Author: Jennifer Brazer

We all know that online media is owned by the rich people that live in our society. Now we know that only a small percentage of families own the entire world’s wealth. Do you think that these wealthy families want their secrets out, so everyone can become wealthy too? No, I don’t think so.

They don’t want us to know how they manage their long term and household finances because they like all the wealth to themselves. But some smart people have cracked their code and have tried to make it available to the masses.

 

Here are a few things online media doesn’t want us to know about household finances:

 

• Your salary isn’t that important

 

We are all part of a rat race where we work long hours to get paid every two weeks or once a month. We put in all of our energy into making ends meet. These rich people don’t want us to know that having alternative streams of income will be worth more and will help us better manage our household finances. These can include – rent from a property, dividends on stock, return on bonds, interest income from mutual funds or savings account, etc.

 

• Staying informed about the market

 

The online media and rich people don’t want us to know about the market because timing is key. These elites know when and how the market is going to turn, but they don’t want to make it public. As the general public, we live on day-to-day expectations of how the market will be.

 

• Having strong connections

 

The rich people have more connections than an average, middle-class person. A senior portfolio manager at Arlington Capital Management said, “the wealthy person has three best friends: her attorney, her accountant, and her advisor. The wealthy tend to use the law and tax code to their advantage when figuring out how to maximize their wealth, especially over multiple generations. They are not afraid to spend money upfront for counsel to get these answers’.

This leaves us, middle-class families, with fewer connections who can help us make informed decisions. Whereas the affluent can use their sources for additional income streams and manage their household finances well, the online media does not want us to know.

 

• Spending on food

 

When we see ads or read online reviews of new eating places, we are tempted to visit the restaurant. We don’t know that online media doesn’t want us to know that rich people don’t waste their money on things like eating out. One major part of household finances is the money we spend on eating out. This money can be saved and used on things like re-investing.

 

• Entrepreneurship

 

Do you think these rich people are regular employees like us? No, they are bosses, they are entrepreneurs. What online media doesn’t want us to know is that it is better to be a business owner than an employee. Even if your venture is small – you will still be a boss. Managing your own business teaches you skills in managing your household finances well.

 

• Don’t use your money

 

Do you think that rich people use their own money to run a business or other financing purposes? No, they leverage from other people’s money, which is an art they have mastered well. People who don’t belong to the upper-class think of ways of raising capital for their startup as they know without money, starting their business would be impossible. Online media doesn’t even want to teach us tactics of using other people’s money.

 

Now that we know that online media doesn’t want to see how rich people manage their household finances, we should get on top of our game and free ourselves from this corporate slavery. Entrepreneurship should be the way forward, and by being our boss, we will be more responsible and will make more money. This, in turn, would mean that we will be able to manage our household finances better. 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.

Outsourcing is a business trend that has caught on quite feverishly in the past decade. Businesses realize that it is often a good idea to outsource mundane and low priority tasks to off-shore companies. Outsourcing such activities have reduced costs, expanded capacity, and increased growth in many businesses. This article talks about the functions of outsourcing and how it can help companies to develop and meet their desired objective and goals.

What is Outsourcing?

Outsourcing refers to how companies entrust specific business functions to outside vendors. These business functions usually are non-revenue generating and can include tasks like transaction processing, payroll, customer service, and inventory management, to name but a few. Any business process that can be done from an off-shore location can, in theory, be outsourced. Outsourcing is advantageous for businesses as it allows them to focus on job functions that are revenue-generating rather than ones that are not, which can lead to increased productivity and profitability.

Outsourcing activities can have certain advantages for businesses in terms of:

Cost Savings

Outsourcing business processes such as customer support, accounting, administration along with HR related activities can lead to substantial cost savings. This is primarily because off-shore companies in countries like India and the Philippines have much lower wage rates than that of the western world. Specializing in outsourced business processes are not only these off-shore companies cost-effective but also maintain the level of quality standards one would expect to see from an in-house team. As communication channels improve with advancements in technology, this trend is likely to grow as more and more companies look to outsource non-revenue generating departments overseas. 

Increased Productivity & Efficiency

In most cases, outsourcing specific departments of your organization can help increase efficiency. This is because it is likely that the outsourced off-shore company specializes in that particular department and may have better expertise leading to increased productivity. Since time-consuming and mundane business processes get outsourced, this leaves more time to focus on core processes that will help grow and expand the business.

