Trust is the foundation of any relationship; you need to communicate to develop that trust. When you put your trust in someone, and they trust you in return, you both work on building something that can last for an exceptionally long time. If that relationship is the foundation of your business that you wish to develop, trust is the cement used to create that relationship.
While big or small businesses can benefit from a little social media presence, the need for social media for real estate must be balanced. Whether you are starting from nothing and wish to find new ways to develop relations with international realtors or investors, then here is how you can do it:
Facebook
Facebook is an easy decision that remains a staple of marketing for real estate agents. Facebook allows businesses to publish listing-related updates and content, communicate with customers, book appointments, and curate reviews on a single platform. FB user demographics represent the target audience for whatever given real estate business age and income. Facebook lets you reach out to people beyond your target audience.
LinkedIn for Realtors
As a primary business-to-business (B2B) network, LinkedIn is not somewhere to spot real estate clients. But it is a fantastic place to network with fellow realtors and show off industry experience.
Instagram
Instagram is booming for real estate businesses now. The platform has become more of a priority than a “secondary” social channel for boutique or luxury real estate businesses. It is no secret, but we all know that stylish property pictures go hand in hand with Instagram’s most popular types of content.
Furthermore, features like Instagram Stories make it a cinch for realtors to offer quick and personalized property updates one day after another.
Here are other ways you can develop relationships with international realtors and investors:
Get a good referral
Sometimes, it is all about who you know or the people you know. You probably already know an agent or two or have friends who understand. Ask for the right people and see if you can find them within your network since they are an excellent place to start.
Do not worry if you do not have any in your network; look for a real estate office in your area and ask a prominent broker who will be aggressive on your behalf and unsatisfied. You will be looking for an agent who can service your requirements, i.e., someone with the right skills and determination.
Show how serious you are
Agents face one problem: they are approached by people who need to work harder to make things happen. Now, just like there are multiple types of realtors, there are tons of different investors. While you may be looking for agents with specific characteristics, you will bet that they are doing the same thing with you.
In such cases, you will have to come across profoundly and show them that you can damage the market severely, but of course, practically! Show them through your attitude that you are serious about building a bona fide business and adding value to the market. You wish to buy multiple houses, and if they find out your intentions and see you putting work into it, that can go a long way to forging that business alliance.
Break the paradigm
Now, here is the thing: most agents are trained that the houses they will help customers buy are just one. That is a paradigm that gets engraved in their minds from day one. Since they are already asked to reach a target to make commissions, the answer is to collaborate with multiple clients simultaneously to maximize commissions.
Your job here is to shift their mindset and realize that with the right.
Seven Keys to Success
Here are the seven keys to success:
Study the international real estate market
Get yourself licensed and designated – these are essential things
Partnerships are important
Learn and understand the culture
Learn more than just one or two languages. Real estate is all about communication; if you wish to interact with people from other countries, learn their language.
Specialize in one area of the business
And always remember to be professional
Overall
If you want to connect and build strong relationships, it is essential to have an online presence. The best way to interact with people from overseas is through the Internet.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Master Effective Supplier Communication for Better Partnerships
Effective supplier communication creates strategic partnerships through clear information exchange, defined expectations, and consistent feedback between businesses and their suppliers. Companies with structured communication protocols experience 23% fewer supply chain disruptions and achieve 15% better cost savings compared to those with ad-hoc supplier interactions.
In my 20+ years building Complete Controller into a trusted cloud-based bookkeeping firm, I’ve witnessed firsthand how supplier relationships can make or break your operations. Poor communication with our software vendors once caused a three-day system outage that nearly cost us major clients. That painful lesson taught me that mastering supplier communication transforms vendor relationships into strategic partnerships that drive business growth. This article reveals the proven strategies, technology solutions, and measurement frameworks that turn supplier communication from a weakness into your competitive advantage.
What is effective supplier communication and why does it matter for your business?
Effective supplier communication involves establishing clear expectations, regular touchpoints, and transparent information exchange to build strategic partnerships
It reduces supply chain disruptions by ensuring suppliers understand requirements, timelines, and quality standards upfront
Companies experience measurable benefits, including reduced costs, improved delivery performance, and enhanced innovation through collaborative relationships
Structured communication protocols prevent costly misunderstandings, delays, and quality issues that impact customer satisfaction
Modern businesses leverage technology platforms and data-driven performance metrics to optimize supplier communication and relationship management
The Foundation of Strategic Supplier Communication
Understanding what separates transactional vendor relationships from strategic supplier partnerships starts with recognizing communication as a business investment. Research from HICX shows that 98% of suppliers believe their communication with major customers needs improvement, indicating a massive opportunity for businesses willing to invest in effective supplier communication techniques. Companies that treat suppliers as strategic partners create competitive advantages through enhanced collaboration, innovation access, and supply chain resilience.
