Author: Jennifer Brazer

It is an irrefutable fact that obtaining new customers is more focused on than maintaining existing customers. This is why interaction with customers, customer satisfaction, and post-sales service is becoming an integral part of the sales process. Professional organizations 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. 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 organization 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 an organization, it is of paramount importance that the galore of the product and service is flexible and revolves within the dynamics of the market. 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.

Financial statements and audited reports are preferred to gauge the financial health of the business. The statement comprises an audited report stating whether figures and record-keeping are qualified or unqualified. The balance sheet’s main components are current assets, current liabilities, non-current assets, fixed assets, non-current liabilities, long-term liabilities, and equity (which primarily comprises of capital, retained earnings, and long term reserves.) The second statement is a profit and loss statement, also called an income statement. This statement depicts the revenue and loss position for a specific period. There are various headings under this statement, such as sales, cost of goods sold, depreciation, financial expense, and many other particulars. It gauges the operational efficacy, net profitability, and also the earning per share. The third and perhaps the most important statement is the cash flow statement. This statement is divided into three significant components, cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities.

To manage the firm’s cash flow statement effectively, the finance managers adopt their own unique and preferred methodologies for better management. At first, the entire net profit is picked up from the income statement, and non-cash items (such as depreciation and amortization) are added back into the opening figure of the cash flow statement. To simplify the cash flow statement (for management’s ease), finance managers view it from a different tangent. They categorize it mainly into two main domains, which are “Needs and Sources.” Sources are the managed funds that the company generates through its operations and working capital acquired outside the firm. Needs are requirements that are funded through external sources.

The statement is divided into two categories, short-term and long-term.

Figures extracted into operating sources are then filtered through operating needs to arrive at a net cash flow position from working capital activities. This figure entails how much cash the firm generated from its primary operations and it foretells the position of working capital requirements or not. If the value is negative, it implies that the inflows are less than the firm’s outflows, and the company requires additional funds to meet its working capital requirements. Upon seeing the picture of the figure, the business is in a strong position to make an educated decision to secure any additional financing requirement or not. Naturally, the business will not take any decision to affect its liquidity and gearing ratio. This will also help the business in analyzing that there is no mismatch in the balance sheet. If such an incident does occur, the business can go into balance sheet restructuring and improve its financial position in the eyes of the shareholder and investor.

Non-Operating sources and non-operating needs to tell if the company is facing any stress on its cash flow due to capital expenditure and unnecessary dividend payout. If the pressure is not controlled, the impact can flow into operating sources and needs, which may negatively affect the operations of the business and increase the company’s leverage position.

In essence, cash flow management represents true financial health as opposed to the income statement (where depreciation and amortization are expensed out). The non-cash items are added back into the cash flow statement to get precise net cash flow. Furthermore, all those liabilities and expenses, which are provisioned but not paid out are also added back (such current portion of long-term debt or financial lease). The business’s primary plan is to make a profit and generate revenue. Even if the income statement reveals a healthy profit for the company, due to specific accounting methodologies and deferment entries), it is the management of cash flow which will depict the actual policies that business complies.

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

Are you tired of managing your household finances? Managing household finances is not as easy as it used to be. It can become a challenging task to get your finances under control, especially when you do not have much freedom in your budget. 

Budgeting and managing your finances is a draining activity, but you need to sit down and create a budget every month. Managing your household finances does not have to be that distressing. There are several reasons why household finances take the life out of you. Let’s check them out!

Your Budget Is Restrictive

When you are on a limited budget, your spending options are minimal. Usually, families implement such a strategy when the money is tight. However, sometimes they cut down their expenses to save money for buying a house or their children’s education.

No matter the reason, the restrictive financial plan shifts the focus upon the immediate needs of the family. As a result, it does not offer much room for other expenditures, like dining out, shopping, and traveling.

Being on an unrealistic restrictive budget is like going on an unrealistic weight loss diet. You are very excited at the beginning. You also track your progress and stay committed to your goals. However, a few days pass away. You start to realize that the plan is unsustainable and over-ambitious. Consequently, you have to make a choice, either continue with the plan or quit. Either way, you are fighting a constant battle with yourself, which causes stress and depression.

