing the cost of living. But it is the investment skills that can set the financial situation towards greatness over time. Your earning can afford your current lifestyle, but the right investments are the ones that can allow you to afford a lavish lifestyle without the need to earn every day. Therefore, if an individual is not trained enough on investing skills, there are chances that they might not invest at all or fall into the Ponzi schemes or unwanted investment ventures.

When it comes to investment skills, it’s the whole enormous world in itself. It isn't easy to understand all the concepts, grasp the essentials, and find the best investment avenues in one go. There is much nitty-gritty to look through, and even the seasoned investors find some new element that they don’t know about usually. And usually, the beginners also get trapped in the wrong expectations and fascinations to start with about investments. You can hear specific queries like, "Which stock should I buy to become a Millionaire?” or “What is this ROI thing?” or “What is impact investing?” etc. Therefore, this article cannot suffice all the elements of investing, but will touch some basic types of investment options and will also provide an understanding of the fundamentals that can help in selecting, evaluating, and deciding on the investment option.

Firstly, let’s look at the basic categories or asset classes to understand the investment options available.

Asset Classes:

There are many investment options and opportunities out there, and the list is endless. But, typically, all of such options can be categorized into a handful of categories, commonly known as “Asset Classes.” An Asset Class consists of investment options with similar characteristics and is governed under the same authorities' rules.

The most common asset classes that people are familiar with are:

Stocks/ Equities

Bonds/ Fixed Income Investments

Alternative Investments like Real Estate, Forex, and Collectibles

Commodities and Futures like Gold, Oil, etc

Sustainable, Responsible and Impactful Investments (SRI)

We will only go into the details of the common ones for the sake of simplicity and basic understanding, and once you understand them, you can move towards the problematic options.

Stock/Equities:

One common type is trading stocks of publicly traded companies. Beginners usually understand it quickly as it is portrayed in news and media immensely. Publicly traded companies offer an investment opportunity to buy equity through purchasing their stock. For example, you might buy 100 shares of a company at $120 if you trade them at $1.12 in the stock market. Companies raise public capital by selling stocks to the public.

Investors can earn a profit on selling stocks when stock prices get increased or decreased as there are buy or sell options on stocks that are also available. Similarly, investors can also earn profit by receiving dividends from the stocks they own. Dividends are a form of interest or bonus that is given over the performance of the company stock. You can look up Dividend.com to search and compare the stocks that offer dividends.

Bonds/Fixed Investments:

These investments refer to investment in debt securities that provide fixed interest payments over the bond's life, i.e., debt security. When you buy a bond, you give financing to the government or any company, and in return, you receive interest payment as per the coupon rate. These interests are typically paid semi-annually or annually until the bond's life when the principal amount is paid back in full.

As the interest rates fluctuate, it doesn't make any difference in the interest payments, but the bond’s value can vary. As the interest rate falls, the value of the bond increases vice-versa. Holding a bond for its whole life doesn't create much difference and earning.

All the other classes have their fundamentals to be studied and understood. Therefore it is suggested to master the two above and build your knowledge base as you feel in control.

Let’s look at some of the investment fundamentals to evaluate any investment option and make the decisions accordingly.

Risk and Opportunity:

The primary and foremost important fundamental is the understanding of risk and opportunity and their relationship. You can earn higher returns on asset classes, which are prone to the risk of losing too. Similarly, if you like safe investments, you can make better in fixed investments, but your returns will be lesser than the average market returns. Therefore, it is essential to be mindful of your risk appetite and set the expectations accordingly.

Technical and Fundamental Analysis:

Seasoned investors usually invest based on their technical and fundamental analysis. One of them is better is debatable, and experts haven’t put the final word about it better. However, we can say that both have their own set of utilities.

For our understanding, Fundamental Analysis relies on the macro development of the economy of the country. For example, the decisions depend on the country's inflation index, the Producer Price Index (PPI), etc. Hence, they evaluate the investment opportunity or stock’s Earning Per share based on its economic condition.

Whereas, Technical Analysis relies on the stock market condition or the technical industry analysis. These depend on the market, industry analysis, etc.

Conclusion:

Learning is a lifelong virtue, and in the long run, people with better learning and risk appetite end up with more wealth. Therefore, one can state with ease that the best investment option is investing in your learning.

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How To Make A Healthy And Productive Home

  • September 22, 2020

 

Your home is a place of rest and a sanctuary where you recharge your batteries. However, with work from home on the rise, the house has become more than that. It has now become a place where you work and rest.

The line between work and your personal life has never been so blurry. However, you must draw a clear line between your time for work and yourself. You are your most important investment, and your brain is your most profitable money-making machine. That's why you must create a sanctuary that will be the most healthy relaxing for you.

Here are some things that you can do to support your health while being productive at home:

1. Create a place where you can fully rest and recharge.

Your bedroom is where you sleep to recharge your batteries to face another day. Setting it up to be more conducive for rest is a must. First, invest in a comfortable bed that supports your back when you sleep. Visit a mattress store near you and invest in a bed that will make you want to snuggle all day. An old or simply the wrong mattress can negatively affect your sleep and energy level for the next day.

Clear your bedroom of clutter and any reminders of work if possible. If you live in a studio unit, you can install dividers that separate your bed from the rest of the house. Invest in high-quality sheets with high thread counts and soft pillows for a more peaceful and comfortable sleep. You can add some relaxing scents, whether with a candle or an oil diffuser, to improve your sleep quality.

2. Create a conducive working space.

You can be tempted to work on your bed, couch, or dining table, but having a dedicated working desk is good for your mental health. Whether your remote work setup is temporary or permanent, establishing a dedicated working space is a must for your productivity.

