Author: Jennifer Brazer

A lot of people desire to go into business for themselves, but very few individuals do. And folks who do, six out of ten fail within the first five years. The question is, why are these businesses failing?

If you think you will never go through hard times in your business, then you are living in a bubble. Business is like a roller-coaster ride, ups and downs are necessary, and there are many factors. A few things are inevitable, but there are other things that you can work on so you can act carefully. Here are three dangerous thought patterns that can extinguish your business and strategies to overcome them.

Doing What You Want to Do Without A Clear Vision

People who get into business for themselves are experts in their craft. Sadly, most of them set themselves up for failure since they start doing what they know and ignore the rest of the stuff. These businesses start functioning according to the wishes of the owner instead of the needs of the customers.

It’s these dangerous thoughts that doom their business before it even starts, and the reason is simply this:

The owner is so absorbed in doing what they are experts at that they neglect to work on their business needs. They have no vision for where the business is going or strategy for progress. You must grow a clear vision, purpose, values, and task for your corporate that gives you clarity and endurance to survive the ups and downs that any business will unavoidably face.

Business from An Employee’s Viewpoint

At the very start, do whatever your business wants you to do. But then again, find yourself doing not just the work you know how to do, but all of the challenging things you do not know how to do as well. Then, gradually, you will realize there is more work to do than you can get done.

There is absolutely nothing wrong with being skilled in your expertise. There is something incorrect with being a professional crafts-person who runs a business without changing this hazardous thought pattern! Because:

As an expert crafts-person who turned into a business owner, your focus is entirely upside down. Your vision of the world is from the bottom up, from an operative’s perspective, instead of from the top down, from a businessperson’s perspective.

Also, sometimes people are so used to working in somebody else’s business than working on their own. But, while working on your own business, there is something more significant that is not being done. And it is the strategic work, the implementation of organizations that will take your business ahead, so you can live the dream you have always envisioned.

 

If you wish to have a viable business instead of working yourself to death with this dangerous thought pattern, you should be able to make growth predictable and systematic. It would be best if you believed business as a series of systems that will lead to development.

Tactical View Rather Than a Strategic View 

When an entrepreneur is fixated on working “in” their business instead of working “on” it, they grow unclear of their primacies and try using every method they can to bring in the income they so badly need. They impulsively go with the newest trend or latest technique praying it will work.

Well, in business, guesses and hopes are not tactics. This dangerous thought pattern is not how you function a significant business! You must have specific aims, some way to measure whether that strategy works or not.

You must use a Vision-Based Framework to help you get direction, clarity, and focus on your business needs to go forward. It will help you filter out interruptions and use the right strategies in placement with your business’s aim and strategic plan.

The mindset of a businessperson whose focus is on constructing and building a successful business and the three risky thought patterns that can destroy your business is grave to discovering why most productions do not flourish and ensuring that yours does.

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.

Everybody loves eating out now and then. When placing an order, the first thing that a customer looks at is the restaurant menu, which is essential when running a food service business. Generally, someone in the restaurant designs the menu and strategizes the dishes according to its theme. Some restaurants serve traditional dishes, so the menu design and theme represents the nature of the restaurant. Simultaneously, some use modern cooking techniques like liquid nitrogen, so the menu is also modern and has a refined look.

A restaurant menu is not just a list of dishes and their prices that a restaurant is serving. According to consulting companies, the menu represents the restaurants’ personality and the food they are serving. The menu usually focuses on highlighting the top-selling dishes to attract more customers.

There are different hacks that a restaurant uses to make us order more from them.

Use of technology

Technology has taken over the entire food industry. Restaurants get more revenue when they establish their identity online. The convenience offered by technology makes us less attentive to the things we purchase. Ordering food online allows restaurants to benefit from customers’ disbursal habit and results in getting more orders from a single customer. Because the ordering is easy, the consumer makes the mistake of ordering unnecessary items from the menu. Restaurants try to make it easier to order food with the touch of a fingertip, and often one does not even notice how much they are spending.