The point of this analogy is: While it is a good idea to live below your means, setting a meager budget and unrealistic targets can make your life very problematic. This is a big reason that makes managing your household finances seem a very daunting task. 

Change of Lifestyle

As we previously mentioned, living below your means can be a very challenging task. What makes it more difficult is the forcing of a swift lifestyle change.  If you want to reduce your spending, you must take gradual steps rather than making a sudden change in your lifestyle.

For instance, you can start by cutting off unnecessary expenses like magazines or TV subscriptions and other services like landscaping, spa, etc. In a few months, you get used to the new lifestyle and find it easy to maintain the change.

Though having the right amount of surplus in a short amount of time is very tempting, it can be very detrimental to your household finances. If you try to eliminate all your expenses at once, it can be overwhelming for you and your family, thus only leading to dissatisfaction and unhappiness.

Lack of Information

Another key element of managing your finances effectively is having complete knowledge of your income and expenditure. You need to take all the sources of income and all the expenditures you expect to incur to create a practical and functional budget.

Most households do not make a formal monthly list of their expenditure. Due to this, they are bound to omit some items from their list. This leads to forecasting errors, making it very hard to keep your expenses under control.

Lack of Flexibility

An inflexible budget is an inadequate budget. Your household finances may vary from one month to another. If you are not flexible towards the changes, it will only lead to you managing your finances inefficiently. For instance, if your car broke down and you have not created a provision for fixtures and repairs, you will have to cross your budget or leave the car broke down.

Long story short, not accounting for any unforeseeable expenses or monthly changes in your financial situation can prove to be very costly for your budget.

Identifying the problems in your budget and addressing these problems is essential. Not only will it make managing your finances a much easier job, but it will also allow you to make smarter choices and provide control over your money.

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 E-commerce store has become essential for entrepreneurs so that consumers can see offers via the internet. Today’s consumers search for products online, and then they compare it with other products before making an informed buying decision. Customers are becoming more and more aware of what they purchase and from where. An E-commerce store helps to know customer’s expectations and provides a platform so that users can search and buy your product quickly. 

Multiple e-commerce platforms can be used to integrate the functionality of online shopping into your website.  Zen Cart, Magneto, and open Cart are examples of e-commerce developing platforms. They help you to build your product portfolios quickly while providing multiple templates. In addition to this, you also have an option to add various products easily.

An E-commerce store is a kind of a virtual showroom where you allow customers to research products by providing reasons why they should buy a particular product. If an e-commerce website is designed well, it will lead to an increased number of sales.

Benefits of having an online store:

Global Reach:

Physical stores cover only a limited area. An Online store helps to target the whole world. If your company manages foreign customer’s requirements, then soon your business will rise. The benefit of having an e-commerce store is that anyone can search or buy products from anywhere.

Availability:

Customers can place their orders easily via your website, even if brand representatives are not present. Customers do not have to wait for your shop to open. If Brand representatives are not available, no problem! The company can still have a sales campaign on products. Purchasing directly from your website will, in return, increase your business revenue. 

Brand Loyalty:

The primary objective of shifting your business towards an online platform is associated with brand loyalty. Starting an e-commerce business doesn’t merely mean that you must follow the competitor’s strategies. Business ideas incorporated in a customized website are not enough for brand promotion. Implement techniques to get traffic on the site within no time through paid or organic SEO, Google AdWords, and marketing using social media forums. The use of good content will help in brand promotion. If customers are showing interest in the companies exciting offers, they will give great online reviews, and these are enough to expand your business.

Your business is just because of your customers, followers, and fans. Once customers are satisfied with your brand, you can use multiple options to earn revenue via ad spaces, referral marketing, and much more. Set long-term goals to maintain your online store. If you have created it successfully, then your e-commerce business will run smoothly. Today the internet is effortless to use and is more business-friendly. Starting an e-commerce store could be the best decision that you can ever make.