Reduced Investment on Infrastructure and Technology

By outsourcing departments such as accounting, HR, and customer support, a company can benefit from substantial infrastructure savings. Each of these departments would otherwise require the hiring of staff, office equipment, computer systems, and rental fees for office space. However, outsourcing the department means that the company no longer has to invest time and money into infrastructure development. Instead, they can use that investment money on marketing and R&D, which is more in line with core business processes that lead to providing higher value-added services.

Increased Flexibility

Things can often change rapidly in business environments. The introduction of new automated technology can make specific jobs redundant, and sometimes even entire departments within the organization may no longer be necessary. Outsourcing, to a certain degree, can protect organizations from such drastic changes by offering services such as virtual assistants and virtual customer support teams. These services can be made available in hours with the same level of professionalism and experience that you would expect from an employee hired in-house. Furthermore, such services can survive and adapt through the peaks and troughs of your business without the business itself having to incur substantial capital losses. 

Conclusion

The trend towards outsourcing non-revenue based business processes has grown exponentially in the past decade due to the multiple advantages that it provides, as mentioned above. Especially in the Western world, where comparatively wages are much higher, costs must be reduced to remain effective and competitive. The easiest solution to this problem has been outsourcing, and it seems that this business ideology is here to stay!

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.

Employee Retention refers to the techniques utilized by the management to retain their employees and enhance their commitment for an extended amount of time. Employee retention methods go in a protracted manner in motivating the workers to stick with the organization for the entire time and contribute effectively. Sincere efforts should be taken to ensure employees’ learning and growth. Additionally, management should also make sure that the employees must get some form of reward in return from their work.

Employee retention has become a significant concern for organizations in today’s business environment. In today’s competitive environment, there is a trend of people switching their jobs for higher prospects. Remunerative regular payment, snug timings, work environment, growth prospects are but several factors that give rise to making specific changes in management strategies. Whenever a proficient worker expresses his disposition to move on, it’s the management’s responsibility and, therefore, the human resource team to intervene immediately and decide the precise reasons resulting in the choice.

 

Hiring isn’t a straightforward process

The Human Resource should shortlist few people from an oversized pool of talent, conduct preliminary interviews, and eventually forward it to the various line managers. They additionally grill them to evaluate the employees for suitable positions. Recruiting the proper candidate is often a tedious and time-consuming process.

 

An organization invests time and cash in grooming an individual and makes him able to work and perceive the corporate culture

A new employee is raw and required to be coached and trained in company practices and policies. The time and money spent on training and developing that employee make them an asset to the organization. If that employee resigns shortly afterward translates to a considerable loss for the business. That is why employee retention has become one of the primary concerns of large and medium organizations. HR departments are under constant pressure to hire talented and skilled labor at cost-effective wages. Finding the right worker for a company is tedious, and all the efforts go waste once the worker leaves.

 

When an individual resigns from his present organization, it’s more likely that he would be a competitor

Employees often switch to competitors as they are likely to be paid more. If this is the case, then instead of letting an employee go, an organization should consider matching the competitors offer. This is because if the employee leaves, they will likely share confidential information of the business to rival organizations. New employees must sign a document that stops them from passing on sensitive data about the organization when they leave. The strict policy ought to be created to prevent employees from moving or switching to rival organizations.

 

Employees operating for an extended amount of time are familiar with the company’s policies

The longer the duration that an employee stays with a company, the more aware they become of all the different components that make the business run smoothly. They are much likely to perform better than people who switch their jobs over time. Employees who spend substantial time in a company know the organization in and out and are far better positioned to contribute effectively.

 

Every individual desires time to regulate with others

One desires time to understand his team members well, be friendly with them, and eventually trust them. Organizations are mutually benefited once the workers are compatible with one another and discuss things to bring out a positive outcome that could be beneficial for all. Adjustment issues arise within the organization once a new individual replaces an experienced existing worker. In most cases, employees find it challenging to find that comfort level with the new addition and lead to disruption of work. When maintaining a rapport with an existing employee, it’s a challenge for workers to regulate with somebody new and, most importantly, trust them.

 

It has been ascertained that people protrusive to a company for an extended span are loyal to the management and the organization

 

They fancy every kind of advantage from the organization and, as a result, are indirectly connected to that. They hardly besmirch their organization and perpetually assume favor of the management.