The most successful supplier relationships begin with establishing robust communication frameworks before any transactions occur. This involves defining preferred communication channels, response time expectations, escalation procedures, and documentation requirements. Supplier relationship management becomes significantly more effective when both parties understand exactly how and when information will be exchanged, creating a foundation for long-term partnership success.
Measuring communication effectiveness
What gets measured gets managed, and supplier communication is no exception. Leading organizations implement communication scorecards that track response times, information accuracy, proactive updates, and collaborative problem-solving incidents. These metrics provide objective data for continuous improvement and help identify which suppliers are truly committed to partnership excellence.
Technology-Enabled Communication Strategies with Suppliers
Modern communication strategies with suppliers leverage cloud-based platforms, automated notifications, and real-time data sharing to create seamless information flow. Electronic Data Interchange (EDI) implementation can reduce order processing time by 80% and improve order accuracy by 90%, demonstrating the transformative power of technology in supplier relationships.
Successful technology implementation requires careful consideration of both buyer and supplier capabilities. The most effective platforms offer intuitive interfaces that don’t require extensive training while providing sophisticated features like automated alerts, document version control, and performance dashboards. Organizations should prioritize solutions that integrate with existing ERP systems to avoid data silos and manual processes.
Real-time data sharing and transparency
Enhancing supplier collaboration through real-time data sharing transforms reactive relationships into proactive partnerships. When suppliers have visibility into demand forecasts, inventory levels, and production schedules, they can anticipate needs and suggest improvements. This transparency creates mutual value and strengthens the partnership foundation.
Best Practices for Supplier Communication Excellence
Implementing best practices for supplier communication requires a systematic approach that addresses both relationship dynamics and operational requirements. The most successful organizations develop standardized processes while maintaining flexibility to accommodate different supplier needs and capabilities.
Woolworths successfully collected 70% of required product information from over 500 suppliers in just 8 weeks by implementing structured communication processes and feedback mechanisms. Their approach focused on clear expectations, multiple communication channels, and regular progress tracking, demonstrating how systematic communication improvements deliver measurable results.
Establishing regular communication rhythms
Fostering supplier partnerships requires consistent, predictable communication patterns. Leading organizations implement:
Weekly tactical updates for critical suppliers
Monthly strategic reviews with key partners
Quarterly business reviews for all strategic relationships
Annual partnership planning sessions
This rhythm creates trust and demonstrates commitment to the partnership relationship while preventing crisis-driven interactions.
Crisis Communication and Risk Management Protocols
When supply chain disruptions occur, improving vendor communication becomes critical for business continuity. Organizations with predefined crisis communication protocols recover faster and maintain stronger supplier relationships through challenging periods.
Crisis communication requires different approaches than routine business interactions. Successful protocols include emergency contact information, escalation procedures, alternative communication channels, and clear decision-making authority. These frameworks enable rapid response when time-sensitive issues arise.
Proactive risk communication
Effective communication in supply chain management includes regular risk assessment discussions with key suppliers. This involves sharing market intelligence, discussing potential disruptions, and developing contingency plans collaboratively. Suppliers often have valuable insights into industry trends and potential risks that can benefit the entire supply chain.
Cultural Adaptation for Global Supplier Communication
International supplier relationships require cultural sensitivity and adapted communication approaches. Building trust with suppliers across different cultures demands understanding of local business practices, communication styles, and relationship expectations.
Direct versus indirect communication preferences significantly impact supplier relationships. American and German suppliers typically prefer straightforward, explicit communication, while Japanese and Indian suppliers may use more nuanced approaches that prioritize harmony and relationship preservation. Successful global sourcing requires adapting communication styles to match supplier cultural preferences.
Managing time zones and language barriers
Streamlined communication processes with suppliers in different time zones require careful coordination and clear protocols. This includes:
Establishing core communication windows
Using translation services when necessary
Providing written follow-ups for verbal discussions
Creating visual aids and diagrams to overcome language barriers
Scheduling recurring meetings at mutually convenient times
Measuring ROI and Continuous Improvement
Demonstrating the business value of improved supplier communication requires tracking specific metrics and connecting communication improvements to business outcomes. Companies with optimized supply chains achieve 15% lower supply chain costs on average, proving the financial impact of strategic supplier communication.
When companies improve their communication with suppliers, 54% of suppliers say they can reply to requests more accurately, 54% can provide more detailed feedback, and 53% can respond faster to data requests. These performance improvements directly translate into operational efficiency and cost savings.
Creating feedback loops for continuous enhancement
Effective supplier communication evolves through continuous feedback and improvement cycles. Regular supplier surveys, internal team assessments, and performance reviews identify opportunities to enhance communication processes and relationship quality. This ongoing optimization keeps communication strategies effective as business needs change.
