Author: Complete Controller

Intraday liquidity risk is an issue that applies to all banks. As of late, banks raised their capital and liquidity holds nearer to the levels required by controllers. A bank’s inability to meet intraday installments in an auspicious way adversely affects its liquidity position (flagging). Whatever remains of the money-related installment framework could be affected as well. This is due to the high level of interdependency between installment frameworks.

Banks should go along with direction on intraday liquidity risk if the neighborhood controllers embrace the regulator’s suggestions. The direction will oblige banks to effectively oversee, measure, and report intraday money streams under ordinary conditions. Banks should build up an alternate course of action and demonstrate their flexibility under focused conditions.

The business sector for credit subsidiaries has become huge as of late. Notional measures of credit subordinates came to forty-five trillion dollars as of the middle of 2007, a fifty-fold increment from the level at mid-year 2001. The improvement of these instruments is a vital development, the most recent progression of advancements has significantly affected the nature and operation of credit markets. Like these prior developments, a key property of credit subsidiaries is that they isolate the start of credit, the financing of credit, and hold administration over credit danger. This detachment suggests the dissemination of credit danger over the budgetary framework and, thus, for the supply of credit. Banks that begin credit to corporate borrowers require no more hold the credit risk connected with these advances.

In contrast, other monetary firms can hold credit risk without originating or reserving the fundamental credit. In the conventional model of bank loaning, the bank plays out all parts of the credit procedure: starting the advance, holding it on the accounting report (subsidizing it), and holding and dealing with the related credit risk. Credit market advancements in the 1980s and 1990s changed this model in critical ways. Advancements, for example, advances deals, syndications, and securitizations, isolated the procedure of advance start – building up an association with the borrower, assembling and investigating data about the borrower’s creditworthiness, and setting up the terms of the advance – from subsidizing the advance. These courses of action also evacuated the credit risk connected with the advance. However, the starting bank, much of the time, gives credit ensures or holds a first-misfortune or other response position that has some bit of the credit risk presentation.

The recent system of the banking sector and financial institutions has developed a more efficient and active liquidity management system. The financial innovations have enabled banks to move from the model that used to be originated to hold that implies granting and custody of credits to the originate to distribute. This means relying heavily on the market financing and awarding of the transfer credit.

In any case, without store protection, liquidity shock may happen more unpredictably due to propagation around the soundness of the budgetary segment. This circumstance turns out to be even more trying for managing an accounting framework. Accordingly, these circumstances can test the financial industry’s versatility, against a liquidity shock, for instance, the new Islamic financial system. For banks, a money-related emergency may be especially more shocking because of the less created Islamic currency market, the absence of currency business sector instruments, and, in different purviews, nonattendance of the loan specialist of final resort office by the federal reserve bank. Commercial Banks are presented with the extra weight of store withdrawal risk in light of the fact that they share benefits and misfortune on venture stores.

The risk management department further branches into a novice concept known as Enterprise Risk Management (ERM). This department’s onus to resolve liquidity risk by implementing effective market risk management practices through their treasury department.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Most investors – if not all – are sometimes mistaken. Fortunately, one can learn from one’s mistakes and even others’. Here are ten examples of common mistakes and tips to avoid them.

The first thing about investing is to check if the person and the company offering the investment can sell it to you. 

1. Modeling your investment decisions on those of the neighbor

Remember that an investment that suits one person will not necessarily be right for you. Modeling your investment decisions on those of the neighbor seems like a simple mistake to avoid. Here is an example of a situation that could risk influencing your investment choices. Each investor has its objectives, level of risk tolerance, and investment horizon. If you have a written investment policy that applies to all of your investments, it will help you avoid investing in investments that do not meet your investor profile.

2. Invest in an investment you do not know or do not understand

Here are some examples that may lead to investing in investments that we do not understand.

• Investing simply because a financial analyst recommends the purchase
• We have heard about society in the media, and it seems a good idea to invest.
• Our representative offers us this investment. We trust it without thinking and without asking questions to understand the investment.

If you do not understand the investment that is offered to you, it is better to refine your financial knowledge first. One of your investor responsibilities is understanding the investment in which you invest. This includes understanding liquidity, performance, risk, and fees.

3. Buy based on information without having verified it

Never invest in investment without informing yourself. All information posted on the Internet is not accurate. For example, if a person predicts that the value of an investment will increase, this will not necessarily be the case. If it is a share of a company, it may be important to know what are the expected profits of that company.

4. Disregard his risk tolerance

When a representative asks you questions about your risk tolerance, answer as honestly as possible. For example, if you can not stand the value of your investments fluctuating, say so.

5. Do not admit mistakes

Some investors do not want to sell an investment at a loss, even if the future prospects of this investment deteriorate considerably, simply because they would admit they made a mistake.

Some investors even buy more of the same investment to lower their average acquisition cost. This strategy can sometimes work, but only if the value of the investment rises enough. If the value of the investment continues to fall, the loss will be more significant.

To help you avoid this error, you may want to specify limitations in your investment policy, such as not investing more than a certain percentage of your portfolio in a corporation.

Do not confuse this error with not selling your investments when the stock market goes down.

6. Falling in love with a stock market

An investment you have had for a long time and has yielded a significant return has been steadily losing value for some time. Recent financial news does not seem positive about the future of business. Assuming it will revalue over time, you buy it back many times, even if it hurts the diversification of your portfolio.

It is risky to “fall in love” with a stock market and lose all objectivity. It is equally important to remember that a stock’s past performance never guarantees its future performance.

When you invest, put aside your emotions and set limits based on your risk tolerance and especially your investment horizon. Do not forget the principles of portfolio diversification.

7. Adopt confirmation bias

This error consists of listening only to the tips and information that corroborate what you already think. For example, you believe that a title will gain value. Remember all the positives that support your hypothesis, for instance, that the company operates in a promising sector and has little debt.

On the other hand, you are not interested in anything that might affect the future value of the security, for example, whether a major new entrant enters the industry or the company does not clear profits.

8. Adopt a bias of optimism

This bias consists of thinking of oneself better than one is and seeing the future more positively than reality. This bias can be detrimental to investors, such as investing in seeing only potential earnings and forgetting the risks.

