Author: Jennifer Brazer

Whether you are the leader of a multinational corporation or preparing to launch a small business startup, safeguarding your intellectual property should be at the top of your business’s priority list. Data is becoming more easily accessible and distributable, thus making it more susceptible to theft and replication. What can you do to secure your IP?

What is Intellectual Property?

First, let us define the term “intellectual property” so that you may comprehend all that it includes. Intellectual Property is defined as any product or process that results from innovative and creative thought.

Many different types of IPs are involved in a business. Other than the product itself, the intellectual property also refers to anything that works to bring this idea to life. Intellectual property can include various types of artwork, marketing content, graphics, websites, articles, blogs, and computer programs. Even the company name and logo and the training material can be identified as IP and anything else personally created to aid the business.

Your company’s valuable ideas and hard work must be kept safe. The good news is there are laws in place that can help keep your IP secure. Below we will establish your intellectual property rights and describe the steps you will need to take in order to protect against IP theft.

Keep Your Business Ideas Secret

Until you have sufficiently protected your intellectual property, avoid talking about it with others and be careful who you trust.  Never promote your idea when in public. Your business idea should be treated as a sensitive topic. Unfortunately, there are people out there who only want to benefit their own business and will steal your ideas.

If this is not possible, you can speak to a lawyer and have those closest to you sign a personalized non-disclosure agreement or contract. This includes your current business partners. Be very careful who you allow access to your IP and make sure that nobody can use it without your consent.

The good news is that there are federal and state laws in place to secure your intellectual property. Oftentimes startups will lose their IP rights because they feel the process is complicated and expensive.  It is very important that you do not ignore important tasks to guard your inventive designs and ideas.

Types of IP Protection

Until you have officially registered your IP, anyone can take it and use it for themselves. The three most well-known types of IP and those recognized by the federal intellectual property law are as follows:

Patents: Prevents others from selling or marketing another company’s invention.

Trademarks: Prevents others from using your business logos and graphics.

Copyrights: Protects written works from being copied.

As soon as you finalize your business name and/or logo for your project, register those trademarks immediately. Technology startups sometimes ignore the worth of non-patented intellectual property. These types are also commercially valuable, and a business owner should rigorously protect them as well:

Trade Secrets: A process that is unique to the product or business, such as a method or a secret formula.

Expert Knowledge: If a company obtains exclusive rights over an expert’s knowledge, it too can be considered intellectual property.

A world expert on statistics consults with a financial company to help improve risk analysis software. The financial company can seek exclusive rights over that statistical knowledge so that they alone have access to the information provided and can use it to produce and improve their software.  

Conclusion

In conclusion, it is important to know how to protect what is lawfully yours and know who to trust. You probably already have much more IP than you know. Protecting your intellectual property comes with the privilege and responsibility of finding a competent advocate to help you invest in an  Intellectual Property Portfolio for your business now so that you can have a rewarding future.

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.

Cryptocurrency is an innovative solution that has gained the attention of many investors. Venture capitalists who have been seeking high returns were restricted in the stock exchange or commodity markets. However, with the advent of cryptocurrency, they have the opportunity to venture into a third avenue. Cryptocurrency not only promises high returns but also offers confidentiality and security features.

On the other hand, when we speak of risks, even long-term investors show cynical behavior. For them, if you cannot see it or touch it, it is not worth pursuing. Perhaps this is the reason that they have resorted to divesting their extra assets into the bullion market.

Background of Cryptocurrency

Cryptocurrency is a relatively new concept and provides an innovative investment solution. This digital currency has changed the dynamics of the market — a place where it is difficult to identify the trade, buyers, and suppliers. Becoming well-versed with the technical terminologies is important for the investor before jumping into the arena of cryptocurrency.

Bitcoin and Litecoin have been in the spotlight in the financial industry, whether we talk about market capitalization or the value of the coin. However, it has not received the government’s approval in many countries because cryptocurrency can neither be centralized nor regulated. Nevertheless, the primary reason of the existence of any cryptocurrency has been its “Blockchain technology.” At this juncture, a definitive question does arise: Is it still early, or is it too late to trade in cryptocurrency?

Background of Bullions

Contrastingly, when we speak about risk or value at risk (VaR), individuals with substantial net-worth find it easy to invest in gold or silver Bullion. Diversification of the portfolio is a sign of a prudent investor. The risk is minimized and devoid of volatility to market conditions. Even if the market crashes, there still would be some value in gold.

