Author: Jennifer Brazer

Competition is present in every aspect of life that is especially true of the business world. Whether you are a small business or a large corporation, you have to concern yourself with your competitors and find ways to gain enough shares in the market in which you compete.

When it comes to the small business owner, how you view competition in the market and your nearest competitors can make a difference in your business plan, how you attract investors, and how you plan your marketing strategies. Here are seven areas of focus that will help you beat the competition.

Get the Whole Company Involved

Unlike corporate giants who can afford to have entire departments dedicated to dealing with competition in the market, the small business has to involve everyone in the business. Though you may have a staff member that exclusively handles marketing, most small businesses can’t afford to devote a staff member to deal with the competition. Every staff member, shareholder, and person involved directly in the business should share in developing strategies to get your share of the market.

It is easy to get buy-in from all involved in your small business because everyone will benefit financially if you can get more of the market share.

Meet and Exceed Customer Needs and Wants

Customers are the reason you are in business; therefore, their needs and desires should be your primary concern. Most companies that edge out the competition for more shares in the market will have the most satisfied customers. How do you know what your customer’s needs are? There are a few ways you can answer this question.

• Ask your customers what they want and need directly
• Partner with a survey company to get candid ratings and feedback
• Pay attention to reviews
• And old fashioned suggestion box
• Regularly check the market trends
• See what other successful businesses in the market are doing

Price Products and Services Perfectly

All businesses and owners at one time or another struggle with pricing. If you are too high, you could lose business. However, pricing too low could have you losing money even if sales are good. Unless you offer something so unique that nothing else like it exists, you should be consistently checking what the market trends on pricing are and target to within 10% of either side of the market average. If you go too low, you might be seen as a cheap product or service that will be of low quality. If you go too high, you will be excluding anyone who wants to use your product or service with fewer means than the wealthy customer.

You want your products or services to be priced to attract the most customers possible without skimping on quality and customer service.

Offer High-Quality Service and Products

Speaking of quality, it should always be a priority. When economic times are tough, many business owners make the tragic choice to cut corners and quality. If you are experiencing a business slump, lowering your quality will cost you more in the longer term. It would be best to find other areas to cut expenses or find a way to get the same quality materials for less. In some cases, if you have a long and successful relationship with vendors, they will work with you to provide you what you need at less cost until you get back in black.

Be Unique and Useful

In some markets, it is difficult to stand out but not impossible. The greatest way you can edge out your competition is to offer something within your shared market that they don’t offer. Find a niche product or service addition, or offer you product or service in a different way. You also want to make sure it will appeal to the widest amount of your target market. When you wrote your business plan at your business’s conception, you should have already identified your target market. Now you need to know how you can get the most shares of the target by offering useful and unique services and products.

Offer Exceptional Customer Service

You have probably heard the importance of great customer service millions of times. Though that might be an exaggeration, customer service focus is important enough that you should hear that many times. Even if you have no choice but to offer identical products and services to the customers in your market and have them identically priced, you can get your market shares to go in your favor by offering exceptional customer service. You and your team should strategize how to offer the best customer service, then turn it up to an eleven and make it exceptional.

Focus on Customer Retention

It’s one thing to get a customer in the door one time. That’s great. No customer is more or less important than another. However, your goal is not to get a lot of one-hit customers who never return. You and your staff should focus on retaining every customer who walks in the door or purchases products and services online. If your business is customer-focused, it will 100% succeed. After all, customers are the reason you went into business.

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

Even financially responsible adults are making money mistakes they shouldn’t be making. Whether you have a healthy income or are living paycheck to paycheck, you should be practicing good money management. To do this, you must recognize the mistakes you are making and stop making them.

Before you correct your money mistakes, you mustn’t beat yourself up and focus on avoiding them in the future. Here are eight money mistakes people commonly make and how to avoid them.

No Savings

Every financial advisor will suggest you not only have a savings account but more than one, yet many working and financially responsible adults do not have anything saved. The claim by those who do not have a savings account is generally that they can’t afford to save anything. Understandably, you may not think you can afford to save, but if you were to analyze your budget, you could probably find a few things you could cut back on to put into your savings account.

Ignoring Interest

First, many of those obtaining credit cards or loans that carry interest don’t pay attention to the percentage of the interest they are agreeing to at the time of the loan or signing the credit card agreement. If you have no choice but to agree to a higher interest rate, such as with a car loan, you need to make that account pay off priority and always pay more than the minimum payment. Early payoffs of any accounts carrying interest or high interest will minimize the cost and debt damage that interest can do to your finances.

Don’t Be Impulsive

When it comes to spending, people are sometimes impulsive. While making impulse purchases on occasion will not significantly damage your overall finances, if you are regularly impulsive when it comes to spending, you must get it under control. From shopping at the store to passing a sale or seeing an ad on tv, you have to resist making unplanned purchases as much as possible.  

Don’t Be Overconfident

While you can and should invest in the stock market, you have to be careful and not get overconfident. The stock market can be a risk that will often have a high reward; however, you have to be thoughtful in your investments and use caution rather than cockiness. Sometimes we will make a great trade and make a lot of money, which builds our confidence, and if we get overly confident, it can cause us to make critical mistakes and lose more than we can handle.

