Every company thrives to be successful and wants to be the best in the industry. A company invests time and money, making sure it generates as much revenue as possible. However, some ineffective practices and financial mistakes that a company can make during their startup process can lead to financial crises.   

Inappropriate Pricing:

Sometimes companies become dishonest. They invest less and sell their products at inflated prices to earn maximum profit. It is unethical to lie to customers about the product or service. Eventually, the client will realize that they are being cheated, which creates a negative reputation for the business. The company can lose sales and the opportunity to build customer loyalty. 

Data:

Sometimes investors are overpowered by confidence, and they neglect the statistical data that is built after thorough market research. Experts recommend playing it safe before investing and suggest using research data to develop the business.  

Inappropriate Budget Plans:

It is common for the budget to be ignored if needs arise that are not initially considered. It is important to plan and budget while keeping some unforeseen expenses in mind. For example, a sudden shortage of raw material, an increase in demand of any byproduct, or any unfortunate accident can add up and exceed usual expenses and the approved budget.

High Fixed Costs:

Sometimes there is a shortage of staff or an exceptionally high workload, so the work must be outsourced. Outsourcing is a helpful method but should be avoided as much as possible. It is important to emphasize that this practice must be carried out in secondary areas and not in the core of the business. Otherwise, it could compromise the quality of the services and/or products.

Reinvesting:

Sometimes reinvesting in a business proves to be profitable. Companies reinvest in the existing business to make it more beneficial and profitable. Reinvesting is crucial and may result in more steady growth and success. However, do not reinvest in the wrong business. Reinvesting requires proper planning and analysis. It involves money and the expenditure of time and energy, which are also valuable for running a successful business. Therefore, reinvestment plans should be considered at the time of startup.

Self-finance:

Approximately 50% of entrepreneurs finance the entire business with their own money. However, this can cause companies to drown due to a lack of customers or a mismatch between income and liability payment. It is wiser to self-finance a business if the investment is minimal. If the investment is significant, taking a loan or obtaining finance from an investor should be considered.

Business Credit:

It takes time to qualify for business credit. Still, business owners should consider it important from the very beginning and strive to be registered to a business credit bureau as soon as possible. It is essential that there are separate accounts for business and personal credits. Once the business credit is built, it will be less likely to affect the owner’s personal credit if the business incurs considerable losses.

Income Plan:

Avoid being optimistic about income. Every business startup needs time to stabilize and turn a profit. The business goes through a lot of ups and downs before finally starting to generate revenue. When you take the reins of a business, many times, you expect income that is not consistent with reality, especially regarding the time it can take to produce revenue.

Usual Mistakes:

When the business starts to post positive numbers, the entrepreneur usually makes two mistakes: spending all resources or reinvesting without planning. Both result in the fatality of the business. Once the business starts generating income, wait until the figures become constant and consistent before spending or reinvesting.

Salary:

Usually, the owner of the business does not assign a salary for himself at the start of the venture but will opt for “taking as you need.” This is a serious mistake since this financial factor is lost and can negatively influence cash flow. The owner should assign a specific amount of salary for himself and should manage within that allocated amount of money. If the owner keeps taking money from the revenue without any check and balance, the business will soon lose control due to the unforeseen cost of this salary.

Payment Method:

Different people opt for different methods of payment. Some like to have online transactions, while others like to pay via check. It is ideal to present a range of alternative payment methods to facilitate the purchasing process for different types of customers. This increases the chances of customer loyalty and payment.

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.

An individual takes a mortgage loan to purchase real estate. Property owners may also use it to raise money through mortgaging their property. A mortgage loan is one of the most common loans taken by individuals and businesses. Mortgage loans come with an interest rate and amortize over a period, typically 30 years. This article discusses the various types of mortgage loans in order to help you choose the one that fits your needs!

1. Fixed-Rate Loan

The fixed-rate loan is one of the simplest mortgage loans. The borrower must pay a single interest rate every month, which usually ranges between 15-30%. This loan is recommended for homeowners who wish to avoid taking risks by paying a fixed amount throughout the life of the loan. Changes in the economy will not have an impact on the mortgage loan; therefore, the borrower enjoys high predictability. However, this option is not for people who plan on moving to another house soon.

2. FHA Loan

An FHA loan is a type of mortgage that the Federal Housing Administration ensures and is very popular amongst people who are buying their first home. This loan requires a down payment of 3.5% for people with a credit score above 580. For people with credit scores between 500-579, the loan requires a 10% down payment. Typically, the interest rate will be higher for people with low credit scores. Additionally, to secure an FHA loan, the borrower must be at least two years out of bankruptcy with a well-established credit score after the bankruptcy.

3. Conventional Mortgages

A conventional mortgage is a mortgage that the federal government does not insure. There are two types of conventional loans; non-conforming and conforming loans. A conforming loan is a loan that is within the limits set by Freddie Mac or Fannie Mae. Non-conforming loans do not meet any such guidelines. Lenders pay private mortgage insurance on various conventional loans when 20% of the property’s purchase price is paid. The overall cost of borrowing a conventional mortgage is lower than other mortgages. However, the interest rate tends to be higher.