The Golden Triangle

Take a look at any restaurant’s menu. They all have a golden triangle. It comprises of

• The middle zone of the menu
• The upper right corner
• The left corner

This is called a golden triangle. This area of the menu is expertly designed and used by many restaurants. Menu engineers put the most profitable dishes in this area.

Restaurants frequently work to improve the golden triangle of their menu to ensure profitability. The golden area of a menu can have more than one dish.

Color theme: Colors and designs are used in psychology. Color stimulates the brain and can play a part in creating and setting your mood. Successful restaurants utilize this psychology to enrich their business by designing menus with different colors to appease the senses. Here is how restaurants use color to entice customers to order more. Green color makes the customer feel fresh and reminds them of fresh green vegetables. The orange color is considered a funky color and is the color of most savory dishes. It automatically stimulates and triggers appetite and makes the customer order more than they can consume. Also, color stimulates the brain by increasing its oxygen supply. Orange is also associated with healthy food. Yellow brings satisfaction. It makes people feel happy and contended. It is an attractive color and is used in the menu to grab the customer’s attention. Red color attracts customers as it is very noticeable. The items that are listed in red color are generally ordered more than other dishes.

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.

Small businesses have many aspects to consider when it comes to operations. There is production, sales, time management, staffing, and most crucial of all, accounting. While every aspect of the business is essential to make a business successful, you can have the best product, service, and staff and the highest sales and still fail if your business’s accounting is handled poorly.

There are multiple things to consider when it comes to business accounting. There is inventory, supplies, accounts payable and receivable, taxes, financial statements, and if you have employees, payroll. Each small business has different needs when it comes to accounting, and there are a few ways to handle accounting needs. You can hire a professional accountant or bookkeeper or both. You can try to handle bookkeeping yourself with no accounting tools or use accounting tools through online cloud-based services or accounting software. While hiring a pro will always be the best option, not every business can afford the cost of paying them, and trying to wing it on your own can be dangerous to your bottom line. Implementing accounting tools is the most cost-efficient and smart way to handle your accounting needs. Here are a few of the best accounting tools on the market today.

Sage Business Cloud Accounting

Sage Business Cloud Accounting is easy-to-use cloud-hosted accounting and payroll software for small business. It offers graphs and dashboards, and transaction drill-downs that provide you real-time accounting information via the cloud online, available to you or your accounting representative anytime night or day. It works across many platforms and with PCs, Macs, iOS, and Android. It also works excellently with your desktop, tablets, and smart devices.

FreshBooks

FreshBooks is a great accounting software meant for solo or freelance business owners. It is a lighter bookkeeping software that tracks time, invoices, business reports, and payments. It is simple to use but does not have anything to deal with payroll or inventory. This is very basic, and if you ever grow your business from a sole proprietorship to a small business with employees, you will need to use different accounting software. It is affordable with a relatively low monthly subscription fee.

QuickBooks

Intuit’s Quickbooks is the best overall accounting software packages for business accounting. At one time, a fully featured software that could only be used with a one-time expensive purchase for your desktop, Quickbooks can now be used through the cloud and a monthly subscription. Quickbooks is also the most popular accounting software, so there are videos with tutorials and online guides. The best reason to use this software for your business is to work well for various companies of all sizes. The cloud makes it similar to the Sage accounting tool in convenience and availability.

Xero

Xero is a cloud-first accounting system with over 600 integrations that help business owners with everything from inventory to payroll and much more. This software is more user friendly to Mac users when it comes to cloud-based accounting software. Xero can also track money and time spent on a project to give you the complete cost analysis. Xero is a monthly subscription accounting system; the cost will vary depending on whether you require premium features.

Conclusion

Regardless of your business’s size or business needs, there is an accounting tool that fits your business accounting needs. Whether you use a desktop version of accounting software or use a cloud-based tool, the essential thing is to have accurate accounting for your business. While the product or service you offer may be amazing, if you don’t have accurate accounting, your business is at risk of failure. Do your research on the accounting tools available and choose the best for you and your 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.

Starting your own business is easier than ever in today’s world. The internet controls aspects of entertainment, production, and social activity. Of course, there are good things and bad things that come with corporate startups, but yet more people are finding themselves fascinated by the idea of controlling their lives.