Paying Retail

While brand loyalty and trust is understandable, paying retail when there are ways to save and still have quality products is a waste of money. There are outlet and discount options that will allow you to have your name brand still while saving money. Alternatively, there are generally no-name brand products that are equal to the name brand in quality at a fraction of the price simply because it doesn’t have the name attached.

Bad Credit

Most people already realize that your credit score plays a large role in your financial health. Even if you don’t plan to make large purchases using a lender that requires your credit score to be high, having a low credit score can cost you. Many companies, such as insurance, cell phone, and utilities, use your credit score to determine fees and deposits or down payments. There are even some jobs that will reject you for hire if you have a low credit score. With so many sites or apps that offer free credit reports, there is no reason you shouldn’t know what your score is and what the issues are. Repair your credit, and do it now!

Not Negotiating Bills

Most people don’t realize that many of your bills and services can be negotiated. Utilities, phone or internet services, and medical bills are a few that you can sometimes negotiate to a lower amount. Even if the answer is no, you should make an effort to negotiate your bills and payments to a lower amount or refinance if your credit is in a better position.

Spending Tax Refund

Many Americans get a little to thousands of dollars back on their taxes each year, and while it is good for the economy to spend that refund, you should save some of it or invest it so it will grow into more revenue. It would be best to save or invest it all, but one financial treat is acceptable.

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.

While contemplating starting a non-profit business, the main misconception people have is that running a non-profit is easy as there is no pressure from investors and no dealing with taxes. However, they are wrong as running a non-profit business can be as grueling as any other business and can also be hard to manage without proper awareness and knowledge.

Any non-profit business owner will tell you that there is a lot involved in starting a non-profit business, unlike for-profit businesses. Luckily, the internet is full of information and knowledge regarding starting and running a non-profit business with ease. Below are a few useful and authentic tips that will help a non-profit business owner make better decisions.

Learn the Importance of Market Research

To successfully run your non-profit business, it is essential to keep an eye on the ups and downs of the market you are tackling or working in. Unlike for-profit businesses, a non-profit business owner often has difficulty finding contributor’s support if another organization, whether non-profit, for-profit, or even government-operated, is engaging in the same work. Knowing your surroundings is a key factor that can make a significant difference between the success and failure of your non-profit business.

Have A Clear Mission Statement

The mission statement is why your non-profit organization or business exists because, with no clear mission, your non-profit can easily get lost in the crowd of non-profit organizations and end up achieving nothing. Having a clear mission will also help in getting more funds for services and other programs.

Good Record Keeping Practices

Whether it is a for-profit or non-profit business, keeping records plays an important role in any business success. A non-profit organization must maintain its non-profit status and keep its tax-exempt status by filing the IRS’s required paperwork. It is also important to keep accounting and financial records safe and up-to-date.

Founding and Keeping Funding Sources

It is almost impossible for a non-profit business or organization to stay up and running without any funding backing it up. Finding and keeping a legit funding source for a non-profit business is extremely important for its survival and growth. The best way to generate donors is to have a determined management team managing the donor database while maintaining corporate sponsors through other contacts and means. To retain donors, you must keep them up-to-date on your progress and let them know they are appreciated by inviting them to a thank-you lunch on occasion.

Maintain Good Public Relations

Even though you are running a non-profit business, having good public relations is as important as any for-profit business. Never miss an opportunity to promote your non-profit business, whether you are with friends and family, at a corporate event, or in other situations where people are gathered. Besides networking, another great way to build public relations is to create a press release as it can put your name in the mainstream and inform people about your non-profit and even encourage them to donate.

Avoid Doing Everything Yourself

Non-profit business owners often get founder’s syndrome, which makes them overly engaged in the day-to-day operations of the non-profit. Most non-profit businesses have capable staff, and as the owner, you have to let some of the responsibilities go and give them to the appropriate staff member.

Having a Board of Directors

An organization’s board of directors is a community of leaders and is one of the most important aspects of a non-profit business. The main purpose of having a board of directors is to provide legal support and proper supervision of the non-profit. Having a proper management system can lead to better teamwork among employees and encourage them to work harder, ultimately benefiting your non-profit business.

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

Whether you make any purchases that require a great credit score or not, the importance of having a high credit score is equally high for everyone. Your credit score affects many aspects of your financial life. It can stop you from getting funding for a home, vehicle, college, or several other funding needs. It can also make you pay thousands of dollars more on payments due to lenders seeing you as high-risk. It can also keep you from getting a job or low-cost car health and car insurance.

With the importance of your credit score, it is astonishing how many people don’t give it any thought or effort. It would be best if you gave it some of your focus as part of the building of your financial independence. Ignoring it or letting it slide can be a too great financial setback. Paying down debt, building your credit score, and savings should all have your effort and attention when it comes to your financial health.

Because of the numerous ways your credit score can affect your overall financial well-being, it needs your attention. Knowing what your score is, keeping it high, and knowing why people have a low score, can help you avoid making the same mistakes. Here are five reasons people have a low credit score and how to avoid them.

Cosigning a Loan

Many lenders or banks will not extend a loan to someone considered high-risk or with a low credit score at all. But some lending institutions will consider a loan for a person with a co-signer. As the co-signer, you are using your financial pull and credit score to secure a loan for a person with a low score or no collateral or financial clout. This help should be avoided unless the person you are co-signing for is known by you to repay the loan.

