Author: Jennifer Brazer

Spend Time Carefully

A common concept is that money is the asset for small business owners, but time is the real asset. If you lose money for any reason, it will come to you one day if you work hard. What cannot come back is the time you have once wasted. So, spend your valuable time carefully on activities that make a difference for your business.

Many small business owners spend a lot of time at trade shows and exhibitions to increase exposure and sales. They collect hundreds of cards from people who seem to be interested in your product. After the trade show, you contact them to get a purchase order from them, but they are not interested in your products. Your goal is not to waste time on such dead ends.

Identify potential customers and spend time with them. Answer their queries about quality, price, return policies, and customer service in detail, making them happy and satisfied clients. These customers will not only purchase your product but refer others to you. This referral will increase the sales of your small business like no other.

Listen to the Customer’s Problem

In today’s world, everyone is interested in their problems. The same rule applies to your customers. They are interested in their problems and seeking help to resolve them. As a small business owner, asking customers about their problems is your foremost strategy to ask customers about their problems. Ask them what their needs are and what products they are searching for.

When you ask customers about their problems, they feel heard and important. They happily tell their problem in detail. After listening to them completely, start discussing the solution that your product will provide them. It may be possible that the seventh feature of your product is the solution, but while describing your product to this customer, tell them that seventh characteristic first. After finding a solution, the customer feels relaxed and will listen to the rest of your sales pitch discussion happily and attentively.

The customer who finds a solution in your product will likely buy it, and this small business strategy will increase sales.

Contact Prospective Customers Yourself

When a customer does not respond to your email, reply to your email instead of sending a new email. Replying to your email serves two purposes. One is that the client will see the original email. Secondly, you come to know whether or not the first email was received. If, after the second email, the client says that they are not interested in your product, they did not respond to the first. Stop wasting your valuable time and end up contacting them.

Often, the customer says they are interested but cannot respond to the first email for some reason. Accept them. However, if there is no response to the second email, send the third email after a few days. Ask the client directly whether you should stop contacting them. This email has a positive effect. An interested client will send a correspondence email as early as possible, and the other will refuse. After knowing the exact status, proceed accordingly.

Personal Communication

Personal communication can increase the sales of a small business. This strategy proves extremely useful because, after personal contact, the customer does not consider your email just an automated response. In a personal message, discuss the customer’s experience with your product. Ask them if they have any questions or concerns. In personal correspondence, the client should know you are trying to write them a personal message despite your busy schedule. By valuing your prospective customers, sales can be increased tenfold.

Build an Energetic Team

Build a positive attitude of teamwork within your sales workforce. Do not do things to divide them. The best sales team is the one that works together. They can communicate frequently and freely by building positive dynamics within a team. Sales are increased by utilizing information shared within the team. Teamwork increases sales in the long run, independent of the size of the sales.

Conclusion

An increase in sales can be achieved by following a few simple strategies. These strategies revolve around the customer always. As they say, the customer is always right.

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.

As a corporate word, leverage refers to debt or borrowing funds to finance the acquisition of inventory, equipment, and other company assets. Business possessors can use either debit or equity to finance or buy the company’s possessions. Using liability or leverage increases the company’s possibility of bankruptcy. It also increases the business’s returns, specifically its return on equity.

With debt funding, whether the interest charges are from a loan or line of credit, the interest expenses are tax-deductible. In addition, by making well-timed payments, a business will inaugurate a positive payment history and credit rating. Stakeholders in a company prefer the industry to use debt financing, but only to a degree. Beyond a certain point, financers get nervous about too much leverage, which drives up the business’s default risk.

Types of leverage

Operating leverage

Break-even analysis shows that there are fundamentally two types of costs in a corporation’s cost structure, i.e., fixed and variable costs. Operating leverage states the ratio of fixed costs that an enterprise has. Operating leverage is the proportion of fixed costs to variable costs. If a corporate firm has a lot of fixed costs compared to variable costs, then the company is said to have high operating leverage.

Financial leverage

Financial leverage refers to the amount of debt in the capital structure of the business firm. In layman’s terms, financial leverage refers to the right-hand side of the balance sheet. Operating leverage refers to the left-hand side of the balance sheet – the plant and equipment side. Operating leverage determines the mix of fixed assets or plant and equipment the business firm uses. 


Financial leverage refers to how the business pays for it and finances the operation using bookkeeping strategies. One of the financial ratios used to calculate the volume of financial leverage in a business firm is the debt/equity ratio. The debt/equity ratio shows the proportion of debt in a business firm to equity.