4. Adjustable-Rate Mortgage

An adjustable-rate mortgage contains an interest rate that changes throughout the period of the loan, depending on the changes in the country’s interest rate. Initially, the loan has a fixed interest rate for a period of five to ten years, after which the rate changes as per the prevailing interest rate. The variable interest rate is based on an index rate benchmark that varies with market conditions. The borrower enjoys a lower interest rate within the fixed period than a traditional fixed-rate loan.

5. Non-Confirming Loans

Non-conforming loans are loans that exceed the limits of conforming loans. Fannie Mae and Freddie Mac set the conforming loan limits and are currently $424,100 for the United States. The limits of this loan may exceed $635,050 for high-cost areas of the United States.

There are various types of non-conforming loans. A Jumbo Loan is a loan given to borrowers when their respective areas’ limit has been exceeded. However, since the amount is higher, the Jumbo Loan is difficult to secure. Most lenders require a score above 680 to qualify for the Jumbo Loan, along with a 15% – 20% down payment. Jumbo Loans that exceed $1 million are called Super Jumbo Loans. Lenders may give up to $3 million loans to borrowers with excellent credit scores.

6. Cash-Out Refinance

A Cash-Out Refinance means that the mortgage is refinanced, and the cash is acquired by taking from the equity in the house. The borrower must make one monthly mortgage payment, and the interest rates are lower than other equity loans. Around 80% of the value of the house can be borrowed with the Cash-Out Refinance loan.

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.

Change is constant, and a time will come when a person cannot work anymore and will need to rest. The ants and the cricket story gives the perfect example of retirement planning. Those who are wise enough like ants start saving from the very beginning of their jobs, and those who are like crickets get worried when the winter arrives, or in this case, when they can no longer work.

Picking a retirement plan is not as complicated as it might sound and requires a simple yet wise decision. Here are 6 simple steps to pick a retirement plan.

Know How Much Is Required:

How much an individual spends in a year varies from person to person. It is essential to estimate the cost of living after retirement before picking any plan. There is one general rule to make that estimate: the cost would be around 80% of the person’s current income. For instance, the person who is earning $1,000 per month should consider $800 expenditure per month.

 It is believed that many expenses can be excluded from the list when a person retires, like a mortgage and many taxes; however, there are many new expenses as well, like health care and travel. Also, inflation is a factor, and it increases year after year and does not decrease. Many experts suggest that a person should consider the cost per month equal to or greater than the current income if one wants to maintain the same lifestyle.

Retirement Vision:

Retirement planning is also different for everyone. Many people want to travel when they retire, while others want to rest and stay home with their kids and/or grandkids. The amount required is entirely dependent on the retirement vision of the retiree. Outlining the retirement activities will help develop an estimated cost of the plan one requires.

Be Acquainted with the Retirement Date:

Before selecting any retirement plan, it is essential to know what would be the date of the retirement. It will help a person to know how much time is left to save the required amount and if the current income is enough to fulfill the necessities of a dream retirement. The pension will also depend on the date selected. Pension plans are different in different countries, and their terms also vary.

Savings Required:

After knowing all the details, now it is time to calculate the savings required. In this step, a person needs to match the projected income with the estimated expenses. This provides the outline for the saving goals that will be achieved by the retirement date.

But the question arises: how to save for the retirement plan? There are two ways to save for retirement; either reduce the expenses or increase the earnings. There is no way to say which option is right, but a person should choose the one that best suits him. Many people find it easy to cut short their monthly expenses and do not take the time to invest in other things, while others want to live their life to the fullest and increase their income every month.

The Correct Savings:

The correct way of saving is difficult to determine and depends on personal preferences. Today, there are many ways to invest, including target-date retirement mutual funds, bonds, bank certificates, pension plans, etc. Real estate could also fall under the options of retirement saving plans. Investing in the stock and saving what a person earns, or rewarding bank accounts are also saving methods for retirement.

Initiate Today:

When a person wants to save, it is better to being now. Even delaying the matter for a single day could produce an impact on final savings. There is no right or wrong plan to utilize, so a person could invest in anything that seems profitable.

Starting this process sooner means a person will have time to save enough to live the dream retirement. Delaying will lead to a low retirement balance and a harder time-saving. When starting now, a person could take the benefit from other plans as well because there will be more room to think and more time to invest towards the right objective.

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.

Entrepreneurs are often over-zealous about starting their business as quickly as possible. However, a realistic business plan is the first step to success, as it clarifies how the business will make profits long-term. It is directed towards a particular audience and has certain objectives. For example, a business plan may want to convince the company to initiate a new project or investors to invest in the project. You may be wondering, “Where do I even begin?” Read our tips for creating a well-thought-out and organized business plan.

1. Knowing the Audience

A business plan is written for different purposes, each with a different audience. For example, a business plan written in the development stages of a business will most likely be targeting investors. The tone of this business plan will be persuasive in order to convince investors that the business idea is promising and that it would be beneficial for them to help fund it. Another common type of business plan is the one written as an expansion plan for the company. The managers and board of directors would like to hear about the past performance of the team responsible for the expansion. The tone of this business plan will be a blend of informative and persuasive tone. The key is to know the audience that will be reading the business plan and their expectations.