 

Conclusion

Each organization desires untiring and gifted workers who will come out with something different, creative, and beneficial. No organization will survive if all its highest performers quit. The organization needs to retain those employees who are incredibly committed and useful for the organization.

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.

Outsourcing is a growing business trend that has proven to be quite effective for businesses looking to reduce costs and increase productivity. Outsourcing mundane and low priority tasks to off-shore companies often cut costs, expands capacity, and increases growth in many businesses. This article talks about the advantages and disadvantages of outsourcing. More importantly, it discusses instances where outsourcing may be beneficial for a business and cases in which it could do more harm than good. When a company chooses to outsource, there is no longer a need to invest time and money into infrastructure development. Instead, they can use that investment money on marketing and R&D, which is more in line with core business processes that lead to providing higher value-added services.

Advantages of Outsourcing

There are several advantages to outsourcing non-core business activities as discussed below:

1. Cost Savings:

Outsourcing business processes such as customer support, accounting, administration along with HR related activities can lead to substantial cost savings. This is mainly because off-shore companies in countries like India and the Philippines have much lower wage rates than those of the western world. These countries also have fewer restrictions on taxes and are generally cheaper to operate, which translates to cost savings for international organizations.

2. Increased Efficiency & Expertise

Specific tasks are outsourced to companies that specialize in that respected field. For example, HR tasks for recruitment, payroll, and scheduling can all be done overseas as long as the organization specializes in HR procedures and is aware of all the business’s policies. This can lead to increased efficiency as each task is outsourced to companies that specialize exclusively in that respected field or department.

3. Focus on Core Business Processes

Outsourcing non-revenue generating tasks such as administration and customer support free up time to focus on revenue-generating business processes that can increase profitability and boost sales.

4. Reduced Operational, Infrastructural and Recruitment Costs

Outsourcing departments frees up space and saves on hiring staff, purchasing office equipment, computer systems, and rental fees. Apart from this, day-to-day operational costs are also reduced as the company no longer has to invest time and money into infrastructure development, employee training, or recruitment. These responsibilities are now transferred over to the outsourced vendor responsible for hiring, training, and management. 

5. Risk-Sharing

When an organization outsources specific components of business processes, they also shift responsibility associated with those processes over to the outsourced vendor. They are now responsible for all the risks related to that process, and since they are the specialists, they can better mitigate those risks.

 

Disadvantages of Outsourcing

Although there are many advantages to outsourcing, there are also several disadvantages that a company must consider when deciding whether to outsource a business process or not? Here are some disadvantages of outsourcing that any business should be aware of:

1. Risk of Exposing Confidential Corporate Information

The risk of losing sensitive data and the loss of confidentiality is perhaps the most significant disadvantage of outsourcing business processes. When outsourcing departments like HR or customer support, the third party has to be often disclosed to confidential data that can easily be stolen or sent to the wrong hands. Corporations take intellectual property quite seriously, so having foolproof measures and checks regarding data loss and confidentiality contracts is a must when negotiating outsourced deals.

2. Service Delivery

Once a business process is outsourced, feedback and reporting occur on a weekly and sometimes daily basis. This may not be enough, especially if the delivery falls behind schedule or quality is below expectations. Measures cannot be implemented as quickly as it would be if the department were operating in-house.

3. Instability of Outsource Companies

If an outsourcing company goes bust, so does the entire business department for your organization, leading to devastating outcomes.

4. Lack of Customer Focus

Outsourced companies often work with a wide variety of clients and cater to the expertise needs of multiple organizations at a time. This can often result in underwhelming results on organization tasks as outsourced vendors may quickly lose track and focus.

 

Conclusion

Although cost-effective, off-shore outsourcing brings about its own set of challenges that have to be carefully analyzed by any business looking to outsource its nonessential business processes. These challenges may present themselves in the form of hidden costs, language and cultural issues, poor quality, and reduced customer focus. Choosing whether to outsource or remain in-house is a key decision that can often make or break an organization.

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.

According to the Small Business Association (SBA), the number of bankruptcies in small businesses has increased. While bankruptcy does not necessarily mean closure, it is an indication of monetary distress and a failing business. There’s no real way to know what number of companies may have been saved. However, there is something you can do about your own business to save it from bankruptcy or closure.

When a business hits difficult circumstances and can’t recuperate, its administration might need to think about petitioning for bankruptcy, particularly if the business has critical debt. In any case, bankruptcy is considered a last resort, and it bodes well in specific conditions. You first need to survey whether the business is worth saving. You must be sure the business can turn around, and its advantages are worth more than its debts.