One way to reduce the errors caused by this bias is to ask yourself what is the worst loss you could incur by investing in the targeted investment. To do this, look at the stock market fluctuations of the security. This fluctuation could happen again, even if the past is not a guarantor of the future.

9. Perform a naive diversification

Naive diversification is meant to equitably distribute its money among all products offered, regardless of whether these products are similar or different. For example, if the representative offers us four equity funds and one bond fund, we invest one-fifth in each fund.

10. Adopt an employer bias

This mistake consists of investing an inordinate proportion of a company’s assets simply because “it is a good company.” Even if the idea of ​​investing in a known sector is good, it should not hurt the basic principles of investment, such as diversification. Worse: If the company you are working for is in financial difficulty, you could lose both your job and see the value of your securities drop considerably.

One way to limit the consequences of certain behavioral biases is to invest money in a diversified portfolio periodically.

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.

Before you embark on this type of real estate investment, you must clearly define the objectives you want to achieve. For this, you must take the time to think and mention your different goals in writing. Here are ten tips you should follow if you hope to maximize your investment:

Find a seller who wants to sell

Otherwise, you lose not only time but money as well. The goal is to have a profit as soon as you buy the real estate without waiting for the resale. If the purchase price is too high, you will have difficulty making money, even with exemplary management. The state of the market at the time of resale cannot be known in advance, so you have to put all the chances on your side from the start. Focusing on immediate profitability means you cannot take the risk of selling your property when you will not have the time to maintain it.

In sum, you should not overestimate the property you intend to buy.

Choose your target

This will let you know what type of property to go to if you want to make an acquisition. Small areas, for example, are very popular with students. Location is also a parameter that you must consider because it is closely related to the target.

Multiple searches and make fewer proposals

It is advisable to visit several real estate properties before deciding on one to purchase. There are many ways to search for the ideal property in which you can invest. Here are some ways:

• Internet

You have the opportunity to have a wealth of information related to a wide variety of real estate. For example, you can learn about the environment and the reputation of the city, etc. By using the internet, you will also know if there are nearby casinos or airports. If too much is available in the area, the situation may be complicated. Infrastructure quality is also of great importance, as is economic activity.

• People and trends

You have to go on-site to talk to the locals to check the real estate you are targeting. In this way, you will more easily know what the corner will look like in a decade, for example.

• The immediate environment

Above all, you must focus on businesses, schools, and even transportation. The environment is a factor in real estate’s attractiveness, especially if they are intended to be rented.

• Buy near you

 In this way, you will really know what you are buying, and this will be an asset to intervene more easily in case of problems. If you ensure the rental management of your property yourself, this will be a plus. You will recognize that making a trip to solve a small rental problem is not ideal.

Set up a team that understands the workings of rental real estate investment

You will not succeed without being surrounded by a notary, an accountant, and a real estate agent. Having a craftsman on hand can also be a plus, and being surrounded by architects, insurers, etc. It all depends on your objectives, but surrounding yourself with such a team will allow you to be serious from the beginning. Some people decide to invest with a partner, but you must make sure:

• • To be complementary
  • To be able to discuss healthily about an idea
  • To be able to work and to share you equally the benefits
  • That you have the same expectations
  • To have the same values

Forget the instinct

Regarding a rental investment, you must analyze things rationally. To put the odds on your side, you must make a list of the different criteria. Sometimes problems you notice will allow you to renegotiate the price of the good you want to buy.

Study the profitability

If the profitability is less than 6% net after the deduction of taxes, this investment can be discussed. Also, you have to consider two parameters: the potential rent and future rent. The first is the one you can get by making minor changes to give more weight to the rent.

As far as it is concerned, future rent is the one you can get based on progress and the environment. All this is, of course, framed by the various legal provisions. It would be best to consider maintenance costs as they will be higher in time. Remember that the older a property becomes, the more it needs to be maintained.

Finance not forgetting that you invest in rental real estate

Sometimes, it can take a longer or shorter time to find the necessary funding. You must know beforehand that you have the essential resources not to leave an opportunity. This is also true for borrowing capacity.

Do what you need and find out

You will need to have the real estate insured, so getting a lawyer on the legal side is essential. In short, it will matter to invest accordingly if you intend to secure the business in which you intend to invest. News can also be a good source of information.

Surround yourself with good managers

Management is a serious business that does not leave room for improvisation. Poor management can make your business flow in no time. Even if you initially planned to manage the property yourself, it is always advisable to provide in your finances a margin to entrust the work to a pro.

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.

Crypto Mining is an integral part of the cryptocurrency industry, but it is equally essential to discover some alternate way to authenticate the transactions taking place. This can be done by diving into a series of complicated mathematical and statistical equations in order to complete the entire data structure of a blockchain.

Eventually, this made one gigantic setback. It initially started with the scarcity of human resources who had the expertise of solving such types of equations. If this problem were remedied, the entire blockchain structure would instantly come tumbling down. Therefore, to offer benefits to such people in solving the equations, they are now reimbursed into the same cryptocurrency that they are validating. Finally, making crypto mining a profitable venture.

It is next to impossible to think that cryptocurrency can be snatched, unlike theft and burglary. Your account will never be identified or stolen if you are a crypto miner.

The main quarrel regarding cryptocurrency is with the country’s financial regulatory framework. To a large extent, cryptocurrency is not regulated. At the same time, in a few countries, it adheres to the guidelines, with specific parameters, because it is reflected as a commodity rather than some digital currency. But eventually, the transactions conducted under the ambit of cryptocurrency continue to remain anonymous and untraceable, therefore providing privacy to the identity of a crypto miner on how much money they are minting and for what purpose they are using.

To sum it all up, crypto mining can be a tremendous incentive feature with all of the benefits above.

Cryptocurrency, such as Bitcoins, makes its way into the market through Crypto Mining. In this overall activity, a user’s engagement with a computer and the internet must be in place at all times. They are primarily the participants who are responsible for having technological paraphernalia; secondly, their details can be verified by assigning unique keys or digital wallets and allowing the payments to be stored into a data warehouse for mining Bitcoins, as per the rule of supply and demand and transaction fees.