Conclusion
Mastering effective supplier communication creates competitive advantages through strategic partnerships that drive business growth and operational excellence. In my experience building Complete Controller, the suppliers who communicate effectively become true partners in our success, often going above and beyond contractual requirements to help us serve our clients better. The strategies outlined in this article provide a roadmap for transforming vendor relationships into strategic partnerships. Ready to transform your supplier relationships? Contact the experts at Complete Controller to discover how our experienced team can help optimize your business operations through strategic partnership management.
Frequently Asked Questions About Effective Supplier Communication
What is effective supplier communication?
Effective supplier communication is the strategic exchange of information, expectations, and feedback between businesses and suppliers to build partnerships, reduce risks, and improve business results through clear protocols and regular touchpoints.
How often should I communicate with my suppliers?
Communication frequency depends on supplier segmentation. Strategic partners need weekly tactical updates and monthly reviews, while transactional suppliers may only require quarterly performance discussions and issue-based communication.
What technology tools help improve supplier communication?
Cloud-based supplier portals, integrated ERP systems, automated notification platforms, and collaborative project management tools streamline communication while providing real-time visibility into orders, performance, and issues.
How do I handle communication with international suppliers?
International supplier communication requires cultural sensitivity, adapted communication styles, established core communication windows across time zones, and written follow-ups for verbal discussions to maintain clarity.
What metrics should I track for supplier communication effectiveness?
Key metrics include response time averages, proactive update frequency, collaborative problem-solving instances, relationship satisfaction scores, and business outcomes like cost savings and quality improvements directly attributable to communication excellence.
Sources
Bamboo Rose. “Woolworths engages suppliers for country of origin data.” Case Studies, 2024. bamboorose.com/case-studies/case-study-woolworths-to-engage-suppliers-for-country-of-origin-data/
Commport Communications. “EDI in Procurement Implementation Strategy.” Commport Blog, 31 July 2025. www.commport.com/edi-in-procurement/
DV Philippines. “5 Advantages of Effective Supplier Relationship Management.” 31 Oct. 2024. www.dvphilippines.com/infographics/5-advantages-of-effective-supplier-relationship-management
EOXS. “Cultural considerations in international supplier relationships.” 21 Mar. 2025. eoxs.com/new_blog/cultural-considerations-in-international-supplier-relationships/
EOXS. “The Do’s and Don’ts of Supplier Communication.” 23 Mar. 2025. eoxs.com/new_blog/the-dos-and-donts-of-supplier-communication/
Felix. “Mastering communication in procurement and supply chain.” 16 July 2024. www.felix.net/blog/communication-skills-procurement
Focal Point. “Supplier Relationship Management: Best Practices for Success.” 8 July 2024. www.getfocalpoint.com/supplier-relationship-management-best-practices-for-success/
HICX Solutions. “The Benefits Of Focusing On Supplier Centricity and Supplier Experience.” 16 Sept. 2024. www.hicx.com/blog/the-benefits-of-focusing-on-supplier-centricity-and-supplier-experience/
HICX. “Why Communication & Supplier Engagement Need Renewed Focus.” 13 Sept. 2024. www.hicx.com/blog/supplier-engagement-communication-needs-focus/
Iter Consulting. “How to Master Supplier Relationship Management.” 7 May 2025. www.iterconsulting.com/supply-chain-cost-efficiency/master-supplier-relationship-management/
NewStream Enterprises. “4 Strategies for Better Supplier Communication.” 26 July 2023. www.newstreaming.com/4-strategies-for-better-supplier-communication/
OpenBOM. “Five Tips to Improve Communication with Your Supplier.” 3 May 2024. www.openbom.com/blog/five-tips-to-improve-communication-with-your-supplier
Terzo AI. “5 Key Supplier Relationship Management Best Practices.” 26 Mar. 2024. terzo.ai/blog/tbd
The Sourcing. “8 Most Common Supplier Problems (and How to Fix Them).” 24 Aug. 2023. thesourcing.co/product-sourcing-and-manufacturing/tpost/i6luh7t3u1-8-most-common-supplier-problems-and-how
ToolsGroup. “4 Effective Strategies for Better Supplier Communication.” 2 Mar. 2022. www.toolsgroup.com/blog/supply-chain-communication/
Xyloyiannis, Costas. “98% Of Suppliers Want Better Communication.” HICX Solutions, 27 June 2024, www.hicx.com/news/98-of-suppliers-want-better-communication/
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
A project meeting is an excellent way to keep the team informed of what is happening. Project management meetings help stakeholders catch up with internal developments while the internal teams can get exposure to organization-wide changes and implementations. Productive, organized project meetings are the epitome of a project manager that reflects these same qualities.
A systematic project meeting has a proper agenda for the meeting, discussing the shortcomings and strengths of the process so far. This way, teams can collectively value each other’s time and efforts.
Types of Project Management Meetings
Of course, once the project starts – or even before it does – you will have several things to highlight or bring to the attention of the relevant parties. Knowing the type of meeting to hold can typically help streamline this process. Once you have a project coming your way, the leader’s job is to break down the task and introduce the team to it. Teams can hold several types of meetings according to the project and team needs.