If you ever wonder why you put up with your job or never pursued your passion, starting an online business may be the best thing you could do.

1. More Spare Time

This might not be the case at the very start, but if you stick with your work, you will ultimately be able to mechanize or outsource errands to create more free time. Working eight hours a day and doing things you dislike isn’t the perfect life for most people.

People settle for less. But it would help if you never settled for less; you have too much potential to do that. Plus, if you start your work online, it will be much easier to work it into your timetable while still having a job, if you wish to start part-time.

Having more spare time means more time with people you love, friends and family, more time on your preferred hobbies, and who doesn’t want all of that?

2. Job Security

Let’s face it, searching for your next job is hard. If you have ever been fired or let go because of downsizing, you know what it feels like to lose job security and to climb up again to find another job to pay bills.

But if you have your own business, you’ll never have to worry about someone else monitoring your position. You’ll be the boss, and no one can fire you, lay you off, or let you go for downsizing. You are always in control and are not just another staff member.

3. Your Brand

When you are a businessperson, you shape your brand over time, and if you make sure to keep it constructive, people will move towards you wanting to buy your products, ask for advice or offer your chances that you could never have gotten before.

4. New Challenges

What is the point if everything is too easy? This is what makes your day slow and creates a lot of dullness. The reason the entertainment industry is vast is that people have been confirmed to hate being bored.

When you have a business, you are always facing new challenges, and you try to progress. Trust us. It makes your day go by and keeps you devoted to what you do.

5. Networking

When you become a businessperson, you are sure to create a lot of new networks. Entrepreneurs love talking to other businesspersons about what’s working, what does not, and everything in between.

You will also build some lasting relationships with some entrepreneurs who understand all that you do. You may end up making some new friends with other business owners, and you might be able to exchange some favors that will help improve businesses. As they say, Rising tides raise all ships.

6. Schedule Freedom

Are you tired of work hours? Have you ever had to get up at 5:00 AM? Many people have tried that, and they do not miss it one bit. When you are a business owner, particularly an online business owner, you set your schedule and timetable the way that works best for you.

7. Recognition

Of course, this is not why you should want to be a business owner, but getting familiar with your hard work is a fantastic feeling. There are countless regional, local, and national awards that identify businesspersons for their work.

The world certainly appreciates the entrepreneurs because there would be no jobs, innovation, or economies without them.

8. Home Office

When you have online work, there is no need to pay for lease or get furniture, etc. Not only does it give you the liberty to have your regular domestic stuff available to you all day, but you get to track your own home office.

I would say 99% of businesspersons are pretty artistic, so when they get the chance to modify and build up a home office to their fondness, they will have some fun with it.

It’s fun producing the perfect workspace for yourself that looks great and lets you be productive.

9. Skills and Education

When you start as an entrepreneur, one of your assets is the ability to learn new skills. At many times people do not have the startup currency to subcontract everything from the start, so they must either sink or swim.

This may appear like a collapse of starting your work, but honestly, it’s a blessing. The more skills you learn and the more self-educated you are, the more irreplaceable you are to any business.

10. Reinvention

Many businesspersons start their work and sell many different companies over the years. When you start and know you’re good at running businesses, you can start all kinds of work in different places. You continuously get to reinvent yourself.

If you are just a staff member or rely on your college degree, you perhaps won’t have much of a chance to reinvent yourself or maybe try new stuff, even if your interests alter.

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 size, every business needs to apply for business credit at one time or another. The exceptions are when the owner has the capital to run the business until it is self-sustained or if an investor buys a stake in the company, eliminating the need to take out loans or other credit lines for start-up or operations.

Before you apply for business credit, the most important thing you should do is separate your personal finances from your business finances. Even if you invest some of your own capital into the business, you should treat yourself as an outside investor as far as accounting and other financial functions are concerned. You should also look into incorporating or becoming a limited liability company or partnership to protect your personal assets if the business has issues. Here are four types of business credit and its advantages.

