Author: Complete Controller

Many people dream of owning their own business, but not all entrepreneurs have sound knowledge of accounting and finance. Still, they work tirelessly to make their business succeed financially.

We know that it can appear overwhelming that you need to focus on your expense structure, the great administration of your accounting, expanding capital, discovering what you can deduct from assessments, etc.

Bookkeeping and accounting can be irritating and overwhelming to an entrepreneur. The business’ finances are one more undertaking that should be set apart on a business owner’s must-do agenda. The truth is that to maintain a fruitful and productive business, an entrepreneur should have comprehensive knowledge of accounting and finance.

Prepare knowledge of accounting

Regardless, you can pick up the information yourself. There are some extraordinary eBooks and courses accessible on these issues. Bookkeeping is a significant aspect of achieving a progressively proficient comprehension of records.

You can likewise work with an accountant or bookkeeper. Somebody who can enable you to cruise through all duty leads and sort out your undertakings mindfully. All business people achieve a moment that they comprehend the fund isn’t just about covering government obligations and announcing results once every year.

Analyze the benefits of accounting and finance

Accounting has various significant features which can make the future of your business on a safe toll. According to Forbes, accounting can make prior predictions and can help in measuring and reassessing progress.

While you are dreaming about new businesses and independent ventures and hoping to have incredible results, be that as it may, dreams need a strong, like-minded base to abandon pie in the sky, thinking to face reality.

That is the reason any business person needs to stick to three essential projections: “Future incomes, future working expenses, and resources expected to benefit future interest. ” Accounting and back advance in, as they offer the explanatory devices for interfacing desires with what’s conceivable in reality.

Bookkeeping enables business visionaries to be increasingly dependable regarding time, vitality, and cash being contributed. It encourages them to be progressively productive in pulling in clients and in moving their merchandise or administrations. All business visionaries make responsibilities after some time. Cost bookkeeping, which estimates costs and relates them to exercises, is basic. This makes it clearer for a business how benefits and income are affected by operational and money-related choices.

Assessment of progress of your business

If you are an entrepreneur and want to expedite benefits associated with your business, keep a check on your accounts. Accounting can help you verify benefits, review your progression, make reports, and deal with your business as it is required with time.

You can monitor your progress by assessing advantages and expenses to see whether you’ve turned out productive and advantageous and highlight issues in your domain. Through cash-related examination, you end up being continuously clear and careful in keeping up your business.

Looking at your finance or hiring a bookkeeping expert can help you generate an extraordinary business profit. For a business visionary, in all aspects, accounting and finance are just implementations to achieve three key errands:

1. To state or predict the future of finances.
2. Enabling you to be responsible and help manage time and finances and increasingly effective scaling of cash to pull in clients and convey products and ventures to a bigger extent.
3. To quantify and reassess your advancement, so you can support productive practices, report advancement to outsiders, and change requirements when needed.

Hopeful business people must figure out how to handle bookkeeping and record devices instead of only building up the capacity to spew equations and recreate budget summaries in cautiously controlled conditions, to meet these three targets.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A franchise can be a great way to start your own business from a well-established brand. This type of business is generally profitable immediately since the overall company is known to customers worldwide. Running a franchise can be a challenge despite the business having an established company reputation behind it.

However, if you have the money to invest in a franchise and desire to own a business, becoming a franchisee is the best path to take. Here are four steps to starting a business as a franchisee.

Establish a personal balance sheet

Starting as a franchisee is not a decision to take lightly, so it’s better to think about it beforehand. For this, the personal assessment is an excellent tool.

But what is the question under this rather strict term?

See this as a phase of introspection, after which you will be more able to make your decision knowingly.

Concretely, you will have to focus your thinking around two axes:

The Human Side

The enthusiasm of starting a business can make you grow wings and put you in a situation of “tunnel vision”: you think of nothing else than that, which can mislead you. Ask yourself several questions about your motivations and your skills. Here are some examples to help you get started more easily:

“Why becomes a franchisee?”

“Am I ready to change my habits?”

“Can I invest alone in this adventure, or should I call someone else?”

Do I have the will to create from scratch? On the contrary, do I favor entrepreneurship within an existing framework?

“Am I able to challenge myself easily?”

“Is becoming a creative and business owner currently compatible with my personal life?

“What are my needs in terms of salary? Where do I see myself in five years? Ten years?”

Once you have thrown enough questions on the table and found an answer to each of them, do the same for the second part.

