Customer experience is a significant differentiator when it comes to creating a profitable market (CX). Differentiating goods or services is challenging because customers have access to retailers from all over the world. Aside from a few unusual exceptions, shoppers can typically find several companies that meet their needs. “Why would they choose you?” is the issue to ponder.
While customer acquisition is essential, so is customer retention. In this situation, a widespread misunderstanding in corporate circles is that delighting customers is the secret to retaining and increasing customer satisfaction. Unfortunately, research has shown that this is not the case and that while consumer delight may be beneficial, it maintains customer loyalty.
Your customer experience is the critical differentiator that can set your company apart from the competition. This measure has become a focal point for many companies seeking to expand. According to a new Gartner report, 66% of advertisers believe that customer experience is the battlefield of the future.
Fortunately, intelligent automation (IA) will help improve CX by attracting new consumers and retaining existing ones.
The pace at which problems settle is one factor that affects CX. Customers can also express their frustration via social media and other forums, and one area often discussed is the support offered to clients.
Many companies struggle with the pace with which they respond to customers when it comes to customer service. Although adding personnel to assist will aid in the near run, it is not a long-term approach to growth. However, with IA, specific solutions are introducing a significant impact.
Chat and Self-service
One place where IA can be highly beneficial is with chatbots, which I discuss frequently. Chatbots can respond to customer requests 24 hours a day, seven days a week, reducing the time it takes for consumers to receive a response. Chatbots operated by artificial intelligence (AI) can also aid in problem-solving. According to the MIT Technology Review, AI-powered chatbots have helped 90% of companies boost complaint resolution.
Chatbots are especially effective at assisting clients with problems when combined with self-service platforms such as knowledgebases. In specific ways, chatbots can help a company deflect between 30% and 50% of the load it needs to tackle, allowing agents to concentrate on more complicated and vital demands.
Omnichannel
The omnichannel dimension is another field that often goes unnoticed. Consumers now want companies to have a consistent experience regardless of how they interact with them. Making a service request via chat, email, or web form and then following up with a phone call is a stressful experience for many customers.
In these situations, users often must repeat all of their questions and problems, wasting time and effort. Customers often move between networks and companies that support omnichannel recognize this.
How AI and Data Can Improve CX
With over 2.5 quintillion bytes of data produced daily, businesses must learn how to cut through the clutter to have a meaningful interface for their consumers — and this is where IA will aid.
Using AI to Build Customized Offers
IA can combine with techniques like data analytics to help analyze data and the trends it poses. Companies can better understand what people are interested in and what they may be interested in following this data. This technology has proven highly popular at Netflix, where the algorithm generates customized viewing suggestions for millions of consumers worldwide.
IA can assist in more than just personalized content curation. Consumers are still looking for unique and creative goods and services that can help suit their needs.
Gathering client input is a great way to determine what’s working and what needs to change in every business.
Thanks to IA, this data can turn into actionable observations that businesses can use in their product roadmaps.
Using AI to Help Your Teams
The quality of service rendered is a frequent criticism leveled at service teams in many industries. Additional preparation is often suggested as a way to close this gap. This approach works, but it takes a lot of time and effort.
Fortunately, IA options can complement current capabilities by providing feedback and prompts at critical decision points. Combining technologies and people will help automate complicated experiences while improving the overall customer experience.
Bottom line
Artificial intelligence (AI) plays a significant role in the automation industry. Different innovations in the tech industry boost AI, including other chatbots and algorithms that assist customers on time.
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.
Suppose you are an entrepreneur who has recently stepped into a new venture. In that case, you are most likely to need proper accounting software that will help you with the recording of data as well as projections regarding revenue generation and the preparation of budgets.
Given the volume of transactions and payments to be recorded for small businesses, you might not have to spend a fortune or purchase the right and most apt accounting software. A basic software with essential functionalities such as invoice creation ability, general ledger, inventory details, and purchase history is enough for an SME to run its operations smoothly.
Most basic accounting software for small and medium-sized businesses comes with guided help features that help run operations with a step-by-step guide and act as tour guides for the software, helping understand controls and highlight any possible errors.
Here are a few ways guided help boxes in accounting software can help small business owners run the accounting software themselves or make it easier for new accountants and bookkeepers.
Highlighting errors: One of the most crucial functions of the guided help box is highlighting potential mistakes in the finance sheet. Suppose any figure has potentially compromised the balance of your finance sheet or your income or expenses are more than your total. In that case, the guide feature in accounting software quickly highlights any such entries that could have crucial errors impacting your entire finance sheet. Additionally, it highlights any mistakes in inventory management and helps you maintain your product stock to better cater to your customers.
Budget allocation: Guided help boxes make budget allocation easier. Suppose your allocated budget or the percentage of funding allocated to a particular part of your business exceeds the rate you initially decided. In that case, the built-in feature of accounting software will highlight the areas of concern, helping you plan your budget efficiently. If your business is new and your revenue is comparatively lower, your expenses are expected to surpass your income. Guided help from the accounting tool helps you check your costs and thus keep track of your budget.