Charge Cards

A charge card is similar to a credit card; however, the main difference is that you cannot make minimum payments each month. They also have no pre-set spending limit. Each charge is approved or disapproved based on a few factors. Your business credit score, current financials, recent spending patterns, and account history will determine if your purchase will be approved. Charge cards are excellent for purchases you need immediately but can pay off quickly since the entire balance is due the following billing cycle.

Installment Accounts

Installment accounts, also known as commercial installment accounts, is an all fixed amount process. The amounts don’t vary according to interest or other sliding factors. The lender will agree to loan you a fixed amount, you will agree on the final fixed amount you will pay back, then determine a fixed amount you will pay each month to pay it back. In some cases, the loaned amount is the same as the payoff amount, for example, if you borrow from a friend or family member who doesn’t want interest. The advantage is all parties involved are clear on the amounts.

Revolving Credit Accounts

Revolving credit is money you borrow that has a pre-set credit limit, and you can charge all you want up to your credit limit as many times as you need. The two types of revolving credit are business credit cards and a business line of credit. Both will have a pre-set limit, you charge or borrow any amount under the limit, then you pay it back with interest.  As long as you pay down the balance and keep your account in good standing, you can charge up to your limit an infinite number of times. The advantage of revolving credit accounts is that you don’t have to pay the balance all at once; however, keep in mind they will have interest attached, so make full payments when possible.

Vendor Accounts

Vendor accounts are when a business receives products or services and pays the vendor over a set period. Most vendor accounts will expect the net amount back within 30 days; this is also known as a net-30 account. Other vendors may have longer or shorter accounts. Some will also negotiate with a business that is loyal and in good standing. Most of these vendor accounts do not carry interest. The vendor account is excellent for products and services and for building vendor trust and relationships. Another plus to a vendor account is that it is reported to commercial credit bureaus and can build your financial reputation as a business.

Conclusion

When you have a small business, it is best not to use your personal money to fund the business unless you treat it as an investment and pay yourself as a stakeholder from profits. Using business credit is a reliable way to take care of business needs until the company is self-sustained. You should carefully consider all the options and use what makes sense for you and your company. Sometimes, you can use more than one type of business credit; be sure you keep in good standing or your business could suffer financially.

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.

Before starting a business, an entrepreneur comes up with a business idea. No matter what business they are thinking of running, a plan and strategy are necessary in every case. Now, a strategy refers to the game plan they have in their minds to run a business. Business strategies include all methods and ways a business can be launched and a step-by-step process according to which the business will be governed. A business plan, on the other hand, is a bit different.

A business plan is created to demonstrate your business’s purpose and necessity in society to different external parties. No matter what you’ve come up with in your mind or what idea you’re looking forward to launching in the market, you will need to convince certain people. The external parties an entrepreneur looks ahead to convince through an effective business plan are potential partners, lenders, and investors. To persuade such people to show interest in your business idea and make necessary investments, you must introduce your business plan to them effectively. It would help if you introduced them to your company’s structure, scope, and how you plan to expand it.

Here is a guide about all the nuts and bolts and the core components of a business plan.

Executive Summary

Your business plan should first highlight your executive summary. To sum up, it ought to be what you anticipate your business should achieve. Since it’s intended to feature what you expect to talk about in the remainder of the arrangement, the Small Business Administration recommends composing this segment in the end.

Company Brief

The subsequent segment that ought to show up in a business plan is an organizational or company brief. It’s ideal for incorporating critical data about your business, objectives, and the clients you intend to serve. Your organization brief should likewise talk about how your business will stand apart from others in the global industry and how your offerings will be helpful to your intended interest group or target audience.

Market Analysis

The market analysis section usually tells you and the investors about the market and industry dynamics you plan to operate. Here, you will have to utilize information and insights to discuss where the market has been, the place it’s relied upon to go, and how your organization will fit into it. Furthermore, you will need to give insights concerning the shoppers you will be advertising to, for example, their pay levels.

Competitive Analysis

If your business plan is quality, it will properly contrast your and your competitors’ positions in the industry to you and your investors. You must show that you are aware of their qualities and shortcomings and that you know how your business will perform.