Project kick-off meetings
Regular team meetings
Stakeholders’ meetings
Contingency meetings
Status review meetings
Project review meetings
The underlying details to be covered in each meeting are:
Status updates are communicated and timely reported to stakeholders
Assignments and responsibilities are outlined and adequately defined
Task delegation is done precisely for each team
Business processes are highlighted and explained to each party involved
Regardless of the meeting, project managers must ensure that they communicate with each party involved. Identifying when to organize the conference and what kind of meeting is required are critical qualities of a project manager.
Project kick-off meeting
A kick-off meeting is an introductory meeting where all department members are introduced to each other, keeping in mind their designations, connection with the project, and core competence. The point of this meeting is also to delegate tasks and help with team building. Each member should know who to go to when struggling with a particular task. Typically, a project kick-off meeting flows as follows:
The introduction of team members helps the team members bond and get to know each other.
Discussing client and project information: introducing the client to the internal teams, examining the nature of the project, the industry, specific requirements, et cetera
Project timelines: communicate what the client expects in terms of delivery of the project, updates, budget, and so on
Delegation of tasks: Letting the team know how you will complete the charges, who is responsible for what, and who must achieve specific objectives
Preparing: This is often known as planning; this process helps align internal teams with client expectations.
Q&A sessions: Allowing your team to ask questions and address their concerns to get started on the project.
Regular team meetings
These meetings can be daily, weekly, or monthly, as the teams internally decide upon their convenience. Regular team meetings are the most common type of project management meetings where teams catch up and discuss problems and queries as they occur during the project’s lifecycle.
Stakeholders’ meetings
Stakeholder support and approval are essential to keep progressing with a particular project. Meeting up with stakeholders helps maintain interest in the project. Project managers often provide complete project updates to a few of the most significant people in the company and ease communication and the project’s status.
Contingency meetings
Even after spending several days planning and preparing every bit of the project and its flow, project managers must prepare for sudden changes in the plan. It is expected to take a new path once the project starts, as long as you plan to keep up with these changes. Project managers should think of alternative plans just in case such contingencies occur.
Status review meetings
Status review meetings are straightforward. They are held with the schedule to update all teams on the project status. The project manager takes all the teams through the performance levels of the project and the progress of the tasks, analyses information on the project, and highlights where the team’s shortcomings/strengths lie.
Project review meetings
In a final project review meeting, teams assemble and review their weaknesses and strengths. This review meeting puts things in a realistic perspective compared to where the group began. It will help the project manager and the team lead to analyze the team in real time and find ways to improve the skill and capability levels of the members involved.
In a nutshell, project management meetings are all about planning, organizing, leading, and mainstreaming the different tasks in a project and the people involved. Being precise when holding meetings will help everyone involved address their concerns adequately while ensuring that each department has the proper jobs to work on.
Effective planning helps companies save on essential resources such as time, effort, and, most importantly, money because that is the organization’s goal. Project managers are responsible for team collaboration, taking the team smoothly from the beginning to the end of the project, thanks to project management meetings. From introductory sessions to project review meetings, everything is defined, documented, and discussed thoroughly at intervals when needed to ensure all bottlenecks can be addressed as they occur.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
When it comes to money, most need help managing it. To have an adequate budget, a debt-free life, and financial freedom, you must understand expenses and where your money is going. Understanding your costs, non-essential spending, and where you can reduce expenses can lead to the financial freedom every financially responsible person hopes to achieve.
To get a complete picture of where your money is going each month and an understanding of the expenses, you must create a budget. Generally, a budget is monthly. However, it is suggested that you also have a yearly budget with financial goals in addition to your monthly budget. Here is everything you need to know about creating a realistic budget.
Spending Categories
First, you need to establish spending categories according to the expenses and payments you know you will have. These categories include your mortgage or rent, insurance, gas, electricity, water, phones, Internet, gasoline, maintenance of the car, credits and miscellaneous payments, food, clothing, school supplies, leisure, health, personal care, and everything you know that you must pay, as well as a section that you will add and that you will call unexpected expenses.
Unexpected Expenses
To this section, you will assign a small amount (for example, $50 per month) that you will leave behind for any expenses not included in your spending plan.
Some of these expenses are known in advance, and others are not. During the seconds, you will try to make a forecast as tight as possible, always trying not to be optimistic (do not expect excessive payments to the downside). You will be prudent, and it will be better to calculate higher costs that later turn out to be lower than expected rather than to fall short in your spending forecasts.
Minimum Expenses
You can also establish for other expenses, such as food or clothing, a minimum that does not mean losing your quality of life; that is enough to live well, but you will try not to exceed (for example, you can put a limit on food that does not involve buying little food but avoid unnecessary whims or expensive brand products).