Crypto versus Bullion

Firstly, cryptocurrency cannot be subjected to forgery. Each token, such as Bitcoin or Litecoin, has a key and digital wallet. However, a bullion bar is vulnerable to forgery, and it is susceptible to adulteration. Furthermore, the quality grading of gold determines the value. For example, 24-carat gold will be more expensive than 18-carat gold, but 24-carat gold will be soft as opposed to an 18-carat one.

One can fake or conduct a fraudulent trading activity in a bullion exchange market, whereas cryptos are fully secure because of their genetic characteristic of blockchain technology.

Monetary policy does not have any impact on any of the cryptocurrency and is not regulated by any government. On the other hand, the bullion exchange has to comply with the Global Precious Metal code issued by the London Bullion Market Association (LBMA).

Anonymity is another feature of transactions with cryptocurrencies. The transaction, buyer, and seller assure complete anonymity throughout the process. Every transaction is encrypted into a hexadecimal alphanumeric digit. Hence, no one can find out who are the buyers and suppliers and what kind of transactions are taking place. Conversely, the bullion market is regulated, and both the parties’ identity and the legality of the transaction have to follow codes stipulated by LBMA.

If you want your transaction to be executed quickly, cryptocurrency is the best platform with complete authentication and validity. However, in a bullion market, the exchange depends on numerous factors, which can be time-consuming in nature.

Unlike theft and burglary, it is nearly impossible for cryptocurrency to be stolen. While you can trade in the bullion market online, if you are adamant about keeping bullion bars in your possession, you would need a safe or a vault with security measures and the risk of theft.

Although crypto is fraud-proof, keep in mind that the aspect of anonymity in crypto trading can be abused. The bullion market, on the other hand, has a regulated and transparent process.

The only element that lends towards bullion, as opposed to crypto, is that of risk. The historical trend of cryptocurrency, especially Bitcoin, has been a target of volatility.  For people who are in a money-making industry, crypto provides a leveled playfield. Some experts think the market of Bitcoin is a financial bubble. Against all the odds, the value of bullion, especially gold, is also susceptible to unpredictability, but the value of gold will still hold its worth.

A question that all the investors are asking themselves is: Is cryptocurrency a booming market with a financial bubble, and is it better to have the savings vested in gold or silver?

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.

Starting up a new business can be a complex endeavor. Even with a great product or service and armed with an efficient business model, business owners still face many hurdles to overcome during the initial years of operation: a period in which many startups fail. Learn about some of the most common challenges companies face in their first year and how you can overcome them.

Challenges for starting up a business

In an international survey, successful business personalities were asked about some of the main challenges they faced when first starting their company and how they overcame them. Listed below, we will discuss some of the most relevant and agreed-upon answers.

1. Capital provision

The biggest challenge to any fledgling business is securing the capital necessary to assemble and develop the business.

Many banks are hesitant or reluctant to grant loans to newly developed businesses, so the venturer must raise money in other ways, usually through private investors. This is no easy task; rather, it is quite the opposite. It can be a challenge to secure a source or key partner with the necessary time and capital to develop the business model needed to start up the venture.

2. Unpredicted revenue

Recession and economic crisis have the potential to damage any business. Few business owners anticipate the effects of the financial crisis, especially in the months just after creation. In this situation, many businesses take immediate action, such as developing their own website or reducing invoices, all in the hopes of balancing their cash flow. They also are comfortable with the reality that many more changes will need to be made to stay afloat. For example, this may include introducing or expanding on an online store, which allows for the addition of new products and services. Any sudden change in the economic condition of a country affects startups because their revenue is already unpredictable. Many businesses collapse due to the huge financial loss that occurs at the beginning of the business.

3. An appropriate marketing plan

A proactive marketing plan can be an extremely positive asset to any startup. Many startups fail due to ineffective marketing campaigns. It is wise to allocate part of your budget for marketing, particularly in the beginning. When executed correctly, this investment will pay for itself in no time. 

4. Creating and/or selling a unique product

Every startup seeks to reduce production costs, develop processes to organize the business, test new market strategies, etc. One of the best strategies, and perhaps the biggest challenge, is to create and market a new and original service or product. 