2. Setting Clear and Realistic Goals

Before writing a business plan, you must have clear and realistic goals for the business. Consider answering these two questions: What is it that the business wants to achieve, and what is the business capable of achieving? Although investors will invest in a project that has a sustainable future and is likely to generate high profits, making unrealistic sales projections will push the investors away. This means that proper market and industry research is needed to understand the customers, analyze the competition, gain awareness of the buying patterns, assess the market gaps, know the suppliers, and more. The more insightful the research is, the better. Always strive for realistic data. Avoid being unrealistically optimistic, as this will drive investors away.

3. Listing the Necessary Components

Before writing a business plan, list the necessary components of a business plan. For example, every business plan must include information about the target market, an analysis of the industry, sales projection in the first three years, costs incurred in the first three years, a marketing plan, and the value it will add to the existing business or investors. This will help keep track of the plan and will ensure that an effective business plan is created. It will cover all the relevant aspects, helping investors and the board of directors make the decision. The purpose of a business plan is to convince the audience to believe in the project and persuade it to take the necessary action; therefore, it should include all the information that the audience would want to know.

4. Know the Competition and Market Trends

The business plan must be written with the competition in mind. By this, we mean it must be competitive as per the standards of the industry. For example, the expansion plan must predict the objectives of competitors and dictate the suggested course of action to respond to these projections. This will help the company understand its significance while developing and maintaining a competitive edge in the market. If the biggest competitor is expanding into a new market, maybe it is time for you to move too!

A business plan requires a lot of effort and research before anything is even put down on paper. When backed by proper research and factual data, this plan becomes more effective and persuasive. It can convince the audience to take the necessary action, such as investing in the business, approving a new project, and more. Take care to ensure that your business plan is well-thought-out and meticulously organized. Do not rush!

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.

Businesses have to deal with all types of risks few of which could become serious trouble for the company and lead to profit loss or even total business failure. Large firms generally have an exclusive risk management department taking care of all financial needs, but small businesses don’t always focus on risk management.

The first part of risk management is to understand that what type of risk you are facing. A business might face different risks such as operational risk, compliance risk, strategic risk, reputational risk, and financial risk. Learning to deal with different risks is important as identifying the proper risk helps evaluate the proper solution.

Strategic Risk

Every business owner is aware that to run a business having a well-built strategy is important. But sometimes, even the best plans fail to work properly. This type of risk is called a strategic risk. Strategic risks occur when a company’s plan fails to produce any efficient results, and in return, its progress and development get delayed.

It might be that a company is going through any technological changes or a new, more powerful competitor has entered the market, or it could be any one or two of the reasons for inefficient production, which are changes in consumer’s demand, rise in the price of raw material, or any other change on a commercial scale.

Failure and Success of Strategy risk

A good example to consider is Kodak. Kodak had a dominant place in the photography market but failed to adopt their engineer, who developed the digital camera back in 1975. The digital camera’s idea was a threat to the core business model by Kodak and went ignored. If they had adopted the new technology, they would have thrived even more as a company in a market they were already dominating. Kodak contributed to their demise by not planning for innovation and embracing changes and invention.

Eventually, this gross oversight and inability to assess strategic risk correctly led to bankruptcy for Kodak. The company survived and is finally out of bankruptcy but has become a much smaller company focused on imaging solutions. However, if Kodak had assessed the strategy risk and accepted the innovation, they would still dominate the photography market.

Dealing with a strategic risk isn’t necessarily an alarm for disaster. Think about Xerox becoming synonymous with the photocopier. When laser printing was invented, Xerox, in stark contrast to Kodak, embraced the new technology. Xerox managed to move forward and boomed into a multi-billion dollar business, showing that you can have a positive and lucrative outcome if you properly assess strategic risks.

Operational Risk

Operational risk points to an unexpected failure in the daily operations of a company. The reason behind such failure can either be technical issues or human error. In few cases, the operational risk can occur for more than one reason.

For example, one of the employees at a company writes a wrong amount on a check, giving out $10,000 in place of $1,000 from the business account. This means human error and technical error could have been saved with a more secure payment procedure. The solution could have been to cross-check every payment through another employee or use an automated system.

In few cases, the operational risk can occur due to events outside of anyone’s control like a natural disaster, trouble with the website host, or a power outage. No matter the operational risk, it can interfere with the business’s daily operations, and it requires a solution.

Conclusion

When it comes to risk assessment, it is crucial to identify the type of risk you are up against and deal with it accordingly. There is a difference between how you deal with strategic risk instead of operational risk so understanding the difference is crucial to achieving 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.

Essential Economic Crisis Survival Tips for Financial Resilience

Economic crisis survival tips include building 6-12 month emergency funds, eliminating high-interest debt, diversifying income sources, stockpiling essential supplies, and developing self-sufficiency skills to maintain financial stability during severe economic downturns. These strategies protect families from job losses, banking failures, currency devaluation, and supply chain disruptions that characterize major economic crises beyond typical recessions.