Increasing Cash Flow

If cash flow is abundant, you will not have a falling business but a thriving one. That said, it may not be simple to increase cash flow. Without enough cash flow, you’ll likely be overwhelmed to the point that you won’t have the capacity to recognize and address the key causes of the problem. In the initial stages of struggling, you may have the capacity to acquire the cash or persuade investors to venture up. It is more probable that to be effective, you’ll need to exchange some non-core parts of the business or squeeze cash out through more strict management of the balance sheet.

Making a Change in Management

A struggling business most likely needs new ideas and new individuals to advance. Every one of us is creatures of propensity to an extent, so for the turnaround to be fruitful, there should be an adjustment in management or the ability to concede that the same old thing won’t work. This can require legitimate and, at times, intense decisions, yet without the right individuals in place, the chances for development and improvement are lower.

Hiring a Consultant

Genuine change can be troublesome when the management team is “me, myself, and I.” Consider procuring a consultant who has practical experience in renewing a failing business. As a beginning stage, Rudnicki suggests the Turnaround Management Association, which affirms specialists in a specific field. An outside expert with a crisp viewpoint can solve a feasible business’ issues without fundamentally requiring the owner to enlist another management team.

Considering an Assignment for the Benefit of Creditors

A few businesses experience failure because they fail to serve a purpose for a significant client base, so there’s extremely no motivation to contribute the time and vitality endeavoring to create and actualize a turnaround design. It is better to sell them and proceed onward to a more useful and successful endeavor.  In this case, there are out-of-court options to bankruptcy. Rudnicki focuses on the Assignment for the Benefit of Creditors, or ABC, for instance. ABCs change by state and speak to a liquidation procedure that the American Bar Association says is “organized to save time and cost in finishing up the undertakings of an insolvent business.” It has been vastly observed that experiencing an ABC has been indicated on numerous occasions to be a less expensive and quicker alternative to a bankruptcy filing, bringing about a more significant distribution to creditors.

 

Need assistance in figuring out the best ways to save a business firm from bankruptcy? Reach us and discover how Complete Controller can enable you to augment the best ways to save a business firm from bankruptcy. Visit our www.completecontroller.com for more useful information. 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.

Employee retention is one of the most important and most overlooked facets of running a good company. The analysis finds that holding prime talent is essential for maintaining business data, high morale, satisfied customers, and promoting sales growth. Because employee turnover can be a drain on the company’s labor and monetary resources, you must have a retention strategy. Losing a key employee will decrease productivity and also reduce overall team morale. Also, the extra cost of recruiting and training a new employee will be incurred.

Most managers think that inadequate salaries are the reason employees leave their job. In reality, several other factors contribute to employee turnover. These factors include ineffective management, lack of growth opportunities, and lack of appreciation from management. This means your employee retention strategies have to be aimed toward incentivizing all aspects of the employee’s expertise. Here are some practical ways to ensure your prime talent stays within the business for the long-term.

Invest in employees’ skill development

When employers invest in their team members by providing them with opportunities to find new skills or information, it signals an investment in their present and future career growth. Up to 42% of staff feel their job satisfaction hinges on career development opportunities. This might include investing in employees to attend conferences or workshops and giving tuition compensation. An in-house mentoring program by leadership could also be an excellent investment for the development of employees.

Establish clear-cut expectations and policies

Employees are likely to change jobs if they feel that they don’t have a proper grasp on what their job duties entail or are confused by company policies. An appropriate description of a job with highlighted tasks and objectives for each employee working within the business allows for full transparency, making management of tasks easier, leading to a better, more productive workforce. If no set guidelines are proposed, employees can often get exasperated as they are confused by their roles within the business and may seek employment elsewhere.

 Luckily, there’s a straightforward solution: Communicate with staff to confirm if they have a crystal-clear understanding of their job duties, company policies, and so on, and supply staff with regular feedback so that they know they are being evaluated and ensure these policies are utilized reasonably to avoid having them backfire.

Offer a Benefits package that’s helpful

This should embrace (but is never restricted to) high-quality and reasonable insurance, life assurance, ample leave and vacation time, family leave, and a retirement savings plan. In the long run, each company ought to consider what would serve its staff requirements. Solicit your employees’ feedback to determine their perspective on what factors motivate them to work harder than might enhance their lives and prosperity.