5. Cash flow management

Having too much inventory can result in the loss of money. It is a great idea to redirect those production resources towards advertising, web development, or any methods of generating sales. In fact, the biggest challenge facing many startups is cash flow. Having limited capital restricts available time, so one must be very selective when determining how resources are allocated. This forces you to be creative when finding ways to produce at the lowest possible cost. Fortunately, social media has equaled the playing field for small businesses by providing a much more cost-effective means of marketing.

6. Setting up a business with a reduced budget

When a company is initially formed, funds are typically limited to work and production. Due to the reluctance of banks, securing capital can be challenging. Add to this the need to hire staff, as well as rent a workspace. All this contributes to the cost of the business. All these challenges should be met with a previously established action plan and a healthy budget.   

7. Obtaining agreements, licenses, registrations, or patents 

Another important challenge facing many startups is establishing and securing a license agreement with a large manufacturer or distributor who wishes to market certain products or services. The same challenges exist when registering a patent, a website, identifying and establishing a manufacturing relationship, or protecting property rights and inventory. To overcome this hurdle, cultivating healthy relationships is crucial. While establishing positive retail alliances, license agreements, or permits can be challenging, it is of the utmost importance, particularly in the corporate 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.

The insurance required by a business depends on the business’s need. Liability coverage of an employer is a legal need for many businesses having staff members. Public liability insurance is crucial if the business is interacting with the public. Professional indemnity insurance is helpful for businesses offering advice or consultation. The bottom line is that different businesses require different types of insurances.

Before getting insured, it is important to know what your business will offer so you can determine which type of insurance will be most appropriate. You will also need to anticipate what type of claims you could be vulnerable to, which will help determine what type of insurance you may need. The best idea is to hire a professional consultant to determine what type of insurance(s) you will need. This assessment should be done before approaching an insurance company. Here are the types of insurance a business may need and their description.

Public Liability Insurance

Public liability insurance is the fundamental point if a business interacts with public members, whether the interface is within the business boundaries or outside the premises. These insurance plans help protect the business against the return claims on damages or injuries done by customers, clients, suppliers, or third parties.

Such type of insurance is mostly used by builders, hairdressers, restaurants, shops, and tradesmen. The business must keep an eye on client contracts to check if a specific public accountability level is needed.

Professional Indemnity Insurance

Professional indemnity insurance is crucial for a business offering professional advice to different businesses. It is also great for a company handling the intellectual properties or client data. The benefit of such insurance is that if a business makes an error in work and gets sued due to loss, then professional indemnity insurance can cover the legal charges and return dues on the company’s behalf. Few experts and managers demand this insurance from their members, comprising groups of architects, accountants, and surveyors.

Employers’ Liability Insurance

A business hiring staff of employees then having employers’ liability insurance policy is a legal requirement. This insurance helps to cover the claims made by a staff member for suffering illness, injury during the work they performed for the business.

Few businesses are excluded from the law as they hire close family members as their employees. If the business wants to check whether they are exempted, then they can go through the Health and Safety Executive (HSE) guidelines or get help about it.

Business Property Insurance

Whether a business is operating from home, in a purchased property or building, or under a lease, it is important to get business property insurance. If a business provides land for rent, it is necessary to check with the landlord if it is already covered in insurance.  This insurance also assures the protection of all the tools and equipment of the business. This insurance further covers lost, stolen, destroyed, and damaged tools along with replacements and repairs of the equipment.

Stock Insurance

Stock insurance is for businesses having stock whether they are in storage or within the business onsite. This insurance covers all of your inventory when it is damaged or destroyed. Generally, it will cover the replacement inventory to keep your stock current.

Business Legal Protection Insurance

Legal protection insurance secures the business’ legal expenses and commercial legal expenses. It guards the business against the possible charges and expenses of legal action made by or against the business using this insurance.

Conclusion

Before getting any business insurance, the first thing to keep in mind is deciding what is required to be insured by the business. If the company hasn’t hired any employees, worrying about their insurance should not be a priority. Getting a business with appropriate liability insurance puts the business on the safe side. However, making the right decision in this matter is quite important.

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.

Oftentimes, startups have a low budget while being full of potential and strength. Many startups even revolutionize the industry with which they affiliate. These innovative brainchildren can end up integrating seamlessly into society, both at a local and global level. We live in a fast-paced and dynamic world where millions of businesses launch daily. Listed here are some domains that promise massive growth for startups in 2021.