Convenience:

After a 10-hour workday, going shopping with kids is a tough job to do. To get rid of such hectic situations, people prefer online shopping. E-commerce is a perfect option to choose because it can fit easily into a customer’s hard life. Give exciting offers to users; give them what they want and when they want it.

Amazon is the best example to quote for e-commerce stores. They offer a vast store with a diverse range of products available at any time. Quick checkout process, customer order tracking, and fast shipping are some excellent facilities offered by Amazon.

Conclusion:

An e-commerce store helps businesses to increase profits and revenues. If the correct investment is made for the e-commerce store, it will maximize the number of sales. Some common benefits you will get after opening an e-commerce store are that customers can purchase whatever they like from anywhere, find a wide range of products, accessibility, available 24/7, no traveling, saves time, and can search products easily. E-commerce store helps reduce your cost and time so that you can avail yourself this time to do some other necessary things. 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.

Downsizing has become a common phenomenon in medium to large scale businesses in almost every industry. There was a time when downsizing was restricted only to blue-collar workers in the manufacturing sector, with advancements in technology and offshore outsourcing, no job, no matter what designation remains secure. Downsizing practices have hurt employees, as job security is always a concern even in large stable corporations. In the 21st century, highly educated and knowledgeable workers, including attorneys, physicians, scientists, and investment bankers, have suddenly found themselves amongst the downsized groups.

Reducing Costs

The primary reason for downsizing is that it is a quick and easy solution in terms of cutting costs to sustain the business. It is observed that during economic recessions, many organizations choose the path of downsizing to try and cut on costs to maintain sufficient levels. Many believe that excess labor costs can eat away at a company’s profitability. Having the right balance of employees and wages is the best way forward to achieve sustainable growth. However, research suggests that employees are a company’s assets, and downsizing may work effectively in the short-term, but it is never a long term solution. Downsizing should only be considered by the organization when all other methods of cost reductions are exhausted.  

 

Most business organizations opt to automate processes by incorporating technological capital rather than labor capital. Automated means often result in increased productivity, efficiency, and minor errors. However, this requires extensive capital investment, and the machines also need specialists when it comes to their operation and maintenance. Raising capital can often mean taking a loan and paying interest, which adds to costs. Furthermore, automated processes are highly specialized and leave little room for flexibility. In some cases, governments can also help subsidize labor costs in areas with high unemployment that can be more cost-effective than purchasing and maintaining heavy equipment. Consequently, the use of high-tech equipment and technology has not asserted the ultimate solution.

 

Survival in the Industry

For survival, several organizations have merged, while their competitors take others over. Even federal-owned corporations are privatized in the hopes of improving efficiency and productivity. To survive, small businesses may look at existing strategies to sell their business to larger organizations operating in the same industry. This is where downsizing occurs as the merger of two organizations allows for resources to be pooled together. Most organizations have found themselves in a condition where rising demand for fuel and raw materials could not be supplied as almost all the natural resources had been exhausted.

 

Productivity

Business organizations, at times, downsize to increase productivity. This strategy may seem to be counterintuitive, but in some cases can turn out to be beneficial. For example, suppose a business organization knows that it could increase the individual productivity of its employees while keeping the overall productivity constant. In that case, downsizing could be beneficial for the organization. Also, a business organization could replace human force with automated equipment that could perform the same job promptly. 

 

Value

The downsizing labor force of an organization generally indicates that some changes or restructuring is being conducted. These changes are usually targeted for increasing the profitability of an organization. If shareholders of an organization perceive that some changes will be made to increase profitability, it will increase the value of company stock. This can also result in more shareholders to invest in the company and increase shareholdings in the organization. In this case, downsizing enhances the organization’s perceived value.

 

Outsourcing

At times, organizations overextend themselves in terms of types and number of services they offer from time to time. By eliminating some products or services from the organization’s product portfolio can also help in improving profitability. Specialization leads to economies of scale and competitive advantage. If specific departments within the organization are not performing as expected, then it might be useful to close that department altogether. In this case, the number of employees needs to be decreased. In this case, the management may decide that outsourcing several activities could be a profitable decision, along with reduced costs.