Some people with a low score have reasons for the low score that have nothing to do with them being high or low-risk. There are times when someone hit unusually difficult times, which had an unfortunate consequence of lowering their credit score. If you feel the person you are co-signing for can make the payments and greatly trust someone. You can proceed. However, no matter the circumstances, if this is not someone you trust or are sure can repay the loan on their own, you should refuse to do it.

If you agree to co-sign, only do so if you can fully take on the payments if something should occur because if you both default, it affects both of your credit scores, and the creditor can even sue you for the default.

No or Slow Credit Card Payments

Credit cards are notorious for high interest and getting people into great debt because of high spending limits. Many who have low scores due to credit cards used their card to live outside their means. The problem is that living your life on credit will eventually catch up to you. However, if you decide to carry and use credit cards, make sure you make the payments on time. It would be best if you also doubled up on payments or pay beyond the minimum payments.

If you hit financial hardships, call your credit card company, they will work with you.

Too Many Debts or Loans

Many people believe that if they are paying on time and in full, having multiple loans or lines of credit will help boost your score. While it is true that making good payments will boost your score, if you have too many, it can end up hurting your credit. Lenders will not lend more money to someone with multiple credit cards or loans, even if they have a high credit score. If something happens to you financially, you will likely default on your loan if you are spread too thin during the difficult times.

No or Slow Payments on Loans

To have many things of value, such as a home or car, you have a great credit score. However, just as you have done for credit cards, if you must carry a loan, make sure you not only pay on time, you should make more than the minimum amount and work to pay the loan off early, which could save you hundreds of dollars in interest.

Data or Identity Theft

Many people feel immune to identity theft for various reasons. Identity theft happens to people of every walk of life and financial status. While this is something out of your control, there are ways to prevent it or recover from it. It would be best if you were careful what you put online, make your passwords impossible to figure out and use protected networks. Also, when in public, be aware of your data sharing.

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.

If you are a new small business owner or a small business owner looking to expand your business, you’ll need financing. Whether you choose to go with investors or seek loans from a financial institution is important that you have all the documents needed to increase your chances for financing. Besides a business plan, the most important documents you will need to help you get investors, keep investors, or obtain loans are financial statements.

There are four main statements that you will need. These four statements are the income statement, the balance sheet, the owner’s equity statement, and the cash flow statement. Every business owner must understand all four of these statements and the information they provide.

 

The Income Statement

The income statement helps investors and lenders the idea of your business’s performance over a specific timeframe. The income statement is also known as a profit and loss statement (P & L) or revenue and expense statement. It shows investors and lenders your business’s nonoperating and operating expenses and revenue, no matter what it is called.

 

A person will share the business’s income statement to help potential investors and lenders understand how your business performs and whether the investment would be a good one.

The Balance Sheet

The balance sheet is also known as a statement of net worth or a statement of financial position. The balance sheet is based upon the equation assets = equity + liability. This statement will show investors and lenders your business assets, liabilities, and equity. It also provides them with the overall position of your business over a specific timeframe. Generally, the balance sheet is used to help your accountant calculate financial ratios.

 

The balance sheet is perhaps the most commonly shared financial statement because it gives a great overview of its financial position. It also quickly gives investors and lenders an idea of whether financing your business is a safe and minimal risk.

 

The Cash Flow Statement

The cash flow statement is also known as a statement of cash flow or a statement of financial position changes. The cash flow statement is used by investors or lenders, and the business owner and accountants to see whether the business generates enough cash to meet obligations and operating expenses. In other words, it gives everyone an understanding as to how the business is managing its cash flow.

The cash flow statement is crucial for understanding the business’s ability to pay bills, accounts payable, and meet payroll and inventory demands. This statement should not be confused with the owner’s equity statement. This is the money used from profits to finance the business’s daily operations and is not an investment.

 

The Statement of Owner’s Equity

The statement of owner’s equity is also known as the statement of changes in equity or a statement of shareholder’s equity. This statement specifically shows profits and earnings that are being retained by the business and not distributed to shareholders. These earnings are generally used to reinvest in the company, pay off debts, or finance business growth.

 

This statement is generally used to give an idea of the financial stability and health of a business. It shows if a business can meet financial and operating needs. All done without requiring new contributions of capital from the owners or shareholders.

 

Conclusion

These very important financial statements will be used in multiple ways. They will be used when seeking investors or trying to obtain business loans. They are also used after a business is established to give shareholders, possible investors, and lenders an assessment of the business’s financial aspects. It is essential that these four financial statements be accurate and up kept. These four financial statements can be the difference between your company receiving funds and financing and going out of business.

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

The excitement of getting a new job and then starting it is unexplainable, but you must first get through the interview before you even get the job. Simultaneously, many will advise you on how to answer questions and present yourself. Another aspect of interview preparations should be learning the types of interviewers and how to recognize them. This knowledge could mean the difference between nailing the interview or failing it.

Every interviewer develops a distinct style. An average person changes his job seven times in his whole life that means more than seven interviews. Before going for an interview, it is wise to know about the interviewers and plan how one should face them. Here are seven types of interviewers you might encounter during the interview process and how to prepare for them.

