“Adaptability is the ability to be creative and flexible in the face of new situations.” – Laurie Leinwand.

Coronavirus came with a bang and shook the world at large. Turning our lives upside down, halting day-to-day operations like never before, it didn’t take for the pandemic to creep into our everyday routine. Whether it’s regular business operations or the virus affecting our careers, there isn’t any domain – pandemic hasn’t affected yet.

Across the globe, humans have seen and witnessed an extraordinary situation because of the pandemic. The chain of events followed by a complete lockdown of festivities, business operations, weddings being postponed, and most schools and colleges taking their routine classes to online platforms, Coronavirus has played us like a soccer ball on a playground, and there’s no wondering why.

Living through the post-era is of utmost significance to grasp precisely how the pandemic has affected us. The idea is, in history, whenever a closer situation to the pandemic hit our world, most analysts could find opportunities in even the most exciting times. Some companies rose to fame, gaining a competitive advantage, and the others couldn’t even manage to continue with their regular operations.

That said, though post-COVID-era is slightly different from how our life used to be earlier, things have changed to quite an extent. Companies are still in their struggling phases, trying to make ends meet with their routine operations.

However, considering not quite long ago – the UN officially called Coronavirus the New Normal, it must be regarded as one. For example, you can’t remain at the mercy of Coronavirus, waiting for it to leave our world and then proceed with your work-life struggles. The reason is, we don’t have our accounts flooded with a hundred million, and even if most of us seem to have some, we are sure to use them all in a flash. So, adapting your business to change after the effects of the Coronavirus is the need of the hour, and below are the reasons why.

The Effects of the Coronavirus

There can exist opportunities in even the darkest of times. At least, that’s what most of us are raised to believe in. Every cloud has a silver lining – haven’t you heard? If you have, congratulations, you are not living under a rock – and now that you are not living down there – as we would like to believe, you might as well know that there have been downside(s) to the pandemic –  especially when it comes to the business world. Still, some businesses have managed to generate larger-than-life profits even in these times. Applications like zoom made profits unlike before, and its brand awareness surpassed their forecast – all during the deadliest times in history.

Changes in the Business Model

There have been changes in the way businesses are operating after Coronavirus hit us by and large. These businesses are adapting to new business models and growing overall performance. The idea is to operate and function when businesses are only thinking to halt their operations – adapting to new business models and strategies has become mandatory now more than ever. That is to say, to retract your business’s potential – it lost along the way. It is crucial to devise new strategies and action plans so that your brand gets to achieve milestones even in the post-pandemic era.

Survival of the Fittest

One of the most crucial concepts that are quite relevant to a situation like this is ‘survival of the fittest..’ Our world has evolved, and there’s no denying that. However, our world still follows the aged old concepts as the mighty always seems to win the race. The same goes for the business working in today’s situation. With advancements taking over, it has become of utmost importance that your business adapts to the latest tools and techniques to survive the pandemic’s consequences. Again, if your brand wishes to survive, it should stay fit.

The Bottom Line

In case you are still confused, be sure to adapt to the new normal if you wish for your business to keep working in the long run. Otherwise, the competition will only take over it, and you’ll find it quite a challenge to have your business continue with its routine operations.

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.

Business coaching is an individual or collective support for company staff. This process not only optimizes the productivity of each employee but also motivates the staff of the Company. Business coaching also helps business leaders to make better decisions.

The business coaching process

Business coaching allows the coach to achieve the objectives set by the Company. During the coaching, the coach helps the coach overcome the various blockages that he might encounter in their professional life. Any problems will be dealt with throughout the process. The experienced coach will teach the coach to develop their skills during the coaching sessions. The potentials of the coach will then be assessed. Business coaching aims to improve the performance of the coach by stimulating their know-how. On average, business or professional coaching lasts one year in the order of four sessions per month. 

What is business coaching? It is a general and complete approach allowing the improvement of the entrepreneur and their Company’s performance. It includes training, advice, and coaching. One of our objectives is to make the most autonomous companies for greater satisfaction for managers and their employees. Long reserved for large companies, support for companies is becoming more and more popular with companies of a smaller size. It is a market that has a growth rate exceeding 10% per year.

Career management and motivation

You can notice, as quoted by the site Forbes that business coaching allows the coach to manage their career. Indeed, it will be called upon to target and develop its assets. Once the coach has determined their strengths, he can improve them to build better levers in the future. The business coach will guide the coach so that he can have a vision of their professional future.  Thus, he will become the master of their future. He will make sure to identify their weaknesses to eliminate them and determine their strengths to improve them. Professional coaching also helps the coach to have more motivation and more self-confidence. The more motivated he is, the more he will be convinced to achieve society’s objectives.

Increase business profit

 Business coaching is also intended for business leaders and directors. By benefiting from special managerial or mentoring coaching, managers will be able to make appropriate decisions. They will have to improve their listening skills and management method to increase the Company’s turnover. Although the leaders are at the head of the business, their decisions will have serious impacts on the general functioning of the business. Business coaching also helps business leaders manage stress. Leaders need more confidence and motivation given the Company they deal with daily. They must have a positive attitude to lead their team well. Know that professional coaching helps business leaders in conflict management,

Concretely, what will the business coach bring to an entrepreneur? The business coach will bring a very structured approach, knowledge, and an external perspective that will allow companies to be much more efficient.

We start with a diagnosis that will guide the main actions and focuses. We are working on:

• Mastery of fundamentals: vision and objectives, financial management, time and priority management as well as operations,
• Marketing: identification of the target market and levers for advancing profitability
• Systemization: implementation of easily reproducible processes
• And team management with one objective in mind: to build a company capable of operating efficiently even in its leader’s absence.

What can a business coach bring in a time of serious crisis like that of the coronavirus? It is, of course, a worrying and challenging period. Small structures are strongly impacted. But it is also a period of opportunity to structure, organize, plan, and prepare for a smooth resumption of activity.

During this period, entrepreneurs express a greater need for support. The profile is varied, but all those who join us have acquired professional experience they wish to share; they have the will to continue developing it and want to have a high level of personal satisfaction.