Sighting Bitcoin as an example, some people voiced their concerns regarding the system’s vulnerability by stating that the application can be hacked or is susceptible to cyber-attacks, consequential from a leading group of people who want to abuse the primary purpose of cryptocurrency and insisted that such a risk could be mitigated through sharing crypto mining.

This is because blockchain management alluded from crypto mining is predicted to decline to a large extent, which may lower the benefits of mining the data. Crypto miners reduce the probability of avoiding a monopolistic economy or environment increase, which leaves the cryptocurrency vulnerable to a hostile takeover by fifty percent to a single user or entity. To put it simply, one owns more than fifty percent stake in the cryptocurrency network. It will allow that particular user to double the volume of the transactions by utilizing more coins. Due to this, the concept of Altcoins came into play by combing the technological framework of Bitcoins and IOTA. By adding a tangle to the cryptocurrency network, ensures PoS, fresh-minted coins are produced based on the resources of the individuals or entities. To put it simply, anyone who holds one percent of the cryptocurrency will only produce one percent of PoS coins. With this minor modification, the apprehension of running into the risk of a monopolistic environment will drastically reduce as the drawback of creating a monopoly will be costly.

While mining a block in the case of Bitcoin, the miner has to adhere to specific guidelines. It comprises an array of steps in sequential order to motivate the miner to be a part of a competitive environment, with unlimited and unimaginable CPU configuration to deduce a hash aligned to the requirements using any available algorithmic functions.

In deriving a hash, one has to follow a predetermined process that essentially is a one-way street. Once you enter the domain of deducing the hash, there is no going back. In addition, they need to make it difficult and impossible to decipher, which in other words, is also called proof of work.

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 risk of theft, fraud and even embezzlement has amplified in this era of globalization. In the contemporary scenario, various regulatory authorities, audit firms, large-scale organizations, and manufacturing firms emphasize the topics above. Multiple countermeasures are being taken by authorities to minimize the scope of theft by the employees. The process of IFRS (International Financial Reporting Standards) has been in the spotlight. It is easy to scope out any maligning activities at the time of reconciliation or internal audit. All the processes and procedures are now documented in the form of Standard Operating Procedures (SOPs) and Service Level Agreements (SLAs). With the advent of ERP (Enterprise Resource Planning), the entire mechanism and transitional procedures are also automated. This is particularly useful when it comes to highlighting any anomalies on a real-time basis.

In reputed firms, the human resource division has issued strict directives. If an employee receives a gift or a souvenir from the client, then a formal process must be initiated within the organization and appraise the relevant authorities. The human resource department, which has documented modus operandi for dealing with such circumstances, will then issue the course of action to the employee of what steps must be taken. Such instances or circumstances are already documented in the rulebook, which they call the “Code of Conduct.” At the time of hiring and after recruitment, the employee is given proper orientation on the “Code of Conduct” and the consequences in case of non-compliance.

The chances of embezzlement and theft are higher in small businesses. In other words, the process of decision-making is centralized. In this instance, the concept of maker and checker needs to be embedded in the firm so that two or more individuals monitor the process. There are two benefits from inoculating these processes; firstly, a succession plan is in place if a vital firm member resigns. Secondly, with dual or multiple monitoring mechanisms, the chances of theft reduce drastically. Management of financial information and inventory management are shared transparently, and each is tagged to certain accountability. Establishing the right set of protocols, corporate governance, internal audit, and compliance are all countermeasures to theft and embezzlement. Even sharing sensitive information with someone, who does not have the authority or is outside the scope of job function, can lead to severe ramifications.

Furthermore, abstaining from keeping a check and balance mechanism from peer workers is a deviation from accountability. Sharing information, such as account receivables, account payables, the disclosure of salary and financial information within an organization is an act of perjury. Therefore, utmost care must be taken to ensure that information and data leakage don’t lead to a significant loss.

The responsibility of bookkeeping should be shadowed by someone else in the accounts department as part of the reconciliation process. In doing so, the probability of modifying any transaction can easily be picked up and highlighted.

Any abrupt change or unjustified deviation in an employee’s behavior is a red flag that the organization needs to address. Even sudden changes to punctuality, regularity, or frequent vacation must be considered. It could be that the customer is obliging the employee (both financially and non-financially), and the employee is not conforming to the ethical consideration stipulated by the “Code of Conduct” as specified by the human resource division.

If the risk of theft and embezzlement is to be mitigated, all the processes should be documented, be it a small business or a large corporation. Proper record-keeping of the customers and employees is also vital. All the transactions taking place in a firm without a proper invoice, delivery, or payment order are also a violation. It tends to be reflected at the time of reconciliation. Even sharing sensitive keys and passwords is an open invitation to commit forgery and theft.

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.

By: Jennifer Brazer

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.

Fact Checked By: Brittany McMillen

The Complete Process of Recruitment in an Organization

Recruitment transforms your business needs into a systematic process for finding, evaluating, and integrating the right talent into your organization. This comprehensive approach encompasses everything from identifying staffing requirements through workforce planning to implementing effective onboarding programs that convert new hires into productive team members.

Over my 20 years as CEO of Complete Controller, I’ve witnessed firsthand how strategic recruitment practices can make or break a company’s growth trajectory. The average business loses $4,683 per bad hire, yet companies using structured recruitment processes see 82% higher retention rates. This article reveals the exact recruitment framework we’ve refined through working with thousands of businesses, giving you the tools to build a hiring system that attracts top talent while reducing costs and time-to-hire by up to 40%.

What constitutes a complete recruitment process?

• Strategic workforce planning, talent acquisition, candidate evaluation, hiring decisions, and employee onboarding
• Workforce Planning: Analyzing current skills against future business needs to identify hiring priorities
• Talent Acquisition: Sourcing candidates through multiple channels including job boards, referrals, and social media
• Candidate Evaluation: Screening resumes, conducting interviews, and assessing cultural fit
• Hiring Decisions: Making offers based on skills, experience, and organizational alignment
• Employee Onboarding: Integrating new hires through structured training and mentorship programs

Strategic Workforce Planning Sets the Foundation

Strategic planning forms the bedrock of successful recruitment by aligning your hiring needs with broader business objectives. Organizations that implement effective workforce planning strategies reduce their hiring costs by an average of 22% while improving the quality of their hires.