Inventory control: If your business involves buying and selling many inventories, manually checking your stock can be quite a hassle. Guided help in software highlights is when the supply of a particular product is low, intimating you that you must restock. Additionally, any articles with a restricted shelf life also appear highlighted in your software, securing you from potential loss by helping you identify products with nearing expiry and thus putting them ahead of the rest of the stock.
Payment intimation: Proper accounting software includes built-in controls for expense management, payroll, taxation, balance sheet, fixed assets, and cash flows, as well as inventory, sales, and customer management. With all these features, it becomes easy to track and schedule payments. Any payments due or are due to receive are highlighted, allowing you to inform your payer or schedule your payment in time. Good accounting software with guided help assists adequately in managing the payroll.
Tax calculation: Guided help in accounting matters is a great help when it comes to resolving the tax matters of SMEs. Business owners or accountants can easily create income tax statements, calculate the Value Added Tax (VAT), and prepare a comprehensive financial report, including the taxation on all transactions. It helps you understand business taxes better and allows you to file your taxes on time.
Tutorial functionality: One of the essential tasks that guided help boxes perform is the tutorial functionality. A dialogue box at every step of the accounting and bookkeeping management helps accountants/bookkeepers/SME owners better understand the software’s functionality and thus perform finance management tasks with great precision and efficiency. This tutorial functionality makes it easy for a bookkeeping novice to record the data and carry out bookkeeping tasks.
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.
Empower Your Business: The Role of Accounting Statements for Entrepreneurs
Accounting statements for entrepreneurs are the financial documents that show your business’s complete financial picture—including what you own, what you owe, how much you’re earning, and where your cash is flowing. These core documents include the balance sheet, income statement, cash flow statement, and statement of owner’s equity, and they serve as your business’s financial health report card that guides smart decisions, attracts investors, and prevents the cash flow problems that kill 82% of small businesses.
I’ve spent over 20 years as CEO of Complete Controller working with thousands of businesses across every industry imaginable, and I’ve witnessed the transformation that happens when entrepreneurs finally understand their financial statements. The companies that thrive are the ones whose founders treat these documents as strategic tools rather than compliance paperwork—and in this guide, you’ll learn exactly how to read, interpret, and leverage your accounting statements to build a stronger, more profitable business that can weather any storm and seize every opportunity.
What are accounting statements for entrepreneurs, and why do they matter?
Accounting statements for entrepreneurs include the balance sheet, income statement, cash flow statement, and statement of owner’s equity—your complete financial toolkit.
The balance sheet shows what you own (assets) versus what you owe (liabilities), giving you a snapshot of your business’s net worth at any moment.
The income statement tracks your revenues and expenses over a specific period, revealing whether you’re making or losing money.
The cash flow statement monitors actual cash movement in and out of your business, preventing the liquidity crises that cause most failures.
The statement of owner’s equity tracks changes in your ownership stake, including retained earnings and new investments.
The Foundation: Understanding Your Business’s Financial Health
Starting a business without understanding accounting statements is like driving cross-country without a map or GPS. The statistics paint a sobering picture: 60% of small business owners admit they lack confidence in their accounting knowledge, and 42% had minimal financial literacy before launching their ventures. This knowledge gap directly contributes to the harsh reality that 20% of new businesses fail within two years, and nearly half don’t make it to year five.
Your accounting statements work together like instruments in a dashboard, each providing critical information about different aspects of your business. The balance sheet gives you a point-in-time snapshot, the income statement shows performance over time, the cash flow statement tracks your lifeblood of liquid assets, and the equity statement monitors your ownership position. Master these four documents, and you’ll spot problems before they become crises and opportunities before your competitors do.
The Balance Sheet: Your Business’s Financial Snapshot
The balance sheet follows a simple formula: Assets = Liabilities + Owner’s Equity. This document captures everything your business owns and owes at a specific moment, providing the foundation for understanding your company’s financial position. Your assets include cash, accounts receivable, inventory, equipment, and property, while liabilities encompass accounts payable, loans, and other debts.
Understanding your balance sheet helps you make critical decisions about leverage, liquidity, and growth capacity. A healthy balance sheet shows sufficient current assets to cover short-term liabilities, reasonable debt levels relative to equity, and growing asset values over time. Review your balance sheet at least quarterly to track trends in working capital, debt ratios, and overall financial strength—these metrics directly impact your ability to secure financing, negotiate with suppliers, and weather economic downturns.
Key balance sheet metrics every entrepreneur should track
The current ratio (current assets divided by current liabilities) tells you whether you can pay your bills over the next 12 months—aim for at least 1.5 to 1. Your debt-to-equity ratio reveals how much you’re relying on borrowed money versus your own investment, with lower ratios generally indicating stronger financial health. Working capital (current assets minus current liabilities) shows your operational liquidity cushion.
Debt Service Coverage Ratio: Net Operating Income / Total Debt Service—shows ability to pay debts
Return on Assets: Net Income / Total Assets—indicates how efficiently you use resources
Asset Turnover: Revenue / Average Total Assets—reveals productivity of your investments
The Income Statement: Tracking Profitability and Performance
Your income statement (also called the profit and loss statement or P&L) tells the story of your business’s financial performance over a specific period—monthly, quarterly, or annually. Starting with revenue at the top, it subtracts various categories of expenses to arrive at your net income or loss. This document answers the fundamental question every entrepreneur needs to know: am I making money?