Expenses Vs. Income
Once established, the forecast of expenses increases by 10%, and you will confront it with your income. As often happens, there will be no significant problem if they are known beforehand.
If your income is variable, you will also make a forecast here. But to be prudent, if you do not know your income with the security, you will sin of pessimism and put a restrained amount. One method could be to use the average of the last twelve months unless you have more data that allows us in advance to know the amount that you will charge approximately (for example, someone who charges by commissions will understand if that month is selling much or minor). With experience, it will be easier to make the spending plan and adjust the forecasts more.
More Income Thank Expenses
If the income is higher than the expected expenses, you will have a surplus of money, which, if the forecast is well made and covers all costs, you can allocate to reduce your debts and credits. If you did not take control of payments, it is money that you would certainly spend on other unnecessary things.
More Expenses Than Income
If, on the contrary, the income is less than the expenses, you will have to reduce some expendable costs, such as the telephone, Internet, clothes, etc. You will have to spend less to balance the spending plan.
If this situation were repeated several months in a row, it would be a good time to rethink your position and move to take deeper measures, such as rent instead of paying a mortgage, changing jobs to get a better income, trying to reduce consumption, etc.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
It is a constant; uncertainties will always lie ahead. With COVID, the year was full of sadness, financial troubles, and a lack of medical resources; we do not know what the future will hold. But it does tell us one thing: opportunities await us.
Let us look at it this way. We did not know that remote working would be this successful. Furthermore, we did not realize the true extent of eCommerce in business. But we pulled off both those endeavors with excellence. The statistics show the same. Similar is the case for joint ventures. Of course, concerned parties must take innovative and strategic steps to maintain a steady relationship with all of them. But before we finalize joint venture partnerships, let us look at probable unknowns.
What is a Joint Venture?
JV is a strategic partnership with two or more parties who provide capital goods and services through a mutually controlled commercial project. However, there will always be uncertainties, like COVID-19, that can cause JVs to have severe issues. A JV can be a single recipe for disaster, from concurring losses to decision-making deadlocks.
Joint Ventures vs. Partnerships
At a glance, a joint venture seems like a partnership. But, legally, both those entities are quite different. Using the strategic alliance concept, there is no ownership exchange between the involved parties. The ideal difference between a partnership and a joint venture is that the parties involved in a JV have joined hands for a particular project. On the other hand, the partnership members work together to achieve business success. Furthermore, each joint venture member retains ownership of their part of the property. Moreover, each member shares the expenses of a particular project or venture.
New Market Penetration
Want to know the best part of Joint Ventures? A joint venture enables companies to access a new market almost immediately. A joint venture can be quite fruitful even with the relevant regulations and organization. Companies present at one location with those present at the other. Since they want to gain access to the marketplace currently in their counterpart’s place by fostering a joint venture to expand their product portfolio and market size, they will perform exceptionally well in the grandest stage.
Intellectual Property Gains
With technology at the pinnacle of its power, it is difficult for businesses to create operations in-house. To counteract such concerns, companies often join hands with technology-driven organizations, which can provide them with innovation, which is expensive to acquire for themselves. A large-scale organization with suitable financing and working capital can strengthen a joint venture with an organization with promise but lacking the required funding.
What to Consider Before Finalizing a Joint Venture?
Due diligence: First and foremost, you need due diligence with a potential partner to ensure the business performs well. Before you enter into an agreement with another company for a JV, you must investigate your potential member(s) credentials, such as resource availability, property, and human capital.
Financials: Let us be honest; what is more critical than financials? If your potential members do not have the financials to perform business-level operations, they are just a liability. Of course, in an ideal scenario, everything would be 50/50. However, that is not always true. Sometimes, joint ventures can become one-sided, and everything could end up in a rut.
Cultural considerations: Businesses operate differently in different conditions. If any business is entering into a JV with a partner in any other region, they must understand how they work. From cultural differences to each party’s satisfaction within a JV, there are elements to ponder.
To Sum It Up
Nobody can be sure if we look at the uncertainties that lie in each new year. But one thing is certain. Joint ventures can still work. You must be strategically and operationally sound to excel within a JV. Also, do not forget to consider the abovementioned considerations before joining other businesses.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Banks are crucial intermediaries in what is known as a payment system, which leads an economy to exchange products and services for money or other financial assets. Additionally, those with excessive money want to store it in a bank rather than lend it to an individual and expect a valuable return and an interest rate. However, where does a bank secure its excess funds to avoid lending and hide it from government officials?
Reserving cash piles in high-security vaults might sound like an old movie plot. Still, banks and insurers recently started considering this idea when the interest rate was minimized across Europe. Regardless of the economic charges, banks rarely deal with deficiency. Despite the lending of millions of dollars, banks are always flourishing. Banks are doing well because they have grasped the games of currency and finances. They were accumulating cash, which used to be an old trick. Banks alternatively store money when the interest rate lowers to prevent a massive blow.