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 the beginning, you may make some urgent decisions about your funds or financial matters. Those decisions describe the money-managing tendency you shape within you that continues to affect you throughout your life. It is imperative for you to manage your regular spending to restrain yourself from making financial mistakes.

Money-related decisions can be challenging to manage, and any mistakes we make can become even harder to resolve. Only by understanding and avoiding some money management errors can you financially prosper. When you try to understand and avoid the common financial mistakes on a daily basis, you build better money-related habits for later on, and good money management habits can save your time, money, and a lot of stress.

Here are some widely recognized financial mistakes we make that must be avoided if you want to create a better financial future:

Getting Late on Your Expenditures

When it comes to handling payments or installments, if you delay the payment, a vicious cycle formulates that becomes difficult to break. You wind up paying late fees and extra charges each time you delay the return.

The foremost thing to do is to speed up repaying your installments to avoid this situation. Similarly, you need to uncover and manage your budgeting, planning, and payment issues that have caused the delay. By speeding up in your late installments, you can get rid of the payments that caused you stress.

Utilizing the Credit Card for Everyday Payments

In a short time, you can run into major debt if you keep on using your credit card for everyday expenses. Many people think it is easy to pay using a credit card, but they do not realize that they are spending more money using a credit card. They do not pay attention to the ongoing add-on fees, and interest amounts to their account while using the credit card.

You have to quit paying via credit card for your everyday purchases. It is a better option to begin following a financial plan than shopping with your credit card every time.

Borrowing Money from Friends and Family

Many people prefer to take cash from their friends or family during times of tight financial circumstances. In doing so, they create tension and pressure on their relationship with those closest to them.

People do not realize that when they borrow money from their loved ones, they give them the authority to begin examining their purchases and financial choices. They are given permission to remark on your ways of managing money.

This could be the worst and most common financial mistake someone can make. Many financial experts advise that you should never take any sort of money loan from your loved ones. Doing so can spoil your good terms with them, so avoid any cash borrowing from your family or friends and save that relationship.

Neglecting to Budget

You cannot have any sort of control over your accounts if you do not have a financial plan or budget. Neglecting to make and maintain your budget implies that you are ignoring your money-related problems. Your business could be profiting, but you would still struggle to get by if you do not have a budgeting or spending plan.

You need to understand it can become hard to achieve your financial goals when you do not have a strong spending plan in place. So, it would be best to take time now to set up a financial plan and keep monitoring it consistently. Doing so will enable you to choose when to begin contributing to your cash retirement or other money-related objectives like a college fund, buying a house, or taking an international vacation.

Budgeting helps you make better financial choices, and it helps you know precisely where your cash is going every month.

In Conclusion

It is best to try and avoid the common financial mistakes mentioned above and take advantage of the opportunity to create a budget and achieve your financial goals.

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 Bookkeeping?

Bookkeeping is the process of recording all financial transactions that take place in a company. A company makes various financial transactions through expenses incurred and the revenues generated, which all must be recorded. This recording helps the company understand the patterns of costs and sales while also aiding in forecasting and decision-making. The financial data recorded by a bookkeeper is used to develop financial statements such as a profit and loss statement, balance sheet, income statement, cash flow statement, and others. Bookkeeping is an integral part of every company and must be done with great care. The following are some bookkeeping basics that should not be ignored!

1. Cash

Cash accounts include all the money that is in-hand and has been received from various sources. Be sure that the account includes only the amount that has been received, not transactions that are pending. For example, a check that has yet to clear cannot be added to the cash account. Bookkeepers generally maintain two journals: Cash disbursements and cash receipts.

2. Accounts Receivables

Some customers do not make payments immediately. Some business operations require that the customer pays at a later date. Accounts receivable includes the amount yet to be received reflected against the products or services that will be delivered to the customer. Simply put, this is the money due from customers who have received products. It is important to note that accounts receivable only include the income that the company is guaranteed to receive.

3. Inventory

A company must always have raw materials and finished products present to meet unexpected demand. This stock is called the inventory. These items are tracked, and their value is included in the inventory account. A bookkeeper must calculate the worth of all inventory efficiently. This assists in reordering raw materials at the proper times and ensures that goods are not lost or forgotten in the warehouse.

4. Accounts Payable

Accounts payable is a company’s money to an outside source, such as a supplier. This money is paid for a service received. For example, a company has ordered raw material from a supplier, and the goods have been received. The company now owes money to the supplier, which is added to accounts payable. Think of this record as the reverse of accounts receivable. An accurate representation of accounts payable helps the company clear payables on time, ensuring strong relationships with suppliers.

5. Owner’s Equity

An owner’s equity account is one of the most important accounts, as it includes the amount pooled by each owner into the company. One person typically owns small businesses, and the profit is enjoyed by him only. However, for large-scale companies, the company must pay dividends to shareholders. This account includes the funds invested in the businesses and tracks all money that has been drawn out. It is crucial that his account be carefully managed as it determines the profitability of the shareholders.

6. Retained Earnings

After paying the dividends and clearing the payables, the company may be left with some money which is called the Retained Earnings. It is a cumulative account which means the value shown on the account is the total money retained by the company since its start. The account is easier to manage because it does not require any clearing. It is an essential account as it is of interest to potential investors and lenders who may want to invest in the company.

7. Sales

The sales account is of utmost importance to a company. It includes all incoming revenues from product and service sales. It is vital to record sales on time because busy companies often lose track of receipts. The sales account determines a company’s ability to sell its products to target customers. Additionally, the sales account may be credited against cash or accounts receivables, depending upon the terms of the sales.

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.

How much money should you save each month? There are many ways to answer this question. The short answer is that you must save a minimum of 20% of your income every month. At least 12 percent to 15% of which should go to the retirement accounts. The other 5%  to 8% of that should go towards a combination of building an emergency fund, creating other long-term savings, and repaying the debt. Although this is a good rule of thumb, it is not the only answer. If one wants a more in-depth answer, read on.

What are your financial goals?