The Business Side

Again, take the time to ask the right questions and find the answers in yourself. Once is not customary, here are some tracks:

Do I have expertise in a field of activity?

Do I have a particular appetite for certain areas of activity?

What are my strengths from a professional point of view?

“What skills do I lack?”

“How can I get help on the points listed in the question above?”

“Am I able to run a business alone?”

“Do I want to become a franchisee in a field of activity I already know? Start from nothing?”

“Recruiting and managing employees, does it seem possible for me?”

From the moment you have answered all your questions, and none of the answers is crippling in the context of your project, it is because you are ready for the second point.

To know that if you have difficulties completing this first step, it is possible to get help from various organizations such as the Chamber of Commerce and Industry. These organizations can help you in this process.

Determine the business sector

Become a franchisee, yes but in which sector? If a priori is a natural point at first glance, it still deserves to be deepened to avoid unpleasant surprises. Since you are in a professional approach, you must focus on your career in the world of work.

To be clear about its financing capacity

If creating a franchise can provide several benefits, it does not mean that the creation process is free. Franchising already requires paying entrance fees to the network of franchises that you join: between $5,000 and $100,000. These expenses are mainly used to compensate the franchisor, which must, particularly, amortize the costs it will have to generate to help you start your business. Apart from the most expensive franchises, it is rare for the price to exceed $100,000.

However, other elements can drive up the addition: the stock needed to start the activity is an excellent example that should not be underestimated. Do you think you do not have enough personal funds to get started?

So do not hesitate to make an appointment with your banker to tell them about your project, present your business plan and possibly apply for a professional loan that will get you started. The latter will probably ask you for a personal contribution that can be significant. You can also ask for help from family and friends if you are unable to raise this amount.

Find the right franchiser

If the previous points are settled, you must look for the franchisor most relevant to your project. Limit yourself to the actors in the field of activity you have chosen: this will save you from having an endless list to deal with.

Then comes the contact with the various franchisers interesting you.

One element you need to recover from all your interlocutors is the DIP (Precontractual Information Document). Inside this document, you will find a lot of beneficial information for your reflection, such as financial elements, network, or the extent of its market.

As the franchisor provides this information, do not hesitate to compare it and cross-check it with other sources to ensure the transparency of your potential partner. 

You can buy balance sheets from other franchisees in the network to get an idea of ​​the opportunities and risks to become a franchisee for this business. Tip: The list of all franchisees is included in the DIP. Attention: a franchisor urges you to sign a contract quickly, or you dazzle benefits that seem disproportionate?

Stay on your guard and pay close attention to his DIP. Do not hesitate to leave searching for returns from other franchisees, allowing them to have objective opinions. It is not uncommon for franchisors in financial difficulty to try to rally the most business creators to their network to keep their business afloat. In this case, run away.

Conclusion

As you may have noticed, becoming a franchisee requires a certain amount of rigor and following the key steps. But luckily, you will be accompanied by the franchisor to start your journey. Then, it’s up to you to build the right strategy to achieve success.

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

When it comes to improving the financial management of any company, two elements must be combined. First, you must have a full understanding of the business and its operations. Second, you must be forward-thinking and always looking to add value through technology and innovation.

For this reason, the proposed guidelines take both of these elements into account. Not surprisingly, we must remember that there are specific circumstances, such as the business’s nature, age, and ownership. Here are six ways to improve the financial management of your company.

Be clear about the company’s cost structure

One of the recurring problems is liquidity due to not knowing the real costs of the company’s activity. If this aspect is considered, you can save yourself from late fees. On the other hand, this information will be valuable to have a remnant adapted to the moment’s circumstances.

It is important to remember this so that there are no problems in the medium term. Not knowing the cost structure is a complicated situation because the primary reference is lacking.

Follow the Business Plan and update it according to the situation

Company 3.0 follows a methodology for success. Financial management can be improved if the guidelines of the business plan are followed and updated when there are favorable circumstances. In this way, the rational management of each dollar will be achieved.

Many cases of faulty management are motivated by a lack of method in handling money. Changes have to be motivated and always directed within a margin. The time of great intuitions or hunches is coming to an end.

Improve the cash cycle

The improvement in the cash cycle is critical to become competitive and improve finances. Elements such as the time it takes to pay suppliers, the time it takes to collect, or the stock transformation for sale are of great importance. Anything that is aimed at improving the cash cycle for cash is acceptable.

Simplify operations with financial institutions

We are aware that simplifying work with financial entities is sometimes tricky. In any case, it is good to reduce the number of accounts with which to operate to avoid duplicating management or maintenance expenses.