I’ve guided hundreds of small businesses through the 2008 financial crisis and COVID-19 pandemic, watching some thrive while others barely survived. The difference? Those who prepared with comprehensive crisis strategies emerged stronger, while those following basic recession advice struggled to adapt. After 20 years leading Complete Controller through multiple economic storms, I’ve learned that true financial resilience requires going beyond traditional emergency planning to build multiple layers of protection against extended economic instability.

What are the most effective economic crisis survival tips?

• Build emergency funds covering 6-12 months of essential expenses across multiple asset types and storage methods
• Eliminate all high-interest consumer debt before crisis conditions make repayment impossible
• Create 3-5 independent income streams that operate in different economic sectors
• Stockpile 3-6 months of non-perishable food and essential household supplies
• Develop practical skills in food production, basic repairs, and healthcare
• Build local community networks for resource sharing and mutual support

Building Your Financial Foundation Before Crisis Strikes

Only 54% of U.S. adults have enough emergency savings to cover three months of expenses, down from over 60% during the pandemic according to the Federal Reserve. This decline shows how quickly financial security erodes when people assume good times will continue indefinitely. Traditional three-month emergency funds prove inadequate during true economic crises that can persist for years with widespread job losses and banking instability.

Your crisis preparation must account for scenarios far beyond typical recessions. The Great Depression lasted a decade, Venezuela’s current crisis has persisted since 2013, and Iceland’s 2008 banking collapse wiped out 80% of their stock market overnight. These examples demonstrate why standard financial advice falls dangerously short when preparing for genuine economic catastrophe.

Creating multi-layered emergency funds

Standard savings accounts become liabilities during banking crises or rapid currency devaluation. Smart crisis preparation distributes emergency reserves across immediate cash reserves, precious metals, foreign currencies, and tangible assets that maintain value regardless of financial system stability. This diversification protects against multiple failure scenarios while maintaining access to funds for daily needs.

Start with traditional liquid savings covering 3-6 months of bare-bones expenses in FDIC-insured accounts across multiple banks. Add physical cash reserves of 1-2 months expenses stored securely at home for banking system failures. Include precious metals or foreign currency holdings as inflation hedges, plus stockpiled goods that reduce future cash needs during supply disruptions.

Strategic debt elimination as crisis insurance

Consumer debt transforms from inconvenience to catastrophe during economic crises. Credit card interest rates spike, minimum payments increase, and missed payments trigger penalty rates exceeding 30% annually. Families entering crises with significant debt face impossible choices between basic needs and debt service, often losing everything through cascading defaults.

Focus debt elimination on highest-interest obligations first, typically credit cards and personal loans. Every dollar of eliminated debt equals guaranteed returns of 15-30% annually while removing future payment obligations during income disruptions. Consider consolidation strategies carefully, avoiding new obligations that could worsen your position during crisis conditions.

Diversifying Income for Economic Uncertainty

Single income sources represent unacceptable risks during economic crises when entire industries disappear overnight. The pandemic eliminated millions of hospitality and retail jobs permanently, while previous crises devastated manufacturing, construction, and financial services. Survival requires multiple revenue streams operating independently across different economic sectors.

Crisis-resistant income focuses on essential services people need regardless of economic conditions. Healthcare, food production, basic repairs, infrastructure maintenance, and financial management maintain demand even during severe downturns. Building capabilities in these areas before crisis provides both employment security and entrepreneurial opportunities when traditional jobs vanish.

Developing recession-proof skills

Technical skills addressing basic human needs provide the best crisis employment insurance. Plumbing, electrical work, HVAC repair, and automotive maintenance remain valuable because infrastructure requires constant upkeep. Food production, preservation, and preparation skills create opportunities from backyard gardens to catering services. Basic medical skills from first aid to home healthcare support aging populations regardless of economic conditions.

Professional services like bookkeeping, tax preparation, and legal assistance actually increase in demand during crises as businesses struggle with reduced resources and individuals face financial complexity. These skills transfer across industries and scale from part-time side work to full-time practice based on available time and market demand.

Building revenue streams during stable times

Each additional income source requires months or years to develop reliable revenue. Starting during crisis means competing with desperate job seekers while lacking resources for business development. Begin building secondary income immediately through freelancing, consulting, rental properties, or product sales that complement primary employment.

Focus on scalable activities requiring minimal ongoing time investment once established. Digital products, automated services, and passive investment income provide revenue without proportional time requirements. Physical product businesses should emphasize high-margin items with extended shelf life rather than perishables requiring constant attention.

Smart Resource Management and Cost Reduction

Economic crises demand fundamental spending philosophy shifts beyond simple budget cuts. In 2013, 50% of Americans couldn’t handle a $400 emergency expense, improving to 36% by 2020 before deteriorating again. This fragility stems from lifestyle inflation and reduced savings discipline that leaves families vulnerable to any income disruption.