Create a culture of open communication

Morale improves considerably once team members are at liberty to speak their minds, share their concepts, address conflicts and alternative grievances, and participate within the company’s evolution. Ensure that your managers are committed to open, transparent, and respectful communication, and encourage this behavior in each member of your team. An additional bonus of those practices is that they’ll enhance trust in senior management that is key to maintaining a satisfied workforce.

Don’t overburden employees

All the advantages within the world can’t atone for chronic pressure and burnout. Overworking employees will lead them to lose focus and eventually be unsuccessful in their projects. Your staff can have the energy (and the desire) to stay around longer if they aren’t perpetually overworked. Thus, it’s essential to confirm that no member of your team is being asked to do excessive work. Encourage your team members to grade reasonable workloads and work-life balance, and certify managers to remodel the employee behavior for making them feel comfortable. Analysis suggests that operating less (which generally equates to stressing less) will result in improved productivity over the long-run.

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 key performance indicator is a measurable value used to determine how efficiently and effectively an organization is achieving its business goals. KPIs are used by companies at different levels to evaluate their success to achieve their particular milestones. Focuses of low-level KPIs are on the processes running in the departments of marketing, call center, or sales. Whereas high-level KPIs have their main focus towards the organization’s overall performance.

In the simplest term, KPI is a way to measure the progress of a company as far as their business objectives are concerned. KPIs are used to provide the most crucial information related to the company’s performance that enables the organization’s understanding. This understanding helps keep track of whether the company is moving as per the stated objectives or not. For such purpose, KPIs play the role of the navigational instrument by defining the current performance picture of any organization defining that where the company is standing right now compared to where it should be.

KPIs are considered a useful tool to make a business decision because they help reduce critical scenarios by raising the organization’s performance. To define KPI in a better way, an organization needs to consider the following questions. 

• Company’s desired outcome?
• Does this result matter?
• How to measure the company’s progress?
• How to manipulate the outcome?
• Who is responsible individually for the business outcome?
• How would you get to know whether you have achieved your outcome or not?
• How often your company’s progress will be reviewed.

Answers are mentioned below for a better understanding of the term “Key Performance Indicators.”

• To increase the company’s sales by 30% this year.
• This would help the company to make more profit.
• It will be measured as per the increment in revenue.
• By hiring more staff, particularly for brand promotion.
• Chief Sales Officer.
• By measuring revenue, that would be increased by 30%.
• It will be reviewed on either a monthly or weekly basis.

Key Performance Indicators as Key decision-making tools:

It has been understood by active decision-makers that there’s a need for information based upon some key values to make core business decisions. Creating an association between effective KPIs with strategic business objectives will help you answer complex business queries. It is essential to identify Key Performance Questions (KPQs) specifically for each strategic objective. After identifying KPQs, you will then be able to select or develop those KPIs that are best for your organization and efficiently answer your questions. This approach will make KPI meaningful, relevant, and strategic.

Importance of KPIs:

There are several reasons why your organization need KPI, and they are as follows:

• Measure your Targets:

KPIs are not referred to as an organization’s goal or targets, but they are a method to measure targets and goals for any organization. For example, if your company’s objective is to sell tickets at a certain amount every week, the KPI would tell you how close you are to reaching your target. In this instance, KPI would indicate that your sales team generates only 15% of revenue. As a manager, it is your responsibility to check whether this revenue is as per your desired target or not. If you start measuring your organization’s goals this way, it enables you to check whether you’re moving on the right track or not.

• Create a learning atmosphere:

Incorporating KPIs into your organization will help you create an educative atmosphere because measuring KPIs leads to meaningful conversations. This way, you get a chance to interact with other team members to discuss that particular KPI.

KPIs are significant for reaching the company’s objectives and allowing you to make timely and systematic adjustments per your company’s requirements. But you have to make sure that your company’s goals have enough potential to use KPI strategies. You need to develop particular goals that enable you to create the most critical KPIs to improve overall business performance.

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.

Most businesses put time and money into attracting new customers through marketing and neglect customer retention. This neglect is why positive customer experience, customer satisfaction, and post-sales service needs to be an integral part of the sales process. Businesses and management consultancy firms have been focusing on customer-centric behavior and policies, which is why stress is added on strict compliance to SOPs (Standard Operating Procedures) and SLAs (Service Level Agreements). This will ensure transparency and accountability of an employee and help identify gaps to retain customers and maximize cross-selling avenues. The unique value proposition will continuously change and be at par with the competitive environment.