To take a deep dive into determining how much one should save each month, start by looking at your goals. Roughly speaking, the financial goals break down into four buckets:

• Expenses that are coming in less than a year
• Expenses that arrive in less than a decade
• Long-term/ten years or so away
• Short-term financial goals

Expenses coming in less than a year are things like taking a vacation to the beach, buying holiday gifts, making sure that one has enough money on hand to pay all the taxes, and maintaining the savings for a birthday party. Another example of a short-term financial goal-saving is the value of six months of spending from an emergency fund. One can do it in less than a year. If you want to save $5,000 in nine months, you will need to put in $ 555 a month to achieve this goal.

Long-term financial goals

Long-term financial goals are more than five years but less than ten years. They include expenses like replacing appliances, making major repairs at home, buying a new car (ideally by paying in cash for it), or making mortgage payments for the house.

Extremely long-term financial goals

Under the ambit of over ten years, one’s goals could include building a sizable education savings fund for your children or buying a second home. Of course, one must also include the ultimate goal of long-term savings, aka retirement.

Create a list, plan, and Calculate

People have already covered the subject of retirement, so this list of expenses includes stuff that one is currently saving and everything else, such as weddings, home repairs, vacations, travel, and education savings. Then divide this amount of time by the amount of money that is needed for each goal. For example, assume that a saving amount of $10,000 is required for a wedding, and the plan is to get married in the next two years. One will need to save $416 per month over the next 24 months to reach the $10,000 target. Apply this calculation over all the goals mentioned on the list. To get a better view of the current situation.

What to do if a person has high saving goals?

If you set goals that are outside your means, you will defeat the purpose of making goals. When it comes to savings or budgeting, you have to modify or cut some of the goals. Can a cheaper car be bought? Have a more affordable wedding. Buy a cheaper house, which will require a smaller payment. Then look at how can the current expenses be reduced. Canceling cable TV can save an extra $50 or $60 a month that can be put toward one of the many savings goals. Then see if the deadline for one of the goals can be extended. Is it necessary to replace the kitchen appliances this year, or the current appliances are bearable for at least the next few years? Finally, look for ways to make more money, for example, by freelancing on the side. 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.

No matter how big or small the company, it is always vulnerable to fraud. From the smallest of starter businesses to the largest of established corporations. Fraud may cause losses of at least 5% to 10%. Industries incur significant losses and setbacks due to fraud each year. Nearly 35% – 45% of the fraud cases were related to private sector companies. Approximately 30% of the frauds were reported from public offices and 15% in government agencies, with only 8% from non-profit organizations. The medial loss of fraud was around $24,000. Could your business handle a $24,000.00 loss due to fraud?

Some companies are more prone to fraud and top the vulnerable list. Some examples of these companies and businesses are stated below:

Fraud affects every industry at some point in time but in different ways. For example, there are vigilant departments in larger companies and industries to track fraud attempts, while smaller companies might not have this capacity. />

1. Banking & Finance Industry: the banking and finance services face fraud often. Last year, 17% of the fraud cases were reported from the banking and finance industries. The fraud ranges from cash stealing and larcenies to unauthorized check payment and check kiting. The frequent use of credit cards, plastic money, and online payment methods has given rise to electronic fraud. 
2. Government Sector: Government offices and services are extremely vulnerable to fraud-related discrepancies mainly due to the number of employees. The next highest number of cases of fraud were reported from the government sector at nearly 10%. Government offices fall prey to every other kind of fraud, including billing fraud, purchasing of substandard or low-quality products, expense reimbursement fraud, asset misappropriation, and payroll fraud.
3. Manufacturing companies: Manufacturing companies have a high risk of fraud ranging from 10% – 12%. Non-cash frauds are more frequent and include stealing products and goods from employees or visitors, inappropriate use of company goods, and billing fraud. In addition, reimbursement fraud is common and occurs due to sales forces and territory sales managers’ misconduct.
4. Healthcare Industry: Healthcare businesses are prone to billing schemes that account for 35% – 40% of fraud. The healthcare sector is run most of the time through insurance companies. People get to spend more as they age, and hence the chance of fraud increases. The average amount of fraud that happens within the healthcare industry is around 7%.
5. Educational institutions account for 7% of frauds. The most common kind of fraud in the educational industry relates to educational loan exemptions, billing, and reimbursement schemes. Corruption, skimming, and payroll fraud are also prevalent.
6. Retail Industry: The retail sector encounters almost 6% of fraud cases. The most common types of fraud in the retail industry are inventory theft and cash stealing. However, the overall rating of fraud in this sector is lower than in the others.

How to be Protected from the Risk of Fraud?

Every industry faces the threat of fraud, making it essential for companies to protect themselves as thoroughly as possible. It is crucial for businesses to plan and implement safeguards to reduce risks and prevent both fraud and financial loss.

 

To address fraud threats effectively, all companies should prioritize adopting both internal and external controls. The mechanisms used to detect and identify fraud should be tailored to the specific needs of each business, as different industries are susceptible to various types of fraud. 

 

With the help of technology, companies have strengthened their controls against fraud. Each process, from issuing purchase orders to processing payments to vendors, is now being carefully checked and verified. Businesses are also encouraged to invest time and resources in training their employees to recognize and report any attempted fraud they may encounter.

 

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.

Smart Restaurant Pricing Strategies to Boost Your Profits

Restaurant pricing strategies combine cost analysis, menu psychology, and market positioning to set profitable prices that maintain customer satisfaction while protecting your bottom line against rising food and labor costs. The most successful restaurants use data-driven pricing systems that go beyond simple food cost multipliers, incorporating menu engineering, psychological pricing tactics, and dynamic adjustments based on real-time performance.

Over my 20 years as CEO of Complete Controller, I’ve watched countless restaurant clients struggle with the same pricing dilemma: how to maintain profitability when food costs jumped 35% and labor costs rose equally since 2019. The restaurants that survived and thrived didn’t just raise prices across the board—they built intelligent pricing systems that balanced costs, customer perception, and competitive positioning. This article will show you exactly how to implement these proven strategies, from calculating your true plate costs to using psychological pricing techniques that can boost sales by up to 60%, all while maintaining the guest experience that keeps customers coming back.