True crisis spending focuses on maximizing resource efficiency while maintaining quality of life through strategic choices. The goal isn’t deprivation but intelligent allocation that builds resilience while reducing vulnerability. Every dollar saved strengthens your position for both crisis survival and recovery opportunities.

Distinguishing essential from discretionary expenses

Housing represents most families’ largest expense, but “essential” shelter differs dramatically from lifestyle preferences. Moving from expensive neighborhoods to modest areas can free thousands monthly for crisis preparation. Transportation needs might require reliable vehicles, but luxury models and excessive car payments represent discretionary choices that weaken financial positions.

Food expenses offer massive reduction opportunities without sacrificing nutrition. Home cooking, bulk purchasing, and strategic coupon usage can reduce food costs by 50-70% compared to restaurants and convenience foods. Healthcare requires maintaining insurance and preventive care, but expensive elective procedures and premium plans may need reconsideration.

Strategic stockpiling without hoarding

Venezuela’s crisis demonstrates stockpiling importance – one-third of the population lacks adequate food while prices double every 19 days during hyperinflation peaks. Smart stockpiling focuses on items you’ll definitely use, rotating stock to prevent waste while building security against supply disruptions and price spikes.

Concentrate on shelf-stable foods your family actually eats: rice, beans, pasta, canned goods, and freeze-dried items. Include hygiene products, cleaning supplies, basic medications, and paper goods that store indefinitely. Buy during sales, building reserves gradually rather than panic purchasing that strains budgets and creates waste.

Protecting Assets During Economic Turmoil

Traditional investment strategies fail during genuine crises when stock markets crash, bonds default, and currencies collapse. Iceland’s 2008 crisis saw their currency lose 50% of value while banks holding most citizens’ savings failed completely. Asset protection during crisis prioritizes preserving purchasing power over generating returns.

Successful crisis investing requires understanding how different assets perform under various economic scenarios. While stocks provide excellent long-term returns during stability, they suffer massive losses during crisis periods. Bonds face default risk and inflation erosion. Real estate can provide inflation protection but suffers from illiquidity when you might need funds quickly.

Building inflation-resistant portfolios

Inflation destroys traditional savings as governments print money attempting economic stimulus. The personal savings rate fell from teens in the 1960s-1980s to under 2% by mid-2000s, partly because inflation eroded savings value. Modern portfolios must include assets that maintain purchasing power when currencies weaken.

Physical assets like real estate, precious metals, and commodities provide inflation protection because their values typically rise with general prices. Include Treasury Inflation-Protected Securities (TIPS) for conservative holdings that adjust with inflation. International bonds and stocks provide currency diversification, protecting against dollar devaluation.

Alternative value storage beyond traditional markets

Precious metals serve dual purposes as inflation hedges and crisis currencies when banking systems fail. Gold maintains purchasing power across centuries while silver provides smaller denominations for practical transactions. Store physical metals securely rather than paper certificates that depend on financial system stability.

Productive assets like tools, equipment, and land provide ongoing value through use rather than exchange. Quality tools enable income generation through repair services while lasting decades. Farmland produces food regardless of currency values. Solar panels and water systems reduce ongoing expenses while providing essential services during infrastructure failures.

Essential Crisis Survival Skills

Economic crises disrupt normal supply chains and service availability, making self-sufficiency skills invaluable. Iceland recovered quickly partly because citizens maintained traditional skills in fishing, farming, and crafts that provided alternatives when modern economy collapsed. These capabilities reduce expenses while creating income opportunities.

Basic skills addressing fundamental needs provide both security and income potential. Food production, preservation, and preparation reduce grocery dependence while potentially generating sales. Home maintenance abilities save service costs while helping neighbors creates community bonds and barter opportunities. Medical skills from first aid to herbal remedies reduce healthcare costs while serving others.

Food production and preservation mastery

Container gardening produces surprising food quantities in minimal space – a 4×8 foot plot can yield hundreds of pounds of vegetables annually. Start with easy crops like tomatoes, peppers, lettuce, and herbs that provide immediate value. Expand to potatoes, beans, and squash that store well and provide complete nutrition.

Preservation extends seasonal abundance year-round while building crisis food supplies. Canning requires minimal equipment investment while preserving fruits, vegetables, and meats safely for years. Dehydration works for everything from herbs to complete meals. Fermentation creates probiotic foods that improve health while extending vegetable storage.

Repair skills that save thousands

Basic plumbing repairs like fixing toilets, unclogging drains, and replacing faucets save hundreds per incident while preventing water damage. Electrical skills for outlet replacement, fixture installation, and basic troubleshooting eliminate service calls. Automotive maintenance, including oil changes, brake work, and tune-ups, saves thousands annually.

Tool investment pays dividends through decades of use. Quality hand tools last generations while enabling countless repairs. Basic power tools multiply productivity for larger projects. Diagnostic equipment for vehicles and appliances identifies problems before they require professional intervention.

Building Community Resilience Networks

Individual preparation multiplies effectiveness through community coordination. Iceland’s rapid recovery succeeded partly through strong social cohesion that enabled resource sharing and mutual support. Building relationships before crisis creates trust necessary for effective cooperation when systems fail.

