Author: Jennifer Brazer

Before diving into customer service, it is important to define who is a customer. A customer is a stakeholder, which applies to any person associated with the business. It could be the external and internal customers, shareholders, vendors, non-management executives, investors, a board of directors, and top management.

 

The function of customer service is to sustain customer satisfaction while using an amicable and empathetic tone when interacting with potential clients and existing customers. Furthermore, adherence to stipulated SOPs (Standard Operating Procedures) and SLAs (Service Level Agreements) ensures the business’s reputation and exhibit employee’s professionalism. Any deviation from the guidelines can hamper the revenue stream and put the firm’s reputation at stake. In some businesses, this function is the barometer for ascertaining the quality standards, also known as Service Control. Therefore, the top management takes the utmost care to develop a strategy and adaptable planning. Various aspects are taken into consideration at the time of strategic development. This silo’s role involves an array of strategies and multiple scenarios kept in mind at the time of the planning phase. Quality Control is all about ensuring that the customer feels valued, appreciated, and satisfied.

Superior service starts with the employee and attitude. If the business development and training department identify any gap, it is the same department’s responsibility to ensure that adequate training is given to employees. Any employee interacting with the customer must exhibit quality service. At the time of interaction, the customer does not know who the person is, but what the customer is fully aware of is the firm’s name. Any false commitment or deviation from the SLA can significantly sabotage the firm’s character, which is unacceptable to all the stakeholders.

 

Develop Customer Service Strategies

Planning, developing, and implementing strategies that address each possible scenario of customer experience is of pivotal importance. The first and foremost step is to document SOPs and SLAs and have them signed by the respective department or division heads. To further augment service quality, develop a frequency table, where one can gather key stakeholders, collate their responses and feedback, with the help of a moderator. The analytics department will corroborate the input, and if any changes do occur, the concern will be forwarded to the respective department.

Recruit Adequately

Even potential employees are also customers; therefore, utmost care must be taken to maintain quality standards. When the recruitment officer interacts with the candidates, it is vital to inquire about their perception of the quality of service, customer satisfaction, and the magnitude concerning business operations. Present them with various scenarios and seek their responses. This will give a fair amount of idea for the human resource department regarding the aptitude and the attitude that the business is looking for in their employees.

 

Provide Customer Service Training

Ensure adequate training is given to employees concerning customer service approaches and policies. Design role-playing training sessions that help identify the role players did right and where they can move forward. Training and development on how to deal with client needs can lead to significant improvements in customer retention and reduce refunds, cancelations, and dissatisfaction.

Survey your Customer

Another approach to check customer satisfaction levels is to welcome clients to give you an evaluation of customer representatives attending to their needs. This can be achieved through overviews, center gatherings, or by having a web or in-store remark box accessible. Painstakingly auditing compliments and complaints and searching for repeated issues can shed light on what aspects require attention and where improvements can be made. Consider compensating staff members for extraordinary levels of customer service as this encourages consistency and improves motivation.

 

Customers frequently share their perspective of businesses through social media today, which means even one wrong move or inefficient behavior can spread quickly and damage your business reputation. In addition to providing high-quality customer service, it is essential to monitor what’s being said about your business on social media so that you can quickly address and resolve any complaints as they arise from people online.

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.

In most cases, a home is seen as a liability, but in reality, that liability can easily be changed to an asset that pays a dividend. There are several advantages to turning your home into an investment property. To get started, you must understand the various advantages of converting your home into an investment and the steps it takes to convert to an investment. Generally, the rental currency is used to repay a home loan, but it is essential to consider how to go beyond merely making mortgage payments. Here’s a list of advantages of turning your residence into an investment property.

• Downgrading:

Investors can claim on a devaluation of your property, including furnishings and fixings. These involve in-house services such as heating, cooling, blinds, and dishwashers. In the case of downgrading, the number of funds can be huge, mainly when it is worth a lot and newfangled. All you need is a reputable evaluator to get a devaluation plan to have a better idea of what claims you can make.