What are smart restaurant pricing strategies and how do you use them to boost profits?

• Smart restaurant pricing strategies are systematic approaches to setting menu prices based on food costs, overhead allocation, market positioning, and consumer psychology to maximize both profitability and guest satisfaction
• Cost-plus pricing establishes your baseline by calculating total plate costs and applying appropriate markups to hit target food cost percentages between 28-35%
• Value-based pricing layers on premium charges for unique experiences, signature dishes, or superior ingredients beyond basic cost calculations
• Psychological pricing techniques like charm pricing ($12.95 vs $13) and menu engineering guide customers toward high-margin items
• Dynamic pricing adjusts for demand patterns, time of day, or special events to optimize revenue during both peak and slow periods

Understanding Your True Costs: The Foundation of Profitable Pricing

Before implementing any pricing strategy, you must know your actual costs down to the penny. Most restaurants fail at pricing because they only consider food costs while ignoring the full operational burden each menu item must carry.

Calculate complete plate costs

Start with your food cost percentage, which should range between 28-35% of menu price for most concepts. A $15 menu item with $5 in ingredients hits a 33% food cost—right in the target zone. But food cost alone doesn’t determine profitability.

Add your labor cost per dish by calculating prep time, cooking time, and plating complexity. A labor-intensive dish that takes 20 minutes of skilled chef time carries a much higher true cost than a simple salad that takes 3 minutes to assemble. Include your overhead allocation too—rent, utilities, insurance, and administrative costs must be spread across every plate you serve.

Set realistic profit targets by restaurant type

Full-service restaurants typically operate with net profit margins of 3-5%, while quick-service concepts achieve 6-9% through higher volume and lower labor costs. These aren’t aspirational figures—they’re survival thresholds. Your pricing must protect these margins or you’ll join the 80% of restaurants that fail within five years.

Factor in your market positioning when setting targets. A fine dining establishment can sustain 40% food costs if the experience commands premium pricing, while a value-focused family restaurant needs to keep food costs closer to 25% to maintain competitive prices.

Core Pricing Strategies Every Restaurant Needs

Smart operators layer multiple pricing strategies rather than relying on any single approach. Each strategy serves a specific purpose in your overall pricing architecture.

Cost-plus pricing: Your safety net

Cost-plus pricing multiplies your total costs by a factor that ensures profitability—typically 3x for food costs alone or 2.5x for total plate costs. This traditional approach guarantees every item contributes to overhead and profit.

The limitation of pure cost-plus pricing is that it ignores what customers will actually pay. A truffle mac and cheese might cost $8 to produce, suggesting a $24 menu price, but your market might eagerly pay $32 for this indulgent dish. Conversely, your perfectly calculated $18 burger might sit unsold if competitors offer similar options at $14.

Value-based pricing: Capturing what customers will pay

Value-based pricing sets prices based on perceived worth rather than pure cost calculations. Signature dishes, unique preparations, premium ingredients, or exceptional ambiance all justify prices above simple cost multiples.

Michelin-starred restaurants demonstrate value-based pricing at its peak, commanding 25% premiums over comparable non-starred establishments. But you don’t need stars to implement value-based pricing—highlighting local sourcing, chef credentials, or unique recipes creates value perception that supports higher prices.

Competitive pricing: Knowing your neighborhood

Study your competition obsessively, but avoid the race to the bottom. If similar restaurants price entrees at $18-25, positioning yourself at $16 might attract bargain hunters but destroy your margins. Instead, price within the competitive range while differentiating through portion size, quality, or experience.

Bundle pricing offers another competitive advantage. A $12.95 lunch special combining an entrée, side, and drink might seem like a bargain compared to $10 entrées elsewhere, yet it increases your average check while controlling costs through predetermined portions.

Smart pricing needs accurate numbers — that’s our lane.

Psychological Pricing Techniques That Actually Work

The human brain processes prices emotionally, not rationally. Smart psychological pricing leverages these quirks to increase both sales and average check size.

Charm pricing and the left-digit effect

Pricing at $14.95 instead of $15 seems like a meaningless penny difference, but research shows charm pricing can increase sales by up to 60%. The left-digit effect causes customers to perceive $14.95 as substantially cheaper than $15 because the brain processes the “14” first.

Apply charm pricing strategically to value items and promotional dishes where price sensitivity runs highest. Premium items actually benefit from round number pricing—$45 seems more prestigious than $44.95 for an upscale steak.

Menu engineering for maximum impact

Your menu layout influences ordering as powerfully as your prices. The “Golden Triangle”—top right, center, and bottom left of menu pages—naturally draws the eye. Place your highest-margin items in these positions.

Remove dollar signs from upscale menus to reduce price sensitivity. Studies show diners spend 8% more when prices appear as simple numerals (“18”) rather than with currency symbols (“$18”). Combine this with descriptive language that emphasizes quality and sourcing to shift focus from cost to value.

Strategic anchoring and decoy items

Position a high-priced “anchor” item to make other prices seem reasonable. A $65 lobster dish makes your $35 seafood pasta feel affordable, even if the pasta carries higher margins. Decoy pricing uses deliberately overpriced options to steer customers toward profitable alternatives—a $28 steak next to a $32 option of similar quality drives sales of the lower-priced, higher-margin choice.

Menu Engineering: Your Profit Optimization System

Menu engineering transforms random pricing into strategic profit management by analyzing every item’s contribution to your bottom line.

The four-box matrix analysis

Classify menu items into four categories based on popularity and profitability. Stars (high popularity, high profit) deserve prominent placement and potential price increases. Plowhorses (high popularity, low profit) need cost reduction or modest price increases. Puzzles (low popularity, high profit) require better positioning or marketing. Dogs (low popularity, low profit) should be removed or completely reimagined.