Besides, no one is aware that this technique can allow negotiating better conditions with the client. On the other hand, it is even better if you can make regular use of electronic banking.

Improve the management of unpaid debts

One of the critical points in the financial management of a company is that of defaults. It is often preferable to negotiate a partial or fractional charge to give up all the money. One way to do this is to commission a worker from the company or outsource the work to a specialized company. For this reason, dedicating time to this aspect is essential to improve the company’s results.

Use management software

Management software can be a useful tool when it comes to the financial management of your company. You can do your research as to which management software will work best for your company. You can also have a professional in financial management help you choose the right software for your company according to your needs and the company’s size.

Conclusion

The use of the software can help and much to improve your efficiency. However, something important to remember is that there will always be a point where your knowledge will make a difference. Consequently, everything related to improving the financial management of your company has to do with both aspects, technology and human capital.

Knowing how to choose an accounting program will help you carry out more actions in less time if it guarantees you the possibility of contacting the tax agency to carry out the procedures quickly, all the better. If you can improve the financial management of your company, you can unleash the potential to grow and sustain your business in the long term and survive difficult times like a pandemic.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Consumers, finance experts, companies, and banks have begun to wonder when the expansionary monetary policy of the European Central Bank (ECB) will end. The forecast of interest rates in the next year points to a rise that would end the measures to increase the currency in the eurozone.

The Governing Council of the ECB, the body that defines European monetary policies, announced after its June 2018 meeting that interest rates or money prices would remain at their current levels until at least the summer of 2019.

The interest rate with which the ECB lends money to banks is 0% since March 2016, the record low to date. This measure was promoted after the economic crisis to promote the eurozone’s growth and increase the money in circulation.

Long haul loan costs allude to extended estimations of government bonds developing in ten years. It is estimated as a rate. Estimate information is determined by making a general evaluation of the monetary atmosphere in only nations and the world economy, all in all, utilizing a mix of model-based investigations and measurable pointer models.

In a quickly developing economy, salaries go up rapidly, and an ever-increasing number of individuals have the cash to purchase the current pack of products. As increasingly more cash pursues the current arrangement of merchandise, the costs of such products rise.

Growth spikes. To contain growth, a nation’s national bank regularly pokes up the financing costs in the economy. Like this, it boosts individuals to spend less and spare more since sparing turns out to be more gainful as loan fees go up. As an ever-increasing number of individuals decide to spare, cash is drained out of the market, and the expansion rate moderates.

The ECB president has left the door open to a possible extension of cheap money to ensure its main objective: maintaining price stability in the eurozone with inflation below 2% in the medium term. However, his term ended in October 2019, and the decision will remain in the new president’s hands.

On the other hand, the ECB has repeatedly assured that the rates would remain stable until the end of the billionaire asset purchase program that started in March 2015. This extraordinary measure of money injection into banks, which will reach 2 55 billion euros, ends at the end of 2018.

After these not too factual statements, the different theories that set a possible date for the expected rise in rates begin. For example, it could occur at the end of 2019, in the hands of Draghi’s successor, according to a recent Bloomberg survey of 45 economists.

The credit rating agency Fitch also thinks about it and estimates that the ECB will undertake its first-rate hikes in 2019, up to 0.5%, due to the good progress of the European economy.

Apart from the different forecasts that do not clear up the unknown interest rate rise in the next year, the ECB keeps forecasts of GDP growth and inflation for the next two years in the eurozone. In 2019, it estimated a GDP increase of 1.9% and inflation of 1.7%. The next year, it calculates an economic growth of 1.7% and inflation of 1.7%.

How does the next year’s interest rate forecast affect me?

An interest rate forecast in the next year that points to a rise will immediately affect banking products. For example, the interest they pay for paid deposits and payroll accounts or the cost of variable-rate mortgages is what most worries the consumer.

The cost of variable-rate mortgages, the most widespread in Spain, depends on the 12-month Euribor price. The Euribor is the interest rate applied to transactions between European banks: what one bank pays to another in exchange for a loan. As soon as the ECB raises rates, the Euribor will also rise, making mortgages more expensive.

An interest rate forecast in the next year that implies a rise will also increase the credit to families. With zero rates, banks can ask the ECB for money without taking risks. When this situation changes, the cost of private credit will increase so that banks can maintain the profitability of their 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Are you thinking about buying a new car but do not know how to finance it? Most people finance their vehicles. These are the six most common ways to do it. Which one is best for you?

