rule of thumb

  

Definition

Formula or observation accepted (1) generally as practical knowledge based on experience (although not as a scientific law), or (2) uncritically as the way the things or the world works. Also called empirical formula.

Business Tips

How much power do your suppliers have?

Convincing customers to buy your products is tough enough without suppliers giving you a hard time. Basic rule of thumb: The fewer the number of suppliers, the more sway they have. Take the steel indu ... Read more

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