Local networks connect complementary skills and resources for mutual benefit. Farmers need equipment repairs while mechanics need food. Teachers can educate multiple families’ children while parents provide various services. Medical professionals trade healthcare for home repairs. These connections create resilience exceeding any individual preparation.

Creating local exchange systems

Barter networks operate independently of monetary systems, enabling continued commerce during currency crises. Venezuela’s crisis spawned extensive barter systems where professionals trade services for food and necessities. Establishing these relationships before crisis builds trust and communication systems for smooth operation.

Start with immediate neighbors, building relationships through small exchanges and shared activities. Expand to local community groups, churches, and organizations with shared values. Document skills and resources within your network, creating directories for easy connection during needs. Establish clear exchange guidelines preventing exploitation while encouraging participation.

Skill-sharing cooperatives

Educational cooperatives multiply community capabilities exponentially. One person learning preservation techniques can teach dozens, who teach others, rapidly spreading crucial knowledge. Focus on practical skills providing immediate value: financial literacy, food production, health basics, and emergency response.

Structure learning around hands-on practice rather than theory. Canning workshops produce actual preserved food while teaching techniques. Repair cafes fix items while demonstrating methods. Garden tours show successful techniques while sharing seeds and cuttings. These activities build skills while strengthening community bonds essential during crisis.

Final Thoughts

Economic crisis survival requires comprehensive preparation beyond standard financial advice. Building multiple emergency fund layers, eliminating debt, diversifying income, developing practical skills, and creating community networks provides resilience for whatever economic future emerges. The families who thrived through past crises prepared during good times rather than waiting for trouble.

Start implementing these strategies immediately – each day of delay reduces your preparation time and increases vulnerability. Whether the next crisis arrives in months or years, those who prepare comprehensively will navigate challenges successfully while others struggle with basic survival. Contact the experts at Complete Controller for professional guidance on building financial resilience and implementing these crisis preparation strategies for your business or personal finances.

Frequently Asked Questions About Economic Crisis Survival Tips

 How much emergency fund do I need for a real economic crisis versus a regular recession?

While standard advice suggests 3-6 months of expenses, genuine economic crisis preparation requires 6-12 months of funds distributed across multiple storage methods including bank savings, physical cash, precious metals, and stockpiled goods to handle extended unemployment and potential banking system failures.

What skills are most valuable to learn for economic crisis survival?

Food production and preservation, basic home and auto repairs, medical/first aid skills, and financial services like bookkeeping provide the best combination of personal benefit and income potential since these address essential needs that continue regardless of economic conditions.

Should I pay off debt or save money first when preparing for economic crisis?

Prioritize eliminating high-interest consumer debt (credit cards, personal loans) first since this provides guaranteed returns of 15-30% annually while removing obligations that become crushing during income loss, then build emergency savings once high-interest debt is eliminated.

How can I prepare for economic crisis on a tight budget?

Start with free preparations like learning skills through YouTube, building community relationships, and creating budgets, then gradually accumulate supplies through sales and bulk buying, eliminate unnecessary expenses to accelerate debt payoff, and develop side income streams that require minimal investment.

What’s the difference between hoarding and strategic stockpiling?

Strategic stockpiling involves gradually accumulating 3-6 months of items you regularly use and will definitely consume, rotating stock to prevent waste, while hoarding means panic-buying excessive quantities you can’t use before expiration, creating waste and financial strain.

Sources 

• Federal Reserve Board. (2024). “Amid a resilient economy, many Americans aren’t ready for a ‘rainy day.'” Minneapolis Fed. www.minneapolisfed.org
• U.S. Bureau of Economic Analysis. (2024). “Personal Saving Rate Data.” www.bea.gov
• Bankrate. (2023). “Emergency Savings Survey.” www.bankrate.com/banking/savings/emergency-savings-report
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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.\ Reviewed By: Brittany McMillen

Brittany McMillen

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

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Every startup requires ceaseless efforts and sleepless nights to make it successful. Starting a business is always a hectic task. Every aspect requires the perfect blend of creativity and logic to choose the best option that considers customer demand and low costs. According to a survey, around 92% of startups fail; however, an entrepreneur can always learn from the mistakes of others and can overcome challenges that arise on their way to success.  In that survey, 30 business owners were interviewed, and their experiences highlight the following key points:

Your Customers Are Everything:

Entrepreneurs must develop products that a customer wants, and the products in demand must be on the priority list of a business owner. All the business and marketing mistakes can be resolved, but you will undoubtedly face a significant financial loss if your product is not in demand.

Patience is the Key:

In business, obstacles are a huge part. One cannot ignore or avoid these things. However, it should never take away the motivation of a business owner. Patience is always required in a business to make it successful. A downfall or a failure can open the doors for new and wonderful opportunities.

Find the Exact Problem:

The biggest problem a business owner faces is not identifying the exact problem that is causing issues. Knowledge of all business areas is required for an owner to follow the correct path and find the main obstacle causing all the problems. Once the issue has been identified, finding a solution can be a similarly tedious task. This step is more difficult than finding the problem and can require numerous strategies and endless efforts to bring the business back on track.