1. Artificial Intelligence (AI)

Artificial intelligence (AI) is a modernized technology that exists to automate manual tasks. The AI market is on the rise, with a growth percentage of 55.6% between 2016 and 2025. The price for AI technology is extremely expensive but worth the purchase. This is why multiple startups and large companies are attracted to this market. The artificial intelligence industry embraces new players as they are needed for growth and does not hesitate to invest in startups that promise an influential spark and hard work.

In this way, multiple startups are becoming an integral part of this industry. For instance, AI technological equipment is utilized to recognize lung cancer while earning 10 million dollars for this industry. The AI industry also produces technologies that assist in business operations. An example of this is the AI-powered company, Cinnamon, which creates products to replace mundane paperwork operations. Additionally, the AI-integrated technology company, People.ai, has increased its earnings to around $60 million by creating guidance systems to improve sales team performance.

2. Personalized Nutrition

Today, consumers demand personalization from buying, investing, listening, watching, traveling, etc. This case is especially relevant in the field of nutrition. The domain of personalized nutrition is remarkably progressing, as it is predicted to make around $50 billion in the upcoming years. As a result, this industry has sparked the interest of large corporations. For instance, big names such as Nestle and Mars have acquired personalized nutrition startups.

Suppose you collectively overview the customized world with its’ variations and demands. In this case, you will gain the interest of other companies for your personalized products and services. These types of trends open the doors for startups and improve the business proceedings of the global market.

3. Virtual Reality

Previously, virtual reality (VR) exclusively referred to the gaming industry or the department of gamification. However, this market has a strong connection with modern technology and is constantly growing. The influence of VR has expanded to other domains, such as education, real estate, mental illness treatment, medical training, education, sport, military training, recruitment, etc.

The popularity of the virtual industry increases with technological advancement at an international level. The 2016 company Varjo introduced its’ operations to the world by creating products for the human eye, with similar quality of professional industries. Since then, the company has earned $31 million in Series B funding. Consumers say that their revolutionary implications actually live up to their claims. With this type of monetary incentive, the market of virtual reality is projected to earn $120.6 billion by 2026.

The promise of this industry attracts different startups eligible for investment. Also, the growth potential creates trust in new businesses for funding without reservation.

4. Blockchain

This market is facing multiple challenges, such as political, structural, behavioral, etc. A dramatic shift has converted this traditional monopoly-making industry into a diverse market with a CAGR growth rate of 68.1% between 2019 to 2027. For example, the company BITCLIQ became the first business in the fishing industry to utilize Blockchain. Another famous startup out of Indonesia called HARA uses Blockchain to provide useful data to small farmers. Additionally, the blockchain industry strives to eradicate the use of paper money, another example of how old practices are modernized in our dynamic world.

Last Words!

Multiple startups leverage different markets, and these markets benefit from this integration. The core reason for the above-mentioned industries’ outstanding progress is through the efforts and funding of startups. Merging with these innovative businesses allows companies to provide modernized services in the global business market. Quickly, other startups will join this chain. Larger companies will take an interest and purchase their products and services. This way, markets, startups, and big companies can level up their businesses from their respective ends. Integrating startups’ products promises big opportunities for those preparing themselves to become a part of the global market.

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 an entrepreneur runs a business, it is important to hire a professional tax preparer to perform essential tax services. Tax preparers are those professionals responsible for preparing and filing the taxes for your business. The tax preparers’ job is to prepare a detailed evaluation to guarantee that their economic activities are running efficiently. The tax preparer also plays a significant role in maintaining the business functions in a thriving and healthy condition when preparing the business’ taxes.

When starting a business, it is important to ensure that all things involving the business’s accounting are covered, including taxes. Most think only of the general business operations and don’t think ahead to tax preparation. Tax preparation can be done as part of an accountants’ duties, but hiring a tax preparer is a better choice as they will be an expert in tax preparation and give you the greatest benefits at tax time. Here are six justifications for why you should hire a professional tax preparer for your small business.

Helps Save Time

As a business proprietor, numerous essential obligations go into the business’s daily and overall operations. A business owner’s many duties include sales of products and services, marketing, and keeping a budget. A tax preparer is accountable for guaranteeing that the business’s tax needs are being covered. Hiring a tax preparer will permit the business owner to oversee operations to achieve business objectives quickly.