 

Conclusion

No organization will choose to downsize unless it makes feasible sense to do so. What most organizations need to understand, however, is that downsizing is NOT the only option when it comes to reducing costs. When to downsize and when not to downsize? It can often be the difference between a successful long-term business and one that is forced to shut down altogether.

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

Businesses, especially small and medium enterprises, are sometimes unable to run operations successfully for various reasons. A few reasons cited by leading experts and scholars are related to the owner’s authority and control. Not all start-ups will succeed, but companies with substantial capital and management structure are vulnerable to global turmoil and economic recession as well.

If such circumstances arise, then it is prudent to declare bankruptcy in the eyes of debtors, investors, and financial institutions. Bankruptcy is an option when a business overburdened by external debt and financial obligations, is going down the slope and is unable to meet its financial obligations.

Before proceeding, it is vital to understand the business’s organizational structure at the time of establishment. There are generally two categories of business entities. The first is known as an Unlimited Liability Company, and the second is referred to as Limited Liability Company. In the former type of business, the business’s liability is stretched to the personal asset of the business owner, such as a house, car, and other personally held assets. In the latter type of business, the liability is restricted to the assets of the business and its company, such as fixed assets, plants, shops, machinery, commercial vehicles, office furniture, etc.

It is suggested that business owners of small firms should only think about bankruptcy if their assets are at risk of being liquidated by individual creditors and financial institutions. However, if only the business is liable, bankruptcy should be weighed against the benefits of going out of business.

New business owners should register their firms as Limited Liability Corporation (LLC.) This registration will provide the business owner a safeguard for their personal and individual assets from creditors and financial institutions. Small business entities that run themselves as proprietorship or partnership firms are at significant risk of exposing their assets. However, even when the business entity is a limited liability company, the personal assets of the owners or directors may still be at risk in the event of recourse, provided if the directors of the corporations have provided personal guarantee as part of security and collateral to the creditors and financial institutions.

One mistake that leads to bankruptcy is when the owner does not draw a line between business operations and personal finances. In this scenario, the court will give out the verdict that since the business owner did not deal with the operations of the business and personal needs separately, the assets of both the firm and personal belongings will be considered as one. It is another matter and debate that creditors and financial institutions are skeptical in providing any financial security to such business entities without any proper tangible collateral.

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 innovations have resulted from a need to pair the right individual with the right organization’s right job. However, we are still nowhere close to hiring employees in a manner that is both effective and accurate. This is because portals like LinkedIn offer a professional network that makes it easier for employers to find potential employees that meet their requirements. This is the first stage of recruitment, and technology and innovation have come a long way. However, the next process is the most time-consuming and stressful process for HR as it involves short-listing suitable future employees from a massive pool of potentially similar candidates.

How does one short-list one person and not another? What is the basis for the selection or deselection of a potential hire? Why is this process so time-consuming? And finally, is there a better way? These are but a few questions on the minds of HR representatives and business owners alike.

What is ShortListing? And Why is it so Important?

Short-listing is the process of narrowing down candidates from an applicant pool. These applicants best meet the desired position requirements, and they are who the organization would like to see in the next phase of the recruitment process. No organization has the time, resources, finances, or ability to meet or place an interview with each candidate that applies to the organization. Short-listing potential candidates is essential as only a fraction of those who have applied for the position are called in for an interview or move on to the next phase of recruitment—deciding who should move on and who shouldn’t is the real challenge facing recruiters worldwide.

Screening and Short Listing

Screening and short-listing often happen simultaneously as a recruiter goes through every applicable candidate. The screening process is essential to the effective short-listing of potential candidates as it helps in eliminating those candidates that are least likely to be a good fit. Many organizations use different screening processes based on the type of position in question and the size and nature of the business.

Determining a set short-list criterion ensures that employees selected at least meet the minimum levels of experience and qualifications needed for the position. Screening standards should be high enough to provide good quality candidates get pushed forward, but not too high either as many potentially qualified candidates might not pass through screening.

A short-list criterion should be based on the experience, qualities, and traits of top-performing employees who are currently in that role. The criteria should never include personal opinions, gut feelings, or own similarities of the candidate with recruiters or managers.

