Author: Complete Controller

Even in the best of times, running a company is challenging. However, during a recession or other economic downturn can seem impossible. In most cases where recession is the distressing factor, there is a warning that it is coming. Therefore, with the proper preparation, your company can survive a recession.

A recession comes from consumers spending less due to overall economic-financial stresses. This fall in spending then slows the flow of money in small and large businesses. Most larger companies will whether a recession, but many small businesses will fold under economic pressure.

The fall in this spending is worrisome since it represents a considerable percentage of the country’s economy and almost always grows, albeit slowly. Even in the last recession of 2001, consumer spending in the US never fell, only slowed its growth.

Because of Covid-19 and a sharp rise in gas prices and taxes expected this year, a recession is looming over the horizon. Many economists predict it to be worse than the last recession felt by the US and warn companies to prepare themselves to weather it the best they can.

Consumers are not only concerned about paying their debts; companies are also suffering. The process of “deleveraging” is typical of a recession, but reversing the credit operations made through external financing (“leveraged purchases”) can be a violent measure.

Because many companies have debt and other ongoing expenses, it is suggested that business owners find a way to overcome the deficit and pad their revenue. Further steps need to be taken to safeguard against a recession.

Don’t Wait

In a recession, you must find a way to continue to operate your company. How? The wisdom and experience of other executives and consultants can guide you in taking the steps. 

As in any critical situation, much depends on the speed of your actions. It is in our nature to avoid facing bad news and imagine that problems will be solved quickly and easily. But all experts advise doing just the opposite: assume that circumstances will worsen more than you expect.

“Assuming the worst scenario, you will identify the areas where you think you will be most efficient, then you’ll just have to get down to work,” suggests Intuit CEO Brad Smith. Anticipating future reality before your competitors can make a difference when it comes to survival.

The most effective decisions and actions that you can make to prosper during a recession are worth saying, the ones you established from the beginning. In times like this, the strong gets more robust, and the weak end up as devoured. For example, in the third quarter of 2008, when Washington Mutual and IndyMac banks went bankrupt, Bank of America (which disposed of subprime mortgages in 2001) attracted 21 million new deposits as consumers sought security.

Something similar happened with the furniture chain, Wickes. When it declared bankruptcy, more than 100 trucks transported furniture to its stores, then the retailer -who had taken care of its financial health- acquired all the furniture chartered at a bargain price.

Remember those lessons for the next. For now, what is done is done. Regardless of the type of business you run, the following ten recommendations will benefit you:

• Adjust your priorities to the new reality: if before your focus was to expand to new markets, expand the workforce or increase profits, you must change direction, assume another mentality that helps you to face the crisis, like being more frugal, avoiding unnecessary expenses and weigh any investment.
• Keep investing in the essentials: never stop financing the pillars of your company (be it customer service, innovation, employee training, etc.)
• Always communicate, balancing realism and optimism: many executives often enter a period of silence when they go through uncertain times and have no answers. Good managers communicate more than ever in those moments, employees want to know your point of view, and you have to be honest and direct, keep hope alive, give confidence and reaffirm the company’s leadership.
• Look for new solutions to your clients’ new problems: no matter what your business is, you can constantly redefine the value for the client and propose strategies that benefit both.
• Do not rush to cut prices: reducing prices is not always wise because you have to generate more sales; now is the time to study your market and measure price sensitivity.
• Focus on the capital, how you will get it and how you will use it: in times of fat cows, the most critical business rule is forgotten: to earn a return on capital that exceeds the cost of capital. As the credits are lax and at low rates, you leave aside the importance of the sources of capital and their efficient management.
• Reassess your staff: it is an essential task because you choose well if you get to lay off workers. Do not make the mistake of punishing your best employees by reducing their salaries or bonuses due to the recession. Take care of them.
• Re-examine the compensations and incentives: what are incentives? Learn from the Wall Street case, whose programs incentivized risk; hence everyone would want to win regardless of the consequences. You can implement a system that encourages your workers in the long term to see the recession as part of a more promising cycle.
• Think twice about offshoring: it is not profitable to manufacture in China and Malaysia in some industries. The wage gap is no longer significant, and transportation costs often make it less attractive to offshoring. Also, think about taxes, tariffs, and speed. Offshoring is not always the best option.
• Analyze acquisitions and mergers with intelligence: If you have adjusted your belt, you can not follow Warren Buffett’s advice to be ambitious when others are fearful, but if your finances are solid, then it is time to act. It is an excellent opportunity to acquire small businesses and make their talent.