Helps Avoid Costly Mistakes

Because of the number of responsibilities that a business owner has, it becomes really difficult to guarantee that every business operation is correct. There is a great probability that business owners will make some serious mistakes when dealing with the tax filing process in such cases. These mistakes can end up either costing the company a lot of revenue or worse. They can cause it to go completely out of business.

To solve these issues, there is a need for a tax preparer to help the business assess and file taxes that are most beneficial to the business. This tax preparation approach will help the business prevent losses due to errors or missed opportunities.

Helps Deal with Complicated Tax Laws

The process of preparing taxes is considered cumbersome and difficult because of filing taxes. It is crucial to fill out the proper form correctly by providing details, including specifics of accounts, income, expenditures, and payroll. All of these considerations are required to keep the business on the right track. Hiring a tax preparer will help a business owner take care of all these issues efficiently.  

Helps Identify Deductions

Hiring a tax preparer will help the business owner identify the potential deductions and provide the best possible advice. This advice will help an entrepreneur to take calculated deductions concerning year-end financial statements. Business owners often neglect those deductions when running day-to-day operations and must figure out the deductions at the end of the year. A tax preparer will help identify these essential deductions.

Helps Reduce Tax Liability

The job of a tax preparer is to recognize and understand tax regulations and laws. They also know the current deductions available for businesses and how to use them. Understanding the deductions, laws, and regulations and finding ways to cut taxes by examining the books will guarantee that the business owes as few taxes as possible. The tax preparer can also look at ways to save on your taxes throughout the year instead of just during tax season.

Helps the Business Grow

Hiring a tax preparer can help a business develop by keeping all the financial facets of the business well recorded. This well-kept data can produce financial statements that will help the business owner understand what kind of capital the business has for growth. With a tax preparer taking care of the business’s financial side, the business owner can concentrate on other business areas, such as operations, and focus on growth.

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.

Getting your business’ finances in order and managing them effectively is vital for running a successful company. Many people wait until it is absolutely necessary to begin analyzing their financial status. They are driven by an event such as a marriage, a natural disaster, chronic illness, or other life-changing events. Luckily, through careful analysis and planning, gaining control over your finances is possible.

If you are a business owner, read the following steps to secure your finances better:

Be serious

If you are not serious about getting your business’ finances together, it will be impossible to do so. Evaluate your financial health, devise a plan, and commit to it 100%.

Credit card report

It is important to review your credit card history and transactions at least once a month. This will help you avoid maxing out your cards, rendering them unavailable to make important purchases.

Financial paperwork

Keep an organized record of financial papers that includes phone and utility bills, credit card and bank statements, insurance and mortgage expenses, and any further debts or expenses that are compulsory to pay on a monthly or yearly basis.  Payment requirements should be noted so that necessary planning can be implemented to pay off debt.

Budgeting

Budgeting is not only essential for your home but your business organization, as well. This may seem daunting at first, but it is a relatively painless process once you get started. Lack of a working budget can create serious problems for the cash flow of a company. A realistic budget is the framework for you to make disciplined decisions regarding your business’s finances, either by maximizing the marketing expenses or minimizing expansion to keep profits on course.

Hire a professional

Most business owners try to manage everything themselves; however, this is not an easy task. A smarter method may be to hire an experienced accountant or bookkeeper. Either of these professionals will assist the company by handling the tedious work of numbers and statistics. This may save the company money and free the entrepreneur to focus on other important duties and responsibilities that only they can complete.

Separate personal finances from business

One of the most common mistakes that business owners make is mixing their personal and business expenses and accounts, which results in disorder and misunderstanding. When you are making a purchase, it may seem easy to use one credit card, but eventually, it will be hard to keep track of your expenses. By opening separate accounts for personal and business use, it will be easier to track and assess your finances and file your taxes more efficiently.

Tax duties

Tax duties and responsibilities vary from business to business. Depending upon the business, these taxes may include federal, state, and regional payroll, sales tax, corporate tax, or many others. If other employees are working for your business, taxes may also include laborers’ compensation or other insurance terms. This may become awfully expensive for entrepreneurs who do not know about these duties. The easiest way to deal with your taxes is to ask an accountant or bookkeeper their tax rate for business owners. With this knowledge, you can now allocate a percentage from every single payment that you receive and put it into a separate account that should only be used for tax savings. Therefore, when tax season rolls around, you will have enough money reserved to cover the annual cost.