The power of the income statement lies in its ability to reveal trends and pinpoint problems. By comparing statements across multiple periods, you can identify whether revenues are growing, which expense categories are ballooning, and how seasonal patterns affect your business. Smart entrepreneurs use their income statements to calculate gross profit margins, operating margins, and net profit margins—then benchmark these against industry standards to gauge competitive performance.
Reading between the lines of your P&L
Beyond the bottom line, your income statement reveals critical insights about business efficiency and scalability. Gross margin (revenue minus cost of goods sold, divided by revenue) indicates your core profitability before overhead expenses. Operating margin factors in your administrative costs, showing whether your business model is sustainable. Watch for expense categories growing faster than revenue—this often signals inefficiencies that need immediate attention.
Pay special attention to the relationship between fixed and variable costs on your income statement. Businesses with high fixed costs need significant revenue to break even but can scale profitably once they do. Those with mostly variable costs have more flexibility but may struggle to achieve strong margins. Understanding your cost structure helps you make better pricing decisions, negotiate with suppliers, and plan for growth.
The Cash Flow Statement: Your Business’s Lifeline
Here’s a sobering fact that should grab every entrepreneur’s attention: 82% of small business failures result from cash flow mismanagement, not lack of profitability. Your cash flow statement bridges the gap between theoretical profit and actual money in the bank, tracking every dollar that flows in and out of your business across three categories: operating activities, investing activities, and financing activities.
Operating cash flow reveals whether your core business generates enough cash to sustain itself without external funding. Investing activities show cash spent on assets like equipment or received from asset sales. Financing activities track money from loans, investments, or paid to lenders and investors. The bottom line—net change in cash—tells you whether your cash position improved or deteriorated during the period.
Why profitable businesses run out of cash
The disconnect between profit and cash flow catches many entrepreneurs off guard. Consider a B2B manufacturer showing $1.5 million annual profit on $10 million revenue—healthy 15% margins by any measure. Yet this same business nearly collapsed because customers paid on 60-day terms while suppliers demanded payment in 30 days, creating a working capital crisis despite strong profitability.
Monitor Days Sales Outstanding (DSO)—how long customers take to pay
Track Days Payable Outstanding (DPO)—how long you take to pay suppliers
Calculate Cash Conversion Cycle: DSO + Inventory Days – DPO
Build cash reserves equal to at least 3-6 months of operating expenses
Negotiate payment terms that align with your cash flow cycle
The Statement of Owner’s Equity: Tracking Your Stake
The statement of owner’s equity (or shareholders’ equity for corporations) documents changes in ownership value over time. Starting with beginning equity, it adds net income and owner contributions, then subtracts losses and distributions to arrive at ending equity. This statement connects your income statement to your balance sheet, showing how business performance affects ownership value.
For growing businesses, the equity statement becomes increasingly important as you bring in partners, investors, or employee shareholders. It tracks dilution from new equity raises, the impact of retained earnings on company value, and distributions to owners. Smart entrepreneurs use this statement to balance growth reinvestment with personal income needs, making strategic decisions about when to take profits versus when to plow them back into expansion.
From Compliance to Competitive Advantage
Investors and lenders demand clean, accurate financial statements—typically requiring 12-18 months of organized financial data before they’ll even consider funding your business. This requirement isn’t arbitrary; it demonstrates financial discipline, provides data for projections, and reveals whether you understand your own business model. Companies with strong financial reporting raise capital faster and on better terms than those scrambling to reconstruct their records.
Beyond external requirements, your accounting statements provide the intelligence needed for strategic decision-making. They help you identify which products or services generate the most profit, when to hire new employees, whether you can afford major purchases, and how much inventory to carry. The most successful entrepreneurs I’ve worked with schedule monthly statement reviews, treating them as strategic planning sessions rather than administrative tasks.
Building your financial review rhythm
Schedule monthly internal reviews for all four statements
Compare actual results to budgets and prior periods
Calculate and track 5-10 key performance indicators (KPIs)
Quarterly deep dives with your accountant or CFO
Annual strategic planning based on financial trends
Technology and Modern Financial Management
The accounting landscape has transformed dramatically, with 95% of accounting practices now using cloud-based software and 63% reporting improved client service after making the switch. Cloud accounting platforms provide real-time financial data, automatic bank reconciliation, integrated invoicing and payments, mobile access for on-the-go monitoring, and collaborative features for working with advisors.
This technology shift isn’t just about convenience—it’s about competitive advantage. Businesses using modern accounting systems spot trends faster, reduce errors through automation, and make data-driven decisions with confidence. The accounting software market is projected to exceed $1 trillion by 2026, driven by entrepreneurs who recognize that better financial data leads to better business outcomes.