Choose a corner in your home where you can put up your working desk. Put it near a window so that you can look outside when your eyes need a break from staring at your screen for hours. Choose a desk with the right height and an ergonomic chair to reduce your risks of computer-related injuries. Set up proper lighting in your desk to avoid eye strain.

Having a dedicated workspace sets a routine for your mind. Once you sit before your desk, your brain will prepare itself and shift into working mode. A dedicated desk can help you focus on your tasks and be more productive with your working hours. Do not forget to personalize it and add something that will make it a pleasant work corner for you.

3. Stock up your kitchen.

If you are working from nine to five, you might not have time to buy your food. Stock your kitchen pantry and refrigerator on the weekend so that you have enough to cook for the week. Deliveries are good for hectic days, but nothing beats a healthy home-cooked meal.

Compile healthy meals from the Internet so that you can have something packed with nutrients during your lunch. Stock up on pantry essentials, such as eggs, oatmeal, cereal, condiments, vegetables, bread, fruits, and meat. Stock up on nuts and fruits for some quick bites in between work. Do not forget to get coffee for your mid-afternoon pick-me-upper.

Never skip your meals even if you are chasing deadlines. You can be more productive with a full stomach, but do not overeat.

4. Make your home comfortable.

Make sure that your home is comfortable for your health and your productivity. Ensure that your home has enough ventilation and that your heating and cooling work properly. Schedule regular maintenance of your HVAC and clean your filters regularly. Now more than ever, you need to ensure the comfort level of your home.

Open your windows to bring natural light inside. Natural light helps brighten your mood and positively affects the quality of your sleep. You can also get some indoor plants to make your home cozier and to help filter indoor air.

Setting up your home for remote work is good for your health, comfort, and productivity. You can do other things to make your home healthier and conducive to work. Just remember to put your health first.

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Renting: The First Step Towards Home Ownership

  • September 22, 2020

How To Make Money From Property

So You Want To Own A Home—Great! How Handy are You?


Homeowners Association fees abound in residential environments where you are the property owner. You’ve got to look into the care of landscaping. Does your home have a lawn? The region where your home’s located; is it conducive to landscaping? If it’s inhospitable, that may just mean a higher water bill.

How about home repair. Can you do plumbing repairs? What about flooring—are you handy enough to rip up old floorboards, put down some Luxury Vinyl Plank (LVP), then attach finish at the corners to hide the gap between the floor and the wall? Are you savvy enough to leave a half-inch of empty space at the end of the LVP for heat and cold expansion?

How about repairing wall damage, or painting the interior? Are you any good at electrical work? Can you affect mild roof repairs on your own? Would you be able to remodel a room in a home to put in a new wall, take out a wall, or add an exterior deck? Certainly, contractors can handle all these things, but the question becomes: how do you afford them?

Also, some contractors are unscrupulous individuals who do one day of work then disappear to drink their earnings, and are never seen again; leaving a job half done unless you hire more expensive contractors or go about finishing it yourself. This isn’t desirable, but it’s a staple of property ownership. Renting isn’t so intense, and eases you into these situations.

Renting First Arms You With Necessary Knowledge


If you’ve never owned a home before, issues like these abound; and we haven’t even gotten into neighbors, neighborhoods, property values, community decline, housing shortages, or any of a thousand other similar issues.

Granted, sometimes your best choice as pertains to learning is to just “jump in”. If the water’s cold, just getting the shock out of the way can help you get used to the temperature. Well, maybe that’s your best bet with residential homeownership; but it’s also a great way to lose tens of thousands of dollars unnecessarily.

Getting on the hook for a mortgage with a sub-par property when you’ve never even rented before is a recipe for disaster. If you’re going to own a home, first be responsible for a property you’re renting. Sure, this isn’t the case for everybody, but it’s wise to consider for most people. And you don’t have to rent an apartment.

You can rent a townhome including a yard, recycling, neighbors, and all the rest. You can get used to monthly cycles with roommates, and getting rent to your landlord on time. In all likelihood, if you buy a home, you won’t own it outright; you’ll be paying a mortgage in monthly installments between $400 and $4,000, depending on the property. You need to be able to come up with that money regularly, or the bank will foreclose on you.

Renting Helps Give You A Heads Up On Common Issues


If you’ve rented for a year or two, then you’re more prepared for this recurring monthly bill, and you can structure your schedule around always having that cash on hand when it’s necessary. Also, as you rent you’ll be able to determine varying idiosyncrasies of a given neighborhood so you know what it would be like to live there permanently.

Once you’ve learned all these things, then it’s time to jump into the residential waters. So as you look at that future outcome, first consider where you are, and where you’d like to be. Are you in Texas presently? Well, take a look at these Uptown Dallas apartments for rent. There’s a broad variety in the hyperlink, and you can choose one near somewhere you’d like to buy.

Even in high-class neighborhoods, you can find rental options. Some homeowners rent out rooms as a means of supplementing income. Some purchase homes in good neighborhoods with the express purpose of renting them out—this is especially the case in college towns, where many residents come and go over an abbreviated period.

Running The Numbers, Choosing Carefully


Whatever you ultimately choose, weigh your options carefully, and look at multiple units. At a minimum, look at five rental units before signing a lease.

With a home you’re buying, it may not be a bad idea to look at a hundred if you can manage it—many properties can be explored online until you narrow your selection down to a dozen or so in your target community.

So crunch the numbers. What kind of resources do you have on hand, what kind of experience do you have with renting, what’s available in your community, and what sort of risks are you willing to take? Because it makes a lot of sense to buy rather than renting; but if you’ve never been responsible for any property before, that could be a very big mistake.

 

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