• Tax withdrawal:

The primary reason for turning your home into an investment is the availability of tax deductions to the asset stakeholders. This enables stakeholders to claim tax deductions on several things, including interest expenses, agent fees, council rates, corporate body charges, and maintenance and repairs.  

• Way to generate income:

One can easily engender income by merely giving his property on rent. The amount of rent you receive against your property is higher than the amount you are compensating on your loan. Most importantly, if the rent amount is not enough to pay off your debt, you can still declare this back in due.

Mentioned above are the advantages of having an investment property. Below are some factors that you need to consider if you are thinking of turning your home into an investment.

• Mortgage:

Being a property owner, maybe you have paid a substantial amount to pay off your debt. So, there are chances that the number of tax deductions may not be as excessive. Even with that, you have already made a healthy amount of equity as far as this property is concerned. This amount of capital can easily be used as a credit towards other investment properties.

• Capital Gains Tax CGT:

You are excused from CGT in case your property is the principal place of your residence. But if you are deciding to rent your property, consider that you must pay partial capital gains tax.

• Gearing:

In most cases, properties are often deemed liabilities if they are not properly managed and can result in potential losses. This loss can be declared against your tax return file and will help you in reducing the taxable amount. Make sure that you have enough funds at your side to deal with this loss, and in the future, you can claim this back either at the end of the year or on a monthly cycle.

• Loans:

Property owners lean towards having a loan, which includes interest and a principle that allows them to pay off their debts. In such cases, only attention is paid, whereas the principal is neglected. 

• Property management:

You are now responsible for your valuable assets after giving your property for rent. Your responsibilities include repairing the house, collecting rent amounts, and finding tenants. Such responsibilities give birth to lots of stressful situations. To cope with traumatic conditions, you need to hire a property manager to control and manage all these responsibilities. Also, against these costs, you can easily demand your tax back.  

Should you turn your home into an investment property? This all depends on your goals and circumstances. You can generate a lot of income by making your home into an investment property. The earnings you get from tenants can solve many of your financial problems. But before turning your home into an investment, you need to consider all the relevant factors mentioned above.

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

A middle-class household is typically a household whose income ranges from $51,000 to $123,000 per year. If we look at this classification, we realize that the majority of families fall into the middle-class category.

 

When we talk about household financial management, we know it refers to how a particular household manages its income and expenses. Most families worry about their expenses as they realize their income isn’t sufficient to cover those expenses. On the other hand, some families plan their finances to save and make investments. 

Here are some of the significant trends you will observe in middle-class household financial management.

 

• Middle-class families have a budget

 

Most middle-class families have a proper budget in place, and they make sure that every household member sticks to it. They know what their income is and how they will pay for every financial expense they have. They have a proper plan for their household financial management.

 

• They save

 

It is good to save money for a rainy day or when a lucrative opportunity comes to invest. Most middle-class families have they’re future planned out financially. They will keep their expenditures to a minimum and try to save as much money as they can monthly. These savings can be either an emergency fund or for a better investment opportunity to buy a house or car, invest in mutual funds, buy a specific commodity, and invest in a business opportunity, etc.

 

• You will see them strive for more

 

Hard work always pays off; you should know how to benefit from an opportunity when it comes your way. You will observe that most middle-class family members are always striving for more – to make more money, save more, invest more, etc. Some people do more than one job to have an extra flow of income coming in.

 

• Wise middle-class families don’t splurge

 

We all know it is wise not to splurge, and most people make impulsive purchase decisions despite having a limited stream of income. Smart people won’t be seen splurging and making irrational purchase decisions. Thanks to their household financial management skills, middle-class families know how to spend wisely and not waste money on unnecessary purchases.

 

• Middle-class families know how to handle their debt

 

Financial debt can suck the life out of you, especially when you have taken a big loan, and a significant chunk of your income goes towards loan and interest payments. Middle-class families who are wise aren’t seen using their credit card much as they know a credit card would only lure them into purchasing something completely unnecessary. Even if they take a loan, they strategically plan to pay it off without getting stuck with it for a long time.

 

• They teach every family member household financial management tactics

 

If we say middle-class families have excellent household financial management skills, we know they aren’t limited to just the head of the family. The leader makes sure that he teaches his partner, children, and parents the same as well. This is important as excellent income management is impossible without the support of your family.