An ideal short-list criterion should include the following:

• Education
• Experience
• Professional Skills
• Personality Traits
• Competencies

 

Each of the criteria mentioned earlier can be further elaborated upon to ensure that recruiters and HR managers know what they are looking for in terms of the ideal employee for the position. The better the screening criteria are, the more effective will be the recruitment process for the organization. A thorough and well-defined screening process maintains desired employee standards across the organization leading to better utilization of resources and increased productivity and expertise.

Conclusion

Short-listing ideal candidates can be challenging for any recruiter, but if proper measures are put in place, this process can become a lot more streamlined and less time-consuming. There are no shortcuts when it comes to selective hiring. The most effective recruiters and HR professionals follow strict guidelines when it comes to screening candidates. Screening is more than half of the recruitment battle, and by adhering to strict criteria will help in the most effective selection of potential candidates. 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.

Research is of paramount importance when it comes to designing and composing a business plan. Using appropriate research methods and tools can help collect relevant data that adds credibility and concrete facts to prove a concept or business model. Without proper research, no business plan will have the impetus to attract investors.

“Going into business without a business plan is like going on a mountain trek without a map or GPS support – you’ll eventually get lost and starve!” – Kevin J. Donaldson

Conducting proper research before starting any business is essential to ensure that the business startup hits the ground running. This also allows for the entrepreneur to be well prepared for any setbacks or obstacles that may arise in the early course of the business life cycle. Determining the type of data needed and assigning a set budget dictates what research methods can be used to represent the market landscape accurately.

Is there a market for the product, and if so, how significant is this market? What type of competition exists? What is the desired target audience for the product or service? What is the average market price that customers are willing to pay for products or services? What is the position of the current market or industry? These are but a few questions that a business plan should answer right away, highlighting the opportunity present and the chances of exponential growth.

Finding the right answers to the questions, as mentioned earlier, takes a lot of research and time. The most appropriate research method to recover data is essential in terms of both saving money and time. This article looks at basic research methods and how they can help in gathering information for business plans.

Quantitative Research

This is a standard research method used by businesses to gather vast amounts of data at a substantially low cost and in rapid time. This research is carried out when a business requires numerical data in the business plan to prove a point or highlight an opportunity. Quantitative research is ideal if the business is looking for specific statistical figures to support analysis or demonstrate a concept. This type of research is carried out in the form of surveys or sample studies tailored explicitly to factor in all measurable variables to get a numeric representation to support the analysis.

Primary Research

This form of research is mainly conducted when the information being sought is not readily available. Examples of primary research include surveys, focus groups, and observations, which are done first hand, eliminating any unwarranted biases or misrepresentation. This is generally a much more time-consuming and expensive way of gathering research data and, by far, one of the most effective and credible.

Qualitative Research

This research method is generally used when a business requires a deeper understanding of a user’s point of view regarding product features, price, and quality. Qualitative research can be conducted through the use of interviews, questionnaires, and focus groups. It is mainly done in instances when detailed information is required that can’t be quantified. Qualitative research is a much more time-consuming process and can also cost a bit more, especially if you have to pay individuals for participating in the study.

Secondary Research

Secondary research is the most common form of research whereby information is already available on a variety of different platforms such as the internet, newspaper, blogs, journals, and books. This form of research is by far the most cost-effective, but it is also the least reliable. This is because third parties often conduct secondary research. Hence, deciphering the source of the information and its relevancy becomes of the utmost importance when trusting data from secondary research.

Conclusion

The researches, as mentioned earlier, help provide relevant and informative data for the development and formulation of business plans. Choosing appropriate research methods helps determine data that can identify the potential of a business and any drawbacks that it may have. Having this information before starting the business can be a considerable advantage for entrepreneurs. Thus, investing the necessary time and money into proper research can be the difference between a successful business plan and a failed one.

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.

Online presence refers to the presence of an individual or business online via a website and social media. Having a strong online presence means customers can access information regarding that particular individual or company through an online search. The Internet has become competitive, and doing business online is increasing at a rapid pace. Here are a few ways through which you can increase the online presence of your business.