Enhance Customer Experience

A few initiatives and profitable ventures can fuel loyalty and improve customer satisfaction. Imagine the last time the customer received a welcome surprise and a level above expectations. Achieving designated milestones during relationship management and rejoicing the moment is one way of prolonging the customer’s level of expectation. Gauge the interest of the customer and be inquisitive from the start. Make sure the point of sale material is displayed clearly. Offer a personal aura. Appreciate the customer’s feedback and, at the same time, empathize. Running away from the customer will not only lead to business loss but retention of customers.

 

Meet the level of Customer’s Expectation

Over the period, consumer behavior has evolved in different tangents. In this competitive world, the product or the service revolves around the customer. With an array of options at your disposal, the choice lies with the customer, except those individuals who are conscious of the brand. Hence, a significant burden must be shouldered by the firm to assess the behavior, match the level of satisfaction, and provide a one-stop solution. According to leading experts, nearly 87% of customers are unaware of the product and service. It is up to the service department to explain the features and avoid pushing the product, to improve targets.

 

Be Passionate and Engaged

Take care of your customers and make it a point to establish a formal line of communication. Greet them on their birthdays and extend wishes on special occasions. Maintain a polite and interested tone. Avoid poker expressions under any circumstances. Stick to the path and provide both negative and positive reinforcements.

 

Be Transparent and Honest with your Customers

Never lie or hide any facet of the product or service from the customer. The pans of loyalty always tilt to the business by being transparent and honest with the customers. All the disclaimers and ambiguous statements should be eliminated from the relationship.

 

Crafting a Unique Value Proposition

Depending on the nature of the customer’s product and behavior, a UVP (Unique Value Proposition) is crafted, which is an essential tool to match the level of customer’s expectancy. Some domains are receptive to customers, which could be pricing, place, availability, and convenience. As a business, it is of paramount importance that the galore of the product and service is flexible and revolves within the dynamics of the market.

 

Seasonal and Limited Time Promotions

Popular e-trade products ideally offer a limited-time promotion. This not only ensures existing customer revisits but also opens doors to new customer acquisition. Especially those customers who are sensitive to social and cultural issues, such seasonal and festival promotions are remunerative and strengthen the spectrum of relationships.

 

Create a customer community around your brand

In this era of globalization, where competition is intense, customers have started to gain foreign products. With a few exceptions, customers’ span on brand loyalty has been affected to a large extent. In tandem with the macro-environmental factors, an array of choices has been handed over to the client. Now, the distribution footprint and surfacing of large-scale shopping malls have given more access to the clients, where they can choose and buy as per their own needs.

 

Although conventional advertising methods and promotions still exist in the market, due to the cost factor, many companies have resorted to other means to ensure that they retain existing customers and acquire new clients. 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.

Every person aspires to make more money to afford a better standard of living, but few can accomplish it. This lack of accomplishment is because people often think that the effort needed to make extra income is not worth the time and energy put into it. Instead, they focus on curtailing expenses, which is not necessarily bad but can certainly have negative repercussions on their quality of life. Most fail to understand that to save more money; one must find ways to earn more money while keeping expenditures in check. In today’s fast-paced world, opportunities to make extra money are often all around you. This article explores different ways one can earn extra income without having to spend significant amounts of time and energy.

“Working smart is harder than working hard. It’s just less visible, and we care too much about what others see.” – smart cuts

Freelance Work

We all develop specific skill sets in our professional lives that can be quite valuable for others. There is quite a large market for individuals with professional skills who are looking for some freelance work. Growing one’s professional network helps in acquiring freelance gigs. If you don’t have an expert system or anybody interested in hiring you for your skills, there is no need to despair. Online freelance platforms like guru.com, fiverr.com, and freelancer.com allow individuals with professional expertise to offer their skills to a variety of clients. Freelance work will enable individuals the luxury to work from home and make their hours. One also works within their skillset, which means that there is no need for further training or development. All one has to do is build a respectable profile, and if your work is viable, people will come looking for you. Professional work always pays more than unskilled labor, and that is why freelancing is one of the best ways to make extra income.

