Author: Jennifer Brazer

From student loan debt to credit card loans, most people around us are drowning in some sort of debt. However, with living expenses rising daily, saving money to put towards debt has become more difficult.

The best way to begin tackling overwhelming debt is by having a detailed plan and sticking to it. However, you must keep in mind that there isn’t any best way to go about it. Begin by looking at the complexity of your debt and plan accordingly.

Today, we present you with guidelines that can be beneficial in getting you out of debt in no time, especially in this fast-paced new decade.

Don’t Pay Minimum

Most credit cards provide the leniency to pay off a minimum amount every month. However, while this leniency may be convenient during tough times,  it can take forever to pay off your balance. So, to minimize your credit card debt, ensure to pay more than the minimum amount. Even if you pay an extra $50 every month, it can do wonders for your overall balance. Try out a financial calculator if you need help.

Spend Smartly

Ever since our days of childhood, we’ve been told to spend on absolutely necessary things. But, as we grew up, we saw that this is a lot more challenging than it sounds. However, it’s never too late to change and become a smart spender.

Of course, we will have to make sacrifices, but it can be fruitful for a brighter tomorrow. All it really takes is living according to, or below, your means. For example, you can also opt for a cheaper brand than the one you like to save money to pay off your debt.

Another way to becoming a smart spender is to pay in cash so that you can hold back. Using a credit card can sometimes feel like “fake money.” When you pay in cash, you can physically see the amount of money you are spending. Try to follow this approach until your finances are back to normal.

Take Out the Big Guns First

We’re talking about huge debts, not huge gunmen. In other words, if you want to lift a heavy load on your debt history, pay off expensive debts first. This is ideal since the largest debt will be charging you with the most interest. If you take out this huge debt first, it will be easier for you to pay off the least expensive ones in the coming months. This strategy is sometimes referred to as the snowball effect and can get you out of debt in no time.

Be Aggressive and Get a Second Job

Another common approach to paying off huge debt is to work an extra shift or two or get a part-time job in your free time. However, this approach isn’t for everyone, but if you have the time to pull it off, then go for it! Remember, this is only temporary.

Track Your Spending

It is one thing to be a smart spender; it is also important to cut down on expenses. In other words, keep a close eye on your expenses while you’re trying to pay off your debt. In this way, you can identify areas from which you can save a few bucks every month.

All in all, cleaning off debt is a struggle that many people currently face. However, if you want to live a life of prosperity and dignity, then you have to make sacrifices. Sacrifices today can lead to a promising tomorrow. So, put your credit cards on ice and began your quest for a debt-free life. Good luck!

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 other day I was surprised when I read that more than 1,000 people a month search “how much money you have to have saved at age 40?” … literally these words.

As I started researching, I discovered that there are formulas to calculate how much money you should have saved according to your age.

This article will give you my opinion on how much money you should have saved up to and beyond age 40.  While I will give you the exact figures, it is impossible to generalize.  What really matters is the path you are following and the steps you are taking to save. You are saving; that will be what will really mark your economic well-being.

 

Statistics on Saving are Grim

The average savings of someone living in America is 7.9% of their income, but 45% of the American population does not save and has no financial safety net to face unforeseen events.  With some families saving between 30% and 50% of their salary, it is clear that there are many others that save 0% to have an average of only 7.9%. Given these statistics, it is logical why there are so many people looking for an amount they should save by 40.

When someone starts working, he enters the rat race headfirst, and usually, when he gets close to 30-35, he begins to think that it is time to save. It is at that moment when he looks for how much to save at 40, and he realizes that he is late.

 

How Much Must be Saved at 40 According to Experts

How much money should be saved according to age? There are many theories, but there is a formula I found simple enough to highlight. According to the formula prepared by finance expert Kimmie Green, at 40 years old, someone should have saved the equivalent of 3 times their annual salary.

That is, if your annual salary is $20,000, then you should have saved $60,000. According to Green, at 30, you should have saved your annual salary, and then you should add that amount to your account every five years. Thus, at 40, you will have three times your salary, at 50, you will have five times your salary, and at 65, you will have eight times your salary. To achieve that savings without investing your money, you must save 20% of your annual salary.