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.

First, it would be prudent to understand the Quantity Theory of Money (QTM) and its relation to inflation. Essentially, QTM is a theory that can be the primary cause of changes to money’s purchasing power. What QTM primarily derives is that any effect on the price of money, such as deflation percentage, interest rates, etc., is determined mainly by the currency in circulation.

When money supply shows an increasing trend instead of money demand, which is less, the consumer has to withstand the worst price increase of commodities. In other words, purchasing power falls. If the money supply decreases and money demand rises, the purchasing power also climbs, and regular prices fall. To put it simply, an increase in money supply and a decline in money demand are related, and therefore the rate of inflation increases.

Secondly, QTM suggests any monetary policy impact by a central bank, which could be a change in Cash Reserve Ratio (CRR), discount rate, or Open Market Operations (OMO), will primarily affect the inflation preceded by the desired price level. To put it simply, this is a cause-and-effect relationship, where the money is an active variable, and the price level is the passive-dependent variable.

Review of the QTM and its assumptions

Initially, teething issues did come into play while determining the QTM to create a much more plausible association between money supply and demand. Therefore, it became imperative to formulate a simple equation, i.e., P=V + M – Y, where (P) denotes Inflation rate, and V, M, and Y as the growth rate of money output, velocity, and stock (currency in circulation).

Any change between money supply and demand, whether minimal or substantial, is bound to affect the rate of money growth and, consequently, the inflation rate. Primarily the notion behind this theory is that the velocity and growth rate of money will remain constant. An increase in circulation in circulation will have no influence on Real Gross Domestic Product (GDP) growth in the long run.

A good amount of experimental findings of the QTM considers the velocity and growth rate of money as a constant variable. However, on the contrary, the postwar US data reveals the velocity of money is a theoretical concept by considering it as a constant variable. Instead of pretentious that the velocity of money is a constant variable, we can rework the above equation of QTM to V= P + Y – M, allowing changes and directly affecting inflation, output, and money.

The relationship between money growth and inflation

In addition to the above, we can also divert our perception in determining the scope of money. If we use US data, we can quickly discover that the accumulated “nominal output plus and stock market capitalization” is narrowly associated with the currency in circulation, which in turn supports one of the pivotal propositions by Milton Friedman. Thus, we can conclude that the monetary policy must keep a close watch on the money supply factor to foil the end-users and asset price inflation.

There is sufficient realistic data that supports the hypothesis that growth in the money supply will affect the end consumer and the price of products and goods.

Objectives and tools of the Fed’s monetary policy

Central banks governing the conduct of the economic policy of the central reserve bank in an environment, which is prone to low inflation, needs a close look. Controlling inflation and price is viewed as one of the pivotal questions facing central banks worldwide. By re-engineering an efficient regulatory framework, including transparency and freedom from socio-political influences, central banks worldwide have primarily achieved their directive.

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 mortgage business has seen different variations since the housing crash in 2008. However, with different views, it will be the death of the mortgage business. The crash became a chance for the mortgage brokers to choose better impeccable services and products. Creating your account needs more than only getting your mortgage license. You should finish all necessary documentation by the nationwide mortgage licensing system (NMLS).

Establish a business entity

Before you can list with the NMLS, you must make a business entity. Go to the secretary of state with your chosen business name. Find the business listing to ensure you have chosen a different name because the business name cannot finish. Complete the registration and then visit the IRS website to select a tax identification number. After you contain these, continue with NMLS application procedures.

NMLS Registration Process

The NMLS listing or registration registers companies and individuals for the mortgage processing services. However, this is a federal need; it is checked at the beginning level—Cheick and your state NMLS regulatory department for charges within your state. If you contain a license as an individual, ensure that you are not licensed with a federally regulated institution like a bank.

This designation has various needs, and you night required to fulfill extra paperwork or testing if you have this mortgage license designation. If you are not licensed, pass the needed NMLS team and have the licenses.