A fleeting time ago, European countries introduced the concept of a pessimistic interest rate. Interest occurs when banks resist lending money to the government while trying to defeat the credit crunch. They will end up costing more than the actual lending amount. The government gets compelled to push the lending agenda despite the credit crunch.
Why do Banks Store Cash Piles?
To avoid a negative interest rate, banks prioritize storing cash. When there is a risk of interest rates falling to the minimum, financial institutions fail to generate any profit on lending. Not making a profit is the point where these institutes stop lending because it can further damage the comprehensive economy. Years ago, the U.K. government tried to resolve this issue by making lending even more expensive. Later, banks determined that it would be feasible to store money, which meant hiding piles of cash.
How European Banks Stored Cash Piles?
During the middle of 2016, European banks concealed millions of dollars to avoid lending due to the lowered interest rate. However, it might take you back to old action movies with villains securing their vast fortunes in secret caves. It might be daunting, but storing cash piles in the era of lower interest rates makes sense. Examine the facts of the European situation where private sector banks paid around 0.4% annual charges on the funds they owned. This policy costs them three billion euros within two years. On the contrary, the government introduced provocations to encourage lending for SMCs. The guidelines were nowhere in favor of the private sector.
At that time, European highways did not have heavily guarded vehicles transporting cash piles to secret locations. So, banks found it easier to hide their funds in cash piles and later got them somewhere safe and away from government officials.
Did the Lending Bank’s Strategies Work Out?
At the time of occurrence, it was the most thoughtful way out. However, there was a lack of anticipation on the bank’s part. The administration of securing cash in copious amounts, escorted with labor costs, was not primarily considered, including transportation and storage. Even when businesses convinced banks to pay these costs, there was another obstacle to waiting. The insurers disapproved of preceding a more significant amount in complicated cash form.
According to finance experts, the insurance cost used to be around 2% of the total amount of cash. It means that the total amount of cash piles was much higher than the interest rate the European Central Bank charged. This strategy did not work out as expected, proving that storing cash was not a safe gateway to success.
Banks’ methods of assigning their cashpiles chiefly depend on the central bank’s power. The central bank dedicates itself to ensuring a healthy economy for a nation. One of the ways the banks accomplish this goal is by controlling the total cash circulating in the economy. Their primary tools involve impacting interest rates, setting retain requirements, and appointing open market operation strategies, among other approaches. Having an accurate quantity of cash in circulation is pivotal to ensuring a sustainable and stable economy.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Most financially responsible adults will experience some debt in their lifetime. Many purchases or pursuits require a large sum of money most do not have in cash or savings.
While it is ideal that you stay away from debt altogether, for the average person, this is not possible. Therefore, everyone should know how to deal with debt and get rid of it as quickly as possible. Here are some ways to get out of debt faster and enjoy financial freedom.
The Method of “Debt Snowball”
One of the fundamental aspects of controlling your money and personal finances is having no debts. And, if this is not possible, you must begin to them as soon as possible.
It is not a miraculous method. It is simply about organizing finances and creating and executing a plan. With dedication, you will be getting financial lung and reducing your loans.
Dave Ramsey, the author of “The Total Money Makeover” and other financial self-help books, speaks a lot about debt. He is an expert on debt relief because he experienced going from a billionaire to bankruptcy.
Here are seven steps Dave Ramsey recommends to help get you to financial freedom as quickly as possible:
Save $1,000 fast to start your emergency “mattress.”
Remove your debts with the “Snowball” Method, excluding the mortgage.
Increase your emergency “mattress” to between 3 and 6 months of your expenses.
Invest 15% of your income.
Save for your children’s education.
Pay off your home mortgage quickly.
Build your wealth and give generously.
It’s important to remember that these methods are effective. However, it’s crucial to stop digging yourself into a financial hole before you can get rid of your debt. If you keep creating or expanding your debt, no amount of financial preparation will lead to a debt-free life.
You should also work at paying off debts well before they are due. While making on-time payments is commendable, taking the maximum time allotted to pay the debt back will be far more costly and prolong your time in debt.
Here are seven steps you can take to get on track and out of debt quickly:
Commit yourself to pursuing a debt-free lifestyle and do whatever it takes, no matter how difficult.
Work to increase your minimum payments by at least 5 to 10%, if not more, to pay off debts sooner.
Collect information on all your loans and list ordering them from lowest to highest maturity.
Allocate the extra or accelerator payment to swiftly eliminate the debt, month by month, until it is completely settled.
When you finish paying off the first debt on your list, add your payments, including the accelerator amount, to your next debt.
Repeat the process until you get rid of your debts completely
Once you have paid off all your debt using this method, continue to pay the amount to a savings account since you will be accustomed to paying the amount towards your debt.