However, the amount of money you have saved at age 40, or any other age, is not the only important thing; what you do with that savings is also very important.  Saving in the long term without doing anything with that money is unwise because inflation causes your money to lose half its value every 25 years or so.

 

Important to Note

• What really matters is not the amount you have but the freedom that it gives you.
• Having money gives you freedom and peace of mind, and that is priceless.
• Do not try to only follow formulas that tell you how much money you must have depending on your age.
• Make a plan, control your finances, and save and invest money to be freer every day.
• Follow your own path, and you will accomplish your own goals.

 

Someone who does not have a financial safety net to face unforeseen events is someone who lives uneasily; someone who lives wishing that nothing will go wrong.

 

All in All

The reason people save money for their 40’s is because of unforeseen circumstances. The future is unseen and unpredictable. The only way to save ourselves from worst-case scenarios is to start saving today. It is better to be prepared for the unknown than to be swept away by it. Save money for the peace of mind and body; save 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.

Do you want to start spending less money? If you have planned to save every month, you cannot imagine the number of tricks and tips that we could give you. You can learn to manage your finances better by doing what you already do but for less.

The way to diminishing your spending is to curtail a little in each area. We fail to think about the absolute yearly expenses of the things we spend our well-deserved cash on.

If you want to save more and spend less, the following tips and advice will allow you to reduce costs almost without realizing it. Of course, you will have to be aware of and follow these tips to the letter; but if you do, success is assured.

1. Only buy what you need

One of the ways to spend less is to buy only what is needed. On many occasions, we get carried away by the offers that encourage us to buy more, which makes us believe we are really going to save money. But we may not need more than what we were going to buy at first. Therefore, if you ask yourself how to spend less, you should know that it is important to buy only the essentials.

2. If you are going to buy, can you get it for free?

Do you need to buy a tablet? A book? Make a phone call? The truth is that we often spend money on things we can get at zero cost.

For example, a phone call on WhatsApp can be made for free, just like a Skype video call. However, if we call directly and do not have a flat rate, our operator will charge us for the call. The same applies to international telephone numbers; because the minute is costly, there are often free alternative methods.  Similarly, if you intend to buy a book, you could get it for free through your local library. These are several examples of how you can obtain things that, a priori, would make you spend money without realizing it.

3. Do Christmas shopping months in advance

One way to spend less is to start Christmas shopping earlier. Not only will you save on food (since seafood and other items can become more expensive at Christmas time), but you can buy gifts with more peace of mind, more variety, and save money. It is better to buy during a sale.

4. Look for the best discounts

Do you usually shop online? In that case, take time and always look for discount codes or coupons to apply in the checkout process. Also, make purchases even if it is out of season to guarantee the lowest possible price.  Above all, of course, compare prices.

5. Avoid buying if you are not well

It has been demonstrated that a person, when sad or worried about something, tends to buy more and more to fill that inner emptiness. If you are aware that you usually shop emotionally and want to spend less, it is best to be aware and avoid this practice when you are not in your best mindset.

6. Sell what you do not use

Do you have clothes at home that you no longer use or don’t fit? Are there things you want to get rid of? Do not throw them away, because you could get extra money selling things you do not use. In turn, you can use this money to buy useful things or put towards a monthly purchase. It is one of the fundamental responses to the question of how to spend less.

7. Minimize transportation costs

Do you drive to work? Travel by bus or subway? Do you have to pay for parking? Analyze the different forms of transport for your day to day and, if you want to spend less, you will only have to see which is the most economical option.

8. Take food to work

Bringing food from home is a highly recommended practice that can lead to a healthier lifestyle and save money every month.

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 a small business is not easy, but that does not mean one should not start one. If an entrepreneur has an idea and believes that it can be turned into a small business, they must go for it. Numerous things need to be taken care of before jumping right into starting a business.

Being realistic, ruling out the possibility of failure is not a wise choice. An entrepreneur must work, keeping in mind all the possible ways a business can go. Many myths surround starting a business, but this does not have to demoralize an individual with potential!

Here are the four significant things that an entrepreneur must know before setting up a small business. These are things that every person needs to keep in mind to become a successful entrepreneur.