Marketing Plan

The business plan you are creating must include the essentials to depict how you expect to get your items and administrations in front of likely customers. As you pinpoint the means you will take to advance your items, you’ll have to refer to the spending you’ll have to actualize your techniques.

Sales Strategy

Probably the most essential thing for a business is generating sales. Sales strategy consists of all the possible ways you plan to hit the market. It’s ideal to be as explicit as could reasonably be expected. It’s wise to toss in the number of salespeople you intend to recruit and how you’ll approach discovering and welcoming them. You can likewise incorporate deal targets.

Financial Plan

The financial plan is the final section of your business plan. Here, you mention all the financial projections, including your plans regarding the initial investment. It is one of the most critical parts of your business plan since it contains the information that interests the reader the most.

Each organization is unique, so your marketable strategy or business plan may not look like those of your competitors. However, each great arrangement needs key segments, and it’s consistently a smart idea to give an unmistakable and exact outline of your business objectives in your business plan.

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.

This statement might sound like a duh moment, but a business’s growth requires positive cash flow. It’s no surprise that businesses, especially small start-ups, have cash flow log jams on occasion. These cash flow stop ups can be caused by businesses that put their proverbial eggs in one basket by making a sizable sale to a large company. While that is fantastic on the surface, these types of deals typically take 120 days or more to pay the invoice. Four months is a long time to go without paying bills or, even worse, employees.

Other issues that can jam up cash flow are slow payments on accounts, extending too much time for customers to pay invoices, or not a large enough credit line. Here are four ways you can avoid a cash flow log jam.

Set Reasonable Payment Terms

As the business owner, you set all the terms when it comes to accounts receivable. You can handle the cash flow issue in many ways when it comes to payment terms. They are:

• Require payment in full upfront
• Require partial payment upfront
• Set shorter payment time limits
• Require weekly payments

While you should be customer-focused when you establish your business practices, you also have to keep in mind that you have bills to pay, daily operations to keep running, and employees (or yourself) to pay. You have to find a balance of what the customer needs versus what your business needs. Choose the payment terms that best serve your business first. If you get into a cash flow log jam, you could go out of business. Then your customer loses also.

Form an Excellent Bank Relationship

The bank your business uses will be the most critical business relationship you have outside of investors. Setting yourself up to have a healthy and positive relationship with your banking institution can be extremely useful for your business cash flow. You can:

• Establish higher credit limits
• Establish multiple lines of credit
• Establish longer payment terms
• Establish overdraft protection

The most crucial aspect of the banking relationship is that it be established and healthy before you have cash flow issues rather than a scramble to work through problems after the fact.

Communicate with the Customer

Once a purchase order is issued, it is typically too late to communicate needs and get any payment expedition. If your business is having cash flow issues, make sure this is communicated to the customer at the purchase time. While you don’t have to go into detail, you can find a way to explain to the purchaser what your needs are, even if they are outside the standard terms the customer is used to or is established in your business.

If you are upfront with your customer, most will agree to quicker terms. You can also consider temporarily changing your payment policy or terms to get through the cash flow log jam.

Understand Your Customer’s Payment System

Understanding your customer’s accounts payable system will ensure you know when and how much you will be paid. Smaller businesses may be more flexible to expedite payment outside of their established system. Simultaneously, larger companies may have less flexibility if there are more working parts when it comes to accounts payable. In some cases, there are processes and approvals required, and the interruption of the process can be too disruptive to the system. It is crucial that you speak with the company before the purchase or quickly after a cash flow issue is discovered.

Conclusion

Most businesses don’t get off scot-free from having cash flow log jams. There are many reasons they happen, some in your control, and many that are not. Most importantly, it would help if you handled those cash flow jams to get the flow open before the damage is irreversible.

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.

Many people doing nine to five are often found fed up with doing a job and confronting a strict daily schedule. There is a familiar buzz that goes around people doing jobs, especially around those who think that they are not even getting paid enough for their services, that they will quit their jobs and start a venture of their own. A person doesn’t need to want to leave their job and start their business because they are fed up with it and feel underpaid. Many people prefer doing a job during the early phase of their professional lives to gather enough funds to start their business at a later stage. The idea is always there; it is just that they lack funding.