Real-world implementation

One casual dining chain I worked with discovered their signature burger—ordered by 40% of customers—operated at only 18% margin due to premium toppings and underpricing. By raising the price $1.50 and slightly reducing portion size, they improved margins to 28% while maintaining 38% order frequency. This single change added $180,000 to annual profits across 10 locations.

Conduct menu engineering analysis monthly using your POS data. Track how price changes impact both order frequency and profitability. Small, frequent adjustments prove less disruptive than annual overhauls.

Dynamic and Time-Based Pricing Strategies

Static pricing leaves money on the table during peak times and drives away customers during slow periods. Dynamic pricing adjusts to demand patterns for optimal revenue.

Implementing demand-based pricing

Happy hour pricing demonstrates basic dynamic pricing—reduced prices during slow afternoon periods fill seats that would otherwise sit empty. Expand this concept throughout your operation. Early bird specials, weekday lunch discounts, and late-night promotions all use time-based pricing to smooth demand.

Some restaurants now use digital menu boards to adjust prices based on real-time factors. Prices might increase 10% on Friday nights or during major events, then decrease during traditionally slow periods. This requires careful communication to avoid customer backlash—frame increases as “peak pricing” and decreases as “specials.”

Portion and bundle strategies

Instead of blanket price increases, consider portion optimization. Offer half-portions at 70% of full price to capture price-sensitive customers while improving margins. Create prix fixe menus that bundle courses at attractive prices while controlling costs through predetermined options.

Test weekend prix fixe menus combining appetizer, entrée, and dessert for $45 when those items purchased separately would total $55. Customers perceive value while you control portions and guide choices toward high-margin selections.

Conclusion: Making Pricing Your Competitive Advantage

Smart restaurant pricing strategies require constant refinement based on real data, not gut feelings or outdated formulas. By understanding your true costs, implementing psychological pricing techniques, engineering your menu for profitability, and adjusting prices based on demand, you transform pricing from a necessary evil into a powerful profit driver.

I’ve seen restaurants improve net margins from 2% to 7% simply by implementing these systematic pricing strategies. The key is treating pricing as an ongoing process, not a set-it-and-forget-it decision. Review your costs weekly, analyze menu performance monthly, and adjust prices quarterly based on data. When you need help connecting your pricing strategy to accurate financial data and professional analysis, visit Complete Controller  to learn how we help restaurant owners make profitable pricing decisions with confidence.

Frequently Asked Questions About Restaurant Pricing Strategies

What’s the ideal food cost percentage for a profitable restaurant?

Most profitable restaurants maintain food costs between 28-35% of menu price, though fine dining can sustain up to 40% with premium pricing while value concepts should target 25-28% to remain competitive.

How often should restaurants adjust menu prices?

Review pricing monthly but implement changes quarterly to avoid customer shock, unless facing dramatic cost increases that require immediate adjustment to maintain profitability.

Does psychological pricing really increase restaurant sales?

Yes, charm pricing can boost sales up to 60% for value items, while removing dollar signs from upscale menus increases average spend by 8% according to Cornell University research.

What’s menu engineering and how does it improve profits?

Menu engineering categorizes dishes by profitability and popularity to identify which items to promote, adjust, or remove, often improving overall margins by 2-5% through strategic changes.

Should restaurants use dynamic pricing like airlines and hotels?

Time-based pricing works well for restaurants through happy hours, early bird specials, and weekend premiums, but requires careful framing to avoid alienating customers who expect consistent pricing.

Sources

• “Restaurant Pricing Strategy: How Much Should You Charge?” BEP Back Office, 2023.
• “Restaurant Menu Pricing: How to Set Prices That Boost Profits.” ChowNow Blog, ChowNow, 2022.
• “Menu Pricing Strategies for 2025: A Practical Guide.” Tableo, 2024.
• “Menu Pricing Tactics: Boosting Restaurant Profitability.” CloudKitchens, 2023.
• “Restaurant Menu Pricing Strategies That Actually Work in 2025.” OnehubPOS, 2025.
• “5 Steps to Improve Your Restaurant Pricing Strategy.” Sculpture Hospitality, 2023.
• “8 Restaurant Menu Pricing Strategies.” NetSuite, Oracle NetSuite, 2023.
• “How to Improve Restaurant Profits with Menu Price Optimization.” Pricing Solutions, 2022.
• “Which Restaurant Pricing Strategy Is Best for Your Business?” Kaizen CPAs + Advisors, 2023.
• “Menu Optimization: 8 Tips for Optimizing Your Restaurant Menu.” Incentivio, 2023.
• “8 Menu Pricing Strategies to Boost Restaurant Profits.” Yelp for Business, Yelp, 2024.
• “Restaurant Menu Pricing Strategies: Navigating Inflation in 2025.” DH Hospitality Group, 2025.
• “Dynamic Pricing for Restaurants: Boost Profits with Smart Pricing Strategies.” CloudKitchens, 2023.
• “8 Must Know Strategies to Increase Restaurant Margins in 2025.” Snappy, 2025.

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

See Full Bio

Stepping into the business world is a significant undertaking. One way is to start a personal business, and the other is to buy an existing one. A person can also purchase another business’s franchise with a copyrighted brand name. Every business option has its pros and cons, making choosing the correct business option difficult.

The pros and cons of purchasing a franchise and running a personal business can be understood with self-assessment. The questions to answer personally are:

• Am I ready to follow the assigned rules and regulations of a franchise?
• Do I want to have the freedom to experiment with an innovative idea?

In essence, does the business owner want total independence or want to follow an already made system of operations? This is the choice where individuals can get confused and make an error. When it comes to cost and benefits, there is generally a specific value the owner will have to pay to purchase a franchise. However, the same may not be true for starting a personal business. The following advantages and disadvantages should be considered:  

Brand consciousness

No matter where an individual travels, he will find the same taste and customer service at any McDonald’s or Subway all over the globe. The franchise’s law of replicability and uniformity guarantee this service and taste. Customers are aware of this rule and follow their favorite brands as a result. Franchised brands have maintained their image over time and gained the trust of their customers in the process.