Nothing Works without Planning

The first step to starting anything is always to plan. Without planning, everything will be disorganized, and there will not be any particular direction. It is important to have a defined direction to cover the distance and complete the journey. The very first step is, of course, to come up with an idea.

The next step is to convert an idea into an executable plan. This drawn up strategy must highlight the purpose of the small business, the methods to spread the word about the business, and the milestones. These are the three essentials of a business plan. Without planning and direction, every business is bound to fail.

Planning, therefore, is one of the fundamentals of starting a business. It provides clarity and the necessary steps that have to be taken before launching it for the audience. Daring up a plan must include thorough research. Carrying out research helps in broadening the horizon. It helps to list all the possibilities, which allows an entrepreneur to be prepared irrespective of where the situation is leading them and their small business.

Confidence and Self-discipline

Stepping into the execution phase requires optimism, confidence, and discipline. It is advised that before one steps into the prepared plan’s execution, they need to have a clear mind. The power of self-confidence is always underestimated; it can work wonders for people.

Proceeding with the plan requires an entrepreneur to be disciplined. It will be the entrepreneur himself that will be held accountable for any failures and mistakes. Discipline is what one has to practice to stay away from such scenarios. It is important to always stick with the plan as it includes solutions to all possible situations. At all times, the budget has to be respected as it is one of the most highlighted qualities of a successful entrepreneur. Lastly, dedicate all the time and efforts to meet the milestones outlined in the plan. To keep up with the plan helps in maintaining a good pace.

Make it About Passion

Not in any circumstances, one has to forget the reason why it all began. It was one’s Passion that led them to start their own business. Passion must be the only driving force for an entrepreneur. It has the power to makes a person determined, and it is one of the qualities that every aspiring entrepreneur must possess. And it is the passion that will help entrepreneurs to stick with the plan. Therefore, always follow the passion and make the startup all about it!

Accept Help

Sometimes it is hard for people to realize that they need support. It can be moral as well as financial. Asking for help is not something to be ashamed of. Starting a small business single-handedly can be very tough. Having support from friends and family can be helpful. It is not a journey that can be covered without any assistance. It takes a lot of effort to start and then stabilize a startup.

Also, having a coach or mentor can be beneficial. They provide direction and guidance that helps in dealing with different situations that emerge during the journey. Their experience is of high value and can help people overcome some significant hurdles.

Having these notions integrated into minds can make an entrepreneur strong. Also, it will help them take into consideration all the possibilities. This way, they can prepare themselves for the worst and enjoy the results. Starting even a small business is tough, but these are the most important things to be kept in mind before doing it. A business flourishes or fails depends only on the decisions one makes and the attitude of an individual. A winning strategy is to practice a positive attitude, leave the ego behind, and be determined and execute it because procrastination will add to the difficulties and not do any good!

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

A credit card is a financial instrument that works as a means of payment that can become a financial burden for those who do not plan their finances before the due date. Credit cards are a double-edged sword. On the one hand, they can help make necessary purchases, cover emergency expenses, or get the user out of financial trouble. On the other hand, they can also become a catastrophe for those who do not plan their finances and those addicted to compulsive purchases. It is also used to obtain credit from banks, and the issuers grant the user a revolving line of credit through a contract.

In the US, there are about 25 million credit cards, and the rate is only increasing. On average, the debt of those who have lost control of their cards reaches about $10,000. This debt is fairly common. However, having a credit card is not all bad.

If you’re using your credit cards sensibly, no adverse effects will follow you into debt. Instead, you’re all set to reap results that’ll make you financially stable. There are bonuses added to your balances when you are managing your credit cards correctly. There are many benefits to having a credit card, from rewards both with your credit card company and partners to cash backs on specific purchases. Here are four things you should know about having a credit card to use it responsibly.

Know All the Costs

Before deciding to acquire a credit card, it would be helpful to keep in mind all the expenses that come with it: annuity, interest rates, fees, and commissions. These costs can hurt your finances and cost you a fortune if you don’t consider them beforehand. Many people are happy they qualify to have a credit card and a line of credit and don’t consider these costs, which can come back to haunt them later in keeping up with payments. One way to cut these costs when you hold a credit card is to pay the balance as quickly as possible. Not only will paying your credit card balance avoid some of the costs, but it will also positively build your credit.