Young entrepreneurs are often too ambitious and oozing with the talent and skill of running a business. They lack proper direction and a little bit of counseling to shine and polish their skills. That is where the advisors play their part. Before starting a business of your own, you must seek counsel from an advisor. A professional who has been in the line you are looking to operate in for a long time. They will guide you better and give you some tips and tricks on how to begin with your business idea and how to run and govern your business and take it to the heights of success.

Here are a few pointers one must have a look at before starting a business of their own.

Uniqueness

Entrepreneurs must start small and then gradually attain heights. Many professional advisors suggest that before starting your business, you must ask yourself a few questions. Those questions are; whether your idea is unique (even if it is a common product or service, your style of the offering must be unique), what is your target market, what customer segment are you looking to target, what’s your specialty, how would you separate yourself in the field, what’s the advancement here, what are you fixing that isn’t fixed today?

Excellent networking

Your system ought to incorporate your classified system, similar to a decent legal advisor, bookkeeper, and advertiser, alongside companions and individuals who’ll give you a limited rate until you develop your business. It would help if you also kept a good and close relationship with those who help you promote your products and services and thus expand your business.

You can make your system while still in your activity, engaging in associations that incorporate your objective clients. In case you’re an administration undertakings advisor, for instance, you should stay nearby officials. In case you’re selling toys, associate with kids’ associations.

Look out for any entry barriers

Consider whether somebody can, without much of a stretch, duplicate your thought. Imagine a scenario in which somebody joins all the more promoting assets and takes your work and makes it more prominent. It would help if you never underestimated such variables and always keep a close eye on your potential competitors and direct and indirect competitors.

Increase your credit health

In this downturn, individuals aren’t dealing with their credit. You have to call lenders and revamp your installment plan or request that they work with you on the loan fee. Great credit is likewise principal to get your loans approved quickly. In many cases, your business can be in a position where you need to put in a large amount of capital and short notice. In such cases, you can always rely on creditors. That is why you also need to keep your relationship with your creditors healthy.

There are many other factors that one must keep mind before starting a business of their own. Pricing your product correctly, keeping an eye on your future potential profit margins, keep a separate budget for the research and development department, timely bill payments are a few of them. 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 are running a small business or a big one, you will face challenges while setting up your business and keeping your employees safe. One of the biggest challenges an organization will ever face is disaster management, especially the natural ones. It doesn’t matter where your business is established; disasters occur in every part of the world in the form of storms, floods, earthquakes, and many others.

Businesses that are well established might get back on their feet, given the number of resources at their disposal. However, the situation is not the same for small businesses. Most of them are not prepared to handle floods, chemical explosions, fire hazards, and other disasters.

Why is it essential to handle disasters?

When disasters are not handled properly, they can damage property, equipment, inventory, displace employees, all of which can cause significant revenue loss. You need to make sure that you have an emergency plan to protect your business assets, safeguard your employees’ wellbeing, and minimize any interruption that can slow down your business in the future.

In case your business has suffered from a disaster, the first thing you need to do is protect your employees. It is recommended that you ask them to work from home. Then, you transfer all your data to a cloud database. Backing up your data daily can protect you from significant financial losses.

Let’s learn why disaster management or preparedness is essential for small businesses.

Making a Professional Impression

When you have a disaster recovery plan, you are immediately letting people know that you are keeping things professional. You don’t take anything for granted, and no matter the size of your firm, your approach is no less than a prominent business owner. When a small business protects its valuable assets and people from disasters and documents everything, it leaves a strong professional impression.

Employee Safety

When an employee works for a company, it becomes the firm’s responsibility to ensure their health and safety. When employees feel safe and secure, they work harder and perform better, resulting in better organizational productivity. If you do not protect your employees, you will have a bad reputation in the industry and lose your employees due to injuries or, worst-case scenario, death. 