Real-World Impact: The ABC Real Estate Transformation
ABC Real Estate’s transformation illustrates the power of taking financial statements seriously. The company struggled with inaccurate reporting, poor investment analysis, and runaway costs until bringing in a strategic CFO who revolutionized their financial systems. Within one year, the company achieved enhanced reporting accuracy, optimized capital structure, launched a successful new division, and became the top-rated builder in their market.
The key lesson from ABC Real Estate’s success: investing in financial excellence isn’t overhead—it’s a growth strategy. Their new financial discipline enabled better investment decisions, attracted more favorable financing terms, and provided the confidence to pursue strategic diversification. This case proves that entrepreneurs who master their financial statements don’t just survive; they build industry-leading companies.
Taking Action on Your Financial Future
After two decades of helping entrepreneurs navigate their financial journeys, I’ve learned that success comes down to discipline and systems. The companies that thrive are those whose founders commit to regular financial review, invest in proper tools and expertise, and view their accounting statements as strategic assets rather than compliance burdens.
Start by scheduling your first monthly financial review within the next week. Gather your latest statements, identify three metrics to track consistently, and commit to making this a non-negotiable part of your routine. If you need expert guidance on implementing cloud-based bookkeeping systems or understanding your financial statements, our team at Complete Controller specializes in helping entrepreneurs build the financial foundation for lasting success. Visit Complete Controller to learn how we can support your growth journey.
Frequently Asked Questions About Accounting Statements for Entrepreneurs
What are the four main accounting statements every entrepreneur needs to understand?
The four essential accounting statements are the balance sheet (showing assets, liabilities, and equity), income statement (tracking revenues and expenses), cash flow statement (monitoring cash movement), and statement of owner’s equity (documenting ownership changes). Each provides different insights into your business’s financial health.
How often should I review my business’s accounting statements?
Review your accounting statements monthly at minimum, with quarterly deep-dive analyses. During rapid growth or challenging periods, weekly cash flow reviews may be necessary. Consistency matters more than frequency—establish a rhythm and stick to it.
Why do profitable businesses sometimes fail due to cash flow problems?
Profit and cash flow are different concepts. You can show profit on your income statement while waiting 60-90 days for customer payments, but bills and payroll require immediate cash. This timing mismatch creates cash flow crises that kill otherwise profitable businesses.
What financial documents do investors require during due diligence?
Investors typically require 12-18 months of complete financial statements, including all four core documents, bank statements, tax returns, and detailed revenue breakdowns. They examine these to verify your track record and assess future potential.
Should I manage my own accounting statements or hire professionals?
While understanding your statements is non-negotiable, most successful entrepreneurs combine personal knowledge with professional support. Use cloud-based tools for daily tracking, but engage experienced bookkeepers or accountants for accurate statement preparation and strategic analysis.
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.
Just a few years ago, most of the tech industry had written off augmented reality as a silly little gimmick for smartphones and apps that were the new, hot commodity at the time. Cut to the present day, augmented reality is undoubtedly starting to prove itself a valuable pillar of modern technology across most entertainment, communication, and education industries.
Here are a few ways your company could leverage the power of augmented reality to boost its socialmedia marketing endeavors.
Branded Filters
Filters are all the rage among the younger generation, especially on apps like Snapchat and Instagram. These filters use augmented reality technology to let users apply quirky visuals and features to their images, such as flower crowns, big eyes, and even puppy ears.
Even brands have tried to get in on the fun. One example is Taco Bell, which ran a popular social media campaign for Cinco De Mayo in partnership with Snapchat. Users could use the app to turn their faces into giant tacos featuring the Taco Bell logo. Millions of such images were posted all over social media, greatly benefiting Taco Bell’s social media reach.
Try Before You Buy
Online shopping has become a massive mega-industry, but one thing has always held it back. People like to try something before buying them; this goes for clothes, shoes, and even furniture. Some brands already offer innovative solutions to this problem.
Adidas worked with Snapchat in 2019 to provide customers a way to virtually ‘try on’ shoes from their homes before buying them. Although this may not be a perfect one-to-one experience, customers can at least see what the shoe looks like on their feet and how the colors pair with existing outfits.
Ikea now has an app that allows users to create an augmented reality projection of any furniture from their catalog right in their homes. The AR projections are perfectly scaled, allowing customers to see just how a piece of furniture will look and fit in their home. The app will enable users to angle their furniture and experiment with different positions and places within their homes. This app brings the Ikea experience right to your bedroom.
Instagram has recently announced it will allow any brand to offer such AR experiences using its social media platform, so it looks like this means of utilizing AR is set to become a new social media standard.
We’ve all experienced it. You’re at a store, and you see something you like, but you don’t need it, and perhaps there’s no practical reason even to buy it, but you end up purchasing it. It is called i. Impulse buying. That’s okay, and it’s only worse on social media because you no longer need to go to the mall; all it takes is a click of a button.
Augmented reality takes impulse buying to a whole new extreme. Platforms like Instagram offer brands a platform to put up a link on social media that takes you to a shopping page at the push of a button; this combines the simulated realism of shopping in person with the ease of purchase only found on social media.
