“The cost advantages taken in by companies when production becomes efficient are called economy of scale.” Companies can achieve economies of scale by increasing production and lowering costs. This happens because costs are spread over a larger number of goods produced, obviously costs can be both fixed and variable. The size of the business usuallyContinue reading “Economy of Scale, simply explained”
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Customers and Employees Churn Rate simply explained.
The churn rate, also known as the rate of attrition or customer churn, is the rate at which customers stop doing business with an entity. It is usually expressed as the percentage of customer doing business transactions with a company who discontinue their purchases within a given time period. It’s also used in Human ResourcesContinue reading “Customers and Employees Churn Rate simply explained.”
Starting a Small Business in Tough Economic Times
Starting a small business is no easy work, and in a tough economic times or during a crisis, it can be even harder. This is due to the fact that when credit markets are tight, it can be hard to get access to financing. That why it’s crucial for small business start up to masterContinue reading “Starting a Small Business in Tough Economic Times”