Create a business plan

If you are willing to start your business self-sufficiently, you will need to plan help to create your structure and explain your objectives to potential employees and investors. Explain the industry you want to reach and how you plan to focus on them. As the mortgage business is crowded, you will have to find how you intend to make and fill a niche in the market in the face of stiff competition.

Finish forms and provide documentation

Finish the form MU1 filing. This is a needed application for all new units. It contains the basic organization information or data and the economic history of the organization and the officers. Finish this in detail to save delays or denial. Give any supplemental documentation needed. Finish a credit check and background.

If you plan to be a mortgage loan provider – the original lender- some additional economic documents are needed in the application procedure. Most mortgage organizations broker the loan out looking for a suitable situation for their customer and are not loan providers.

Bonds and insurance

The NMLS needs a security bond. A surety bond is a forte insurance product that gives minimal protection. Based on your state. You required a bond ranging from $25,000 to $75,000. If a customer experiences a loss because of your business, the bond pays the customer, and the bond organization reclaims the charge from you.

It is wise to also get other relevant insurance strategies. Any workspace needs a usual liability building protection and policy. However, this policy needs leases and positive to have, would not safe you from client claims if your company makes issues.

For this, you require professional liability and insurance. Communicate with a commercial insurance agent for the correct rules in your state.

Basic mortgage business logistics

Various mortgage conducts the mainstream of their business online and moves part from brick-and-mortar space; however, this can be a challenging benefit to fascinate customers who want to calmly sit and review their economic situations. Whether or not you contain physical space and maintain a way of communication with customers that is efficient and quick.

Maintain relationships with mortgage financers that underwrite loans. Contain a series of lenders and banks that work with brokers to provide loans, equity lines, and refinances.

Hire qualified staff

Establish how many different mortgage brokers you would like to hire and the pay scale. It is normal for most mortgage brokers to work on commission or a salary plus commission plan. Select a program that motivates employees and attracts talents.

Market your business

Start a company website and phone lines and get business cards. Start networking with national, local real estate agents to grow power partnerships. Utilize social media to spread the word.

Bottom line

If you are beginning out at a one-person company, you do not require a team. Although a small mortgage brokerage business generally has a team of 3 to 4 people. You might work as a loan officer. You might require someone to answer the queries.

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.

Investment funds are among the most attractive products to grow your savings due to their versatility and high diversification capacity. Before signing any contract, it is important to clarify some basic concepts. People consider such funds a mutual fund or an investing vehicle. It has an asset portfolio that investors purchase. As a financial professional, you can manage your assets by establishing mutual funds. You can also attempt them to produce returns on investment for their investors. Most retired people use investment funds and save their money in an individual retirement account.

What is an investment fund?

The investment funds are Collective Investment Institutions that add the contributions of many savers to manage them through a single-vehicle.

A fund will invest in different assets to obtain maximum profitability within its investment policy. To understand it better, a fund takes the money from its savers and moves it by buying shares, bonds, treasury bills, and other funds.

In this sense, there are different funds, depending on where they invest and how they do it. Thus, one can speak of fixed income, variable income, mixed, global, guaranteed funds of funds, or real estate funds. At the same time, it is possible to distinguish between passive or active management funds and accumulation and distribution funds.

Those who participate in the funds

It is also necessary to know who is involved in its operation to understand how an investment fund works.

Everything starts with the participants, that is, the savers. The unitholders are the fund’s owners, which divide its assets into shares.

A management company manages the fund as its name indicates who manages the fund and who decides how and where the money is invested.

More than one fund manager cannot manage a fund, but a fund manager can have several funds.

In addition to the manager, there is the figure of the fund’s depositary, who will be the custodian and monitor the assets that make up the fund. This entity must be registered with the CNMV.

How an investment fund works

The basic operation of an investment fund is very simple. The participant who wants to invest acquires shares of the fund. The manager is responsible for making money, and the fund grows.

The shares are the aliquots or parts that form a fund. Unlike the actions of a company, it is not a fixed number since, at any given time, there may be someone who sells theirs or who buys new ones.