Regulator/independence

A person starting a personal business must control everything individually with complete access to and control of every detail. When buying a franchise, a person must keep up with every single rule laid out by a franchisor. The key point to remember is that franchisees are not the owners of the franchise unit. They are given a license to use the brand’s name, equipment, uniforms, operating system, etc. A franchise owner controls hiring and firing employees but must follow the brand’s rules and implement its approved culture and values.  

Operating system

An individual must understand what is necessary when buying an operating system or inventing one. Starting a business is perfect for an individual with an innovative and creative mind that wants to develop meaningful standards. Instead, a franchise offers a system that comes with a structured manual for handling daily tasks.

Equipment and supplies

Supplying the personal business with essential equipment requires a proper study of what is needed to produce and monetize goods or services. Overbuying and under-buying are common for new business owners. Understanding supplies is essential for any personal business owner. A franchise provides aid for the franchisee to purchase the proper equipment.

Economy’s Scales

A personal business owner must make efficient decisions regarding purchasing goods. For a franchise, the brand provides negotiation on bulk orders and helps the individual to save money. With the brand as a backup, the franchise can manage increasing credit efficiently. Having the trust of the franchisor builds customers as well.

Legal exposure

It is legally necessary for franchisors to reveal precise information about the financial health of their business. Asking oneself questions are essential and should include:

• Is the franchise trustworthy to buy?
• Is there a backup plan once the seller disappears?

If facing a franchisor in court, the franchisee must have ample, accurate legal information.

Financing

Starting a personal business can cost less instead of purchasing a franchise. Many individuals have started out with a small budget and succeeded tremendously. Retail space and equipment are essential for a new business, while many franchisors do not provide financing to their franchisees.

Final verdict

Running a personal business can require a lower initial investment while purchasing a franchise requires a significant investment. A person buying a franchise has to follow a specific set of rules. However, personal business startups need freedom and courage to take the initiative.

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.

Effective Marketing to Seniors: 6 Essential Strategies

Marketing to seniors requires tailored strategies that prioritize clarity, trust, and multichannel engagement to connect with this demographically diverse and economically vital audience. By understanding their unique preferences—including value-driven decision-making, trust-based relationships, and varying digital literacy—businesses can build meaningful connections that drive brand loyalty and conversion.

As the founder of Complete Controller, I’ve spent two decades helping businesses across all sectors optimize their financial operations and marketing strategies. The most successful campaigns I’ve witnessed share one critical insight: adults over 50 control 42% of global consumer spending, totaling $45 trillion in GDP contributions, yet remain vastly underserved. Through data-backed approaches refined across thousands of client engagements, we’ve helped businesses increase senior engagement by up to 70%—proving that respectful, strategic outreach transforms this demographic from overlooked to loyal brand advocates.

What is effective marketing to seniors and why does it matter?

• Effective marketing to seniors involves adapting strategies to their distinct communication preferences, life experiences, and values to foster trust and drive conversions.
• It matters because seniors represent a high-value demographic with tremendous spending power and loyalty tendencies that influence entire households.
• Success requires balancing digital innovation with traditional touchpoints while respecting privacy concerns and accessibility needs.
• Key elements include authentic testimonials over statistics, value-focused messaging, and seamless integration between online and offline channels.
• Businesses mastering these strategies gain competitive advantages in an underserved market with exceptional word-of-mouth potential.

Understanding Your Senior Audience: Moving Beyond Age-Based Assumptions

The senior demographic spans three generations with dramatically different worldviews, technological comfort levels, and purchasing behaviors. Baby Boomers (born 1946-1964) balance digital engagement with traditional media consumption, while the Silent Generation (born 1928-1945) often prefers direct mail and phone communication. Within these broad categories, behavioral segmentation reveals distinct consumer profiles that smart marketers leverage for precision targeting.

Active Agers prioritize experiences over possessions, planning to spend an average of $6,659 on travel in 2024 according to recent AARP data. Health-Focused consumers, who spend over five times more annually on healthcare ($22,356) than children ($4,217), seek wellness solutions and preventive care options. Tech-Adopters defy stereotypes entirely—69% of adults over 50 purchased tech products in 2023, despite an overall industry spending drop. Geographic and cultural factors add additional layers, with urban seniors displaying different media consumption patterns than rural counterparts.

Motivational drivers that influence purchase decisions

Value sensitivity remains paramount, though not in the stereotypical “penny-pinching” sense. Seniors prioritize quality, durability, and comprehensive service over initial price points. They seek products that preserve independence, facilitate social connections, and align with established routines. Trust signals—professional endorsements, transparent policies, and peer testimonials—carry exceptional weight in decision-making processes.

Personal connection drives loyalty, with 78% of seniors favoring brands offering human interaction through dedicated phone support or community events. Convenience features like voice-command compatibility, large-button interfaces, and flexible return policies significantly influence purchasing decisions. Smart brands recognize these preferences stem from wisdom, not limitation.

Crafting Messages That Resonate: Clarity Meets Emotional Connection

Senior audiences reject marketing jargon, complex syntax, and information overload. Readability analysis shows 14% higher engagement for content written at sixth-grade reading levels—not because seniors lack intelligence, but because clear communication respects their time. Visual clarity proves equally vital: minimum 12-point fonts, high-contrast color schemes, and linear layouts prevent cognitive fatigue while demonstrating respect for varying vision capabilities.

Successful campaigns balance functional information with emotional resonance. CVS Pharmacy exemplifies this through prescription brochures using straightforward paragraphs, icon-enhanced instructions, and duotone imagery—resulting in 41% fewer customer service inquiries. Their approach treats clarity as a courtesy, not a concession.

Leveraging nostalgia without stereotyping

Nostalgic elements should reflect authentic cultural touchpoints without resorting to clichés. Boomers respond to 1960s-70s music and fashion references when integrated naturally, while forced “groovy” language alienates. Emotional connection thrives through problem-solution narratives that position products as independence-preserving tools rather than “senior aids.”