 

• They don’t splurge on leisure activities or lavish vacations

 

You won’t see middle-class families splurging on expensive leisure activities or lavish vacations. Yes, it is essential to indulge in some businesses with your family to maintain a healthy bond. So what they do is that they look for low-cost alternatives. For example, grabbing a few snacks and going to the beach or a nearby park, etc. 

 

The aim of a person is betterment. Everyone wants a better lifestyle and make more money. Most middle-class families aim to reach the upper class. By the trends that have been observed, the chances are that most middle-class families will be able to do so through household financial management.

 

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.

From inception until the point the business reaches creditability in the market, selling products on credit is inevitable, especially if the business is a wholesaler or the producing unit. In retail, all selling to the customer is done on a cash or instant payment basis. But some companies will extend credit, which can lead to delays in receiving payments and result in debt. Wholesalers or manufacturers who extend credit need to ensure that the receivable cycle matches the payable cycle. It is also a good idea to reduce the payment terms of accounts receivable to 30 days.

Before selling any of the products to the buyer on credit, it would be prudent to run a credit check. This will provide comfort in the decision-making process, and the owner will know that the payment against the product will be on time or as per the commitment. You must write out an agreement, so the terms and conditions are clear. It is a good idea to seek the help of an attorney to assist in drawing up a standard agreement with terms and conditions. This will ensure all bases are covered.

If the owner has a website, publish the content of the agreement and terms and condition on the home page. Furthermore, whenever the delivery order is issued, always incorporate a clause that the title of the goods is not transferred to the buyer until full and final receipt of payment. Furthermore, the government gives the company the liberty to have incurred any late payment charges from the buyer.

Your business must be familiar with the purchasing individual or company to which you are extending credit. The owner should have hands-on knowledge of key personnel in the company, whether the person is the owner of the firm or an employee working in the accounts and finance departments. These accountants and financial managers are the elemental people to raise a red flag and also responsible for providing timely payments.

When the delivery order is issued, instantly issue the invoice and chase the payment at least 15 days before the due date. In proactive management, the pursuit of payments guarantees on-time payment, stable account receivable, and at the same time, reducing the probability of late payment.

If the buyer already has an existing payment mechanism, such as the frequency of the payment is either monthly, fortnightly, twice-monthly, or quarterly, then set the credit terms accordingly. If the buyer is significant, it will not negotiate or deviate from its existing payment system mechanism. Therefore, the owner needs to realign the credit terms of accounts receivables accordingly.

Keep in regular contact with the buyer, either by phone or email, when the payment approaches the due date, but please avoid any fluster. Be courteous and reassure that the contact is being made as a reminder.

If any problem or dispute does creep up, such as product not as per specification, etc., try to resolve it as quickly as possible. This is imperative as it will assure that the accounts receivable will not go into overdue or bad debt.

When it comes to the non-negotiable situation, seek assistance from some recovery agency or lawyers. Always try to control the size of account receivable properly and maintain a good tracking history of the past payment. These are a few practical ways of account receivable management and preventing and causing bad debt.

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

According to the leading researchers in the field of management sciences, it anticipated that business firms (small and large-scale corporations) waste almost one-third of their overall expenses on non-business-related items. Such unnecessary costs have no impact on the increase in market share, wallet size, financial leverage, and potential customers’ acquisition. When the business is reaping profits and, at the same time, bleeding costs, there is no room for shortcuts.

Look at the budget and compare it with the current infrastructure of the cost-revenue of the business operations. This is the initial step in increasing the efficiency of cost management. Umpteen numbers of businesses are not even aware or are uninformed regarding the accuracy of information. They are unable to detach between real expenses and unrelated expenses. This can be resolved by identifying the source of the income stream. Also, the income stream can be broken down into different business units and products to get a clear picture of which product or business unit is yielding high revenue and below-par excellence. Secondly, look at the target market segmentation and identify that an increase in market share substantiates the cost incurred for advertising and promotional material. All the overhead expenses and overheads, which are not directly linked to the revenue-generating business or product, must be stopped. A new or a revamping of strategy must be put into action, emphasizing an increase in revenue generation and expense curbing as a by-product.