The price of each share will be determined by dividing the fund’s assets between the number of shares, which will be the purchase or sale value at a particular time. It can vary by the entry or exit of investors or by changes in the market value of the assets that make up the fund. The latter will affect the performance you get from a fund. As an investor, you can choose to withdraw your money from the fund at any time. However, some have specific windows for withdrawal.

Commissions of the funds

Like most financial products, mutual funds charge a series of commissions to the unitholders. These commissions have to do with both operations and custody. These commissions are marked by law and can never exceed the following percentages for each of the following concepts:

• The subscription fee is paid to the fund manager for investing in the fund and is calculated as a percentage of the capital invested, which means that in the end, you invest less than you think.
• The reimbursement commission is charged when selling the fund’s holdings.
• The management fee is paid to the manager for their services, investing the fund’s money. This commission is accrued daily and is already deducted from the net asset value. In other words, it subtracts from what your shares are worth. In general terms, active management funds will be more expensive than passive management funds.
• A commission for success can be added to the management committee, which will subtract up to a maximum of 9% of the profits obtained by the fund.

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 opinions expressed by the employees of entrepreneurs are personal. An entrepreneur is exposed to certain risks from the day his company starts, even before hiring the first employee.

A lawsuit or a catastrophic event outside the company’s control is enough to destroy a business before it can react. Fortunately, numerous types of insurance can save your business and avoid the pain of an external event to end with him and your dreams.

However, there are situations that a large percentage of small and medium enterprises face equally and can be prevented with good insurance.

Here we explain five types of insurance for your company.

1. Company owner policy

Provides liability coverage if a member or a product of your business causes damage to third parties.

It also protects in case of suspension of activities. The coverage applies to the actual loss that the business has had because of the interruption of activities derived from a loss that is covered by the policy. For example, can you imagine the losses that Do they generate in a call center if the light is cut by a thunderstorm one day?

Although no insurance covers the needs of each business, many business products are highly customizable.

2. Property damage insurance 

Here we talk about securing equipment, inventory, workspace, furniture, etc.

Suppose that there is a fire in your workspace for some reason, there is a robbery. There are strong winds that destroy part of the furniture. How much would it cost to replace all your work material? Even if your business is in your own home, you should consider insurance of this type.

There are natural disasters, such as a flood caused by a hurricane or an earthquake, whose damage will probably not be covered by a standard policy.

In other cases, property damage insurance does not cover damages for the deterioration (use) of the property itself. Ensure that your policy covers losses outside the property, especially if you frequently travel outside the company with valuable products.

3. Medical expenses insurance

Although the type of work that employees develop is relatively low physical effort, not having this insurance can result in a costly demand in case of not having coverage and suffering an accident during working hours.

4. Vehicle insurance

Hire auto insurance covers (at least) damages to third parties to the employee who drives it, protecting the automotive unit.

If the employee uses his unit for work purposes, this must also be insured and protect both the driver and third parties.

5. Life insurance

Some insurers include this benefit under a payroll deduction scheme, allowing companies to have life insurance for their employees without disbursing large amounts of money. This insurance consists of providing a sum of money to the family member, designated by the employee, in death.

Insurance for your business is as personal as your company needs it. The most common coverages are those against fire, theft of merchandise, and general civil responsibility. The total insurance premium with the basic coverages is between $1,800 and $3,000, depending on the business requirements.

Having protection for your company is as essential as your car or your medical expenses insurance because it means the difference between the loss of your business or its success. Insurance for your business will always be budget able. A catastrophic event without insurance never will be. 

Crucial considerations before purchasing business insurance 

• Conduct thorough research to find out the best business insurance plan. 
• If you are a newbie in the business field and do not have an idea of upcoming risks, you should hire experienced professionals and select accordingly. 
• Check all your needs and make a list of them before a planned purchase. 
• You will inform your insurer fast if you need extra coverage for the damages that occurred due to disasters. 
• Identify your business peril to buy a plan. You must have maximum coverage for damages, and its premium costs must be affordable. 
• You can get higher insurance coverage against your requests. Only you will have to deduct an insurance amount to minimize it. 

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 managing the finances, it is best to have a clear picture of all financial concepts, including simple and compound interest. Simple interest is easily understandable by all. It works simply with the principal amount, and a fixed rate of interest is paid or earned after fixed time intervals. Things get complicated under the light of the compound interest.

What is compound interest?