Payment Schedules

Living and spending outside your monthly means by using a credit card or any line of credit can be a dangerous thing to do regularly. We have to keep this danger in mind when contemplating purchases of things that are not necessities. When you are going beyond your income regularly, the adverse effects will eventually catch up to you. If you are making only minimum payments or not meeting these payments, it won’t take long to be drowning in debt.  

Hence, following this basic rule, having a credit card does not spend more than you earn. And always keep your balance low enough to pay the balance in full each month or at least make above the minimum payment. Your payment schedule should always be above the minimum requirement, or you will soon be living to work for the profits of the credit card company and not you and your family.

Be Responsible

When using your credit card, you must keep in mind that small debt with interest and fees can get out of control in mere months. If you are making purchases greater than your means regularly, this can have devastating results because it stands to reason that you will get swept up in debt even with payments. If you put off your payments for even one month, you can also find yourself losing control of your credit card debt. To avoid this, you should use your credit card only for things you can afford to pay back within the month. You should also always make payments above the minimum and avoid using your card again until you have a zero balance as much as possible. For best results, you should only be using your credit card to build your credit, to cover emergencies, or to give you the ability to buy something between paydays that you can easily pay back when you do get paid.

Alternative Lines of Credit

If you find it difficult to stay out of debt because of the interest or the temptation to use your credit card more than you should, for emergencies or occasional big purchases, you should look into other lines of credit. There are hundreds of online small loan companies that, even with bad credit, will give you a small loan up to $1,500. While these loans can potentially give you difficulty if you can’t make payments, they are at least limited and don’t give you the possibility to keep getting further into debt with revolving credit like with credit cards.

Conclusion

Credit cards can be a great financial tool and a useful form of payment as needed. The credit card itself is not a bad thing to have for emergencies or to tide you over until payday, but you have to keep in mind that it should not be used to live outside your means, or you will end up drowning in debt.

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.

Owning and operating a business is a challenge. This challenge is especially true when it comes to owning and operating a restaurant. Though restaurants can gain a loyal customer base, you can’t bank on that loyalty for steady revenue with so many choices available. Some factors can affect the restaurant business like no other business. Strict regulations, competition, and location are more crucial when running a restaurant than any other industry. Here are five strategies to help your restaurant succeed.

Establish Solid Objectives

We all know that defining our objectives is essential to achieve long-term success. However, sometimes we do not get the results we expect because we do not clearly see the next steps. A recent study from the University of California revealed that those who regularly assess their goals achieve them at a much higher level than those who did not. It was discovered that they are 42% more likely to reach objectives in comparison.

Keep a Calendar

To be an organized entrepreneur, you must have a calendar in your tools. Using a calendar to help you set and maintain goals will allow you to keep daily, monthly, and yearly goals in your sights and keep anything from falling through the cracks. When it comes to daily goal setting, you can use the calendar to be a timer to help with, which every entrepreneur struggles against.

Control Your Priorities

As with any business, the restaurant business comes with a unique set of built-in tasks. While it should be your priority to hire a manager to help you with day to day operations and putting out the fires that inevitably come up each day, you may not be able to afford to hire a full-time manager and need to take on the tasks yourself.

In your calendar, we already established you should be setting out your daily, monthly, and yearly objectives, but what your calendar can’t hold is the things that come up that are unforeseen. As you work through your day, you have to prioritize issues such as calling in sick or low inventory on a crucial product. Instead of running from fire to fire, you should prioritize each issue and act accordingly.

Take Notes

As issues arise or you receive feedback and suggestions, you should take notes to use later to factor into what you need to do. No business is running all the time optimally, but you may receive ideas or suggestions from employees or customers or even from your epiphanies. Make sure you keep a notebook handy, so you can write them down to consider implementing at a later time.

Most innovative and creative people don’t get inspiration or ideas from one source; they gather them from multiple sources. They also don’t rely on their memory to retain the ideas that come to them and have a way to note the ideas to continue working through their day. If you don’t carry a notebook, you can use a notes app on your device. The most important thing to remember is that no idea or suggestion is a bad one until you have had the opportunity to assess it.