Video testimonials featuring peers discussing real challenges—arthritis affecting cooking, technology enabling grandparent connections—outperform celebrity endorsements. Philips’ jar opener campaign succeeded by showing customers preparing family meals while sharing memories, converting 29% more effectively than feature-focused advertisements.

Personalization Strategies That Build Trust, Not Barriers

Data-driven personalization succeeds only when balanced with transparent privacy practices. Seniors appreciate relevant recommendations based on stated preferences and purchase history but resist invasive tracking or health-condition assumptions. Ethical personalization focuses on explicit choices—communication preferences, hobby interests, shopping schedules—rather than algorithmic guesses.

Edward Jones demonstrates excellence through “Life Stage Planning” workshops where attendees receive personalized scenarios based on publicly available data, followed by mailed workbooks rather than automated emails. This approach earned 91% approval ratings for “non-intrusive relevance” while building lasting advisor relationships.

Case study: Targeted engagement drives results

A national retailer partnered with AARP to segment email lists by stated interests rather than age alone. Garden enthusiasts received seasonal planting guides with product recommendations, while travel-focused members got destination features with packing essentials. By respecting preferences and providing value beyond sales pitches, open rates increased 47% and conversion improved 35% within six months.

The key differentiator? Every communication included clear unsubscribe options and preference centers, building trust through transparency. Follow-up surveys showed 82% felt “respected and understood” versus 31% for generic age-targeted campaigns.

Omnichannel Integration: Meeting Seniors Where They Are

Senior internet usage surged from 73% in 2019 to 88% in 2023, demolishing outdated assumptions about digital avoidance. However, channel preferences vary dramatically within this demographic. Research pathways typically begin with Google searches (63% of seniors), followed by validation through physical channels—48% request mailed specifications before online purchases, while 41% visit stores after digital browsing.

Best Buy’s market expansion illustrates masterful omnichannel execution. Their $800 million acquisition of GreatCall integrated emergency monitoring devices with retail locations, creating seamless experiences across touchpoints. In-store tech consultations link to online tutorials, QR-coded print advertisements connect to simplified product pages, and post-visit emails provide purchase summaries with dedicated support numbers. This integration increased senior market share by 28% within two years.

Channel-specific optimizations

Email campaigns require mobile-responsive templates with 14-pixel minimum fonts, descriptive link text replacing generic “click here” commands, and plain-text alternatives for accessibility. Subject lines should clearly state content purpose—”Your October Prescription Savings Inside” outperforms “Special Offers!”

Social media strategies must acknowledge platform preferences. Facebook remains dominant among online seniors (72% usage), with carousel posts explaining product features receiving triple the engagement of quick-cut video reels. Direct mail continues delivering results when designed thoughtfully—large print, tactile elements like raised ink or fabric samples, and clear response mechanisms including prepaid return envelopes and dedicated phone lines.

Building Lasting Trust Through Transparency and Community

Trust-building transcends individual transactions, requiring consistent demonstration of reliability and respect. Third-party validation proves critical, with AARP endorsements increasing purchase intent by 62%. However, authentic peer testimonials and community involvement create deeper connections than institutional approval alone.

Financial services firm Thrivent built 28% market share among seniors through “financial mentoring” programs pairing new clients with age-peer advisors for non-sales conversations. These relationship-focused interactions, combined with educational workshops and social events, proved that community-building outweighs promotional messaging for long-term success.

Creating value beyond products

Exclusive offers matter less than valuable content addressing real concerns. Educational resources—Medicare navigation guides, technology tutorials, health management tools—position brands as trusted advisors rather than vendors. Liberty Mutual’s “MasterThis” content platform, developed with HowStuffWorks, provides practical life skills content that increased engagement metrics while building brand affinity through service.

Transparency in all communications builds credibility. Clear pricing without hidden fees, straightforward return policies, and accessible customer service demonstrate respect. “Trust pages” featuring staff credentials, Better Business Bureau accreditation, and genuine client stories outperform celebrity ambassadors in building confidence.

Measuring Success: Metrics That Matter for Senior Marketing

Traditional metrics require adjustment when evaluating senior-focused campaigns. Response rates typically exceed younger demographics when properly targeted—direct mail averages 5-7% versus 2-3% for general populations. However, conversion timelines extend as seniors research thoroughly before purchasing.

Key performance indicators should include customer lifetime value, word-of-mouth referrals, and multi-touch attribution across channels. Phone call tracking proves essential since many seniors prefer verbal communication for final purchase decisions. Retention rates and repeat purchase frequency indicate trust levels more accurately than initial conversion metrics.

Continuous improvement through feedback

Regular feedback collection through accessible methods—phone surveys, in-person focus groups, simplified online forms—provides invaluable insights. Questions should focus on communication preferences, accessibility challenges, and unmet needs rather than product satisfaction alone.

A/B testing requires larger sample sizes and longer testing periods to achieve statistical significance with senior audiences. Patience pays dividends—rushed optimization based on incomplete data often reduces effectiveness. Successful brands commit to iterative improvement based on comprehensive feedback rather than quick wins.

Conclusion

These six strategies—audience segmentation beyond stereotypes, clear and emotionally resonant messaging, ethical personalization, seamless omnichannel integration, trust-building through transparency, and thoughtful success measurement—transform senior marketing from afterthought to growth driver. At Complete Controller, we’ve guided countless businesses through this transformation, watching them discover the loyalty and advocacy this demographic offers when approached with genuine respect.

The businesses thriving in senior markets share common traits: they listen more than they speak, they prioritize service over sales, and they recognize that accessibility improvements benefit everyone. Your next step? Audit current marketing materials through a senior-friendly lens, then implement one strategy at a time, measuring results patiently.

Ready to optimize your business strategies for all demographics? Visit Complete Controller for expert guidance on financial operations and marketing approaches that drive sustainable growth across every customer segment.

Frequently Asked Questions About Marketing to Seniors

What are the best channels for marketing to seniors?

The most effective approach combines digital and traditional channels based on your specific audience. Email marketing delivers strong results with 88% of seniors online, while direct mail maintains relevance for important communications. Facebook dominates social media usage among seniors, though traditional channels like print publications and radio remain valuable for reaching less digitally-active segments.