The process begins with a thorough demand analysis that examines your current team’s capabilities against projected business goals. This involves mapping existing skills, identifying gaps, and forecasting future requirements based on market trends and growth projections. For instance, Complete Controller’s quarterly skills audit revealed that 35% of our technical positions could be filled through internal promotions, saving over $150,000 annually in external hiring costs.

Key components of workforce planning

• Skill gap identification through team assessments
• Future-proofing by anticipating emerging role requirements
• Budget allocation based on role priorities and market rates
• Internal mobility evaluation to reduce external hiring needs
• Timeline development for phased hiring initiatives

The data speaks volumes about planning’s impact. According to AMS & Josh Bersin Co., companies without structured workforce planning experience an average time-to-hire of 67 days for specialized roles, compared to just 44 days for organizations with defined processes. This 23-day difference translates to thousands in lost productivity and increased recruitment costs.

Creating Job Descriptions That Attract Quality Candidates

Your job description serves as the first touchpoint between your organization and potential talent. A well-crafted posting does more than list responsibilities – it sells your company culture and growth opportunities while clearly defining expectations.

Start with a compelling job title that accurately reflects the role while incorporating searchable keywords. Instead of “Marketing Ninja,” use “Digital Marketing Manager” to improve visibility in job searches. Your opening paragraph should immediately convey what makes this opportunity unique, whether it’s innovative projects, career advancement paths, or exceptional company culture.

Essential elements of effective job descriptions

1. Clear role title with industry-standard terminology
2. Compelling company overview highlighting culture and values
3. Specific responsibilities broken into primary and secondary duties
4. Required skills separated from preferred qualifications
5. Salary range and benefits overview
6. Growth opportunities and career development paths
7. Application instructions with expected timeline

When writing requirements, distinguish between must-haves and nice-to-haves. This prevents qualified candidates from self-selecting out due to overly restrictive criteria. Research shows that women typically apply only when meeting 100% of qualifications, while men apply when meeting just 60%.

Multi-Channel Sourcing Maximizes Candidate Reach

Modern recruitment demands a diversified approach to candidate sourcing. Relying solely on job boards limits your talent pool and increases competition for the same candidates that every other company is pursuing.

Employee referral programs consistently deliver the highest-quality candidates with 45% better retention rates than traditional sourcing methods. Complete Controller’s referral program, which offers tiered bonuses based on role difficulty, generates 30% of our hires while costing 50% less than external recruiting.

Proven sourcing channels and their effectiveness

• Employee Referrals (30% of hires): Higher retention, faster onboarding, cultural fit
• LinkedIn and Professional Networks (25% of hires): Direct access to passive candidates
• Niche Job Boards (20% of hires): Industry-specific talent with relevant experience
• University Partnerships (15% of hires): Entry-level talent with fresh perspectives
• Internal Promotions (10% of hires): Cost-effective with minimal training requirements

Passive candidate outreach requires a different strategy than active job seekers. These professionals aren’t browsing job boards but might consider the right opportunity. Craft personalized messages highlighting specific achievements from their profile and explaining why they’d excel in your role. Response rates jump from 3% with generic messages to 27% with personalized outreach.

Screening and Assessment Strategies That Work

Efficient screening separates viable candidates from the overwhelming volume of applications modern postings generate. The average corporate job posting receives 250 resumes, yet only 4-6 candidates typically receive interviews.

Applicant Tracking Systems (ATS) provide the first filter, scanning resumes for keywords and qualifications. However, over-reliance on automation can eliminate qualified candidates who format their resumes differently. Balance automated screening with manual review of promising applications that may not perfectly match ATS criteria.

Three-stage screening process

• Initial ATS Screening (250 → 50 candidates)

  • Keyword matching for essential skills
  • Education and experience verification
  • Location and availability confirmation

• Manual Resume Review (50 → 15 candidates)

  • Context evaluation beyond keywords
  • Career progression analysis
  • Red flag identification (unexplained gaps, job hopping)

• Phone Screening (15 → 6 candidates)

  • Salary expectation alignment
  • Cultural fit assessment
  • Communication skills evaluation

Phone screens save significant time by identifying misalignments before investing in lengthy interviews. Keep these conversations to 20-30 minutes, focusing on deal-breakers like salary requirements, relocation willingness, and basic qualifications.

Interview Design for Comprehensive Evaluation

Structured interviews improve hiring accuracy by 26% compared to unstructured conversations. This systematic approach ensures every candidate faces similar questions, enabling fair comparisons while reducing unconscious bias.

The behavioral interview method, particularly the STAR framework (Situation, Task, Action, Result), reveals how candidates handled real workplace challenges. Instead of hypothetical scenarios, ask about specific past experiences that demonstrate required competencies.

Sample STAR questions by competency

• Leadership: “Describe a time you motivated an underperforming team member“
• Problem-Solving: “Walk me through resolving a major customer complaint“
• Adaptability: “Share an example of adjusting your approach mid-project“
• Collaboration: “Explain how you resolved conflict with a colleague“

Technical assessments complement behavioral interviews by validating claimed skills. Tailor these evaluations to mirror actual job tasks rather than abstract problems. A content writer might draft a blog post, while a programmer could debug existing code. These tips for successful job interviews help both interviewers and candidates prepare effectively.

Panel interviews involving future teammates provide multiple perspectives while allowing candidates to meet potential colleagues. Rotate panel members to prevent groupthink and assign specific evaluation criteria to each interviewer. This approach reduced our hiring mistakes by 35% while improving new hire satisfaction scores.

Making Data-Driven Hiring Decisions

The hiring decision extends beyond selecting the most qualified candidate. Consider cultural fit, growth potential, and team dynamics alongside technical skills. Research indicates that 89% of hiring failures result from poor cultural fit rather than skill deficiencies.