Unlike simple interest, compound interest applies to the sum of the initial principal amount and the accumulated interests from the start on loan or a deposit. In the case of a deposit, it can work miraculously in growing the deposit. While in the case of repayment of the loan, if not paid regularly, an individual ends up paying way more than the initial amount. The amount earned or paid at the end depends upon the length of the compounding period. The amount payable at the end of the compounding period of two years will be lower than the amount payable at the end of a compounding period of five years.

Working of compound interest

Interest applied on previously earned interest is the perfect way to define compound interest and its working. It is a continuous cycle, and it paves the way for the exponential growth of the principal deposited amount.

To understand the working of this concept, take an example of a person who deposited $100 in the bank at an interest rate of 5%. At the end of the first interest period, the person earns $5 over the deposit. A person will keep earning a fixed amount of $5 at the end of every interest period in simple interest. But in compound interest, the person will make $5 over the first period. Over the next period, the person will not earn interest on the principal amount of $100, but it will be applied to $105 instead.

That is why compound interest works wonders for people who deposit their savings in the bank and works against the borrowers. It is because, with time, the principal amount will increase if there is a slight error in estimation. Borrowers end up paying way more than they borrowed.

Perfect use of compound interest

The working of compound interest is greatly beneficial if used in the right manner. Here are ways through which people can ensure that it works in their favor.

Starting early savings

Compound interest is an ideal saving technique for people who have the patience to leave their money untouched for a long time. The first two to three interest periods will not bring big returns, but with time people can earn huge amounts just by keeping their money in one place. The earlier a person starts saving, the higher will be the amount earned at the time of retirement. It also covers the period during which a person fails to save due to increased monetary burdens.

Debt payment

People who have borrowed a loan with compound interest smartly dealing with it can help them pay with much ease. Borrowers must try to pay extra payments if their budget allows. It helps in preventing the balance from growing and helps in a quick repayment of debts. Another way to handle compound interest smartly is to keep the amount borrowed amount as small as possible.  

A smart move for savers is to deposit the amount saved in the banks. Without putting in any effort, they will be able to earn money on their saved amount. Time is key; therefore, the longer these savings are kept in a bank, the higher the returns will be. So being patient and allowing the returns to mature is the best option.

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.

In today’s world, everyone is in a race to earn money and become rich. But not all those in the race get to touch the finishing line. People today do not understand that it takes effort to get rich, and it does not happen overnight.

Due to a deep yearning for people to become rich, they get trapped in frauds and scams. To be clear, no such thing exists in this world that can make an individual the wealthiest person in the world in just a single night. A piece of honest advice to people is not to believe in any schemes that guarantee to make you rich in a blink of an eye.

Those who wish to see their names in the world’s wealthiest people by the end of 2022 are going to have to follow a disciplined plan. This stepwise guide will help individuals carve out a proper plan, which will provide them with a path to become rich by the end of 2021.

Step 1: Set goals and define being rich

The first and foremost step in becoming wealthy is to clarify the term “Being Rich.” If an individual does not have a sorted-out definition of what being wealthy means to them, they will never be able to achieve their goal of being rich. Therefore, individuals need to set a goal for themselves so that when they meet it, they know they have been successful. Else, one will be in constant unsatisfaction because it is human nature.

With goals set and a clear definition of being wealthy, people know exactly what they strive for. Everything they will be doing will have a purpose and, in the end, they will be satisfied with what they have achieved. As many people skip this step and begin their struggle to gather wealth, they end up in the middle of nowhere, and nothing they achieve satisfies them.

Step 2: Track the spending

The next step is tracking all the expenditures. Tracking where the money is being spent helps analyze where one is spending more. If the money one spends more than what is coming into your wallet, things are in bad shape. Tracking is a perfect way to know what is making one spend more. It can be done by using a balance sheet, which makes tracking the money spent easier.

Step 3: Conscious spending

After one has successfully prepared and maintained a balance sheet, the next step is to adopt a common practice among the wealthy people: conscious spending. The concept of mindful spending is not to stop spending on things that make one happy, but it revolves around the idea of spending purposefully. Mindless spending will never make a person rich. Therefore, one must organize the finances first and figure out where they must cut down.