How do you approach seniors in marketing without being condescending?

Focus on benefits and value rather than age-related limitations. Use inclusive imagery showing active, engaged older adults in realistic scenarios. Write clearly without dumbing down content—complexity frustrates everyone, not just seniors. Most importantly, test messaging with actual senior consumers and incorporate their feedback.

What do seniors value most when making purchasing decisions?

Quality and durability top the list, followed by comprehensive customer service and transparent pricing. Seniors prioritize products that maintain independence, facilitate social connections, and offer genuine value. Trust indicators like warranties, testimonials from peers, and company reputation significantly influence decisions.

How is marketing to seniors different from other demographics?

Senior marketing requires longer consideration periods, multiple touchpoints across channels, and emphasis on trust-building over impulse triggers. Communication must prioritize clarity and accessibility while offering multiple response options. The demographic’s heterogeneity demands careful segmentation beyond age alone.

What are common mistakes to avoid when marketing to seniors?

Using outdated stereotypes or patronizing language ranks as the top mistake. Other pitfalls include assuming low tech literacy, ignoring accessibility needs, rushing the sales process, and failing to provide human contact options. Overlooking the influence seniors have on family purchasing decisions also limits campaign effectiveness.

Sources

• AccurateAppend. “Marketing to Seniors: Essential Strategies.” www.accurateappend.com/marketing-seniors
• AARP. (2024). “Global Longevity Economy Outlook.” www.socapglobal.com/2024/04/unlocking-the-economic-power-of-the-50-plus-population
• AdaptWorldwide. “Senior Marketing Best Practices.” www.adaptworldwide.com/senior-marketing
• Best Buy News. (2019). “Best Buy Targets Tech-Savvy Senior Market.” U.S. Chamber of Commerce. www.uschamber.com/co/good-company/the-leap/best-buy-targets-senior-market
• CDMG. “Marketing to Senior Demographics.” www.cdmginc.com/senior-marketing
• Centers for Medicare & Medicaid Services. (2024). “NHE Fact Sheet.” www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• GiantPartners. “Senior Marketing Strategies Guide.” www.giantpartners.com/senior-marketing
• LeadingResponse. “Effective Senior Marketing Approaches.” www.leadingresponse.com/senior-marketing
• Marketing Charts. (2024). “Internet Use Climbs Among Older Adults.” Pew Research Center. www.marketingcharts.com/digital-232245
• MNI. “Marketing to Senior Demographics.” www.mni.com/senior-marketing
• NumberAnalytics. “Senior Marketing Analytics.” www.numberanalytics.com/senior-marketing
• Pew Research Center. (2023). “Older Adults Technology Usage Report.” www.pewresearch.org/internet/older-adults-tech-usage-2023
• SFGate. “Senior Marketing Channels Guide.” www.sfgate.com/marketing/senior-channels
• Semrush. “Senior Marketing Guide.” www.semrush.com/senior-marketing
• TocoMarketing. “Content Creation for Senior Audiences.” www.tocomarketing.com/senior-content
• WaypointConverts. “Senior Living Marketing Strategies.” www.waypointconverts.com/senior-marketing

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

See Full Bio

Just like any other business or organization, the banking industry faces its’ own sets of problems in our rapidly advancing world. While most banks are integrating innovation into their operations, there are still many challenges to overcome. The future of the industry will be one that incorporates various new strategies and techniques to achieve goals on a larger scale. More importantly, clients will be placed at the forefront of this development. 

Today, banking clients demand more, quicker, and better outcomes. Banks that are unable to meet these expectations will be unable to maintain a strong presence. Today’s consumers do not have very much patience regarding their banking needs and wants being met.

Banks are confronted with many challenges. Below are some of the most relevant challenges banks face today:

1. Non-profiting

Regardless of the many features contributing to bank productivity, some banks and financial institutions are still not making the sufficient profits or the return on equity that investors require. This would clearly be a big problem.

2. Customer anticipations

One main concern for any bank is looking after their clients. Additionally, all banks wish to stay significant even as new opponents start to rise. The most ideal way to conquer this challenge is to offer clients the most advanced services and features. Of course, the welfare of clients should be the main priority of any organization. Banks should be sure to provide clients with excellent customer service while integrating the latest technological advancements.

3. Making loyal customers

 In order to ensure that banks can cultivate happy and loyal customers, they must offer prosperous banking, premium service, and customized, professional advice. Converting clients from critics to supporters is worth up to five times the financial value of converting mass-market clients into promoters. The best way to retain clients is to offer fantastic customer service to new and old customers alike. 

4. Increasing products per household

Financial institutions, like banks, typically have some difficulty with successfully cross-selling their services. Banks and other monetary organizations must create a new perspective for their clients, one that promotes simple accounts developing towards investments, loans, and business banking. In order to accomplish this, banks and financial institutions must cross-sell their services while simultaneously solving their client’s problems, as well. This makes it essential that employees value and prioritize the welfare of their clients instead of only adhering to requests and demands.

5. Financial technology organizations

Today, the field of FinTech, or financial technology, is full of new businesses that utilize software programming to provide monetary services. The rise of FinTech organizations is disturbing the conventional banking method. This creates difficulties for conventional who may find it difficult to keep up with the rapid progressions of the technological world, as well as the evolution of business culture, operations, and other business aspects that are integrating innovation.

6. Supporting small business

For private companies and small businesses, the relationship with banks begins with establishing working accounts and building credit points over time. However, the services that banks and other financial institutions offer to these businesses may fall short of meeting their financial needs. To ensure that clients are given the best services, banks must up their game. It is crucial that they demonstrate that owners and employees of small businesses are their priority and that they will work tirelessly to meet their needs.

7. Conflicting analysis

Banks, or any other credit association, typically have numerous analysts or moneylenders that are assessing credits. Sometimes, new employees are made responsible for the management of risk. This situation opens the door for irregularities in procedures. It is crucial that these institutions utilize reliable and uniform approaches that prevent inconsistent outcomes.  

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.