Create a standardized evaluation matrix weighing different factors according to role requirements. Technical positions might emphasize skills (40%), problem-solving (30%), cultural fit (20%), and growth potential (10%). Leadership roles could prioritize differently: leadership experience (35%), cultural fit (30%), strategic thinking (25%), and technical knowledge (10%).

Decision framework components

• Skill assessment scores from technical evaluations
• Behavioral interview ratings from multiple interviewers
• Reference check insights validating past performance
• Cultural fit indicators from team interactions
• Compensation alignment with budget and market rates
• Growth trajectory matching organizational needs

Reference checks remain crucial despite many companies providing only employment verification. Ask specific questions about the candidate’s performance, work style, and areas for development. Former colleagues often provide more candid feedback than supervisors bound by company policies.

Crafting Competitive Offers That Close Deals

Your offer package competes not just on salary but on total value proposition. Top candidates often evaluate multiple opportunities simultaneously, making your offer presentation crucial for securing acceptance.

Market research ensures competitive compensation. Use multiple salary surveys and adjust for location, industry, and company size. Offering below-market rates might save money initially but increases turnover costs long-term. Remember that replacing an employee costs 50-200% of their annual salary.

Comprehensive offer components

1. Base salary aligned with market rates and internal equity
2. Performance bonuses or commission structures
3. Equity compensation for key positions
4. Health insurance with multiple plan options
5. Retirement contributions with company matching
6. Professional development budgets
7. Flexible work arrangements
8. Paid time off and holiday schedules

Present offers verbally first to gauge reactions and address concerns immediately. This conversation allows negotiation without formal counter-offers that can complicate the process. Follow up with written offers detailing all components, start dates, and response deadlines.

Background Verification and Compliance

Background checks protect your organization from negligent hiring lawsuits while verifying candidate claims. However, compliance with federal, state, and local regulations requires careful attention to avoid discrimination claims.

The Fair Credit Reporting Act (FCRA) mandates specific procedures for background checks, including written consent and adverse action notices. State laws may impose additional requirements, such as “ban the box” regulations delaying criminal history inquiries until conditional offers.

Standard background check components

• Employment verification confirming roles and dates
• Education credential validation
• Criminal record searches at county, state, and federal levels
• Credit checks for financially sensitive positions
• Professional license verification
• Motor vehicle records for driving positions

Partner with reputable background check providers familiar with compliance requirements. Establish clear policies about which findings disqualify candidates, considering the role’s requirements and time elapsed since incidents. Document all decisions to demonstrate consistent, non-discriminatory practices.

Onboarding Programs That Drive Retention

Effective onboarding extends far beyond paperwork and policy reviews. Organizations with structured employee onboarding best practices see 82% higher retention and 70% productivity improvement within the first year.

Your onboarding program should blend administrative tasks with cultural integration and role-specific training. New hires form lasting impressions during their first weeks, making this period critical for long-term success.

First day essentials

• Prepared workspace with necessary equipment
• Welcome package including company swag and resources
• IT setup with system access and training scheduled
• Team introductions and organizational chart review
• Lunch with immediate team members
• Clear first-week schedule and expectations

The first 90 days establish performance patterns and cultural integration. Create milestone checkpoints at 30, 60, and 90 days to assess progress and address concerns. Assign mentors who guide new hires through unwritten cultural norms and provide safe spaces for questions.

Structured 90-day onboarding timeline

Days 1-30: Foundation Building

• Complete administrative requirements
• Understand role responsibilities and expectations
• Meet key stakeholders and team members
• Begin basic job functions with close supervision

Days 31-60: Skill Development

• Take ownership of initial projects
• Receive targeted training for role-specific skills
• Establish working relationships across departments
• Provide feedback on onboarding experience

Days 61-90: Integration Completion

• Operate independently on core responsibilities
• Contribute ideas in team meetings
• Receive performance feedback and goal setting
• Plan professional development path

Measuring Recruitment Success and ROI

Recruitment metrics reveal process effectiveness and improvement opportunities. Track both efficiency measures (time and cost) and quality indicators (performance and retention) for comprehensive insights.

Time-to-hire averages 44 days globally but varies significantly by role complexity and industry. Monitor your timeline from requisition approval through accepted offer, identifying bottlenecks for improvement. Reducing time-to-hire by just one week can save thousands in lost productivity.

Key performance indicators for recruitment

• Time-to-Fill: Days from job posting to accepted offer
• Cost-per-Hire: Total recruitment expenses divided by hires
• Quality-of-Hire: New hire performance ratings after 6-12 months
• Offer Acceptance Rate: Percentage of offers accepted
• Source Effectiveness: Hire quality by sourcing channel
• Retention Rate: Percentage remaining after one year
• Hiring Manager Satisfaction: Feedback on candidate quality
• Candidate Experience: Applicant ratings of your process

Regular analysis identifies trends requiring attention. If offer acceptance rates drop below 80%, examine your compensation competitiveness or candidate experience. High early turnover suggests onboarding improvements or hiring criteria adjustments.

Technology and Automation in Modern Recruitment

Artificial intelligence transforms recruitment efficiency while maintaining the human touch essential for candidate experience. AI tools now handle 94% of initial resume screening, reducing time-to-hire by up to 75% for high-volume positions.

Unilever’s pioneering AI implementation processed 45,000 entry-level candidates through gamified assessments and automated video interviews. This workforce planning and talent acquisition insights approach saved over $1 million annually while improving diversity by removing unconscious bias from initial screenings.

AI applications across recruitment stages

1. Job Description Optimization: AI analyzes top-performing posts to suggest improvements
2. Candidate Sourcing: Automated searches identify passive candidates matching criteria
3. Resume Screening: Natural language processing evaluates experience beyond keywords
4. Interview Scheduling: Chatbots coordinate availability without manual back-and-forth
5. Predictive Analytics: Machine learning predicts candidate success and retention probability
6. Bias Reduction: Blind screening removes identifying information from initial reviews

However, technology supplements rather than replaces human judgment. AI excels at processing volume and identifying patterns but cannot assess cultural fit or soft skills requiring interpersonal evaluation. Balance automation with personal touches throughout the candidate journey.