Proactive Approach

Whether it be a person that is running a business, or someone working for someone else in a  nine to five job, a proactive approach is necessary for all work fields. A person should be ready for any outcome but not wait for it to react to it. There are many moving parts in the restaurant business and many things that can come up in day-to-day operations. A good business manager will have a reaction ready for every feasible situation.

Conclusion

Managing a restaurant can be tricky, and you are always at the risk of failing, but failure should not be a forgone conclusion. You should always be implementing strategies geared towards success and have the attitude that failure is not an option. You should never listen to statistics about the failure rates and move forward, knowing you have solid strategies on your side.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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 concept of social media management is spreading like wildfire among businesses. In today’s world of cut-throat competition and advanced technology, mastering this concept is key. What exactly does effective social media management look like for your brand, and how can you ensure that your business’s digital marketing strategy will succeed? Let’s take a look.  

With more than three billion people signed into social media accounts daily, it is clear that this marketing tool is powerful! With this great power comes great responsibility. To maximize the results of your social media campaigns and master this concept successfully, you will need to execute a marketing strategy that keeps up with today’s latest technological advances and be on top of the most recent marketing trends.  

Your business will need to select which social media platforms and features are best for reaching your target audience and increasing your brand awareness. You must create a unique digital experience that engages users and promotes your brand. Below we elaborate on four major concepts present in effective and efficient social media management.

Increase Brand Awareness

Almost half of the world’s population can be found posting, scrolling, tweeting, and communicating through one social media network or another. This makes it a virtual paradise for advertising and marketing to your current and potential customers. There are tools available on social media today called analytics that provide pages upon pages of precise data on users and their preferences.

A big component of effective social medial management is analyzing and interpreting these preferences to pinpoint the most effective times and content to post. This will increase traffic to your website and help move you up in Google search engine results.

A Digital Word of Mouth

Remember the traditional phrase “word of mouth?” It was an essential aspect of any marketing campaign prior to the introduction of the internet and social media. Social media is the modern-day “word of mouth” With the strategic placement of online communities across your different platforms, you can showcase the reputation of your brand, service, or product.  Customers typically search for product reviews before they consider purchasing the product, right? Incorporating good reviews or ratings into your social media campaign is an example of modern-day digital word of mouth.

Financial Feasibility

One would think that using social media platforms with such remarkable attributes would cost a hefty penny. However, these practices cost nothing in comparison to the results it provides. Most startups can create their initial social media campaigns for free, which helps them save a significant amount in advertising costs.  

User Engagement Galore

Today, businesses are forced to be customer-centric, making user engagement vital.  With new people joining various social media platforms daily, you must ensure that your brand is gaining enough attention.

One of the best features of social media is that you are not bound by location. You can reach your customers anywhere and anytime around the globe. Everything you need is at your fingertips.  In short, social media management is a key catalyst in the expansion of your business internationally.  

However, to make the best use out of these outstanding features, you need the right team! This is where Knowtio comes in! Our social media management experts are specifically trained to reach your target audience.  Our experienced professionals can manage and interpret the analytical data from both your website and your social media accounts to customize a successful model of a social media campaign that will significantly boost user engagement and ultimately help your business rise to the top!

LET US HELP YOU TAP INTO THE UNLIMITED POWER OF SOCIAL MEDIA MARKETING AND CONNECT WITH US NOW

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.

Prioritizing saving money has been engrained into our minds since we were young. We may even recall the saying, “A penny saved is a penny earned!” However, earning and saving that penny has proven to be a much harder task than we once thought. Life is expensive! Speaking honestly, there are several places where the money we earn gets wasted, but that doesn’t mean you can’t develop money saving practices that really add up.  The following are some creative ways to save money; you won’t even realize you’re doing it!

1. Dump all loose coins every night

All that loose change weighing your pocket or purse down at the end of the day? Get into the habit of routinely emptying them out into a container or drawer by your bed. The key is to try to save this accumulation of change for as long as possible, then cash it in. Pro tip: if you go to the bank, you can get rolling paper and roll the coins yourself for an even bigger payout. It can even serve as a fun activity for the whole family and instill the principle of saving every penny in your young ones.