Heightened Immersion
Holding the attention of potential customers on social media is a challenge. People’s newsfeeds constantly update with the latest news, ads, and posts from their friends, and fa- oh, look a kitten. All jokes aside, it’s true that attention is the most valuable currency on social media, and brands constantly fight for a larger slice of mindshare. No matter how visually appealing, image-based ads can only hold people’s attention for so long, and most people watch a video for mere seconds before scrolling away. Augmented reality can offer users a unique experience that grips their attention long enough to market a product or service.
Augmented Tech Demos
Whether or not a new technology will succeed or fail always depends on how well it works. First impressions matter; that’s why tech expos and media shows like the Consumer Electronics Show (CES) are so popular; tech companies use these shows to display their technology live to large audiences and prove how well they work.
Augmented reality allows companies to broadcast such displays across social media to enable users to engage with the demo interactively, virtually experiencing how a new technology functions as if they could reach out and touch it.
In Conclusion
With so many innovative ways to use augmented reality and new opportunities constantly coming to life as technology evolves, it’s clear that AR deserves a rightful place as the next central pillar in social media marketing. Brands should consider investing in augmented reality or risk missing the next step in digital interaction between brands and customers.
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.
Social media has become one of the defining phenomena of the 21st century, as the number of users worldwide is in the billions. Facebook has become the undisputed king of social media, reaching 59% of all social media users. Marketing firms and corporations have recognized the importance of displaying their products and services on social media sites and apps.
Social Media’s model of complex algorithms and personalized ads helps companies reach their target audience more effectively than at any other point in history. They have used it to their advantage. Social Media will continue to rise as more people in the older demographics engage with it than a decade ago.
Social media is a two-way street for communication, as corporations can engage with their audiences and receive real-time feedback and interactions with their consumer base. With the pandemic decimating local businesses and indoor shopping, the need for companies to have an online presence has become more critical than ever. Before investing in a marketing budget dedicated to social media, here are some things you should consider.
Marketing Has Become More Social
Yes, the pun was intended. But as more companies launch social media pages and channels, they have become more creative in interacting with users. Corporations have started trending hashtags or incorporating memes in their marketing strategies and have used humorous interactions with users to help increase traffic and visibility.
Wendy’s has continued to use their official Twitter page to roast their competitors and users and has been up to date in pop culture references and sponsorships to promote their menus and products. Companies like Wendy’s are already established names in the fast-food industry, and we suggest you try to engage more with your audience.
It helps build your brand, and your engagements don’t always have to respond to critiques or complaints. Try putting up polls and keep your social media up to date with the latest promotions or updates. Ensure your page is informative and that users can quickly learn more about your brand and company.
The Rise of Influencers
Social media has given birth to several influencers and celebrations that have garnered attention through social media pages and channels. Their content has touched millions of users of different genres, from make-up tutorials to gaming to vlog diaries. Their influence over their fanbase cannot be underestimated, as people like Logan Paul, PewDiePie, and Ninja have garnered legions of fans who have followed them closely for years. Companies have invested heavily in them, as the influencer market has become a $5-10 billion industry.
Approximately 20% of all companies spend over half of their marketing budget on influencers, as they have seen massive gains in traffic and visibility. It has become such a popular advertising model that several Hollywood celebrities have taken part in it, using their official social media channels to market their brand or a company’s product that’s sponsoring them.
The Rise of Smartphones
Smartphones have simplified the world we live in today. Need to pay off a friend? Use the Venmo App. Is your Electricity Bill overdue? Nothing the banking app can’t handle. Are you too tired to make dinner? Use the delivery app to personalize your favorite meal and get real-time updates on the distance of your order. The same goes for social media and marketing, which are no longer limited to television, print media, or radio. Advertisements can happen through your tablet, smartphone, laptop, or any other device you use on the internet.
The ease of access to follow their favorite channels and pages has given corporate marketing new ways to interact with consumers. As smartphone technology grows over time, with more people relying on their cell phones for internet and social media usage, businesses will garner a larger audience.
Social media sites have been using personalized ads based on their users’ demographics and interests to determine which ads to target. This tailored market approach has helped marketing firms and businesses reach their target audience relatively easily. Social media is truly the future for marketing firms, as the internet has become an integral part of our lives. Maintaining an online presence and being a part of social media would be best, as it’s more than a fad.
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.
You have often heard it is cheaper to have current customers make a recurring buy than to find new customers. It is valid for numerous businesses, particularly in the packed e-commerce arena, where conversions and clicks increase costs.
When did you last search for opportunities to re-engage clients to have them return? If you have yet to market to present customers after sales, now is a great time to make an organized strategy for customer retention.
You put a lot of effort into getting new clients, and now you must focus on keeping them. You know that clients’ experiences and values are significant. You are only not sure how you want to capitalize on that.
Customer retention strategies are one of the most efficient approaches to turning new clients into repeat clients.
By making new chances for your customers, you can increase the worth of every person who buys from your e-commerce store. Let’s get into it.
What is Customer Retention?
Customer retention is the capability of an organization to hold its customers throughout a specific time. If an organization has excellent customer retention, that means its customer continues to purchase the same products again, resubscribe to the same services, or continue purchasing in another approach.