The Geek

Interviews can be scary, especially when your interviewer is ready to tear you apart with their extreme knowledge of the world. These interviewers know a lot about the job description of the position you have applied for. Brace yourself for such an interviewer. You can expect questions about the subject matter, technical details, standard operating procedures, etc. There will not be any personal questions or informal details with this type of interviewer. You should be preparing for this type of interviewer by having a lot of job knowledge specifically related to the position and the company you are applying to.

The Shotgun

This type of interviewer will start asking you questions after questions as soon as you enter the room. Expect a shotgun that will not stop firing at you. You will not have enough time to start a conversation, and you will find yourself preparing for the next question. It would be best to prepare answers for every possible question you can find online or from any other source. Such interviewers ask questions that can be HR based or revolve around your professional knowledge.

The Classic

This kind of interviewer will follow the classic and traditional style of interviewing. The classic interviewer will ask about your skills and your future plans, and your past work experiences. This kind of interview takes thirty to forty-five minutes to finish. You can research many questions online about this traditional kind of interview. Some of the questions are most likely to be repeated so you can consult the person who has been interviewed before. Most classic interviewers love to ask scenario-based questions, so be prepared with a few examples from your past work experiences.

The Calm

These kinds of interviews are what all job-seekers hope for when stepping into an interview room. Such interviewers will make you feel at home, and all you need to do is accept this friendly gesture and go with the flow. The calm interviewer will not make you feel nervous. These kinds of interviewers are tricky as well. They will find out about your strengths and weaknesses without judging your knowledge. Try to start a conversation and establish a bond, yet do not forget to cast a professional impression on this interviewer. The best way to handle a calm interviewer is to remain professional and not get too comfortable.

The Judgmental

Judgmental interviewers believe in the phrase “the first impression is the last impression.” It is difficult to decipher what these interviewers are thinking, as they are extremely difficult to read. They are likely to maintain a grumpy expression on their face or have no expression at all. You will be uncertain about your answers, and you will never know whether your answers were right or wrong. These interviewers are most difficult to deal with, so the best tip here is to be confident about yourself and the answers you give because you will not get an appreciative smile.

The Professional

Professional interviewers are the most balanced and will often have set criteria of outlines for the interview. They are not too rigid, not too friendly, yet they know how to maintain a professional appearance from start to finish. You can expect a few smiles and maybe even a few indications of how well the interview may be going. The tip here is to adjust with their mood and answer the questions carefully and appropriately.

The Distracted

This type of interviewer will make you feel as if they are the busiest person on the face of the earth. You will find them going through their phone and mail repeatedly while answering their questions, and it can be highly distracting. Do not get annoyed with this behavior. Do not get trapped and lose your concentration while answering them. Take the questions seriously and answer them after thinking twice. Do not try to get his attention. Do not get distracted and do not try to avoid the questions.

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.

No matter the business’s size, your business culture will drive the type of employees you hire for open positions. While skills and talent are of great importance, you need to hire employees that fit with the company and promote a positive work environment. Every employee you have in your company contributes to the workspace’s morale and energy, and ultimately they represent you and the business to both current and potential customers or clients. Here are nine key steps you need to implement to help in hiring the perfect employee.

Define the Job

Before you post the job online, you must do a job analysis and have a thorough list of job requirements. It would be best to break these into sections such as job description, required skills, education requirements, and environment.

When formulating the job posting, you should use concise wording and bullet points and have a job summary, attitude, and environmental expectations. Chances are you will have many people apply that are not qualified but have defined job requirements, detailed job descriptions, and including the environment and attitude will help pull out applications and resumes of those who match a lot of your keywords.

Plan Your Recruiting Strategy

Generally, a team in the human resources department is dedicated to posting jobs, conducting interviews, and hiring employees in a larger company. However, in a small business, this is generally done by the owner or a trusted employee. Because a smaller business is more intimate, it may be important for all employees to have some input to the hiring and recruiting process.

Create a Checklist

Creating a checklist may seem like a simple process, and in most cases, it is. However, having a checklist of what you need and expect in an employee will help you streamline the hiring process. Creating a checklist can also help keep all current employees involved in the hiring process on the same page as far as expectations and recruits that have potential.

Recruit the Right Candidates When Hiring an Employee

If possible, create the largest talent pool to choose from when hiring a new employee. Use available online tools such as hiring sites and social media to widen your talent pool as much as possible. The more potential candidates you have, the better chance you have of hiring the perfect employee.

Review Applications, Resumes, and Cover Letters Carefully

Have an effective system in place to review cover letters, resumes, and job applications. This process starts with a well-written job description and bullet points and your checklist. Screen all potential candidates against your list of skills, characteristics, job experience, and other important hiring points. Having this part of the process precise and streamlined will ensure that you can narrow the field of good candidates down to great ones.

Prescreen Candidates

While many candidates will look great on paper and have a compelling cover letter, they still may not be the right fit for the position or your company. Before taking the step to set up a face-to-face interview, you should do a phone interview to get an idea if they are still in the running before you go further in the process.

If you feel a candidate isn’t the right fit through the phone interview, you can eliminate them from the process at this point and not waste anyone’s valuable time.