2. Pay your debts, but when you finish, keep paying the bill

Paying that car bill every month can be both daunting and satisfying at the same time. On the one hand, you may struggle to come up with the money and may wonder how you’ll ever pay the bill. But, once it is paid, you feel a sense of accomplishment and pride. Don’t stop there! Once your bill is paid, immediately start working on the next payment. Planning your bills out in advance should help relieve the check-to-check lifestyle that many of us are familiar with.

3. Save at least 70% of the unexpected money you receive

An extra pay, bonus, a return on the income statement, or any amount of money that you did not expect and that you received can be an extremely exciting reward. However, don’t immediately switch into “treat yourself mode.” Try getting into the habit of saving at least 70% of that money.  Make an emergency fund if you do not already have it or pass it to your savings or investment account directly.

4. Automate savings

It is not a creative way to save, but it has been proven to be useful in eliminating the need for willpower. Allocate a certain amount or percentage of your income to be passed over to a savings account and automate it. This takes away the temptation to spend your entire paycheck and encourages healthy spending/saving habits. You may even want to consider investing that money in a low-cost index fund.

5. Make saving a game

While this game can be fun and educational to teach you how to save a child, the truth is that for an adult, it can also be fun, tempting, and profitable.

Put today 1 cent in a jar (yes, that little coin that looks like a button on the shirt). Tomorrow put 5 cents. On the third day, put 10 cents, 20 cents the next day, and so on. If you continue doing this throughout the year,  you should be saving more than $20 in a single day. That comes out to more than $3,000 by the end of the year!  

6. If you like to play, save playing

Although we do not recommend wasting time playing video games, you might as well profit financially if you’re going to play. Long Game and other applications offer real rewards for playing short online games. Use it as an additional way to save for your expenses. You are doing something you fun while also earning!

Now that you have a list of fun ways to save money, make sure you make it a habit. Not only will you be living a more disciplined and healthy lifestyle, but you will also be surprised at how much you actually earn!

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.

Owning and operating a small business can be very difficult and sometimes even draining. You can try to do everything right and still struggle against failure. Many small businesses fail within the first five years, most of those within the first year. However, it would help if you never got discouraged from trying to be an entrepreneur. It’s those with an entrepreneurial spirit that drives our nation’s economy. They often fight through adversity and sometimes defy the odds to succeed.

When you are running your business, it’s easy to lose sight of those areas that can ensure failure if they are not focused upon. Here are four reasons businesses fail and how to overcome them.

Lack of Investment

Many entrepreneurs aim to reduce costs and stop investing in areas where spending is needed the most. You need to invest financially in your business areas that need financial support to continue operating. These areas include technological tools and the modernization of processes by going digital. You also need to invest in equipment and supplies that help you and your staff function with high productivity. When it comes to investing in your business financially, you should always have everything running optimally and have your staff well-equipped.

You also have to invest in training and counseling your staff members, so they are always current on old and new procedures. It is also a must that you, as the owner, are up-to-date and in continuous training to stay on top of your business and top of the game. Investments in your business aren’t always financial.

Lack of Customer Focus

Without customers, your business is doomed to fail. That is the whole purpose of having a business, even if it’s nonprofit. Every business in existence was started to cater to customers and clients. That is why your main focus should be on your customers. As General Electric CEO Jack Welch once said, “Companies cannot offer job stability, only customers can!” Therefore, it is essential that your business practice a customer-oriented philosophy.

You can begin with customer service and follow through with making sure your loyal customers know they are appreciated. You also need to make sure you know your target customer and go after their hearts and well-earned dollars through relatable and grabbing marketing. Everything you do that is customer-related needs to scream that you care about those that pay your staff and put food on your table.

Lack of Motivation

You must bear in mind that entrepreneurship is not a simple task; it requires a desire and attitude to succeed and do what needs to be done even in the face of adversity. Therefore, you can never let yourself lose passion and motivation. Just like a marriage or long-term relationship requires rekindling, you have to treat your business the same way.

You can motivate yourself and your business by never becoming complacent and always striving for growth and stability. This kind of growth and stability can be through innovation or creative marketing. It can also be through making sure your staff knows they are cared about and appreciated and giving them incentives for production.

Lack of Consultation

By seeking consultation, you are opening doors for your company to grow in previously not working areas. Suppose there are areas of your business that are failing and you are unable to assess it or take the difficult steps to correct the problems. In that case, you have to use a consultant and preferably one that is outside the company and unbiased.