Learning, training, and development, and investing in employees can be a fruitful proposition. Although it is an expense-incurred proposition, what could be much better if you educate the employees in decision-making, problem-solving, and team building? In essence, develop a culture of harmony and provide a family-like atmosphere for the employees. It is only then they will be able to learn the meaning of expenses. For them, each proposition will end in a cost-beneficial solution. Employees are the stakeholders and fostering them to play a pivotal role in doing a good job.

This exercise of the organization investing in its employees by assessing their training needs and skills analysis, particularly in the recessionary period of economic downturn, will benefit the organization and make a selfless decision. This is all for the betterment of the organization. Simultaneously, making the employees in the process of strategic development related to cost-cutting measures, increasing revenue, and other special initiatives, a homogenous mixture of value proposition will come forward. In this way, if the business intends to hire an expensive consultant who has a solution to outsourcing or downsizing, it will be better to employ the former initiative. In doing so, the investment will turn into loyalty and subsequently increase the firm’s brand equity. Furthermore, more juice can be extracted out from those employees who show firm dedication and commitment.

Although most organizations consider that effective cost management is a short-term strategy, recently, there has been a paradigm shift. Companies are now focusing on creating a cost management strategy and revenue-generation strategy on a long-term basis. The fundamental aim of any corporation is to generate revenue and expand its operation in the best cost-efficient way.

However, it depends on the nature of an organization. For example, a retail store should avoid purchasing any unnecessary quantity inventory, as the cost of holding slow-moving items can increase the holding cost of the organization. The primary aim of bulk purchases is not to exploit the lower price of the product but instead on the price, which it requires to satisfy the needs of the customer. Furthermore, avoid any external finance, from either the suppliers or financial institutions, except in dire straits. This will not lead to managing the business finances but will also help in reducing the financial burden.

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.

Managing inventory is a crucial part of carrying on business operations and is also part of the tailored process. However, the frequency or kind of inventory management varies from company to company. Every type of business must try to eliminate human error from inventory management mechanisms. The partaking of human error in inventory management can lead to the misrepresentation of results. Therefore, it is pragmatic to have some application of software to manage the inventory efficiently. Most of the finance applications have a built-in feature of inventory management. They can easily be linked up with the application’s primary business. Regardless of which inventory management system the business deploys, below are some techniques that can help facilitate an accurate cash flow statement.

It is essential and vital for every inventory management to set up certain thresholds and parameters for each product line in which the company is dealing. Limits can have an upper ceiling, a floor, and a critical minimum level of product that needs monitoring at all times. This is the JIT (Just in Time) Inventory methodology. If the critical minimum is nearing, the application automatically sends a prompt indicating the inventory is below the bare minimum threshold.

Although before deciding which system or mechanism of inventory management to use, thorough research must be done and the threshold parameters set up. It will not only systemize the inventory management process but will effectively assist in decision-making instances. If the inventory management application is adequately interfaced with the vendor’s system, the application will directly talk with the other system and order automatically.

Adapting an effective inventory management system or mechanism swiftly is another way of improving inventory management. The business owner needs to understand which stock is a slow seller and which product is fast-moving. Keeping this aspect in mind, the owner needs to adapt and deplete the slow movers with the fast-moving consumer goods to troubleshoot and preemptively come up with the solution, even if it requires expanding the current storage of the warehouse facility.

Having a cordial relationship with the supplier is empirical. It is up to the supplier, which of its current buyers are in good books. In this way, the suppliers will be encouraged to solve the issues, work in tandem, and keep the supply organized, provided the payments are on time, and all financial obligations are fulfilled. Especially having a warm relationship with the supplier of the product has long-term and reaping benefits. Orders placed in bulk or minimum quantity can be easily negotiated. The secret to the relationship is effective communication. Always notify the supplier if the business will witness a sudden seasonal surge in sales so that the supplier can readjust the production cycle at its end. This communication will eventually help in gaining confidence in the supplier.