Take care of invoices

Many business administrations are slow to send out invoices, leaving clients to wait for their payments for several months. Entrepreneurs are required to send their invoices as soon as possible in order not to wreak havoc on their finances. After all, invoices are how the entrepreneurs are paid. Most business owners make their invoices look professional and customize them to match their business with the logo and company information. To make it easier for the clients and customers, some business owners also add more relevant company details in the invoice.

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.

Quality management is the customer’s needs turned into the company’s requirements – if the company intends to be around for the long haul. Quality is extremely important for a company, as it is needed to retain customers and create loyalty among them. A company should aim for quality products as they can make a difference in long-term revenue and profitability. There are thousands of businesses that make do without a quality management system. But, if a company wants to reach its full potential, and wants to grow and market potential, it will need a quality management system. Most companies have bits and pieces of a quality management system, but not as a whole. 

A quality management system works on eight key principles: 

1. Customer focus
2. Leadership
3. Process approach
4. Involvement of people
5. Continual improvement
6. System approach to management
7. Factual approach to decision making
8. Mutually beneficial supplier relationships 

A company is designed to add value to all its stakeholders, such as employers, staff, customers, etc. It is supposed to use a management system that determines the needs of each stakeholder, turn these into requirements, and provides the resources needed to achieve said requirements. Performances should also be reviewed using the management system. According to the ISO, a management system details the procedures an organization must follow to meet its objectives. In the same vein, quality is defined by the ISO as the “degree to which a set of inherent characteristics fulfills requirements.”

Customer focus – A company ceases to exist without clients/customers buying its products and/or services. Hence, the company must figure out its customers’ requirements and aim to surpass those requirements. However, note that a company is created by its stakeholders to make a profit, not to go into loss. 

If an organization wants to deliver quality products and services, it must implement the requirements of the ISO 9001 standard. If the ISO 9000 standard is implemented, and quality management principles are adhered to, the quality management system in place will increase the competitiveness of the company, as well as improve the products and processes. It will reduce costs, as well. 

Leadership – this has managers use a fundamental approach, setting an example for others, changing their environment by understanding and being flexible, and considering the needs of customers, suppliers, local communities, etc. Their main task is to clearly state the future of the organization, setting the values that everyone needs to uphold. 

Process approach – ISO 9001 uses a process approach to examine more than 20 processes in its scope. One process is the Quality Management System (QMS), so the QMS can be taken as one large process to which many inputs are entered to generate many outputs. 

Involvement of people – QMS recognizes the importance of people in every step of the improvement process, and as the essence of the organization.

Continual improvement – this is an attempt to improve products and/or services/processes. The improvement can take place incrementally, or all at once. It should be a permanent goal of the organization.

System approach to management – this involves identifying and managing all goals that will improve the efficiency of the company in an interrelated, systematic way. Such an approach is particularly important in a continuous improvement process. This has been explained well in the ISO 9001 family of standards. 

Factual approach to decision-making – Effective decisions are based on data and information.

Mutually beneficial supplier relationships: a company and its suppliers should have a mutually beneficial relationship that increases the ability of both to bring value.

Summary

A quality management system permits a company to extend its influence and position. Such a system is customer-focused and pushes the company to constantly improve in making its products.

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.

Project-based organizations (PBO) are defined as firms that are simultaneously engaging in various projects. These projects are only offered to clients and are based on long-term association. However, there can be different types of project-based organizations. The problems associated with learning in the workplace reveal that training is not adequate. The need for the development of project management staff is crucial for the success of the project.

Project management is a very difficult and complex process. Ensuring the success of the project is equally difficult as it involves various factors that need to work together positively. These factors are called the Critical Success Factors (CSFs), which are associated with the influence on overall planning, management, and execution. The need to establish CSFs is important to the success of the project, but no project-based organizations have been able to provide a comprehensive model that can list the CFSs.  There is a major gap in identifying the factors that lead to the success of the project; thus, it is recommended that project managers enhance their skills. There are many other techniques and approaches to enhance a project’s efficiency, including total quality management, Six Sigma, benchmarking, and more. However, there is a disparity between understanding the need for learning skills and proper training.

