In the competitive world of small business, every decision can determine the trajectory of success or failure. One concept that lies at the heart of strategic business decisions but is often overlooked is opportunity cost. It's not just an economic theory; it's a practical metric that every small business owner and entrepreneur should master to make better choices and drive competitive advantage. In this comprehensive guide, we'll unpack what opportunity cost is, how it influences the daily operations of your business, and how smart management of opportunity cost can be facilitated through solutions like Netsuite.
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