Team Building:

A person can always start a business individually, but running it requires a team. One person, alone, cannot do all the work perfectly; therefore, several subject matter experts should be hired, and the work performed by a team.

Limited Social Life:

Starting a business can often suck the life out of a person. The sleepless nights and working weekends do not afford the businessman a robust social life. All the activities must be compromised in one way or another to keep the business on the right track.

Business and Life:

When you take your business to a point where it becomes stable, and it does not require your day-to-day attention so that you can keep up with a social life. Give time to your family and friends while maintaining your business. However, do not let your personal life become your highest priority. A healthy balance should be maintained between both.

Start with Small and Simple:

Whenever a business gets started, a business owner keeps his expectations and dreams high. During the process, he can aim to ramp up production and generate a large amount of revenue. This usually ends in failure or the inability to generate any revenue at all. A person starting a business should target and tackle small and simple tasks first, then move towards bigger projects while maintaining the smaller ones’ operations.

Prioritizing:

The success of a business lies in highlighting the right priorities. An entrepreneur must realize which stakeholders of their company are the most important. They should also prioritize tasks and production according to the appropriate revenue generation technique. Allocating resources to the wrong aspect decreases the efficiency of a business and minimizes potential revenue.

The Network:

It is highly necessary to keep in touch with all the people who might be of some help when you start a business. Step out and start introducing yourself to the people who are involved in your industry. You will end up building a solid network of professionals you can count on later. 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.

Your trip departure date has arrived, your suitcases are packed, everything is ready, and you head to the airport to take off for a new destination. When you arrive at the airport, unfortunately, everything does not go as planned. You discover with surprise that your outward flight is announced canceled or delayed. What to do? Can you be compensated? Here is a guide for how to get financial compensation for a delayed or canceled flight.

How do I know if a flight is delayed or canceled?

Is your flight on time, delayed, or canceled? The best solution to find out is to inquire directly with the airline that provides the flight. If the status of your flight is changed, it must notify you as soon as possible.

The vast majority of airlines publish the status of their various flights on their website. Just bring your flight number and consult the corresponding section to know your departure time in real-time.

The vast majority of airlines, low cost or not, provide their customers with various means of information to disseminate their flights’ status. They also give the passenger’s telephone call lines dedicated to flight info as well as mobile applications.

You can also rely on airports to inform you. The majority of them have information points where companies are required to inform you about your flight status. Some airports, such as Paris airports, offer a website that broadcasts all flights’ air traffic conditions for the next 24 hours, regardless of the airline.

Flight delays are often announced shortly before the scheduled departure, whether for international or national flights, be careful!

What to do in case of flight delay or cancellation?

• Know the reason

First, if your flight has been canceled or delayed, we advise you to determine the reason for the delay or cancellation from the airline. The reasons can be linked to many exceptional and unforeseeable circumstances: force majeure, weather conditions, strike action, technical problem, etc.

Depending on the reason, the airline may be able to take care of you until the next flight, and in any case, it is obliged to explain your rights and the compensation procedures that you may carry out.

• Request a replacement flight or request a refund

Canceled flight: in some cases, you can request a replacement flight as soon as possible or request a refund from the airline. To do this, be sure to obtain a document from them indicating the assistance and reimbursement methods for your plane ticket.

The company can also compensate you by offering other means of transport such as the train or a rental car when possible.

Delayed flight: If the delay is significant, the airline company is obliged to assist you, even compensate you. If your flight is delayed by at least 5 hours and you forgo the originally scheduled trip, you should be entitled to a refund from the airline.

• Claim basic airport services

If necessary, you can request basic services at the airport (snacks and refreshments, overnight accommodation if the flight is postponed until the next day). Depending on the delay, they must be made available to all passengers and paid for by the airlines.

• Claim compensation

You can claim compensation from your airline or your travel insurance in some canceled or delayed flights if you have taken out one.

Important: collect and keep all the evidence and supporting documents. Boarding pass, ticket confirmation, purchase invoice, the reason for flight cancellation or delay, etc., you will be asked to do this when you approach the airline. If you manage to arrive at your final destination despite a delayed flight, be sure to ask for a flight delay certificate.

If your flight is canceled, the main condition for reimbursement is that you have been notified less than 14 days in advance. You can receive a lump sum compensation concerning delayed flights if you arrive at your destination with a significant delay. If you miss your connection due to a long delay or are denied boarding, you can also claim compensation.

 

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 biggest challenge faced by most business owners is that they aren’t skilled in selling their product or service. In some cases, you may want to hire a professional to handle marketing and sales. You will also want to understand the skills it takes to promote your business, products, and services.

Even if you hire a professional to handle this aspect of your business, you are not off the hook. Because you are the owner and the main representative of your business, you must have the skills necessary to sell yourself, your business, and the products or services it offers. Everyone wants their business to be a success, or they wouldn’t bother to have a business, but you have to invest in your skills to sell it to others for that success to come to life.