Reliance on one supplier may not be prudent for a large-scale corporation. Concentration is not a positive aspect in the eyes of management and financial institution. Therefore, it is imperative to have a mix of suppliers of the same product as part of a contingency plan. For instance, the main and perhaps the only supplier is hit by the price hike in raw materials and forced to shut down a business due to some unavoidable circumstances. It will hurt other associated businesses too. By having an array of suppliers, the business owner is at liberty to negotiate different terms of credit and prices with each one.

So when the business wants to plug the leaking hole in the revenue stream, it is just about time to take control of the inventory management and adapt to the conditions.

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

In any business operation, the capital cycle plays an essential role in cash flow management. After a year of struggling to establish creditworthiness, integrity, and reputation, the owner does not want to jeopardize the firm’s name. In this regard, all the payments made to suppliers must be entirely accurate and timely. They can be in the form of cash or post-dated checks as well.

The owner needs to look at the account balances, cash inflows, managing, and processing various numbers and types of invoices. Leading management experts have suggested a few ways to make the cumbersome processes free from stress and hassle and even the process of accounts payable daily.

Embed a proper payment mechanism in the business. Streamline the process of accounts payable to the business and make it simple. Establish certain frequency thresholds in a month, such as establishing payment periods like 15 days or 30 days or any other day, but refrain from making daily payments. At most, two or three check runs in a quarter will be sensible and less cumbersome exercise. Furthermore, involve the accounts department and finance department to check proactively on the invoices and start preparing the post-dated checks against the amount mentioned in the invoice or invoices (if dealing with multiple vendors).

When it comes to a cash payment or advance payment, always inform the accounts payable team in the accounts department to prioritize the payments accordingly. At times, a vendor may enter into a contract or agreement. The payments can be made in partial installments or renegotiate with the vendors on the credit terms of accounts payable if the cash flow is temporarily out of alignment.

Furthermore, to make life much easier, simply installing an ERP and interfacing it with online banking. For example, Nestle, has entered into a contract with the cash and transaction management team of Standard Chartered Bank. When the due date or credit date of the account payables arrives, the bank’s system will automatically debit Nestle’s principal account and credit the account of the supplier.

In this way, the day and date will not be missed, typographical errors on the check, and the account number specified in the supplier’s invoice for accounts payable.

Generate ledger reports and financial sheet frequently, so that the accountant and the financial team of accounts payable can do cross-match of the account balances with the cash flows. There may be a probability that some large-amount accounts payable invoices require manual intervention. However, fortifying the financial management with the automated system will allow the accounts payable accounts to generate real-time reports or at regular intervals.

There could be chances of theft and pilferage in the instance of accounts payables, where ghost vendors are created in the accounting system, and payment is made to these ghost vendors automatically. However, to eradicate such an instance of a proper pre-audit and the due diligence system must be set up before opening any supplier’s accounts payable account in the system, like a maker and checker concept.

Accounts payable is a liability on the company’s balance sheet and an operating source in the cash flow statement. Anything in the current liability section will carry some hidden cost to it. For example, if the owner purchases something from the supplier on cash, the price will be different and lower than product purchases from the same supplier, where the cost of the same product will be marked up. This is because the supplier has taken into account the factor or risk and period and converted it into a certain percentage and plugged into the final product’s final price. Therefore, that incremental amount of cash and accounts payable will be termed as cost. This variable of value in the number of accounts payable can be reduced by adopting different forms of a payment mechanism, such as advance payment, cash, and cash on delivery.

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.

Credit Rating is the act of building upon a good credit score. It is also a crucial part of financial management as it directly affects your aptitude for borrowing money or getting access to products such as loans or credit cards. Credit scores have a significant influence on your financial lifestyle as it dictates whether your loans or credit cards are approved or not. Credit card issuers give some rewards to individuals with a higher credit score. Credit scores can be checked easily for free on various platforms. What’s your credit score? If you have never checked your credit score, it is time you do as it tells a lot about current and future financial stability.