Using a consultant doesn’t mean you have to take their recommendations; however, they make recommendations based on data and other observations without having a stake in your business’s success or failure. They can also remove emotion because some of the decisions you may need to make will be difficult.  You only need to hire a consultant if you are unable to see without emotions.

The Bottom Line

When it comes to owning and operating a business, there are so many ways to succeed or fail. You are the only thing standing between the success or failure of the business you started. You have to keep going with the passion and idealism that prompted you to start the business and serve your customers when you started it.

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

Especially in the world today, having a restaurant or food-related business is difficult. Most people who open a restaurant or food-related business have a passion for it. Since it is one of the most difficult businesses to succeed in, any help or advice you can get to succeed will go a long way. Here are twelve tips for running and maintaining a food-related business.

Research

The food industry one of the most cutthroat industries in the world. This competitiveness is why it is essential to do heavy research before starting a restaurant or other food-related business. It is important to know what is trending in the industry while understanding that you can’t base the entire business on trends because they come and go. Successful restaurants and chains will have an unmovable base that sticks with a theme or specialty. They will also add trendy items on a limited basis and keep the trends if they are popular. Do some pointed market research to measure market needs in your area and what people look for in terms of food quality, taste, and affordability.

Marketing

Marketing begins before or as soon as the business starts. Creative and effective marketing attracts many clients and makes your restaurant or food-related business the talk of the town. If your campaign becomes popular enough, you can even be the talk of the world. Using the online environment to highlight your restaurant on major social media platforms can cause a buzz that is widespread if you do something shareable that goes viral. A lot of focus should be on your marketing plan, which should already be laid out in your business plan.

Menu and Pricing

Strategize the menu and offer the best of food that can be made and price it affordably so that your patrons can be of every walk of life. Pricing the menu perfectly is an art in itself. When the menu is balanced, it helps to gain you loyal customers and steady revenue.

Laws and Regulations

Every industry is run under some laws and regulations. The food business is not an exception. The basic concept of the laws and regulations of the food industry is transparency and food safety. To avoid any problems in the future, you must comply with laws and regulations at all times with no exception. 

Edible Logistics

People don’t realize that there is not just a focus on the décor and menu but also the food delivery and packaging. It also requires a focus on the presentation and consistency of the dishes’ presentation, especially if there is more than one restaurant in the chain.

Organize

The restaurant business takes a lot of planning. It would be best if you got all aspects of the business operations under your control. Every detail should be planned and put into a checklist. Multiple things should be organized before starting a business, such as inventory, supplies, ingredients, and so much more.

Nature of the Business

In today’s digital way of doing business, restaurants have to have an online presence and consider taking orders through their website. While a restaurant or food-related business can be successful without an online presence, it’s not recommended. The business should also stay up with the advancement of technology that directly benefits their business.

Branding

While you can follow trends on occasion, it is most important that a restaurant or food-related business stay on brand. Your brand is your image to the people that are customers or potential customers. Branding is the process of presenting your business so that customers and potential customers recognize it. This promotion of your brand should be positive and well-executed.

Staff

When hiring staff, you must make decisions that work for your business in every facet. You should hire cooks or chefs that have skills that fit the type of cuisine you carry. You want servers and hosts that are knowledgable, friendly, and well-spoken because they will be the only image of your business some customers will get. The staff is as important as the quality of the food.

Bestsellers

Bestsellers should be the central focus on all menus. The most successful restaurants have a section that highlights what they sell the most at the top of their menu. This placement serves a few purposes. It increases the sales of these items and decreases the time the customer takes to make food decisions. People often have difficulty making food choices because “everything looks good,” so highlighting bestsellers increases customer satisfaction.

Feedback

Feedback can be an overwhelmingly helpful tool when it comes to having a successful business. Ultimately, your customers will be your bread and butter, so you need to listen to their feedback with an open mind. Businesses that make changes according to feedback will often find that the feedback was shared with other customers who didn’t say anything.

Conclusion

The food industry is very competitive. It is essential to know what best can be offered to the customers and then launch the business. Food should be appealing, tasty, and different to get an edge over other competitors.

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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.