Obtain a personal loan from a financial institution

It is the most common form of financing and is usually offered by banks, savings banks, and other credit institutions. To access these loans, you will have to show that you have good credit and that you will be able to return the money within the agreed period.

The interests and the total costs can vary a lot between the different loan providers, making the purchase of the vehicle much more expensive. Keep in mind that the provider will pretend to secure the loan with one of your assets. By doing this, you may put your possessions at risk.

Pros: you can process it quickly and dispose of the funds almost immediately.

Cons: the risk and the interest rate can be high.

Obtain a loan from a friend or relative

Another option is to get a loan from a friend, relative, or acquaintance instead of from a credit institution. In this case, it is important to discuss the loan in detail and leave everything in writing to avoid future problems.

Pros: it is unnecessary to perform any solvency analysis, and you will have more flexibility in terms. Depending on your relationship with the person who lends you the money, the interest rate may be lower or even non-existent.

Cons: You can put at risk a friendship or a family relationship.

Purchase in installments

This method of financing is based on purchasing by installments. It consists of signing a contract with the seller (local or international) by which you agree to buy a vehicle in a certain period. You can use the vehicle while paying fixed monthly fees until paying the full price. You will be the registered driver and responsible for insurance and vehicle maintenance, but the seller will be the legal owner until the last payment is effective. Afterward, the car will be completely owned by you.

Pros: sellers offer this alternative directly, and it is quite simple and quick to process. Payments are flexible, and the deposit is generally small.

Cons: You may end up paying more in the long term because the interest rate will generally be higher, which is also a drawback. Unlike flexible financing, you usually cannot change the car for another model once it is your property.

Flexible financing

The largest car brands offer the possibility of a flexible payment plan. It is an option similar to the purchase in installments with some differences. Unlike the previous method, when you complete all the payments, you can decide to keep the car or return it without any commitment or exchange it for another model of the same brand and pay the difference.

You could also negotiate a discount for the new model. This option is usually offered for specific models of the brand and not for all available cars.

Pros: You can change your mind at the end of the contract about which car you want to have. You have the confidence that offers you a great brand of vehicles recognized in the market.

Cons: Contract terms may be less flexible in negotiating than with an installment purchase.

Financial leasing

If you are considering renting a car through the option of leasing or renting, you will have to make a monthly payment to the leasing entity to use the vehicle. The only requirement is that the mileage cannot exceed a specified limit. At the end of the contract, you will have to return the vehicle to the entity or buy it for its residual value (some dealers do not offer the purchase option).

Pros: you will not have to worry about the depreciation of the vehicle, and you can easily switch to another model.

Cons: the total costs of the operation can be high due to all the included services. A penalty may have to be paid in the case of exceeding the allowed mileage limit.

Save and pay with things you do not use

You do not need to get involved in any financial agreement if you already have some money saved, you have received an inheritance, you own an old car and sell it, or other things that you can get rid of to earn money. There is also an unlikely event that the lottery will touch you. Then, you will have enough money to pay for your new vehicle.

Pros: you will not pay interest or depend on anyone else.

Cons: It may take more time than other alternatives. It requires a greater economic effort, and not everyone can afford this option.

In conclusion, buying a new car does not have to be a problem for you. There is an alternative for every need, lifestyle, or pocket. Then, get rid of your old car now and get a new one! You can start by finding out how much you could get for 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Currently, the apparel markets far exceed that of electronics and sporting goods in the online world. Since the number of people opting for window shopping is increasing when it comes to getting themselves apparels. According to statistics, the trend for online apparel shopping grew at a CAGR of 24, 15, and 14 between the years 2014 to 2017, in Southern, North-Western, and Central Europe, respectively. In the U.S., online apparel sales increase to 18.5% in just 2018, which covered more than one-third of the total apparel sales in the year. In China, the total online retail spending took a substantial leap with 27% in 2018, with 24% of the sales taking place via the internet.

Nonetheless, companies in every sector, not just apparel, are struggling and striving to meet their customers’ needs. However, adopting a robust supply chain practice is one of the most harrowing experiences a retail industry can face. Moreover, supply chain practices of the previous era do not have the resources and innovation to handle the pace of today’s business world. Not to mention the fierce competition each organization faces considering the retail giants that walk this path as well. If that is not a hurdle itself, some companies redefine their standards regularly, such as Amazon.