Ask the Right Questions

The hiring team or business owner should develop standard interview questions that will be identical in each interview. This way of designing the interview questions will help you make a side-by-side comparison.

When formulating the questions, make sure every question you ask has value. There should be no throw-away questions to fill time. Organizing the questions will also ensure the interview stays focused and on track.

Do Background Checks and Check References

After you conduct interviews and have further narrowed down the best candidates, you must do thorough background checks. Once candidates have passed these checks, you must check with their references.

In most cases, all of the candidates who have made it this far in the process will also pass these checks. However, there could be candidates in the running that are eliminated because something negative comes up in these checks.

Extend a Job Offer

Once you have completely narrowed the field to the top candidates, you may need to conduct second interviews before making a final decision. When you have decided and have chosen the best candidate, it is time to draw up a job offer.

The job offer should include salary and benefits and the expected start date. Once you have sent the offer, either the candidate will accept the offer, decline it, or make a counteroffer. And the hiring process will come to an end once everyone agrees.

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

When you come to the financial point in your adult life where you have decided it’s time to look into investing some of your hard-earned money, there are many types of investments you could consider. There is the stock market, mutual funds, 401(k) or other retirement savings accounts, and countless other investments you could (and should) look into to diversify your investment portfolio.

However, real estate investing is often an area people don’t think they can invest in for many reasons. It could be credit issues, lack of start-up investment capital, or fear of the risks involved in investing. Whatever the reasons you have hesitated to invest in real estate, here are five good reasons you should consider real estate investments.

Property Appreciation

Property appreciation isn’t that you appreciate that you own the property. This use of the word means the increase in the value of a property. Many purchases of property depreciate as soon as you purchase them, such as a car. A car depreciates in value the second you drive it off the lot because it immediately has factors attached to it that decrease the value, such as mileage and previous ownership.

Real estate is not like that. Real estate property values increase (or decrease) according to the real estate market. While it is true that there have been severe downturns in the real estate market over the years, for the most part, if you can ride these downturns out with the property you own while possibly obtaining more properties for spare change on the dollar, you can make out well during those few and far between times.

If you are investing in a property you intend to flip and sell, then a slower or bottom market would not be ideal since you might get the property for a steal but may not be able to resell it. However, buying a property to use for passive rental income, buying low, and investing enough to fix any issues, then renting it out will be ideal. You can then wait for the market to heat back up and resell it (once the lease is up) for a nice profit. Or you may choose to keep it as a rental property collecting that sweet passive income.

Cash Flow Income

Speaking of passive income and rental properties. Cash flow income is, as mentioned before, using your purchased property or even buying already established rental properties for the sole purpose of renting out space(s) for continuous passive income.

The cash flow income can be more resilient if the real estate market takes a hit or crashes. These passive income properties can even sustain you through overall economic downturns or personal financial difficulties.

Real Estate Related Income

You may be thinking we have been talking about real estate related income this whole time, and we have,  but this particular use of the phrase is referring to income generated from a real estate job-related source.

Real estate-related jobs could be a real estate agent or real estate broker, both of which gain their income from real estate sales commissions. Another real estate related job is property management. This job entails running a property such as a building with offices, an apartment complex, or a hotel for an owner who wants to remain hands-off and have someone else manage their investments.

While this may not seem like an investment in real estate, if you do not own the properties yourself, these real estate related jobs are an investment in your career and future financial stability.

Ancillary Real Estate Investment Income

When most people hear real estate investing, they likely conjure up the idea of owning real estate property and either reselling for a profit or using it as a rental property as a passive income. Ancillary real estate investing is ownership of investments that generate income, such as vending machines, paid laundry facilities, ATMs, and other smaller businesses operated within larger real estate investments.

Because these types of machines are in places that make them convenient, they can create a decent income due to the customers’ semi-captive nature. These types of real estate investments could be a great starting point for someone without a lot of capital to invest or without a lot of experience in real estate investing.

Your First Property Investments

If you have the capital for a down payment and the credit score to do it, you may want to consider purchasing your first real estate property through a mortgage loan. You can then use this property a few ways to get returns on your investment. You can make sure the mortgage loan includes money for upgrades and fix it and flip it for a profit, which will pay off the mortgage and give you a profit. Or you can use it as a rental property setting the rent to cover the monthly mortgage and yearly dues and property taxes along with padding for profit.

If you don’t have a lot of starting capital to invest in a property on your own, there are crowdfunded investment groups. Each person in the group will invest a minimum amount, and the group will invest in a property and split the profits made through rentals or resale.

You can also look into the option of ancillary real estate options as they are often fairly inexpensive to invest in and can gain you immediate profits from day one of placement.

Conclusion

Keep in mind that different liabilities depend on what type of real estate investing you get into and weigh these liability risks against the rewards. Overall, real estate investing is a great investment path to take and is, for the most part, far less risky than the stock market. Look into the options mentioned and see if any of them is right for you.

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

There are several kinds of accounting software available to small businesses. Whether it is overall accounting and bookkeeping software, inventory software, payroll software, or other business-related software that helps with the financial aspects of operations, most small businesses employ the use of one or more of these. Now there is software specifically related to electronic invoicing.