Information on your credit report denotes your credit score. If your credit record shows a few remaining or unpaid payments, you may be charged a high-interest rate by financial institutions and might not be entitled to certain types of loans. If you have a low credit score, you can improve it by incorporating strategies to increase your creditworthiness. These are as follows:

• Watch your credit card balance:

The most crucial factor to consider, particularly for a credit score, is how much turning (inflows and outflows) credit you have in your account compared to the amount you are using. The lesser the principal amount, the better is your credit score. To boost your credit score, you have to pay your balances and control future spending to maintain a healthy positive balance. If you are dealing with several credit card balances, you may want to consolidate it into a personal loan, which will eventually help you increase your credit score.

• Old debt on your credit record:

According to some people’s beliefs, old debt on their credit record gives a bad impression. As soon as they get some money, they try hard to remove it from their credit file. Although negative reviews on your credit file don’t seem good, many of these records will get purged away after seven years. But, arguing to remove all those negative items from your credit reports is not a good idea to opt for, especially if you are approaching that seven-year tenure. It is best to forget about this debt and concentrate on new debt and paying that off promptly to start building upon your existing score. Good debt is considered as a debt that you have paid well and on time as per agreement. The longer the history of good debt, the better will be your credit report. 

• Pay your bills on time:

Credits scores are determined by what’s in your credit file. In case you are not paying bills on time or are bad at remembering due dates, you should set yourself a deadline, preferably close to your payday. This would result in you paying all outstanding bills at once without worrying about each date. This behavior will lessen the damage on your credit score and leave a positive impression on your credit file.

• Do not put yourself at risk:

In some cases, you can improve and maintain your credit score by not putting yourself in any risk. For instance, paying an advance payment on your credit card will likely increase your credit score as you will be only utilizing what you have already pre-paid. This sort of financial management ensures a high credit score.

• Don’t dismiss your credit:

If you know that you will need credit in the future, you should be laser-focused as far as your credit score is concerned. You need to pay your bills on time and responsibly use credit because spending behaviors are the reflection of your credit score.

Conclusion

In most cases, the score your investor uses may not be the same as the credit score shown by your bank or other financial institutions. Your credit grade for different criteria indicates the way you manage your finances. Incorporating the points above will help you improve your credit scores and lead to a debt-free life.

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.

Employees have different personalities, ambitions, and responsibilities that help you to grow your business. Management would be easy if everyone working in your company was hard-working, possessed a great attitude, and exhibited extraordinary talent. Having every employee fit that mold is hardly ever the case, as every employee is different and is motivated by various factors. Some are incredibly talented, but they are not good at collaboration. Others are collaborative, but they are not talented. Some have remained calm at all times, while others are famous for their mood swings. How to manage diverse employees? People with various personalities need different treatment accordingly. Here are some tips on how to better manage your employees.

Management is a Complicated Job:

It would help if you accepted the fact that management is not an easy job. You have to deal with people of different minds, opinions, and views. You will waste your time and energy to get the most work from them if you do not learn how to manage properly.

After recognizing the difficulty in managing people, try to solve employee issues positively. You should not be biased. You need to understand an employee’s situation from their perspective as well before undertaking any executive decisions. Do not make decisions irrationally, especially in heated moments as outcomes of confrontations such as these are hardly ever productive. Give some time to yourself to analyze and reflect on the whole scenario before making a decision.

Know your Employees:

As per Rishav Gupta’s statement, “You can’t gain respect by simply commanding it.”

It is essential to know your staff’s strengths, weak points, and working habits. Do not expect that all the staff members would work or behave in the same way. As a manager, you need to give respect to your employees. Be curious and open-minded. Knowledge sharing sessions can also be a good option as they allow employees to get to know each other and express their opinions and ideas.

Make Changes but Respect Tradition:

When youngsters join an organization, they tend to bring changes within the corporate culture. As a manager, you need to recognize that your employees can be of different ages and cultural backgrounds. It is essential to find commonality between employees early to formulate a sense of belonging and respect amongst all team members. Having a table tennis center or foosball table in the office can help keep employees active and test their team building and competitive skills.  Before you decide to change something, you must first understand how this would impact workplace culture.