Customer retention is essential for two purposes: First, even if you add new business, you cannot develop your company or brand if you lose business instantaneously. The second purpose is unbelievably white and black: it is always more costly to get a new customer than to keep your recent customers and sell more to them.
Repeat business costs less to preserve. A fact is always a fact. Even though the worth of brand loyalty is nearly impossible to measure, marquee brands such as Coca-Cola, America Airlines, and Disney understand it is easier and not too expensive to adopt repeat customers. It is because retention marketing is more than influencing a new customer to make their first buy with your company. Your current customer base already identifies your brand and has decided to believe it. New leads cost more to get their contact data and foster them by the whole sales channel because they have not yet bought into (literally and figuratively).
Building Good Customer Experience
Appreciating your customer with a better customer experience brings higher user engagement and higher customer satisfaction and development.
Provide what you have committed. Most customers are empathetic and understanding if you are open about your restrictions. For instance, you tell customers that shipping might be delayed to their country because COVID-19 sets the proper expectations.
Creating strong customer relationships is also severe, particularly in business-to-business industries, where purchases mostly need a higher degree of interaction and more attention between team members. Buying your customers lunch or offering a thank-you gift or incentives following a meeting improves customer relationships over time. For e-commerce stores, going the extra mile by involving a handwritten note or including free-of-cost shipping with the order can raise the user experience and build a fleet of loyal customers.
The Importance of Excellent Customer Services
Excellent customer service at each communication point is also crucial to starting customer loyalty. One poor customer service experience can sour even a long-term customer relationship and waste all previous good experiences. Remember, trust is difficult to attain but easy to lose, especially when shoppers have numerous online retail options. Mistakes will occur. No system is foolproof. A friendly and efficient customer service experience satisfies your customer experience and never tarnishes.
Proposing perfect customer service is always vital. But especially when correcting a mistake or solving customer issues. How your customer support team controls this customer issue will influence how that customer thinks about your brand, maybe forever. Studies show that enhancing customer service KPIs such as response time can strengthen customer satisfaction extensively. Tools like presenting live chat on your website can modernize your customer’s experience and make you more likely to buy.
Shipment Tracking
Did you have an idea customer check their shipment and delivery tracking an average of 4.6 times for every online purchase, demonstrating the outstanding opportunity to drive more revenue and sales during the post-purchase stage? With new e-commerce apps, it becomes easy to make custom tracking page experiences that bring more deals.
Bottom Line
So, getting good customer retention is not rocket science. Making beautiful, pleasant, easy customer experiences is the number one thing you can do to attract customers to return and continue to perform so repeatedly. Focusing on excellent customer service and good customer support, consistent and fast communication cadence, and choosing the right tools to assist you in automating these procedures are all keys to making a feasible customer retention strategy.
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.
A Double-dip recession is the second recession followed by the first one. The gap between the two recessions is called a short-lived recovery. It means the economy couldn’t recover properly from the previous downturn and faced another one. The causes of a double-dip recession could be a crisis in the financial system or pandemics. Businesses operating in a double-dip recession of an economy face various challenges with a lot of pressure due to fear of failure. Stress levels of entrepreneurs reach the sky due to heaps of workload.
As the world faces a pandemic due to COVID-19, preparing your business for any unforeseen double-dip recessions is crucial. Many companies fail to survive in the second wave of recession during a double-dip recession. Here are a few survival guidance tips for entrepreneurs to follow when facing a double-dip recession:
Look for changes and opportunities. Find ways to grow your market shares, and try moving into new markets. Introduce new and different products to the market. And increase your targeted audience.
Identify new trends and what the consumers want. Find out if the product you’re producing or selling is what consumers want to buy. If it’s not something the people want to buy, consider introducing new trendy products in the market. Make further changes to your existing products to attract customers and increase revenues.
Change your pricing methods. If you’re using a price maximization method of pricing, then you could switch to a penetrative or competitive pricing method. The penetrative pricing method suggests you put lower prices than your competitors. This method is suitable to increase your revenues, but it could mean you might lose due to low prices. Competitive pricing suggests you put the same prices as your competitors. It could also increase your revenues.
Collaborate with Business Professionals. Ask your business allies, such as your attorney, accountant, and suppliers, to promote your business through their channels. In return, you can offer to promote their businesses through your own. You can also provide them with a commission to gain their trust.
Increase and improve your marketing strategies. The easiest and cheapest way of increasing your promotion is through social media. You can also perform surveys through social media. You can start a blog to promote your business and your products. Another way to promote your business is by making your employees the company’s brand ambassadors. The best way is to use LinkedIn for promotions.
Find ways to improve your cash flows. Try to reduce costs as much as possible to get a positive cash flow. Try to reduce your outflows and increase your inflows. If you’re looking for a loan, find the ones that ask for the least interest rates. Improve your inventory. Increase your prices, expand your market, and send and receive invoices immediately.
Reorganize your financial obligations. If you have multiple debts you’re stuck on, refinancing is the best way out. Get a single loan or credit line to pay off all debts. You can also opt for a business credit card, which can become an interest-free debt if paid back on time. Many costs will be saved this way and can help you get stable.