Adapting Recruitment for Different Business Sizes

Recruitment strategies must scale with organizational size and resources. What works for enterprises with dedicated talent acquisition teams differs vastly from effective recruitment strategies for small businesses with limited budgets.

Startups and small businesses maximize impact through targeted approaches. Focus on referral programs leveraging your team’s networks, as referred candidates cost 50% less and stay 70% longer. Participate in local networking events and partner with universities for internship programs building future talent pipelines.

Small business recruitment tactics

• Leverage free job boards and social media platforms
• Create compelling employer brand stories highlighting growth opportunities
• Offer non-monetary benefits like flexibility and responsibility
• Build relationships with local educational institutions
• Participate in industry meetups and conferences
• Develop “hire for potential” programs training entry-level talent

Mid-size companies benefit from investing in recruitment technology while maintaining personalized approaches. An ATS becomes essential when managing dozens of openings simultaneously, but maintain human touchpoints throughout the process.

Large enterprises require sophisticated talent acquisition functions managing hundreds of requisitions across multiple locations. Dedicated sourcers, coordinators, and hiring managers collaborate through enterprise platforms tracking thousands of candidates. However, maintaining candidate experience quality becomes challenging at scale, requiring intentional process design and regular feedback loops.

Final Thoughts

Building an effective recruitment process requires continuous refinement based on results and feedback. The strategies outlined here provide a foundation, but your unique organizational needs will shape specific implementations. Start by addressing your biggest pain points – whether that’s reducing time-to-hire, improving quality, or controlling costs.

Success in recruitment comes from balancing efficiency with effectiveness. Technology accelerates processes, but human connection closes deals. Data drives decisions, but intuition identifies cultural fits. Structure provides consistency, but flexibility accommodates exceptional candidates who don’t fit standard molds.

Your recruitment process directly impacts organizational success. Every hire shapes your culture, capabilities, and competitive advantage. Invest the time and resources necessary to build a world-class recruitment function that attracts, evaluates, and secures top talent consistently.

Ready to transform your recruitment process with expert guidance? The team at Complete Controller brings decades of experience helping businesses build efficient hiring systems that reduce costs while improving hire quality. Contact us today at Complete Controller to discover how our comprehensive business services can streamline your talent acquisition and overall operations.

FAQ

How can small businesses with limited budgets recruit top talent effectively?

Small businesses should focus on employee referral programs offering non-monetary incentives, leverage free social media platforms for job postings, highlight unique benefits like flexibility and growth opportunities, partner with local colleges for internship programs, and participate in community networking events. These strategies cost significantly less than traditional recruiting while often yielding higher-quality candidates who value company culture over just compensation.

What’s the difference between recruitment and hiring?

Recruitment encompasses the entire strategic process from workforce planning through employee onboarding, including identifying needs, sourcing candidates, screening, interviewing, and integration. Hiring refers specifically to the selection and offer phase where you choose a candidate and bring them into the organization. Think of recruitment as the complete journey while hiring is just one stop along the way.

How can companies effectively use AI in their recruitment process?

AI tools excel at high-volume tasks like resume screening, candidate matching, and interview scheduling. Implement AI for initial application reviews to process hundreds of resumes quickly, use chatbots for candidate FAQs and scheduling, employ predictive analytics to identify likely successful hires, and utilize bias-reduction algorithms for blind resume reviews. Always maintain human oversight for final decisions and cultural fit assessments where AI cannot replace personal judgment.

What are the essential steps in a complete recruitment process?

A comprehensive recruitment process includes seven key phases: strategic workforce planning to identify needs, creating compelling job descriptions, sourcing candidates through multiple channels, screening applications and conducting phone interviews, performing in-depth behavioral and technical interviews, extending competitive offers with background checks, and implementing structured onboarding programs. Each step builds upon the previous one to create a seamless candidate experience while ensuring quality hires.

How can organizations build diversity into their recruitment practices?

Building diverse teams requires intentional strategies throughout recruitment. Use inclusive language in job descriptions avoiding gendered terms, post positions on diversity-focused job boards and professional associations, implement blind resume screening removing names and identifying information, create diverse interview panels representing different backgrounds, partner with historically black colleges and universities (HBCUs) and minority professional organizations, and track diversity metrics throughout your funnel to identify improvement areas.

Sources

• AIHR. “Selection Process: 7 Steps & Best Practices.” www.aihr.com/blog/selection-process/
• AMS & Josh Bersin Co. “Average Time to Hire Rises Again.” Staffing Industry, 2025. www.staffingindustry.com/news/global-daily-news/average-time-hire-rises-again-44-days-q1
• Brandon Hall Group. “Employee Onboarding Statistics.” Oak Engage, 2025. www.oak.com/blog/employee-onboarding-statistics/
• Harvard Business Review. “Onboarding in the Age of Digital Transformation.” May 2018. hbr.org/2018/05/onboarding-in-the-age-of-digital-transformation
• HROne. “Major Recruitment Trends Throughout History.” 2024. hrone.cloud/blog/major-recruitment-trends-throughout-history/
• IBS Center for Management Research. “Unilever: Transforming Hiring Through AI.” The Case Centre, 2024. www.thecasecentre.org/products/view?id=203369
• Lytiqs. “Internal Hire Rate Analysis.” 2024. www.lytiqs.com/post/internal-hire-rate
• Personio. “7 Crucial Steps in Recruitment.” www.personio.com/hr-lexicon/recruitment-process/
• Recruitee. “Cost per Hire Statistics.” Society for Human Resource Management (SHRM), 2025. recruitee.com/articles/cost-per-hire
• Rippling. “11 Most Important Hiring Process Steps.” www.rippling.com/blog/hiring-process-steps
• SHRM. “Talent Acquisition Resource Center.” www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/default.aspx
• SmartRecruiters. “Hiring Process Steps for 2025.” www.smartrecruiters.com/resources/
• Wikipedia. “Recruitment.” en.wikipedia.org/wiki/Recruitment
• Workhuman. “7 Step Recruitment Process.” www.workhuman.com/blog/recruitment-process/

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.

Real estate investing can be exceptionally profitable today, provided you make the right choices before investing.