Conclusion
It is a common experience for many individuals to effectively manage their debts, but for some, it can be a challenge to control their debt and as a result, they end up increasing their debt burden while attempting to rectify the situation. It is vital to prioritize avoiding debt whenever feasible; however, if taking on debt becomes necessary, it is crucial to establish a plan to promptly repay it.
Generally, debt will be a part of most people’s financial life. Therefore, everyone with debt should understand how to handle it so as not to let it overtake their life. Once debt gets out of hand, it can cause stress and financial strain for years.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
The global pandemic has forced us to relinquish control of our lives. Not necessarily in a negative, though, because now you can pave the way for your business talent. Fresh graduates and most people otherwise have had to adapt to changing technology much quicker than any of us would have thought. Conference rooms have become Zoom meetings, while homes have become the new workspaces.
The New Normal and Your Business Talent
The funny thing about people who have the vision to keep moving is that they will creep through the cracks of tough breaks to get through. And they have shown the world their ability to get through rugged, high walls like COVID-19. Behind screens and forced to take the mic, you must let your talent flow through speakerphones with the same charisma, or even more, to get your most prominent talent flowing.
Leaders everywhere have the task of scraping through display monitors and pulling out their best-performing employees to go the extra mile to keep up in a world that has practically shut off. Once again, managers and top management can create mobile teams to achieve strategies for 2021 after experimenting in a turbulent 2020. But again, none of this will be possible if the employees’ talent cannot be seen across a computer screen.
Your business talent is the aspect of you that gives you an edge over your other peers. Mastering the technique of honing your talent can put you ahead of everyone, giving you a leadership position, or you can choose to follow and contribute. And given the spectrum of everyone’s abilities, it is entirely normal.
The role of the leader comes with many responsibilities. You must be a good listener, make tough decisions, envision long-term business goals, and be authentic with all your choices, allowing others to come forward with their ideas. It is an exciting challenge.
Leadership in Today’s World
Consider the job of a leader as the one who dives headfirst into unchartered territory. You will not only be taking risks – calculated – but also making decisions that not all members of your team are in favor of. And that is okay. Being a leader means inspiring, aspiring, influencing, and dealing with the consequences of your actions and those of your team.
Your success in the workplace lies in knowing the talent experience of your business, its core competency, skill level from the top tier to the bottom, and the work environment.
Change the way you operate
Considering the pandemic, things have changed from how we live to how we work. This is not surprising, though. Similarly, leaders must ensure that the organizational structure and culture are according to the needs of the hour. Workplaces have become versatile, and so should your strategy. New flexible plans, adaptable plans, and agile people will help you transform your business talent into the new normal healthily.
Renew teams and their talent
There will always be individuals in your team who will find it challenging to adapt and keep up with changing technology. Everyone in your group has diverse skills, which come with shortcomings and strengths. Your role as a leader is to keep everyone motivated enough to learn and adapt to the company’s changes.
Imagine losing your top content person because they have difficulty with a new management system to check daily. Would you rather spend extra hours training that person or invest additional time hiring a replacement? It makes no sense. You are as strong as your weakest teammate. If everyone is trying, there is always room for adaptability and cultivating your organizational goals successfully.
Invest in improving team engagement
Higher team engagement will help bring out common problems, mutual agreements, and better brainstorming ideas. Collaboration and teamwork have been known to bring about better results for businesses, allowing team members to work and compensate in areas the other person lacks.
Engagement also helps members volunteer to take on roles they are naturally good at, so leaders do not always have to worry about inter-team task delegation. Frequent communication improves performance by incessantly getting things out in the open. Knowing the strengths and weaknesses of team members can also help leaders decide who to delegate to as projects arise in the future.
Your Business Talent and The Future
When things get overwhelming as a leader, it is best to take a step back, breathe, and trust the process. Your business talent will manifest naturally, given teams inspired and ready to transform external factors affecting the business.
As a leader, you should create teams that will flow, challenge, and face contingencies head-on. Give your team and its members time to grow, adapt, and learn through new structures, cultures, and strategies. Use the changing business environment to build an organization that will not falter inside out.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Does one plan to be successful? What if you had the perfect plan or a book with all the necessary guidelines? Well, we can only wish that were possible. If you study those who have genuinely achieved different success levels, you will know that they did something more than planning to succeed.
Due to COVID-19, sales took a significant hit last year. The pandemic created financial instability for businesses. According to a survey, more than 25% of small companies went out of business because of the novel coronavirus. The travel and food industries are still suffering the most.
How we conducted business before the COVID outbreak does not work anymore. New strategies and innovative ideas are being developed to make customers feel welcome after so long.
Here are ways to improve your sales once you join work after the pandemic.
Improve Your Customer Relationship
Here are tips you can use to improve customer relationships:
Use social media platforms and toll-free numbers so that customers can reach out to you when they want to.
Offer more services and products and make delivery accessible or at least affordable.
Keep the customers happy by hearing them out.