To ensure that your business survives the problematic double-dip recession period without failing, you must follow these practices in your industry. At this challenging time, the owners should not lose hope and not get too stressed and instead take an intelligent approach. The key to surviving this period is finding new efficient and cost-saving strategies and executing them properly. Business owners face a tough time and must handle all sorts of operational and financial problems and how to cooperate with the staff. They need to focus on what will make the business go this time and how to cope with all other obstacles. They should always be looking for new opportunities to survive the double-dip recession.
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 world of digital marketing is constantly evolving, presenting businesses with exciting opportunities to connect with their target audience. With new communication channels and social trends emerging every day, companies must always stay ahead of the game to ensure they reap the rewards of their investment. It is crucial for businesses to regularly assess their digital marketing strategy, identifying areas where they can improve and determining which ideas are no longer relevant. By embracing change and adapting to the dynamic market, companies can thrive and achieve their marketing goals. I am confident that with the right approach, any business can excel in digital marketing and establish a strong online presence..
Ways Brands Can Evolve Their Digital Marketing Strategies
Stay adaptable
2020 was a tumultuous moment in history for markets and people. You can take the rules and strategies that might have been successful pre-COVID-19 and throw them out the window; nothing is as it used to be. Perhaps now there is a greater focus on demand generation than lead generation, or maybe your teams are siloed, and you want to become more integrated. Whatever your goals are, make sure your teams are aligned accordingly to maximize efficiency.
Readjust SEO
As online trends and attitudes change, the kind of topics that people are searching for online change, too. It’s essential to keep a close eye on how people communicate online. You can optimize your brand’s digital marketing strategy by replacing old keywords that aren’t popular anymore with ones that are.
Brands often look at their key terms and copy the most successful ones to keep pace with their competitors. While this is undoubtedly a reliable method of gaining exposure online, there is more value in setting the trend than following one. If a brand can construct its successful SEO strategies, its competition will follow them, not vice versa.
Validate content with credible data
You’ve heard it before: content is king in digital marketing; the brands that produce the most content stay ahead in the digital marketing landscape, but could recent trends change that? There’s a rising demand for credible, verifiably provable information online.
People have grown wary and distrusting traditional media; we don’t like being lied to, and we don’t want to feel like someone is pushing a hidden agenda. It’s easy for digital marketers to construct elaborate, flashy marketing schemes, but what they say comes off as unauthentic and fallacious; potential customers can be displeased, damaging the brand.
The longevity of virtual conferences
Although many people claim to be tired of Zoom meetings and other virtual conferences, this technology will likely stay and evolve. Post-pandemic, it’s safe to assume that in-person events will still feature virtual conferences to some capacity; brands should develop a unique strategy that engages potential customers and other business partners both online and offline.
The future of remote working
The COVID-19 pandemic has shown us that most workers don’t need to spend all their time in the office to maintain productivity; this will most likely impact hiring trends in the future, even opening new opportunities to people with unique needs. For this reason, businesses must work toward adopting new collaboration platforms and tools that will enable teams to communicate and maintain productivity even when far apart.
Global competition
Suppose workers can operate from anywhere in the world and continue to be productive in their jobs. It means that businesses can work from anywhere in the world, competing globally for the mindshare of people worldwide. Companies that understand this simple truth will be able to excel going forward. Those that don’t may find themselves struggling to stay relevant.
A focus on moral values
People have become more morally aware and like to see their ethics and values align with the corporations they support. For this reason, a purely driven corporate culture and values based on human ethics should be a top priority for businesses in 2021. For example, people like to see corporations care about the climate crisis, racial equality, and gender representation in the workplace.
In Conclusion
The COVID-19 pandemic brought the world to an absolute standstill in 2020, but we’ve slowly recovered to some semblance of normalcy. As much as we all want to go back to how things used to be, it’s clear that some things won’t ever be the same; maybe that’s for the better. In 2021, businesses must adapt to how the industry has changed if they hope to continue achieving the same success levels.
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.
A budget is a vital part of any small or large business. It involves planning what amount of money you will spend on each business action and what and when to save. For new small business owners, making a budget is a significant challenge. It takes proper planning and foresight.
Following are some common mistakes made while making or implementing a budget, along with tips on avoiding these mistakes for the growth of a newly established business.
Lacking a Business Plan or Strategy
Many new small businesses and firms often lack a proper budget plan and strategy for effectively running their business. However, they are often eager to jump directly to the startup. They proceed forward with their naïve business and financial attitude and fail miserably. Both small and long-term financial plans are essential for a budget.
How to avoid it?
These small business owners and setups should seek advice from either an experienced entrepreneur or a seasoned businessperson. Long and short-term goals should define the financial plans you will make. These plans should be added to the budget and reviewed every so often.
Underpricing
Once a new small business owner enters the market, it seems convenient to sell their product or service at a lower selling price than their competitors. This strategy is often adopted to attract customers. You are not doing yourself any good by choosing to do this; instead, you are losing money. Most times, businesses lower the quality of their products by selling them at even lower prices. It is a very naïve approach and would make you lose customers eventually.