Some accounting software includes an electronic invoicing in the overall business accounting software package, but many do not. This would be the reason you may want to consider getting electronic invoicing software. Here are eight reasons you should be electronically invoicing now!

Save time

Because of the automation, electronic invoicing saves a large amount of time previously spent manually invoicing. Many of the steps are eliminated once the process is automated because they are unnecessary in the electronic invoicing process.

Reducing Costs

When using the manual, paper invoicing, there are several costs involved. Printer ink, paper, envelopes, and postage are all costs involved in manual and paper invoicing. Besides the initial cost of the software, there is no cost involved in electronically invoicing your customers. It also saves money if you have to follow-up with reminders and late notices. Some companies give the customer the option to go paperless, but you will save money by electronically invoicing.

Reducing Errors

Because manual invoicing requires so many steps done manually, it increases the chances of errors in the process. There are many opportunities for errors, whether typos or incorrect data in the invoice or incorrectly addressing the envelope. Electronic invoicing still requires input. However, it will generally prompt error checks, and the rest of the process is automated and via email, so the chance of errors is minimized.

Customer Service

Because of the reduction in time, cost, and errors, there is a direct benefit to your customer. Also, because they will receive their invoices immediately, they can add the cost to their budget. Electronic invoicing is also more professional and can increase the overall positive impression of your business. The ease, accuracy, and speed will also increase customer confidence in your business’s abilities creating long-term customers.

Get Paid Quickly

Because the customer is invoiced immediately instead of the time it takes to mail an invoice, it is far more likely the invoice will be paid quickly. Most customers who fail to pay forget about the payment. With electronic invoicing, they will receive the initial invoice, but reminders are more easily sent because of the simplification of the process.

Reducing Paper Use

With awareness of the environment and recycling being the focus of many, reducing paper use will benefit the environment. The reduction of paper for the invoice and the envelope will positively impact and give your customers who are concerned with the environment another reason to choose your company.

Accurate Record-Keeping

Because the process is generated and recorded through the software, this will ensure accurate records. This accuracy is especially important for taxes and operations. It also allows an overview of outstanding invoices that may require more intense measures to recover. Overall you will have easy to understand records that will help keep accounting and bookkeeping accurate and efficient.

More Control

Manual invoicing also means manual record-keeping and other processes. Having the electronic invoicing process from beginning to recording in the software gives you more control over your invoices and the invoicing process. Most of the invoicing issues are that the manual process can allow the invoices to get away from you. This control and accuracy, ease of access to what has been received, and what is out will give you strong invoicing control.

Conclusion

There are no downsides to electronic invoicing, and no reason it should not be utilized in your business immediately. Electronic invoicing saves time, money, and errors and will give you and your accountant accuracy and more control.

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

Are you looking for unique investment opportunities to make your portfolio better? You’ve come to the right spot. We’ll explore five creative investment ideas aimed at expanding your financial success. By trying outside-the-box investment strategies, you protect your finances from unpredictable economic shifts and explore exciting new markets. Join us on a journey of imagination, innovation, and wealth creation as we look at some of this year’s most creative investment strategies.

Key Takeaways

• Grasp the potential of unconventional investment strategies to fortify and innovate your financial portfolio.
• Explore the exciting world of alternative assets with five creative investment ideas that break the mold.
• Acknowledge the advantageous blend of passion and opportunity in unique investment opportunities.
• Understand the importance of diversification through creative ways to invest in a rapidly evolving market.
• Embrace the multifaceted approach to building wealth with outside-the-box investment strategies.

Real Estate Crowdfunding – Creative Investing Strategy I

Real estate investment is no longer the domain of the wealthy. The market has been revolutionized recently by the introduction of real estate crowdfunding platforms. Online real estate investment platforms have opened up new avenues for investors, making them one of the best real estate investment platforms for those looking to diversify their portfolios. Real estate crowdfunding sites such as Fundrise and RealtyMogul make it easier to pool money with others, which lowers your risk and increases your potential returns.

These online real estate investing platforms allow smaller investors to join together and pool resources to fund specific real estate projects. This allows these individual investors to become involved in real estate investments that they may not have been able to before, such as commercial real estate, multimillion-dollar deals, or niche property investments.

Advantages of crowdfunding real estate investments

• Appreciation: Real estate values tend to increase over time, making it potentially your best hedge against inflation and an excellent way to build wealth over the long term.

• Cash flow: Real estate investments can provide regular and stable income from rents or lease payments. For those investing for retirement, real estate can not only provide a consistent stream of income but can also substantially improve your portfolio.

• Risk reward ratio: Over the long run, investing in real estate in America through real estate crowdfunding has proven to be a relatively low risk for a relatively high return, making real estate crowdfunding returns an attractive prospect for investors.

Crowdfunding platforms provide a range of investment opportunities for creative investors open to higher risks and rewards. These platforms democratize investment, making funding innovative ideas and projects with crowdfunding investment possible. It’s vital to research thoroughly before investing in real estate crowdfunding.

Creative investment strategies for crowdfunding

• Invest small in unique real estate: Platforms like Fundrise allow investors to invest small amounts in niche real estate segments, such as eco-friendly buildings or emerging areas. This diversification can lead to higher returns in less saturated markets, showcasing the potential of real estate crowdfunding.