Should you buy a home on credit or cash?

Even if you have the means to pay cash, it is not necessarily the most advantageous solution for you. 

Rental investors deduct, as we know, the interest on their property income. The more they are taxable, the more they are interested in getting into debt. Ultimately, the actual cost of borrowing can be reduced by half when the marginal tax is at 50%, which can sometimes be the case when social security contributions are taken into account.  

On the other hand, if nominal borrowing rates are low, their actual cost is not negligible because of the low level of inflation.

Fixed-rate or variable rate?

Nominal rates are low even though their real cost is relatively high. They are unlikely to fall below current levels, like inflation elsewhere. Better to go into debt at a fixed rate: you will know precisely the amount of your deadlines, and you will be the winner if inflation starts again. 

Small or large surfaces?

The question arises only for rental investors seeking the best profitability. 

Small areas are priced proportionately more expensive: their rental yield is higher. 

In some “expensive” cities, small areas are more easily accessible to small investors. In case of a real estate crisis, they better resist the price and sell more quickly—tenants “spin” faster, allowing for more frequent rent adjustments.  

But this fast rotation often results in frequent reclamation costs, especially since these types of tenants are generally less careful and sometimes subject to financial difficulties, synonymous with unpaid rents. 

Prospects for real estate gains are also less critical for small businesses. Generally, high returns go hand in hand with poor capital gains. 

Go through an intermediary?

Transactions between individuals save the commission of the intermediary. 

The intervention of a professional (real estate agent or notary) guarantees additional security. The preliminary contract will be written, and you will be able to question its responsibility if some problems arise after that (easements of neighborhood, etc.). 

You can also call on him to check particular data (surfaces, the condition of the building, etc.). 

Also, professionals have an interest in selling quickly. The goods they market are often evaluated at the right price, while homeowners sometimes overvalue their property. 

New or old?

The new is more favored than the old in terms of taxation. 
The new property is generally more functional, better insulated thermally and acoustically, and almost always has parking. Fees and transfer fees are also reduced: about 2% in a new property versus 6-7% in an old one.

Finally, the ten-year guarantee and the condition of a new property exclude any risk of important work in the short term. 

On the other hand, the new one remains much more expensive than the old one with a surcharge that can go from 20% to 30%. Therefore, the rental yield is lower even if a new home is generally rented at a higher monthly rate. In the same way, the perspectives of capital gains are less critical and less rapid. They are almost zero in the first years. 

In some new buildings, the operating costs are high (green spaces, equipment, etc.) even if short-term maintenance is reduced. This is unlike the older properties, where renovation may be required sooner rather than later.  
Other advantages of an old building: the choice is much broader, the situation is often more favorable, and you know what you are buying up front.

Finally, pay attention to the quality of construction of a new building. No one knows what our modern materials can withstand over the next thirty years. 

Beautiful neighborhoods?

Some investors do not have the means to access “beautiful neighborhoods,” whether to buy a principal residence or rental property. 

Those who can choose must favor the right places. This is where the prospects for capital gains are the fastest and the most important. 

The rental yield is, however, higher in average or unfavorable locations. 
Also, it is possible to select developing neighborhoods that will value the arrival of public transport or new businesses. 

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

There are several do’s and don’ts for all the startups to help them realize the rules they should follow to attract and keep investors. No business can ever start without some initial funds. Capital is the backbone of all startups, without which further processing cannot be done. Therefore, if you consider raising funds for a startup, read this article until the end.

Do’s

1. Educate yourself about the various ways to raise funds. The more you learn, the more opportunities you have at your disposal to raise a good amount of capital.
2. Make moves to identify potential investors in your market and industry. This will prove to yourself and investors how dedicated you are to the business. Such an attempt will create a good image in the market and attract investors to you and your business.
3. Do not spam your investors. Make contacts and then let them know about your business. Investors trust their contacts; hence, they will be more interested in your offer if they hear it through a person they trust.
4. You need to add talented people to your team. Investors will often bid on your team more than your business. If your team impresses them, they will definitely invest. However, if they do not see any potential in your team, it will be impossible to convince them to take on that investment risk.
5. Invest in yourself. When your investors see your and your family involved in the company, they will believe you will do your best to make your business succeed.
6. Create a solid business plan and take the initiative to show investors that you are serious about success. Create a small portfolio to make the investors believe that you have the skills required to bring the plan to fruition.
7. Stay organized! Even if that does not matter to you, it matters to your investors. They want to see you organized and in order. It creates a good impression in their mind if they see you attentive to detail and organization. If you come across as a disorganized person, they may refrain from investing in you and your startup.

Don’ts

1. When determining the capital you need, do not quote the exact figure you calculated. Always quote a larger amount. As the amount is hypothetical, you cannot be sure how much more it will take to start the process and build your business. There will be unforeseen expenses; therefore, quote a larger amount to investors.
2. During the contract of investments, you will have to agree to specific terms and conditions from the investor which you might not like. However, it is advisable not to agree with the terms that bind or restrict you to a higher degree. Compromise and negotiate but protect your business as well.
3. Whenever investors ask you to change your business’s business module or structure, do not overreact. Take some time and consider their proposal with an open mind. Integrate the suggestions which you think will benefit your business in the end.
4. Similarly, if the investors give constructive criticism, do not get offended. Most of the time, the investors have good experience in the industry or have a history of investing in successful startups. They might be able to help you in a better and creative way.
5. Do not think of your investors as incompetent. The investors you will approach will always know a good startup’s characteristics. Invest time in your proposal to convince the investors to invest in your company.

Although starting up a business is a challenge, do not let these obstacles deter you, as you may face multiple rejections and setbacks. Keep on finding new investors every day. You will be surprised how many investors will take an interest in your business and will be willing to invest in 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.