Customers always come first

The primary catalyst for excelling in businesses is to understand that the customers will always come first, especially in this era where the demands of the stars are increasing, along with the quality standards. Nonetheless, it also enables business owners to understand which products are in need and slow to move. For instance, a millennial will buy a pair of shoes that were showcased by an Instagram celebrity on the same day. Moreover, with the benefit or remoteness, consumers can acquire their product as they move from one place to another during the day.

However, to understand the psyche of customers, analyzing their data is essential. With the information combined from the consumer surveys that occur, experts can harness the hidden eCommerce potential for better results.

Moreover, it is also important that the business owners understand the prospect and remain flexible in any paradigm shift in the market. Nonetheless, it is all about surviving, given that there is no idea how the market will shape up in the next ten years because of its unpredictable nature.

Fast and collaborative is the way to go

Looking back at the traditional supply chain models, companies often chose a quantitative approach to model their supply chain approach. The approach is generally quite time-consuming, given that it requires an average of 3 months to gather data, six months to plan to model, and three more months to perform decision-making steps. One of the best practices is to develop a future supply chain infrastructure that caters to a shop-based environment. In other words, it will enable business owners to focus individually on each product and customer, along with identifying the product flow and volume constraints. The key is to work extensively until a solution comes forth, and then they can combine it into a robust service network.

Strive for innovative fulfillment options for better results

When the business owners identify existing assets within the company, they should consider adding innovative fulfillment options to the mix. In other words, they need to identify how different customer orders can be fulfilled efficiently. They also need to consider more cost-efficient practices.

Even with such aggressive approaches, the demands of the customers increase daily. This, as a result, has forced businesses to trigger further development of innovative fulfillment options. From dark stores to mini-warehouses, the business owners have a lot to think about if they want their products to ship directly to the consumers without delay.

In today’s world of technological brilliance, products can also be manufactured at the location of customers, such as via 3D printing techniques. The operations can be performed quicker, but there is a huge gap in efficiency in services.

Resource sharing

Considering how the business operates in the contemporary era, the speed and efficient use of resources are essential. Thus, the retailers must not waste time on building new infrastructure but strengthening their existing one. However, to make the infrastructure more outcome-oriented, they must share resources that also improve their value chain.

Sharing resources bring about synergies, where risks and costs are divided. Moreover, it also opens new opportunities to deliver better and quicker customer service. For instance, connected inventory is a primary example of using partners’ resources. It is more cost-efficient, while it also increases the availability of different products with less than minimal effort.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

To win a workplace lawsuit, a company must invest a great deal of money. Along with the loss of hard-earned money, even the company’s reputation stands at stake when an employee files a lawsuit against them. It seems like a way for an employee to be satisfied, but it is not a smart move.

It is foolish of employees to think that the lawsuit only affects the employer. Filing a lawsuit paves the way for a series of stressful events for the employee and disrupts their financial situation. Sometimes, filing a lawsuit or suing a company is the only option left for the employee to get justice.

The decision to use a company must never be a result of emotions; instead, it should be well thought out. Once an individual gets trapped in it, coming out of it is nearly impossible.

There are numerous setbacks to suing a company or filing a lawsuit against them. Before individuals proceed, they must be aware of what they are getting into and why they need to think twice before using their employer!

Without a Legal Claim, There is no Hope

Employees’ biggest mistake is to sue their employer without thinking the whole process through. Unfortunately, none of the state laws outlines how an employer must treat the employees. The laws do not ask employers to be nice to their employees, treat them as family, or be fair to them. They can treat their employees however they want if they treat each of their employees the same way. Ethics teach people to be nice to each other but not the laws. Therefore, unless there is no legal claim, the decision to sue is the worst decision one can make. It is justified to sue a company if an employer mistreats an employee because of their color, race, religion, or gender or harasses them! Employees should think wisely and avoid making rash decisions.

The Stress and Pain are Never-Ending

Lengthy litigation is something only lawyers like. That is because long litigation means good money for them. A person in the right state of mind does not enjoy long litigation. Suing a company or filing a lawsuit means that an individual is in for a long and incredibly stressful time of their life. Many people do not understand that businesses get sued a lot while using a company, and they know how to deal with it. The case is different for the employees. Employees need to understand that distress will be more significant for them. Moreover, the painful events and stress will become a hurdle for them when they try to perform well in their new job.