How to avoid it?
Don’t reduce your sale prices just to fit in the market since your revenue will be less than your expenditures. Don’t compromise on the quality of your products or services either. Take the long road and provide the best quality products to the customers by considering their demands. The right customers will come eventually, and they will become regular, too, once they realize the reliability of your products and services.
Overspending on Advertising
Do not sell overspend on the advertising of your products. When they are newly established, most businesses choose this strategy to gain more customers while their revenues are not enough. It will make your budget deficit. Think wisely and spend likewise.
How to avoid it?
In the early stage of developing your business, all the focus should be on saving money and spending it with precision and careful thinking. Please don’t rush the income and profit; instead, take it slowly but steadily. Do not overspend on advertising in the thirst for enhancing sales immediately. It will lead you to bankruptcy. Keep the operating costs low, and capital will continue increasing.
Underestimating Tax Payments
Every business, either big or small, must pay the tax once registered. So, there is no point in avoiding it and taking the wrong means to do so. Please do not underestimate the amount of taxes you are accountable for paying. It will affect the budget and will do more damage than good.
How to avoid it?
Make a proper estimation of taxes you are liable to pay and implement your business plan accordingly. Heavy fines are imposed on businesses if they fail to pay their taxes, so one way or another, you will have to pay the government the amount of tax they require from you. The fines imposed are often heavy and often lead to losing customers’ reliability in small businesses since the government names and publicly shames you.
Mismanagement
Small businesses often try to save money and hire fewer employees than needed. As a result, fewer people will do the tasks of more people, inefficient, and unable to produce an outstanding result. As a result, the business cycle will not be managed at an optimum level. This ineffectiveness will lead to extra expenses and a lower profit margin.
How to avoid it?
Use the latest technology to ensure efficient and productive output and save both time and money. There is accounting software for managing the business proficiently. This software is for bookkeeping, accounting, and generating payroll. It allows you to save time so you can continue to grow the business.
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.
What would you do if you ran a business to make it a better workplace? It is something every employer thinks about at some stage. Keeping in mind issues that occur at workplaces, it is only natural to think about handling them properly. Entrepreneurs, combined with managers and HR staff, should develop a code of ethics to help guide business operations. An insight into business ethics is a must for every business, without which the company may fail to achieve the desired performance. Businesses that operate without putting down a code of ethics suffer many hurdles. Here is what your business should do:
Why is it Important?
It would be an understatement to say that your business’s code of ethics keeps it in place and lets it operate efficiently. Essentially, every company has different sets of code in place. These are implemented to allow businesses to operate and achieve the required productivity. The absence of code is not an option, no matter how big or small your business may be. Entrepreneurs are peculiar about implementing the code of ethics. Not following the code is not an option for any employee, no matter their position in the organization.
The code is the guiding principle that lays down the dos and don’ts of business. The code also provides guidelines for employee behavior and highlights the groundwork for laying warnings if a breach of the regulation occurs. Companies do not tolerate a code violation and take strict action immediately—usually, a code violation results in termination or dismissal from the job.
Value-Based
A business code of ethics can have many types. Many companies formulate a value-based code of ethics that helps businesses by addressing deficiencies in compliance. The idea is to eliminate shortcomings in the company’s core value system. It is worth noting that the code outlines standards that facilitate responsible conduct and are related to the larger good of the public and the environment. Note that this type of code may need a greater degree of self-regulation compared to other types.
Expanding the Code
Some businesses expand their code of ethics and include other aspects in it as well. You will find many companies that have climate change listed in the code. It shows that entrepreneurs are aware of the effects of the increasingly changing climate and have considered it impactful enough to be included in their code. Making climate change a part of the code allows the company to continue its business operations sustainably without harming the climate. Such companies invest in climate-friendly solutions that enhance productivity while protecting the environment.
Compliance Based
Another type that is commonly used by businesses today. Compliance-based codes allow businesses to regulate aspects of their business, such as recruitment and maintaining safety standards within the workplace. Compliance-based code will enable companies to develop and practice guidelines to execute the conduct. The code also suggests penalties if a violation of the code occurs.
Many industries around the world are using this code. Banks have a working compliance code that allows them to operate under specific laws governing business conduct. Such industries lay down compliance codes of ethics for enforcing regulations. They require employees to undergo training and learn the dos and don’ts of the code. Employees know that noncompliance can raise legal implications for them and the company. Employees who overlook and fail to meet compliance requirements may face penalties.
Some companies hire compliance officers to ensure employees comply with the code of ethics. The compliance officer is responsible for keeping the code current by incorporating changes and monitoring employee behavior and conduct accordingly.
Code for Professionals
If you are wondering if professionals follow the code, know that they do. They follow it more rigorously than many, highlighting the importance of complying with the code. They are bound by the code commonly referred to as Fiduciary duty. It is a legal requirement and a code of loyalty, due to which they are required to operate in the client’s best interest. Professionals like certified accountants must also comply with ethical standards by avoiding conflicts, objectivity, integrity, and abstaining from conflicts while staying truthful.
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.
