The budgeting you did at the end of last year for 2019 was really important work. We, of course, assume you did some budgeting at some poi...
The budgeting you did at the end of last year for 2019 was really important work.
We, of course, assume you did some budgeting at some point before the start of this year. As we said, it’s really important work.
But new data that we got in this week suggests you may want to go back and look at your figures. Make sure you’re accounting for everything.
In one report from Neogrid, we learn that 90% of retail businesses are not accounting for lost sales when doing sales forecasts. If you’re not tracking your lost sales, you probably should. These could be sales lost online in abandoned carts or people who walked out the door without making a purchase.
You need to determine how lost sales apply to your business but then track them. When you’re doing sales projections for the upcoming year or any time period, consider those lost sales.
Another survey released this week shows how IT professionals say they’re limited in their abilities by a company’s budget. Namely, they’re talking about cyber security. About half the IT pros surveyed by BAE Systems Applied Intelligence say a company’s IT and cyber security budget limits the protections they can offer.
Check out what other stories were making headlines this week in our news and information roundup below:
Employment
AI Among Latest Trends in Employee Expense Reimbursements
Small Businesses implementing AI to make employee reimbursement decisions achieve 100 percent visibility, contrasting with 2-10 percent for businesses that don’t have this ability. Those are just two of the findings from AppZen’s, “The State of AI in Business Spend” report.
Franchise
Can Dunkin Donuts Franchises Create Their Own Middle Class Economy?
The Daily Caller News Foundation Editor-in-Chief Chris Bedford appeared on “Making Money with Charles Payne” on Fox Business Thursday to discuss how Dunkin’ Donuts’s business model was more beneficial to business owners and the middle class. “If you look at the Dunkin’ Donuts model, that’s a franchise, Bedford said.
Social Media
Facebook’s Messenger, Instagram and Whatsapp Integration Isn’t Complicated, 8 Things to Know
If you haven’t heard, Facebook announced that it’s working to integrate three major chat platforms — Messenger, Instagram and WhatsApp — in order to allow cross-communication for users. This is a huge development. Facebook acquired Instagram in 2012 and WhatsApp in 2014, making this power move possible.
Startup
How to Deal with Seasonal Affective Disorder in Your Small Business
Do you feel happier in spring and summer times? For most people the answer is probably a definite yes. Asking that question in the middle of winter might be a bit harsh, but there is a good reason for it. According to a new infographic created by NowSourcing, and presented by BestHealthDegrees.
Only 1 in 10 Federal Employees Turn to Side Business During Government Shutdown
The last government shutdown showed how vulnerable we all can be when the paychecks we rely on to survive suddenly stop. For the hundreds of thousands of federal workers who didn’t have a paycheck during the shutdown, it meant finding an alternative source of income until it opened.
Technology Trends
39% of Businesses Use Texting to Talk to Customers – How Can Yours?
A new study from Zipwhip underlines the importance texts have on making your small business a success. In fact, their 2019 State of Texting Report says that 39% of businesses use some kind of texting to communicate with clients.
One Million New People Come Online Daily, Is Your Business Reaping the Benefits?
Did you know a staggering one million new people are online every day? Hootsuite and We Are Social’s Digital Trends 2019 Report uncovered this staggering statistic in analyses of digital trends and use of social media across 230 different countries and territories.
Image: DepositPhotos.com
This article, "In the News, 90% of Retail Businesses Fail to Account for Lost Sales" was first published on Small Business Trends
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