Technological hardware and software make team collaboration easier. For instance, businesses are able to cut costs by outsourcing tasks to virtual workers. Computers and the Internet are technological changes that greatly impact how business is conducted, regardless of whether there's an actual physical business location or not.Know More
Advances in technology make it possible for many businesses to operate either completely online or partially online. Creating an online business is done by building a website and combining it with a business system. The costs for conducting business online from a website are minimal compared to costs incurred with a physical business location. However, brick-and-mortar businesses also find it convenient to conduct some of their operations on the Internet. Some companies find that they save money by hiring virtual workers for specific projects. These workers are conveniently managed by communicating from a desktop computer, laptop or mobile device.
Technology also plays a role in helping companies create closer working relationships among project team members. Team members communicate quickly by using instant messaging, text messaging or email. Companies may also make use of online cloud services that allow teams to work on the same documents. Mobile technology allows businesses to conduct virtual meetings and increase worker productivity.Learn more about Managing a Business
Demonstrating proper business etiquette allows a worker to maintain positive working relationships with colleagues and to build rapport with clients. It may also affect employment and promotion opportunities. Business etiquette is a set of manners and behaviors viewed as acceptable to people in a particular culture.Full Answer >
The name of a business is dependent on the type of business being created. Ideally the business' name reflects the type of business done and sounds good when it is said aloud.Full Answer >
"Principal" has many meanings in business terms, states Investopedia. Principal indicates the amount borrowed or amount still owed in a loan, separate from interest. It also refers to the original amount invested, separate from earnings. Another common definition for principal is the owner of a private company.Full Answer >
Business strategy is important because it drives the company forward and helps entrepreneurs achieve their vision, according to David DeWolf, the founder and CEO of 3Pillar Global. Strategic initiatives fuel the business and help entrepreneurs balance their consistent progress.Full Answer >