• Partner in house flipping: Use sites like RealtyMogul to collaborate with other investors in refurbishing and quickly selling houses, reducing risk and capitalizing on the expertise of experienced flippers for rapid profits through real estate crowdfunding.

• Invest for stable income: Invest in funds that buy properties to generate steady rental income over time. This strategy allows for the collective purchase of more significant or more properties, simplifying management and reducing maintenance costs, all while generating passive income through real estate crowdfunding.

• Invest with impact: Support projects that yield financial returns and contribute positively, like building affordable housing or enhancing neighborhoods. Most crowdfunding platforms facilitate investments in such impactful ventures through real estate crowdfunding.

Peer-to-Peer Lending – Creative Investment Ideas II

In the modern world, where technology has revolutionized almost every aspect of our lives, it’s no surprise that even lending and borrowing have found a new platform – peer-to-peer lending. This innovative form of financing offers individuals a way to generate a return on their money by lending it directly to others in need, embodying the essence of peer-to-peer crowdfunding and innovative funding. The concept is simple: instead of traditional banks or financial institutions acting as intermediaries, peer-to-peer lending connects borrowers and lenders directly through online platforms.

Advantages of peer-to-peer lending

• Accessibility for Borrowers: Allows access to funds without the strict requirements typical of traditional lending institutions.

• Flexibility: Offers various lending options, such as personal loans, small business loans, and mortgages.

• Lower interest rates: Often provides lower rates compared to traditional lending.

• Benefits for investors: Provides an opportunity to diversify investment portfolios.

• Higher potential returns: Can offer higher returns on investments by eliminating the go-between.

Risks and considerations in peer-to-peer lending

• Research requirement: Both borrowers and lenders must thoroughly research the platform and the parties involved, ensuring due diligence is performed to secure a trustworthy transaction.

• Creditworthiness analysis: It is crucial to assess the creditworthiness of borrowers.

• Understanding terms: It is crucial to comprehend the terms and conditions of the lending agreement.

With the continued growth and development of online lending platforms, it’s clear that peer-to-peer lending is here to stay, offering an innovative solution to meet the ever-evolving financial needs of individuals.

The Art of Investing in Art – Creative Investment Idea III

Investing has always been a popular way to grow wealth, with people always looking for new opportunities. While traditional options such as real estate and stocks have their merits, an increasingly attractive and lucrative alternative is investing in art. Art has long been associated with wealth and luxury but is often overlooked as an investment avenue. However, when it comes to investing, the potential returns from art, considered an alternative investment, can be staggering.

Investment Overview: Comparing Traditional and Art Investments

Investment Type	Description	Potential Returns	Considerations
Real Estate	Traditional asset, steady growth.	1-2x initial investment	Requires market knowledge, stable but slower growth.
Stocks	High liquidity, varied sectors.	6-18x initial investment	Market volatility requires active management.
Art	High-value, luxury status.	Exponential returns	A volatile market requires expertise in art trends.

Art investment highlights

• Associated with wealth and luxury: Traditionally linked to high social status.
• High return potential: Renowned masterpieces have seen values increase to millions or even billions.
• Diversification option: Offers portfolio diversification with significant appreciation potential.

Risks and precautions

• Market volatility: Art market prices are influenced by trends, economic conditions, and public opinion.
• Expertise required: Success depends on deep market knowledge, artist familiarity, and working with credible dealers.
• Research and advice: It is essential to conduct detailed research and consult with art experts before investing.

Art investment offers an attractive route for significant portfolio growth and diversification. However, due to its complexity and volatility, it requires careful consideration and expert guidance.

Art offers a unique opportunity to grow wealth. With the potential for high returns and the allure of owning valuable and prestigious works of art, this alternative investment avenue is worth considering. However, it is crucial to approach art investment with caution, conduct thorough research, and seek expert advice to mitigate the risks. So, if you’re looking for a creative way to diversify your investment portfolio, don’t overlook the potential of investing in art.

Collectibles Like Cars, Coins, and More: Creative Investment Idea IV

Investing in collectibles isn’t just about money; it’s a passionate journey. These investments mix financial growth with a love for history and culture. By exploring art, tangible assets, and antiques, both fans and investors learn the value these hard assets add to their portfolios.

Rare coins and vintage stamps mean more than just collecting; they’re key investment pieces. They offer protection in shaky economic times. This investment combines the joy of owning historical pieces with thorough research and authentication.

Antique Elegance: Vintage Cars and Antiques

Investing in vintage cars and antiques is about mixing nostalgia with smart finance. These scarce and sought-after items often increase in value. Investing in antiques involves wisdom, knowing their history, and enjoying their restoration and revival.

Investment Category	Potential Benefits	Considerations
Art Investment	Cultural significance, aesthetic appreciation, potential for appreciation over time	Market volatility, authenticity, proper valuation
Collectors Cars	Physical ownership, historical value, lower market correlation	Storage considerations, condition, and rarity
Antique Investments	Historical significance, unique aesthetic, appreciation due to rarity	Proper maintenance, market demand, and restoration costs
Wine / Whisky	Diversifies investment portfolio. Top Portfolios beat S&P last three years Offers tangible, enjoyable assets.	Requires proper, controlled storage conditions. Market knowledge and trends understanding are necessary.