Coworkers are not Reliable Supporters or Witnesses

Coworkers usually go through the same challenges and tend to support each other when together. But when the time comes to stand against their bosses, they back off. Employees who think their so-called friends from work will testify against the bosses are mistaken. Employees are afraid of retaliation by the company. Suppose it is harmless gossip, the coworker’s side with the individual suing the company. But when things get real and the employee does sue the company, the coworkers that once sided with them part ways. Normally, people do not want to make the situation difficult for themselves. Individuals who think their coworkers will prove perfect witnesses need to think practically.

A lot of Buried Skeletons are Dogged

When a company tries to pull up its defenses, it will try all it can to save itself from humiliation. Commonly to make the lawsuit stronger, a lawyer adds in the factor of emotional distress in it. The company’s lawyer begins to dig deeper to find out the real cause of distress. It opens some closed doors and digs out some buried skeletons from the individual’s past, resulting in utmost humiliation. Therefore, employees must prepare themselves to get hit with some bitter facts from the past when filing a lawsuit. The company’s lawyer digs into all the employment records, personal relationships, and even criminal records if need be!

Future Job Opportunities Fade Away

By filing a lawsuit against their employer, an individual closes the door to future good job opportunities. None of the companies would want to hire an employee who filed a lawsuit against their previous employer. The stress of lawsuits is high for both entities, and companies try to stay as far away from legal suits as possible. If in an unfortunate situation, an employer blacklists an individual after the lawsuit, they will not be able to work again.

These are why employees must think twice before using their employer. Before one jumps right into it, it is important to consider whether the case is strong enough or whether the damages are significant enough to file a lawsuit. Employees must ask themselves if they are ready to dedicate a considerable time of their lives to a lawsuit, bringing stress and pain their way. If the case is strong and the proofs are sufficient to support the case, an employee must proceed with a lawsuit. They must resign and look for a better job opportunity elsewhere if the case is weak and not adequately backed up by evidence.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 has always been a need for a work and life balance when it comes to a career. Now, more than ever, the face of the workplace is changing. Some businesses have moved to work from home, while others have focused on a flexible work environment.

Current work responsibilities are largely inter-functional, so the worker is forced to contact more people from different parts of the world and time zones. As a result, restrictions on how, where, and when you work must catch up with this cultural change. These changes mean business owners must be flexible to have the best staff possible. Here are six reasons your business should promote a flexible work environment.

The Battle for Talent

As the most qualified professionals are the most difficult to attract and retain, many sectors encounter significant shortcomings in qualities and talent. As a result, the most requested professionals are much more selective. One of the key factors for them is flexibility.

A recent study, for example, shows that 54% of respondents would be willing to move out of town if, in their new job, they would be flexible. Therefore, a company that offers a flexible job will attract the best talent and have more chances of staying with it. This can mean the difference between success and failure in today’s ultra-competitive labor landscape.

Flexible Work Increases Productivity

Labor productivity has become a global problem. The Sage study shows that the office’s truly productive time in office is slightly less than 30 hours, on average, per week.

This average means that the rest of the time they are present in the office is not productive. So, most of the workforce working forty hours a week is only productive 3.75 days of the five are scheduled to work. Revolutionizing productivity in an innovative way, such as giving the employee the freedom to work as best suits them, can help eliminate the lack of productivity and encourage a company to make the most of its equipment.

Flexible Work Gives More Power to the Employee and Shows More Confidence

The study also concludes that 66% of workers say that being valued and accepted is one of the most important aspects of their day-to-day work.

For many, it is much more important than other types of benefits, such as free food or playgrounds. Giving the employee the freedom to work shows that they are valued and trusted as team members. In addition, it encourages them to give their best and be as productive as possible.

Improves the Welfare of the Worker

The employee’s health and well-being have become a priority for companies and vital for the employee. More than a third of the workers surveyed believe that human resources teams could improve well-being in the workplace, driving initiatives such as providing free fruit or offering subsidized gym passes.

Flexible work can help, among others, reduce stress (goodbye forever to the crowds at the train station), something that should be in the crosshairs of all companies.

Employees Demand Flexibility

One of the main reasons a company adopts flexible work is quite simple: it is what employees ask for. According to Fuze, almost half of all generations would want greater mobility at work, reaching 70% for employees between 16 and 44 years old.

The employee wants to go and look for their children at school, start and finish soon if they have an international meeting in the first hour, or go to a medical appointment without feeling any remorse.

Technology Changes Every Day

For some jobs, technology has made it no longer necessary to be in the office to carry out your work. Today, most workers have access to all the tools they need on their smartphones and tablets, which means they can work comfortably from anywhere, be it a cafeteria between meetings, at home, or anywhere they can work without distractions.