Part-Time Jobs

They are specific part-time jobs that pay a good chunk of money without taking up too much of one’s time. When looking at a second job to compensate for some extra income, one must be careful. Choosing a job that pays the most for the least amount of time can be challenging. However, there are specific jobs that will ensure a higher return than others. Working as a part-time bartender or waiter on nights and weekends will result in a lot more money than working that same amount of time as a cashier or clerk. If you think the best way for you to make extra income is by taking on another job, our advice is to look for employment in the service industry. An Uber driver, delivery boy, valet, or even a caddy is likely to make a lot more money in tips that work the same amount of time at another menial job. Part-time jobs hardly ever lead to career jobs, so when looking for one, the primary focus should always be on monetary reward. The job that pays the most is the one that you want!

Odd Jobs

If you don’t have the necessary professional expertise to do freelance work and don’t have the time to commit to a part-time job, then the best way for you to earn extra income is by taking on odd jobs. Odd jobs come in a wide variety of forms, from mowing lawns to walking dogs. These jobs can be a great way to earn quick cash without having to make any prolonged commitments. Shoveling snow in the winter, for example, is a great way to make extra income if you have free time. Other odd jobs include collecting bottles and cans for deposit money, running errands, cleaning homes, and babysitting. These jobs can be found on various platforms from newspaper ads, Kijiji, Craigslist, and social media sites like Facebook. An even more natural solution would be to go door to door and ask people in the neighborhood if they have any odd jobs they would like you to do. Odd jobs are an easy way to make some quick cash even if you lack professional expertise.

Financial Management

It is always best practice to evaluate your finances every month to have an idea of where your money is being spent. Keeping track of income and expenditures helps in identifying ways to cut down expenses. More importantly, it provides a clear picture of how much extra income is required to fulfill one’s financial goals and objectives. Consulting a financial manager can help provide further insights into reducing expenses and increasing income, savings, and investments. 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.

Some people are born rich, while others have to save. People save for several reasons; this could range from getting your favorite car to investing in your passion.

From short to long term financial goals, savings can help you decide the milestones and benchmarks. But here is the thing, some people are born “savers,” while others are spendthrift by nature. They love spending money and cannot stop. Whether it’s to uplift their mood or indulge in impulsive shopping- they can’t stop wasting. It’s because of a generous nature that they end up getting stuck in a financial mess. If you are one of them, don’t worry, we have you covered.

 

Being financially responsible is not that hard. Saving money is something that can easily be taught; all one needs is motivation and determination. One might face a difficult time becoming a saver because he or she doesn’t know the joy that comes along. Here are some reasons why you should love savings. Read on to become a motivated saver.

 

Saving Money Reduces Stress

Savings reduce stress in many ways. Having money to save usually means that you are on top of your financial game. People who are unorganized with personal finances are reported to have poor mental health. A research conducted by Northwestern and Michigan Universities indicates that those who experience “negative wealth shock” have a 50% higher mortality rate. Negative wealth shock means a 75% loss in net household finance.  The mortality rate is related to increased stress, depression, and substance abuse. Savings can help you reduce this stress by acting as a buffer in a negative wealth shock.

 

The money you save can help you get back on your feet, just in case rainy days arrive. This could include anything from losing a job to getting an unexpected health condition. If you don’t have money tucked away safely somewhere for bad times, you’ll keep stressing about it.

 

Saving Money Gives You Freedom

 

This might sound ironic, but as much as savings restrict you from being extravagant, it also offers you the freedom to spend. Most people look at savings as a demon who prevents them from spending on things that make them happy, like going out shopping or treating yourself with an extravagant dinner.

 

Let’s break this notion down into a more understandable phenomenon. Savings can only happen when you have a budget. You pack your finances in a budget and stockpile a chunk of it in savings. Having a predetermined ratio in place that is securely saved gives you the freedom to spend the rest of it.

 

Moreover, saving personal finances gives you the freedom to plan your life and do things that you cannot imagine doing otherwise. You can save for the trip that you always wanted or retire early to pursue something you want. Perhaps, you want to give your life a fresh start and start your own business. Savings can help you do all that because, with money in your pocket, you can do whatever you want.

 

Saving Money Can Make You Rich

As fetched as it sounds, we have some real-life examples of people who got rich by saving money. The past generation became rich only by consistently saving their money. But for people like us, this might be the hardest way out.

 

Saving money can lead to investment, and wise investment can make you rich. This is the most straightforward equation that many of us still don’t understand. If you are not sure about your investment, don’t get your money in trouble.

 

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.