These skills need to include one on one interaction along with the ability to speak to groups. There may be opportunities that come about for you and your business that will require public speaking skills. However, even if you never have to engage in public speaking, having that skill will still help with confidence and sell your goods and services no matter the scale. Here is how you can have the skills to own and operate your own business.

Communication is Key

Everything does eventually fall into place once a person is willing to make an effort. Every single thing is hard at its start. Just like riding a bike, a person learns it with trial and error and succeeds in the end with different experiences. Learn the art of putting oneself out for the sake of business and be ready to speak confidently, even in the most uncomfortable situations.

Communication is the most important part for any individual starting fresh. As a new business owner, a person must keep a check on the network and market regularly. From networking with customers and structuring supplier payment, a person must have great communication and convincing skills.

Know Every Aspect of the Business

Although initiating a business has varying degrees of challenges, you must know the business’s legal aspects. While having the skills to sell your products and services is heavily focused on, one legal issue can destroy a business.  Therefore, understanding any regulations that can affect your business will be necessary.

Another aspect of the business you need to understand is the accounting process. Whether you hire a professional to handle accounting and bookkeeping or do it yourself using accounting software, you should understand everything there is to know about this aspect of the business.

One other aspect of the business you need to be skilled in is the hiring process. Whether your business needs to be staffed right away or later as your business grows, you must understand how to implement every aspect of the hiring process. The process includes posting the job, filtering out viable candidates, conducting the interviews, and making employment.

Supplement passion with education

The most important ingredient for any successful business is to have a driving force. Once a person has a passion for something, they can achieve so many goals. It is important to understand that an individual shouldn’t be making all decisions with passion with everything in place. While passion can be the driving force behind the business, education and gaining all the skills needed to run your business successfully will be a necessary supplement to this passion.   

Conclusion

You must include other professionals that can further aid in the progress of the business. These professionals include lawyers, financial advisors, accountants, marketers, and any other professionals specific to your business type.  No matter how many others are involved in your business, as the owner, you should have the skills to handle every aspect of the business. If you find that you have a deficit in those skills, you must get the education needed to add what is needed to your skillset.

 

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.

Those who have never been or lived on a farm may think farming is easy. While farmers generally love what they do, they will tell you it is far from an easy life. Depending on the farm’s type and size, farmers often work without breaks and earn a small amount of money. This lack of profit may trouble farmers and compel them to quit farming or question whether they should find other ways to earn a living. While it is understandable that they would feel this way, farming, for the most part, is a worthwhile endeavor and form of earning a living.

While some farmers may have those moments of feeling as though they want to quit, if you asked most farmers if they would trade farm life for city life, they would never trade it. However, though most farmers would not trade their rural life for a city one, many will say they desire their living and life to be more comfortable. Here are a few ways that a farmer can make a profit and their current farming practices.

Grow Medicinal and Gourmet Mushrooms

Growing medicinal and gourmet mushrooms can be highly profitable as they are in high demand and fetch a higher price than other types of crops. Because of this demand, getting into the market can be a challenge. Depending on the type of mushroom, a farmer growing them can have a healthy harvest in 15 weeks with a yield of about 4 lbs. per square foot.

Additional Tips:

• Before harvesting mushrooms, contact and take orders from restaurants
• Get booths at farmers or other markets and expand the reach of mushrooms along with sales
• Gather knowledge about how to grow profitable mushrooms perfectly

Turn Field into a Campsite or RV Park

Some farms have enough land to continue farming while providing land for other uses. One such use is making a piece of the land into a working campsite or RV park. Different types of campsites can be developed. There can be sites where campers can pitch a tent and rough-it a little more, or you can have campsites that provide electricity and other amenities. Either way, most will have shower and bathroom facilities available nearby the campsites.

The idea of having some land set aside for an RV park is gaining popularity. Many of those who want to get away find rural areas a literal and figurative breath of fresh air. In some cases, farmers allow those that stay on the farm to interact and help with farming tasks as a part of the experience. This offering of a rural getaway and experiencing a different way of life can be profitable. However, the benefits to the campers and farmers can be beyond the profit gains.

Additional Tips:

• If offering a piece of the land as an RV park, the conversion would require slots with electricity, water, and sewage hookups.
• Start a small shop containing necessary food items if the campsite isn’t too close to a town. Campers will love the idea of not going back to town and buy needed items and will be happy to purchase from the campsite shop.
• A lot of people especially retired people loves the idea of living in RV’s permanently and might often spend weeks or months at a campsite.
• Provide free Wi-Fi for campers. Nowadays, almost everyone wants to stay connected to the internet all the time, even when people are outside their home. The access code can be changed frequently to keep it safe from people who aren’t camping.
• Campsites can also include playgrounds or dog parks to give additional attraction to campers or RVers.
• You can also offer meals or ways for campers who do not have an RV with a kitchen, meal options.

Conclusion

Farming is not the easiest living, and therefore it can be a challenge to be profitable. While some crops are profitable on their own, it may become necessary to look for ways to make your farm more profitable. These are just a few ideas you can use to bring in more revenue while still keeping the rural life for yourself.

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.