It might be hard to believe, but this is what wealthy people do. They spend very consciously and try to spend money on the most important things.

Step 4: Choose a direction

Now that one has understood conscious spending, one must figure out a way to save. Savings are an integral part of the process of becoming rich. It is one of the essential ingredients; disregarding it will lead individuals nowhere. A person can start saving in many ways, but the best one is through automated savings. A person does not have to transfer a portion of the income manually with automated savings. Manually doing it might make saving inconsistent and irregular. A fixed part of one’s income is automatically transferred into the savings account at fixed time intervals through automatic savings.

Alongside automated savings, people can get indulged in daily saving methods. Negotiating on regular bills, saving the change, and other similar techniques can help people save daily. It is an essential step that must be a prime focus.

Step 5: Initiate a startup and invest

When a proper savings plan has been drawn up, the next move is to design an investment plan. The earlier one invests, the sooner they will be able to enjoy the profits. A wise approach is to invest in low-cost index funds, and one must be consistent while doing that. The more consistent an individual is while investing, the higher are the chances of an excellent return on investment. Another possible way is to benefit from the 401K plan of the employer one works for.

The second thing an individual can do is groom their skills and make money out of them. The trend of startups has gained acceleration, and this is because people have realized how to sell their skills. Think wisely and start small with an online platform, as it will provide one with the momentum required to run a digital business into a huge success, helping one become rich.

This 5-step guide is a perfect start to the journey towards becoming wealthy. Following these steps will give an individual a direction and a clear picture of where they stand and where they must go. The key is to be patient and put in all the efforts one can because wealth does not come easy!  

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 is retail automation?

Simply put, Retail Automation involves every step of your retail business that can and would benefit from being streamlined and automated using modern technology. In other words, it is the use of technology to run as much of your business as possible, with as little human intervention as possible.  

Examples of retail automation

There are many ways to implement automation into a retail business. Listed below are just a few of these ways: 

Human resources human labor force is still an essential part of any retail business. Managing a large labor force can be challenging and expensive. Thanks to modern technology, most menial tasks that would otherwise take time away from more essential facets of Human Resources can now be streamlined via automation. Such duties include invoices, work schedules, and payrolls. 

• Customer support 

A retail business cannot be successful without a focus on customer satisfaction. In any retail business, communicating effectively with customers, and taking the necessary means to deal with any complaints and problems they may have, is paramount. Examples of how automation can improve customer service processes include regular automated updates of a customer’s order and customer service bots programmed to answer the most frequently asked questions. Call center service prompts that are designed to pair customers with the best possible customer service representative capable of taking care of the specific issue they may be facing at the time. 

• Store layout

Automation can allow retailers to analyze shoppers’ buying habits and plan the layout of their stores accordingly. For example, suppose a lot of people are buying bread and meat together. In that case, placing the various selections of bread near the deli aisle will make the shopping experience of so many people more convenient. 

• Inventory management

Without automation, retail store workers must take on the responsibility of inventory tracking and management. This can lead to human error, causing supply shortages and other issues. Automation can help mitigate such errors, making the inventory management process more efficient, streamlined, and cost-effective. 

How does automation benefit a retail business? 

In today’s economy, automation is necessary for any retail business, and there are plenty of advantages in doing so. These advantages include:

• Cost-effectiveness

Automation immediately reduces the strain of human capital that retail businesses have traditionally suffered. Doing so saves the business money, not only because you no longer need to pay large labor forces but also because machines can perform the jobs of multiple people faster and more efficiently than ever before. 

• Reducing margins of error

Machines do not just do the same job humans can; they do it better. Brands looking to scale upward usually find themselves heavily reliant on data management across several channels; they must manage a growing labor force, increasing cash flow, and partnerships with more producers and other businesses. It can be incredibly difficult for a human to manage all this information accurately on a day-to-day basis. On the other hand, a computerized data system can compile such data and even use it to make reasonable predictions about the business’s future and growth trajectory. 

• Safeguarding against fraud

As retail businesses scale up in size and scope, fraud becomes a greater possibility. Examples of fraud include credit card scams, fake money scams, product exchange scams, discount coupon scams, food stamp scams, etc.