Quality management models are generally based on emphasizing the success of projects due to quality management.  However, it is important to observe that all the models and theoretical support provided for project management’s success are based on the effective use and application of those models and quality management frameworks. The major issue is associated with a project manager’s failure to successfully utilize and implement success factors for the positive completion of the project. This basic problem summarizes a breakdown due to the failure to implement success factors during the project management process.

The model for assessing project management requires analysis of active leadership, implementation of policies and strategies, and successful allocation of time and resources. Successful project management needs effective skills to ensure coordination among different processes and stages involved. It is important to look for methods and approaches that can help in reducing the time and cost of the project. Not all aspects of the process are possible without the project manager’s skills to apply the theories, models, and strategies.  Any failure can be due to a lack of proper training and abilities. It is also important to understand that clients and stakeholders’ expectations are associated with the success of the project. Based on the above discussion, there is a need to ensure that the project managers have sufficient skills and knowledge to complete the project to the satisfaction of superiors and stakeholders.

Need for the Training of Project Manager for Improvement in Project

Knowledge Management (KM) is also an important concept in the success of the project. It can be deduced then that proper training will help the manager develop an understanding of how to implement the models, theories, and frameworks and ensure the project is successful. The need for training project managers is important, but it is equally important for the project staff involved in the project to be skilled and trained. The impact of training can help improve the project’s progress and professional growth and development for the staff involved.  A skilled and knowledgeable staff will increase the credibility of the PBO, thereby increasing profitability.

Practice and training are also necessary to familiarize managers with the needs of changing the industry. Project-based organizations must emphasize the best practices for the project’s managers and improve their project management skills.

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.

Micro and macro environmental factors are those variables that lie within and outside the industry. They can affect the performance and production of any organization. All these factors should be considered and addressed properly by the superior management to run a smooth business while maintaining a peaceful internal and external environment of the organization.

Micro Environmental Factors

Consumer Behavior

Consumer behavior factors include norms, lifestyle, and the demographic and cultural practices of the target consumers. Being a fashion icon of the fashion industry, Michael Kor needs to update their clothing trends up to the mark and consider the local market fashion trends or choices. That is why the study of cultural norms and lifestyle helps tremendously in guiding the production of fashion products.

Employees

Employees are the most significant microenvironmental factor that greatly affects the progress of an organization. In the case of a fashion organization, it is important that the employees know all fashion trends and changes consumer choices. In addition, the communication and coordination among employees should excel in carrying out different tasks. The company should establish employee-friendly strategies to promote devotion and loyalty among their workers. Only then could they work towards organizational goals and achieve and maintain their status in the fashion and business industries.

Distributors

Manufacturers have to rely on distributors and material suppliers to distribute and sell their products in the market. As a result, a good relationship between supply chain management and distributors is necessary. This will help the company increasing its sales and its footprint in the market.

Stakeholders and Shareholders

Stakeholders and shareholders are the main investors in the organization and are responsible for advising strategies for a company to grow up. Involving shareholders in decision-making is important as policies set by them will greatly influence how the company operates and affects profitability. Our company should involve stakeholders and shareholders in order to develop a better relationship.

Macro Environmental Factors

Technology

Technological factors refer to the resources and means necessary to meet the organization’s demand and production. For example, if the company is dealing in leather products, it should have access to enough leather resources to meet the customers’ demand. The scarcity of resources may lead to high pricing or less demand for the product. Also, incorporating the latest technology is important because the growing fashion industry is also resulting in high competition. Therefore, organizations should invest in technology to meet the pace of the fast demanding market. As described above our company should introduce new technology in order to become a tough competition to their rivals.

Legal and Political Factors

Changing political and legal environments can also negatively impact a business like our example, the fashion industry. Therefore, our fashion company must ensure that the labor rights are fulfilled.  Similarly, if any factors change, our labor force’s integrity and labor laws should not be affected.

Economic Factors

Economic fluctuations can also impact the progress of a business.  Looking again to the fashion industry, stable and good economic conditions allow consumers to spend more disposable income on luxury goods. However, inflation or a recession can negatively affect the sales of these fashion products. So, it must be ensured that the product or brand’s price should be lower to compete with the challenges of the economics within a respective country.

Media and the General Public

As observed by media and the general public, the appearance of the enterprise can greatly affect ongoing business and employee behavior. Michael Kors makes a strong relationship with different media cells because they are capable of representing the brand in both good and bad ways.  Understanding how media can influence the opinions of consumers is vital to every aspect of the production chain.

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.