Choosing where to start your business, the service sector or the manufacturing sector, it is crucial to understand the main difference between the two. The service sector is labor-intensive, while you will need capital to start and run your business if you decide on the manufacturing sector. The service sector – relatively easy to start a business in this sector. People may be willing to pay for the service you offer or for teaching them a particular skill. Can you teach a kid math? People are willing to pay you for such a skill. Can you play the piano? Again, people are willing to pay you to learn. It doesn’t matter whether you lack the skills needed to operate a business (such as time management, bookkeeping, negotiating, etc.) or not. Such skills can be mastered. What does matter is to figure out what skill do you have that can sell as a service? Perhaps you do not think you have any skill worth teaching? Most people underestimate their skills and whether others would be interested in learning them.

Types of Businesses in the Service Sector

The service sector includes personal services, computer services, business services, marketing and sales, home services, children’s services, and event services. Some examples of service sector businesses to start are: pet grooming, house-sitting, babysitting, nurses for home care, housekeeping, dry-cleaning pick-up and drop off/home delivery, food home delivery, event management, self-defense classes, physical fitness trainer, nutritionist, personal chef, health and fitness trainer, planning tours, mobile mechanic, etc.

Types of Businesses in the Manufacturing Sector

You can manufacture toys, smartphone accessories, textile producer, custom furniture maker, wood-work, candy maker, bread maker, shoemaker, belt maker, hair products, make-up, watchmaker, locksmith, air freshener production, embroiderer, papermaker, jewelry maker, fashion design, kitchen utensils maker, glass bead manufacturing, soap, and detergent production. According to Inc.com, some of the best manufacturing businesses you can start are robotic forklifts and eco-friendly buildings.

Starting a Business in the Service Sector

To start a business in the service sector is relatively easy, seeing low start-up cost. You do not have to deal with packaging, shipping, and returns in the service industry. You can create your own website, design your cards, and use the laptop and printer you have to do the job. Advertising can be through word-of-mouth or leaflets in the Sunday newspapers, etc. Another advantage of the service industry is the flexibility that it offers. You can work when you want to and take a break from it when the need arises. Also, you can cater to the customer’s needs immediately (you do not have to wait for a product to get tested, or licensed, etc.). A business in the service industry is more personal due to the nature of the business itself. You can make money and feel happy that you have helped someone, as well.

Starting a Business in the Manufacturing Sector

Research the market, bench-mark the competition, find the funds, find the right manufacturer. The last one is not as easy as it looks. Entrepreneur Magazine advises the following steps to set up a manufacturing business: Set up a partnership with the manufacturer (because the amount of business you bring to the table is insignificant compared to their own business. Researching to find one will not be a piece of cake: few of them have the step to be digitally visible in this day and age, so trade journals and fairs will alleviate the situation. Make sure you check their references. Also, reduce the risk by renting the space needed for your business (do not buy it out, flat). Have more than one partnership going at a time. Get the legalities sorted out. Myra Banks of HerbanLuxe advises talking to knowledgeable people about the type of license and certifications needed to set up a business. Once you are through the legalities, you can buy equipment and hire employees. Know the people you work with, buy communicating with them via emails, phone calls, etc. Try to visit the site, as well, to reassure yourself of the step that you are taking. With a service industry business, it is the knowledge that the company is run on, as very little capital is needed to start with. If you want to start your business in the manufacturing sector, it will be more complex, as it will require you to consider distribution and delivery of the product. The start-up cost will be higher, as well.

Summary

Starting a business in the manufacturing sector requires capital, which not everyone has access to. Starting a business in the service sector requires knowledge of a skill.

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 food industry is beginning to grow again as the country opens back up after Covid-19. People have started investing in food businesses because restaurants are expected to have a surge after surviving the pandemic. Everybody likes to eat, but not everybody loves to cook. This is where the food industry comes into play. Here are eleven tips to follow to help you start a food business.

1. Research: The food business is more competitive than any other business, so it is imperative and smart to do some research before starting a food business. Before starting a food business, try to find out what is trending, what new trends can be worked upon, and what you can do differently than others. Do some online market research to measure market needs and what people look for in terms of food quality, taste, and affordability. Try taking notes from a food business that failed; try to find out what went wrong in it and refrain from making a similar mistake.
2. Marketing: Marketing begins as soon as the business starts or sometimes before even that. Marketing attracts a large number of clients and makes a product talk of the town. Marketing has many ways. It is done online as well as offline. Marketing through social media platforms requires less investment and targets a maximum number of people.
3. Menu & Pricing: Strategize the menu. Offer the best of food that can be made. Pricing the menu entirely is an art in itself. When the menu is balanced, it helps to gain more profit. Price should be decided according to the cost of the ingredients. Prices should not fluctuate. It is not only unethical but also results in losing existing customers.
4. Law: Every industry is run under some laws and regulations. The food business is not an exception. The basic concept that follows the law and regulations of the food business is transparency and food safety. To avoid any problem in the future, follow and achieve compliance with the law and the requirement it states. 
5. Edible Logistics: Research and work out about food delivery and packaging. Food delivery is more complicated than any other logistics. The packaging should be decided smartly. The food should be packed in spill-free containers.
6. Organize: Food business needs planning. Every detail should be planned and put into a checklist. Multiple things should be organized before starting a business, storage, inventory, ingredients, packaging, orders management, etc.
7. Nature of business: The food business can be dual in nature. Orders can be taken offline as well as online. Decide if the company will just run offline or online, or on both platforms. There is a lot of scope for running the business online. Social media, blogs, and websites can acquire more orders as the reach is maximum through an online platform.
8. Follow SOP: If the food tastes nice, the business gets regular customers. People do not like to switch from one kind of taste to another. To make sure people stick to one specific brand and food business, follow the same recipe, raw materials and ingredients, and technique. Write down everything and then keep the following everything to ensure consistency.
9. Staff: Hire staff intelligently. From the chef to the waiter, everyone should be trained. Invest time to train each staff personnel. Remember changing staff frequently in the food business is risky and can lead to losing permanent customers.
10. Bestsellers: No matter how long the menu is and how many items it has. There are always some essential selling items and dishes. Every food business has a specialty that people love. Identify the best seller and use it as the focus of the menu.
11. Feedback: Always trust your customer’s feedback. Be open to feedback and customize the food according to the ratings. The food industry is very competitive. It is essential to know what best can be offered to the customers and then launch the business. Food should be appealing, tasty, and different to get an edge over other competitors.

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.