 Automation and modern technology can help protect a business against such fraud. For example, systems can be put in place to detect fake money with far better accuracy than a human is capable of. An automated detection system for online retail can even track known scammers’ IP addresses and credit card numbers, preventing them from making future purchases.

Retailers can even rank orders based on risk assessment, considering various factors such as where the order is coming from, the value of the order, etc. With this data, they can potentially detect attempted fraud and stop it before it can be carried out. 

The future of automation

Automation is far from a new concept, but it takes on a new form thanks to modern technology. There are many recent examples of how retail businesses are taking advantage of such technology, from artificial intelligence to virtual reality and augmented reality. 

One such example is IKEA. Ikea’s app lets you use AR to simulate a 3D model of any piece of furniture they sell. You can then use your phone to see how the model fits into any room in your room. This completely automates the customer experience of visiting a retail store and trying out a piece of furniture in person before you buy it. 

As technology continues to evolve faster and faster every year and the needs and demands of the consumer market shift, it is impossible to say just how the retail industry will look shortly. The Covid-19 pandemic certainly threw a wrench in things, but it is still fascinating to think about where technology will go from here as we return to a semblance of normalcy. 

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 of coronavirus has had a massive impact on our routine lives. People face challenges in every aspect of life that they have never encountered before. But amid all that chaos, governments are persistent in finding ways to recover from all the loss. Nations are making efforts, to begin with, a new economic start once this crisis is over.

Around the globe, life, as we probably are aware, has changed. Worldwide leaders and a vast number of residents are confronting a challenging test. The COVID-19 pandemic is compromising, not just healthcare systems. It is compromising the jobs of residents and the steadiness of economies. As our partners wrote in “Safeguarding our lives and our livelihoods,” the stun to our lives and occupations from the infection, concealment endeavors could be the greatest of the previous 100 years.

Lives and jobs; both are important. When will these restrictions be softened?

The danger of COVID-19 to lives and employments will completely resolve when enough individuals are invulnerable to the infection to dull transmission, either from an antibody or direct introduction. To that point, governments that need to restart their economies must have public-health systems that are sufficient to identify and react to cases. Leaders ought to perceive that areas may vary fundamentally in their status to restart their economies.

The first and most clear factor in deciding preparation is the number of new cases in each zone. Districts with huge progress in transmission ought to expect that financial restructuring will lead to more transmission. Case numbers and, more critically, hospitalizations should be sufficiently low for a health system to oversee exclusively instead of through mass measures.

A subsequent factor in considering this is the quality of the frameworks set up for distinguishing, overseeing, and forestalling new cases. Components of these frameworks incorporate the accompanying:

• Sufficient clinical limit, particularly of intensive care units (ICUs), for those with extreme infection
• Capacity to play out an analytic test for COVID-19 with a quick turnaround time.
• Systems for successfully recognizing and segregating cases and contacts, including digital apparatuses for real-time sharing of basic information (in any case, unique frameworks will be suitable for various nations also, settings)
• Sufficient clinical assets, including prepared specialists, beds, and individual defensive gear.
• State-funded training educated by the best scientific proof accessible.

Reaction leaders can plot subnational districts (states, provinces, urban areas, medical clinic affected zones, etc.) on this grid to assess when each can restart some proportion of economic activity. Regions with solid public-health systems also, few or no cases, where following and disengagement of transmission chains are yet doable, might act uniquely in contrast to locales with more vulnerable public-health systems that are further along on the pestilence bend. In many developing business sector nations, remembering a few for Latin America, numerous components are significant, yet the fundamental obstruction is the ICU limit. Accomplishing the important limit requires exceptionally planned endeavors and a detailed management system.

Positions on the network will not be static; districts will move upward as case numbers fall and better control components are set up, and to one side as public-health systems reinforce. The network does not offer outright rules, be that as it may, it might be a helpful apparatus to help dynamic. Governments can refresh the framework consistently, utilizing continuous information. A robust management-information system can assist nations with using their information to tailor their reaction to real neighborhood factors. In time, other logical discoveries could likewise change this dynamic—a compelling antibody, an exact counteracting agent test, huge new medicines for COVID-19—expecting they are accessible at scale, what is more, sent generally. This article does not play a role in this effect.