Starting your journey in rare collectible investments requires wisdom and vision. The attraction may come from art, coins, stamps, or classic cars. These endeavors reflect not just financial gain but also a deep love for historical treasures. This blend of passion and practicality enriches a diversified portfolio.

Fine Wines and Whisky: Creative Investment Strategy V

The popularity of investing in fine wines has been steadily growing over the past few years. With the rise of online wine auctions and the increasing number of wine investment platforms, it has become more accessible for individuals to dive into this unique investment opportunity.

So why should you consider investing in fine wines? Firstly, wine has a track record of performing well as an investment. Over the years, certain vintages have experienced significant price appreciation, making it a lucrative avenue for investors. Additionally, unlike other investments, wine provides a tangible asset that can be enjoyed while it appreciates in value.

Investing in fine wines can also offer diversification to an investment portfolio. Wine investments can provide stability and potential returns when the stock market is volatile or other traditional investments are underperforming. It can also be an attractive option for those who have a passion for wine and want to combine their love for the drink with an investment strategy.

In conclusion, investing in fine wines can be an excellent way for individuals to increase their return on investment. With the availability of online platforms and the potential for price appreciation, it offers a unique and attractive investment opportunity. So, if you have a passion for wine and want to diversify your portfolio, exploring the world of wine investments may be worthwhile.

The Power of Thinking Differently About Investing

In this final part, we will discuss the importance of incorporating creative ideas into your investment strategies to enhance their effectiveness.

Just because some creative investments are unusual, it doesn’t mean they can’t produce a substantial rate of return. These unique strategies require due diligence and an open mind. If we are willing to look, they show us new ways to grow our money by changing old methods. Trying these ideas means you’re ready to improve your wealth with alternative investments.

Diversify Your Investment Portfolio with Novel Opportunities

We encourage our readers to explore new and innovative investment avenues. Consider venturing into areas such as real estate, collectibles, and blockchain. By incorporating these options into your investment mix, including real estate crowdfunding, you can create a more diverse and potentially lucrative portfolio. Don’t wait any longer—start exploring these exciting opportunities today to strengthen your financial future.

 

Frequently Asked Questions

Can you provide some creative investment ideas?

Yes! Consider adding these five creative investments to your portfolio: real estate, collectibles like art and coins, vintage vehicles, antiques, and cryptocurrency. Real estate crowdfunding is a noteworthy mention.

Why should I consider investing in real estate?

Real estate can grow your money and allow you to be creative by fixing up properties. It’s known for being a solid, diverse investment enhanced by opportunities like real estate crowdfunding.

What are some types of properties I can invest in?

Investing your money into residential areas, commercial spaces, or shared spaces, Diversify Your Investment Portfolio with Novel Opportunities.

We encourage our readers to explore alternative investment avenues that we have discussed. Consider venturing into innovative sectors such as real estate, collectibles, and blockchain. By incorporating these options into your investment mix, including real estate crowdfunding, you can potentially enhance your portfolio and create a more diverse and prosperous future. Don’t wait any longer – explore these exciting opportunities today for a stronger investment portfolio. Such as co-working spots or vacation homes, which is a smart move. This approach aligns well with the concept of real estate crowdfunding, offering diverse investment opportunities.

What are the benefits and risks of investing in real estate?

Through avenues like real estate crowdfunding, real estate investing can lead to rental income and an increase in property values, offering a passive income stream. However, it’s essential to be aware of the risks, such as market fluctuations and management challenges, especially when dealing with rental properties.

How can I make informed investment decisions in the real estate market?

Before investing in real estate crowdfunding, you must research the market and properties, considering potential incomes and costs. Collaborating with real estate professionals can also provide valuable insights and guidance.

Why should I consider investing in collectibles?

Collectibles offer a unique twist to your investment portfolio, blending passion with the potential for impressive returns, making them an alternative investment worth considering.

What are some areas of collectible investments I can explore?

Investing in art, rare coins, stamps, and antiques allows you to embrace the charm of alternative investments, each offering its own potential for value growth over time.

What are the benefits of investing in art?

Art, an alternative investment, marries a love for creativity with the potential for financial gain. It diversifies your portfolio, may provide tax advantages, and supports cultural heritage.

How can I identify undervalued art pieces?

To find undervalued art pieces, a key strategy in alternative investments, it’s wise to conduct thorough research, track trends, and consult with experts, considering the artwork’s uniqueness and historical significance.

Can investing in tangible assets like coins and stamps be profitable?

Yes, investing in tangible assets like coins and stamps, considered hard assets, can be profitable. They offer a way to store value and can act as a hedge against economic downturns, with rare items potentially increasing in value.

What factors should I consider when investing in tangible assets?

When investing in tangible assets, it’s essential to research and verify authenticity, understand the rarity and condition, and grasp the market demand and history of the items.

Why should I consider investing in vintage cars and antiques?

Investing in art, rare coins, stamps, and antiques as part of alternative investments can be both enjoyable and financially rewarding. It offers the chance for value appreciation and makes your investment portfolio stand out.

What are some tips for identifying valuable vintage cars and antiques?

To find valuable items, look at trends and ask experts. Check the item’s condition, history, and cultural value. 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.