Cloud technology, for example, gives employees secure external access to all their documents, while collaboration and communication tools allow teams to work together from anywhere in the world.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Connectivity seems to be the motto for the future. From the advent of artificial intelligence and self-driving cars to the innovation that we have only dreamt of, easier life awaits us. Moreover, with internet connections consistently going up, you can be sure that it will be a surreal experience.

Now that we witness the importance of video conferencing and smartphones in this pandemic-torn world, 5G is like a breath of fresh air. The new cellular standard can reduce network congestion indefinitely. Imagine downloading an entire Netflix series in a matter of moments!

All in all, the experience seems promising as well as life-changing. However, it is a lot more than what meets the eye. So, let us explore the remarkable features of 5G technologies and how they will change our future as we know it.

What is 5G?

For those of you who are already preoccupied with other things, 5G is the next best thing in the internet world today. 5G not only promises faster downloads but unusually faster upload hours as well. Moreover, with gadgets increasing daily, the 5G network provides you with a central control system to link them all!

It is not only the users who benefit, but companies have begun their quest to achieve digital supremacy with the help of 5G. Thus, in 2019, AT&T and Verizon made a paradigm shift by adding 5G networks into their ranks.

However, with the pandemic and the demands of the 5G network increasing daily, Verizon continues to perform exceptionally in catering to them. The CEO of Verizon said, “So far, I’m pleased with how the network is performing.”

Nonetheless, 5G is a work in progress as we continue to embrace its full benefits. Especially since the devices that could boost 5G’s influence are currently unavailable for mainstream purposes, you will find that most organizations do not have the resources to make the most out of 5G well.

What does 5G Empower Us to do?

Each of us currently has phones that substantially improve things for us daily. However, with 5G in the frame, we can do the same things on our smartphones better and faster.

Add the touch of smart glasses in the form of augmented reality and virtual reality, and then you get smart devices in your arsenal. Moreover, with IoT in the frame, you can also witness improvement in search and rescue operations. Talk about drones cooperating to monitor traffic and fire assessments wirelessly with base stations spread throughout the cities.

Moreover, we are currently in a world of gaming excellence, with state-of-the-art computers and global competitions enhancing the gaming experience tenfold. With 5G technologies complimenting the gaming experience, gamers can experience lowered latency and bettered experience.

The New Version of the Speed of Light

In the era where bandwidth is absolute, 5G technologies plan to deliver speeds that surpass 4G services. With a transfer rate of 10 gigabytes per second, you can virtually download an HD movie within half a minute. A definite boost of 600 times faster than a 4G transfer speed and over ten times than that of Google Fiber’s standard home broadband service.

The first nationwide implementation of 5G technologies is in the US market, which is expected to witness a revolution in 2020. However, it is not a single implementation but a collection of different technologies working under the umbrella of 5G-based brilliance. In short, you could say that this is the modernized breakthrough of the speed of light.

5G – Connecting Devices

If you think it is only the need for speed that connects 5G to us, then think again! We discussed the importance of connectivity before, but it is much more than that. Today, we dare to dream about self-driving cars, automated thermostats, and cellphone-controlled environmental sensors. The reason is the efficacy of the 5G internet producing results and its rapid evolution in the contemporary era.  

Falling behind the Technological Development

Today, 5G technology seems like the saving grace of modern development. Many industry experts and political leaders believe that companies will fall behind if they fail to utilize 5G prospects.

Currently, China has showcased the most notable development in 5G technology to date. Thus, if companies or nations do not lay down the foundation of 5G technology in their infrastructure, then they are good as lost.

Therefore, the government must open the wireless spectrum to carriers to reach the goal of a nationwide revolutionization of 5G networks. Then, they must utilize those carriers to expand their infrastructure and develop new hardware devices to maximize the impact of 5G internet.

Conclusion

As we embark on the new technological development decade, we realize that 5G is not ready for the mainstream US market. Moreover, 5G is not available for a wider audience. Even though most companies in the US market have laid the foundation for a technological revolution, much more must be done.

Moreover, with the pandemic still going strong, the year of the 5G will have to wait a bit longer. But, as organizations continuously adapt to the prospect of 5G networks in their infrastructure, it is just a matter of when, not whether.

Not to mention, the lack of state-of-the-art devices is still not here to cater to the new and improved internet. So, if you think 5G still feels afar, then do not worry. The pieces are coming together!