• Optimize your website

Having an online business means you have a website. Your business’s website does not have to be fancy to attract customers. The key is to have a simple website so customers can navigate through it quickly. Your website should have a clear CTA (call to action), so when a customer decides to purchase, he knows where and how to contact you. A website that is user-friendly, mobile responsive, and loads quickly and is updated will aid your business’s online presence.

 

• Stay in close contact with your customers

We all know the power ‘reviews’ hold for customers. Before purchasing a product or service, the majority of customers read reviews to influence their purchase decision. Make sure you keep an eye on the review section of your website and social media. Not all reviews may be true, but some will help you improve your product, service, or customer service. They will serve as the voice of your customers to you and will help you stay close to them. For example, if you are in the makeup business and recently introduced a line of lipsticks, the review section of your website will let you know what your customers think about them. Let’s say some customers aren’t happy with the quality of the lipsticks you introduced. This feedback will help you improve your lipsticks and introduce a better batch. This will increase your business’s online presence as customers will know how responsive you are to their feedback.

 

• Make use of different social media platforms

There are various social media platforms – Instagram, Facebook, Twitter, LinkedIn, Pinterest, etc.- that can boost your business’s online presence. However, managing accounts on all platforms and your website can become tedious, which is why it is recommended to have a presence on two or three platforms and keep them regularly updated. Ensure each platform has the correct information about your business – address, contact number, work timings, product pictures, etc.

• Don’t give your customers a chance to forget you

You will have to take steps to make sure your customers and your target market do not forget about your online presence. One of the best ways to stay on top of your customers’ minds is by sending them regular newsletters or promotions. This can be done via email or through direct mailing catalogs and promotional offers. In this digital age, it is easier to stay in touch via email, as everyone has a smartphone.

 

• Understand the power of blogging

Having a blog section on your website and updating it daily using the right keywords can improve SEO (search engine optimization) of your website. This way, your website can crawl up to the top ranks of search pages. Blogs are also interactive and help you connect with your customers. You can post blogs about your business, products, services, etc. on different platforms and backlink it to your website to drive traffic organically.

These are some of the essential ways to increase the online presence of your business. In this highly competitive digital age, it is vital to ensure your company has a strong online presence; otherwise, competitors will leave you behind.

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 budget is considered one of the most reliable financial management tools. In a business, it is recommended that the business owner adds a buffer to the existing budget. If market economics remain constant, the buffer amount will augment the revenue output. However, if the business is financially vulnerable by any adverse effect on the market dynamics, the buffer will act as a protective shield from any negative financial impact.

Small businesses are usually start-ups, sole proprietorships, and partnership firms. As a rule of thumb, the first-year budget should be prepared on reasonable projections and reliable data. Expecting a growing revenue stream in the initial years of the business is not realistic. Small businesses are on a stringent budget, especially in the first year of operations. There may be various sources of revenue streams, and as soon as the operations of the business pick up, the revenue will begin to climb. The probability of having low costs and high profits in the initial years is low; therefore, small business owners will cover operations through loans and other private funding. Eventually, a shrewdly operated business will break even then start to see the business gain profits.

When starting operations, the owner should seek advice from peers and financial advisors. It is also essential that you seek voluntary support from friends, neighbors, and relatives to help you in your business while it is getting up and running. These are the people that can assist in activities such as packaging, shelving, decorating, or perhaps dealing with customers at the counter. These are all non-cash expenditures and add no dent to your budget. However, please do not take them for granted. Once the business’s operations start yielding profit, the owner can begin paying them incentives or wages to help the business move forward. Furthermore, there may be various friends and relatives in the network who may be experts in finance, tax, and inventory management. Although they may not be rich in pooling financial resources, but can surely help the business out by setting up some formal management structure.

Investing in business or partnership concerns, expecting immediate promotions and increments, is a far-fledged concept. A wise businessperson will always aim to expand the business operations or expand the organization’s distribution footprint. Now, advertising and promoting new deals is an expensive proposition. Always solicit the platform of social media to reach out to your audience. In the tech-savvy era, your kids are entirely educated in providing a lending hand and spread the word around through social media websites.

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.