Business Continuity

One of the most important reasons for having a concrete disaster recovery plan is for business continuity. Many types of business disasters occur naturally, and you need to make sure those disasters don’t have a significant impact on your business; otherwise, your business would not be able to recover ever. If you want to continue your business operations, then it can be as easy as asking people to start working from home for a while.

Cost-Efficiency

Disaster plans are not for issues that take place at hand. Even a business that doesn’t have a recovery plan can handle a disaster. The point is how to get things back to normal once the disaster is over. Small or big, your business will suffer certain losses, so how you recover from that loss is the bigger question, and a recovery plan can give you the direction. If you don’t have a plan, you would be spending thousands of dollars on things that might not be so important in the first place.

Improving B2B Relations

Every company not only has to look after its customers but also its business partners as well. If you are facing a disaster, you might be prepared for it in advance because it ensures your business partners that you are not taking things for granted, and it gives a positive impression of you.

Conclusion

Before they expand themselves into the market and find a stable position, small businesses are always walking on thin ice. Even a minor disruption can cause a significant ripple effect causing a business to collapse if it is not prepared. Having a disaster recovery plan helps business owners protect their valuable assets and ensure no harm is done to the business from which they cannot recover.

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.

Small businesses are especially vulnerable to major setbacks, while large businesses can often absorb them and move forward without batting an eyelash. There are a few things to consider when you are a small business owner facing anything that can financially ruin your business. Whether the setback is a seemingly overwhelming disaster or a mandated shut down due to the COVID-19 pandemic, with some creativity, you can not only bounce back; you can bounce forward.

Instead of looking at a significant setback as a negative, be creative and turn it into a positive. Look at it as a way to change your business and grow in a new direction. Sometimes the things we see as a curse are a blessing in disguise. Here are some ideas of how you can bounce back from COVID-19 or other major business setbacks.

Stay Calm and Put it in perspective

Remaining calm even when the storms are raging around you is crucial to navigate to the other side of a major setback successfully. Panic is the quickest way for your small business to sink totally. You can’t accomplish anything when you are panicked. You have to find a way to get a handle on your emotions as soon as possible. When you are calm, you can focus on what you need to do to survive and then thrive. The lushest growth comes out of the ashes. Your business can do the same if you keep it together.

To put the setback in perspective, you must ask yourself some questions:

• Is there something I did or didn’t do to cause the setback?
• Is it an issue caused by COVID-19 or another disaster out of my control?
• Is there something I can do to change the situation?
• Should I consider closing my business?

These questions may seem a bit scary to answer, but you need to understand the setback and the root cause, and if you want to move forward or move on to something different.

Get Creative

If, after you calmly put things in perspective, you decide to move forward with your business, it is time to get creative. In some cases, like with COVID-19, businesses were shut down for long periods, and when they did open, there were limits. If you have to shut your doors during a setback, you need to assess if you can offer something outside your business. It could be products or services that go to your customers, you could change what you do or offer during the setback, or some businesses can operate online or from home.

Not every business will have the ability to offer products or services this way. That is when you could consider completely changing your business but reaching out to your customer base to launch your new direction. A setback, even a major one, does not have to end your entrepreneurial spirit. You started this business once; you can do it again!

Check Local, State, and Federal Government Sites

Small business owners should be going to their local, state, and federal government sites searching for assistance for small businesses. In the case of COVID-19, help through the Small Business Association (SBA) was offered to small business owners to give them some relief. There are other programs and grants and disaster assistance that you may be able to use.

Reach Out to Other Small Businesses

Small business owners are often supportive of one another because they understand the struggles and risks. Especially during a disaster that affects small businesses widespread like COVID-19, small business owners can help each other with ideas on how they can survive. Sharing best practices and brainstorming ideas with others who understand your perspective can lead to successful solutions. You can also partner with other businesses to uniquely offer products and services as a supportive team. You may even form a lifetime business partnership that will make your business stronger than before.

Conclusion

Setbacks will happen to every business at one time or another. It’s how you handle it that matters. If you stay calm, put things in perspective, get creative, look for help, and partner with other small business owners, you will not only survive, you will THRIVE! And remember. This, too, shall pass.

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.