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Despite looking like one of those tasks without practical application, planning allows the company to organize itself, make the processes more efficient and, thus, obtain a competitive edge. Strategic planning guides companies in decision-making and in the distribution of their resources in the period that follows.

Strategic planning is a job developed by any business, regardless of its size or industry. In the end, just as all companies need to grow and achieve goals, it is also necessary to organize and develop a plan of action that is coherent for both. Here are six steps to effective strategic planning.

Why does your business need strategic planning?

We know that, without planning, it is difficult to achieve the intended objectives. Without this prior organization, the company is lost and does not know where you want to go and much less how to get there. And most of the time, this happens because the company does not understand its culture or its differentials.

Although in the beginning you have done the home lesson and defined the mission and values, it is common to lose them over the years. In this way, seeing the business’s full potential and seeing beyond the obvious to get ahead in the market becomes a rather complex and laborious task.

Strategic planning also helps the company to discover the most appropriate ways to achieve its objectives. Here are six steps to effective strategic planning.

Step 1: Diagnosis

Also known as SWOT analysis, the first step involves looking inside the company and for the market to understand the current moment. That is, this is the time to gather strengths, weaknesses, opportunities, and threats.

Step 2: Organizational identity

For your business to be unique, you need a mission, vision, and values ​​ recognized by both the internal and external public. That is precisely why the philosophy of the company is so important and must be taken seriously. 

The mission is why your company exists, while the vision is what you aspire to become or where you wish to reach. The values ​​represent the principles that guide the company’s culture and even of the collaborators.

Thus, the organizational identity works as an important guide to hire new people, close contracts with suppliers, and even launch products and services in the market. Therefore, it is essential to reinforce it and ensure that it permeates the entire business.

Those who already have that part of the strategic planning list are worth understanding when it was developed to see the need to revise.

Step 3: Success goals and indicators

Now it’s time to put on paper where the business needs to go and what data will indicate the success of that day. The goals to be achieved must involve the entire organization. Therefore, it may be necessary to create a general goal and then turn it into sales goals, marketing, human resources, etc.

Remember that everyone’s participation is fundamental in strategic planning, so each department should have its goals. An important point here is that the objectives must be challenging and realistic at the same time. Then, nothing of dreaming remarkably high and putting numbers impossible to be reached within the market or the company’s reality.

The indicators will accompany the performance of the goals. In this way, if one of the goals is to conquer a predefined billing, the monthly billing itself will be monitored throughout the months. Finally, make all the collaborators aware of all those goals and indicators. In this way, each one will know its importance and role to reach the desired place.

Step 4: An Action plan

At that point, you and your team will know where the company is, who it is and where it needs to go. Then, it’s time to leave for the action. The action plan achieves the defined goals and objectives viable, based on a schedule and the definition of those responsible.

This means that it is necessary to define what attitudes to take and delegate them to execute them. Having this information documented can be the difference between a successful strategy and a problem, so you should be very attentive to this stage.

As not everything can be a priority, it is essential to organize actions in order of importance. With that, whatever is simpler or urgent must be done first. To help you, think about what actions will make the difference to conquer the objectives and give preference.

Step 5: Monitoring and analysis

As the last stage of strategic planning, it defines a periodicity of meetings so that the areas of the company can meet, present, and discuss the results achieved. Normally, that meeting happens every week, so it is possible to talk about what happened the previous week and think about the next steps.

In addition to this meeting, it is also important to bring together the managers to evaluate the results. Here, you should also review and redefine the SWOT analysis, the goals, and the action plan. In the end, the market is not static and must be adapted at all times.

Step 6: Leadership and commitment are essential

This is not necessarily a step to develop strategic planning. However, if the teams are not involved and are not committed to complying with the action plan and collaborating, your company will hardly leave the site.

Take, for example, a business that aims to increase billing until the end of next year. For that, it will be necessary to develop a good marketing and sales strategy, right? But better the strategy is, the marketing and sales team will not be able to do it alone if the logistics do not draw a plan to meet the clients’ demand or make the products more competitive.

The administrator will also need to fulfill his part and issue the notes with agility, just as HR needs to engage and retain collaborators. Good leadership, then, is the great differential to keep everyone motivated and keep the organizational philosophy maintained. In addition, it is the role of the leader to stimulate creativity, proactivity, and team unity.

Therefore, do not be surprised if your incredible strategic planning cannot generate results if the team is not committed and you do not have good leaders. Making everyone in the company work together is not an easy task. However, that will make strategic planning come out of paper and become a valuable differential for the business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.