Nations may likewise need to pick satisfactory measurements to quantify infection spread. The ideal measurement would be the pace of transmission. However, this requests a huge testing limit that may not be accessible to a few nations. Elective measurements may incorporate the case development rate and the aggregate of cases.

A subtle approach to resuming the regional economy

With a comprehension of every locale’s financial structure, governments can rapidly distinguish places where the economy can be restarted. To do that, governments can evaluate both the danger of transmission and the relative economic significance of every area.

When areas begin to return to work, leaders must organization health and conduct conventions to bring down the potential for additional transmission. Undoubtedly, the appropriation of these conventions, what is more, others can vigorously impact an area’s position on the matrix. Occupations can be reclassified in manners that make them more secure to restart.

Endnote

Nations need to present an extra level of granularity to their endeavors to ensure lives and vocations. Our methodology requires constant reinforcing of the healthcare system through such factors as the limit regarding across-the-board testing, expanded limit of nearby ICUs, and the capacity to screen and isolate chains of transmission. Innovation will assume a significant job in “permitting” individuals to come back to work; however, every nation will need to consider security issues in presenting such systems.

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.

Above all, the concept of communication strategy needs to be defined. The communication strategy is simply how a company prepares and coordinates its communication. It is a question for a company manager to determine in advance what his lines of communication are and with his customers as his partners and employees.   

Contrary to popular belief, corporate communication will not be limited to a flyer or an advertisement. Like a real person, a company has a personality and a way of communicating. This is the communication strategy that will help an entrepreneur to focus his messages. By faithfully following his communication plan, the entrepreneur will give his company a real personality, which can only be positive for its reputation and reputation.

Where is communication going?

An effective communication plan must necessarily be as complete as possible. The communication strategy will therefore encompass the different communication targets. In business, professional communication is not unidirectional, i.e., it is not only between the company and the customer. On the contrary, the communicator must think of all the targets to be reached by the company communication:

All entrepreneurs think of the customer for brand communication. Indeed, advertising and information for the customer allow a company to increase its turnover and make itself known. Therefore, part of the communication strategy will focus on the company’s target and how to present the products and services. In addition to advertising, an entrepreneur must also think about institutional communication and think about how he wants to present the company to his customers.

The partner

Because another part of the company communication will concern the partners (suppliers, shareholders), more involved than customers without belonging to the company, partners must also be informed and receive a consistent image of the company. Knowing how to exchange correctly with its partners will also allow development opportunities.

Employees

Finally, while the two previous targets represent external communication, a business leader must never neglect internal communication, just as crucial for the proper functioning of his business. This time, it is about thinking about how employees view the company and how they communicate with each other. Being able to circulate information between the different services and spread a uniform message regardless of who the interlocutor is part of the communication strategy.

Understanding the complexity of corporate communication helps to better prepare your communication strategy. You must never forget the different communication targets when designing your communication plan. The main challenge is to deliver a consistent message and circulate information internally and externally.

Having a thoughtful communication strategy will notably make it possible to effectively train all employees so that they become ambassadors of the company. But is this the only benefit of a communication plan?

How important is a good communication strategy?

Now that we have looked in more detail at corporate communication and the importance of its targets, we should note the benefits of an effective communication strategy. If you are still skeptical about the usefulness of a communication plan, this should interest you.

If the benefits of corporate communication are numerous, we can focus on the three main ones:

Create the desire to buy

The primary goal of business communication and marketing is obviously to increase sales. Controlled external communication will highlight the company’s products and services to the right target. Mastering one’s communication strategy means offering the right image to the right target and thus generating sales.

Establish a corporate culture

Less obvious for a beginner communicator, the communication plan will help define the image of the company and create a personality. Thinking about how to present the company, both internally and externally, will help convey the company’s values, its symbols, and history. If this may seem incidental, it is not so! The corporate culture will indeed allow the customer, the partners, and the employees to appropriate the latter and to feel closer. Thanks to your communication strategy, you will strengthen your brand image and differentiate yourself from the competition.

Optimize relationships

Finally, your communication plan will allow you to optimize all your professional relationships. Taking control of your communication does not miss any opportunity and being closer to its customers and its partners. Internally, communication helps to strengthen team spirit and ownership. Externally, communication will strengthen relationships with partners and contact customers more.

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.