Take Time Out for Small Talks:

Getting to know your employees by developing rapport can be hugely advantageous for the business. Employees are more likely to stick to an organization if they have a sense of belonging. Knowing your employees by opening them can be a great way to make them feel more comfortable and more involved in the business. Building rapport will help in ironing out different problems of team members. It doesn’t involve talking to people about work only but rather getting to know each other as individuals.

Be Collaborative and Supportive:

Dynamic teams that have a significant gap between employees and managers could result in competition amongst themselves. As per Ceridian, the young manager might start feeling as if they must “outdo” their employees to prove their capability. But this type of behavior may result in resentment and insubordination. Be an employee’s biggest supporter. Encourage collaboration and support by asking for help from employees.

Conclusion:

Your employees will look to you for any guidance or motivation. So, it’s vital to set a great example to gain respect. If you want your employees to work professionally, and commit their work on time, set an example. Make sure to manage things correctly while developing your career continuously and supporting your team.

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

A significant part of launching a new start-up is to lay out the entire business plan. The following are some of the mistakes most start-ups make during the start of the business. 

1- Spending Inadequate Amounts of Money 

Being an entrepreneur, you know that money is one of your biggest concerns. In the initial phase of operation, the capital of the owner is at the bare minimum. Therefore, saving money should be the first and foremost priority.

 

Millennials are mostly divided between two mindsets when they plan on starting a business – either spend money to gain more money or pay the least amount possible until the company makes enough money to spend freely on every idea. However, both of these tend to have adverse outcomes. 

 

The secret to investing your cash is to divide it up according to your business plan. Your expenditures should not leave you bankrupt, and you should not spend so little so that the operations aren’t affected. Moreover, as an entrepreneur, you also have to save funds so that if a dodgy situation arises where the money is required, you aren’t left looking at loan options.

 

Spend your start-up finances wisely and make sure you do not leave out any investment opportunities that may serve as a benefit to your business. In such scenarios, an effective financial plan is vital for establishing a profitable start-up.

2- Considering Your Direct Competitors 

Fresh entrepreneurs often get overly excited about their business. They mostly think that they are the only ones who can master the product or service they provide and have no direct competition. Although in reality, it is the other way around. 

 

It is sporadic where one may find a case in which you do not have any direct competition unless you have invented something completely new, there will always be someone with better expertise in the same niche. Moreover, do effective research and identity where these companies are and make your business stand out.

3- Employing People Based on Cost

Although this is relatively tied to the first point we discussed, it is such a crucial aspect that it has to be considered separately. When you have limited funds, hiring fresh candidates seems like the ideal way to go. However, do not let this thought hamper your company’s success in the long run as new employees may not deliver the desired results compared to experienced human resources.

 

The problem with this strategy is that the efficiency of low-cost employees and those with lesser experience is limited or not up to the mark. They can turn out to be unreliable or unskilled, which can prove harmful for your business rather than improve the quality of your product or service. Hence, be cautious if you intend to hire lesser experienced users only to save a couple of hundred dollars.  

4- Failure to Set Achievable and Practical Goals 

The excitement of launching a new business sometimes makes fresh entrepreneurs believe that their idea is so perfect they can work without a plan. But in reality, a business without a plan is literally like a car trying to run without tires. Making a practical plan and setting effective goals is necessary for a company to achieve success and gain maximum profit. 

 

Make it a necessity to develop a business plan and then execute all your actions according to it. It should include what things you have to avoid and must list down goals that you have decided to achieve in the short and long run. This implies that you must set specific goals and lay out the blueprint to help you successfully attain those goals.

5- Not Giving Enough Attention to Marketing 

Aspiring entrepreneurs often mistake believing the phrase ‘If you build it, they will come.’ They think that their product or service is so extraordinary that only using word of mouth will suffice to get the business up and running. However, when seen on a practical level, this method is not effective. Most start-ups have to work hard towards effective marketing to get the attention of as many customers as possible.

 

In the current day and age, online marketing and using other relevant tools are easy and cost-effective, so make sure you utilize them to your benefit. Upon considering these factors, there is a good chance that you will be able to steer your business on the path towards success as ignorance or making mistakes will only result in financial losses or failure. 

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.