Keep updating your website to improve relationships with existing and new customers.
Improve Your Social Media Strategies
Social media is a salvation for so many people these days. You do not have to run advertisements on them if you only post meaningful content, which is also appealing. Here are tips you can follow:
Make sure the captions are engaging and well-thought
Post-quality content. Do not over-promote anything; keep your posts relevant.
Ensure your customers know what measures you are taking so that all the products are safe.
Improve Your Emails
People ignore this, but email marketing is one of the most effective sales methods. However, that does not mean you should expect sales to come in through emails. It is just another way to improve your relationship with your clients.
Just be kind to your employees, other businesses, and, of course, your clients. Since innovation is the key, remember you improve your sales only by enhancing your clients’ relationships.
Here are tips and solid ideas that you can adopt to become a successful salesperson
Prepare ahead of time and identify and stick to your buyer personas.
Know your product, understand it, and study it before pitching it to the customers.
Find shortcuts and hacks. Work smart, not hard.
Practice active listening. You must be a good listener to understand the person you seek and help accordingly.
Use a measurable, repeatable sales process.
Personalize your message. Add points and your own experiences so that your customer relates.
Shadow your peers. Always learn from their achievements and mistakes.
Be a collaborator.
Be honest and know when you walk away.
Be there to help resolve the customer’s issue rather than forcing them into things they do not need. That would lead to an unsatisfied customer. Create the need.
Also, focus on basic things that will give you peace of mind. Get eight or more hours of sleep and believe in what you are selling. This way, you will be more confident with your words and appreciate your job.
Overall
The key to success is to pay attention to goals, not the obstacles – No one in this world has experienced success without barriers. Einstein was thought to be autistic and unable to learn. Roger Bannister broke records by running a 4-minute mile while no one had done that before.
Believe in yourself and work hard to earn success – You must believe you are great and destined for greatness. So, if you work hard, success will come your way. Nothing can be permitted to stand in your way as you pursue success.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Candidate experience endorses the recruitment process of any company. Potential employees judge a company based on the hiring process and the professionalism that adds to the procedure.
A positive candidate experience will validate your company’s culture. Similarly, a negative experience will go against your company’s image and demotivate potential candidates to apply to your company. We have listed the top five tips in this blog to help you improve the candidate experience at online hiring events.
Assess Your Existing Candidate Experience
Analyze your current candidate experience before jumping on to the remote hiring process. Ensure to closely assess every interaction you have with your candidates in your onsite hiring process and decide whether it would be beneficial if replicated in the remote process or not.
Update your job offerings in a timely; remove any outdated job offerings. Anyone seeking a position already filled but listed vacant on your careers page may disappoint a job seeker who puts his time and energy into searching and applying for the job only to discover that the position is wrongly listed there.
Connect with the Candidate
Always remember that the online hiring event depends on how you host it. The amount of input that goes into betterment by you and your company decides your interest in hosting the candidate.
You can give real-world experience to your remote candidates by connecting them to the office environment so that they get comfortable and have an excellent interview experience.
You may inspire job seekers by telling them more about your company and its employees via illustrations, graphs, and videos to let them connect and learn more about the company.
Engaging Online Interviews
The art of engaging the candidate in an intriguing interview offers a beneficial edge to the company. Conduct an ice-breaking session before you start asking questions of the candidate.
In the case of a recorded interview, record yourself asking personalized questions rather than offering the candidate a written set of questions. Not only will it be more engaging, but it also gives clients a more customized experience.
Follow-up Communication
The worst thing that goes wrong with most recruiters is the ghosting after a candidate finishes his interviews. HR contacts the selected candidates to tell them about their selection and guide them through further procedures. However, they do not get the ones who do not pass the interview phase.
Even sometimes, when the candidates approach HR for their results, they do not communicate with them. This habit damages the company’s reputation irreparably, so HR must avoid following this practice.
Regardless of the result, HR should always follow up with the candidate. Tell him about the reasons behind their selection or rejection.
Remote Employee Onboarding
Onboarding is one of the essential parts of the hiring process that goes into a new hire’s excitement and content. This part is especially crucial for remote candidates, as onboarding lets them understand the company’s culture and devise a strategy to blend in.
Remote onboarding is more challenging than onsite onboarding, as it requires more documentation and has more stages and complications than the traditional onboarding experience. Ensure to introduce the new hires to their manager, team members, and relevant staff.
Onboarding does not end in a day; it may last from weeks to a month or two, depending on the candidate’s roles and other elements. Proper communication is necessary to eliminate roadblocks during onboarding if the candidate requires a training session.
Conclusion
Online hiring events can be messy if not appropriately overseen and may lead to a company’s bad image. You may improve a candidate’s experience at an online hiring event by following the tips we shared in the blog and ensuring the candidates get a good impression of the company through its hiring process. A good hiring event leads to positive word of mouth, placing a company in the community’s good books.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