Combined or total leverage

Combined or total leverage is the total risk facing a business firm. So, we can also say that we can use the total amount of leverage to magnify the returns from our enterprise. Operating leverage magnifies the returns from our plant and equipment or fixed assets.
Financial leverage magnifies the returns from our debt financing. Combined leverage is the total of these two types of leverage or the total magnification of returns. This is looking at leverage from a balanced bookkeeping sheet viewpoint.

Risk factors associated with leverage:

1. Investment risk: In leveraging, you must invest the income of borrowed money. Leveraging does not avert you from justly making a bad investment decision.
2. Magnification of losses: Using leverage to trade or purchase larger than you otherwise could magnify your losses. Be smart with your leverage. 
3. Interest rate risk: Several factors affect your total return, such as tax, investment return, and loan cost. The key to efficacious leveraging is to have your after-tax investment return exceed your after-tax interest cost.
4. Cash flow risk: Increasing interest rates have a ripple effect on your cash flow. If you will leverage, you must sustain the interest payments on the loan.
5. Tax risk: Remember that success in leveraging requires that your after-tax returns exceed your after-tax cost on the interest. Variations in tax rules could potentially hurt your leveraging program.
6. Emotional risk: Fear and greed can wreak havoc on any investment plan. Keeping a level head and direct resolutions using logic instead of emotions is even more imperative.

Conclusion

The bottom line is that leveraging is a tremendous tool to build wealth. Before you jump in with both feet, take the time to understand the risks. Consult your financial adviser to see if leveraging and well-planned bookkeeping make sense for you.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.

KPIs, also known as Key Performance Indicators, are essential metrics that allow you to monitor and track your business performance. These metrics help you navigate your way to success and growth, which is crucial when exploiting new opportunities and tapping into new markets. Unfortunately, most companies get their crucial performance indicators completely wrong by copying others’ metrics, which may be ideal for them but not for you. This often results in a business losing its competitive advantage or a significant market share, ultimately removing it from the competitive race.

Follow Your KPIs

Although your inclinations matter and often yield prominent results, this outdated strategy does not accurately define your company’s success. Running a business is no easy feat, as it requires a thorough analysis of financial results. Business owners adept at examining and evaluating their finances tend to succeed and survive in the market for long durations. According to a study, “Business metrics or KPIs display a measurable value that shows the progress of a company’s goals.”

To evaluate the health of your business, specific KPIs suitable to your industry provide an ideal snapshot of where your firm is going— and whether it is going in the right direction. Every business is unique to some degree, and companies cannot simply copy similar metrics used by others in your industry.

Measure Success

Profit is not the only measure of success for your business. Although it can define your company’s financial health, it is not the only thing contributing to its success. Companies have short and long-term goals, and KPIs can help you make more confident decisions regarding your company’s growth and development. Profit and KPIs play an integral role in defining your company’s success as a whole. Since every business has a unique business model, companies must customize the KPIs that best fit their needs and purposes.

Well-Known KPIs

You can follow various KPIs to track and monitor your company’s performance, but core KPIs can provide the insight you seek.

To effectively gauge and comprehend various aspects of your business, it’s essential to utilize specific Key Performance Indicators (KPIs) tailored to different areas. For understanding customer behavior and satisfaction, KPIs such as customer retention rate, conversion rate, relative market share, customer profitability score, and net promoter score are crucial.

For evaluating financial performance, KPIs like net profit, revenue growth rate, net profit margin, gross profit margin, operating profit margin, return on investment (ROI), and cash conversion cycle provide valuable insights. Additionally, internal processes can be assessed using KPIs such as the order fulfillment cycle, project schedule variance, project cost variance, capacity utilization ratio, bookkeeping accuracy level, quality index, and process downtime level.

Furthermore, KPIs like staff advocacy score, employee engagement, absenteeism level, human capital value, and 360-degree feedback score help in understanding and optimizing employee productivity and satisfaction within the organization.

Basic Level KPIs

Small businesses usually have human resources, capital, and finances to evaluate their performance against all the KPIs above. Therefore, they typically go with the basic yet most effective KPIs, which include the following:

1. Revenue: Small or large businesses track their revenue to ensure that their income maintains a steady pace. When the revenue trend shows a downward slope, the company needs a new marketing strategy to boost its revenue. Similarly, when revenue shows an upward trend, the business’s revenue increases, which is when businesses need to maintain the trend.
2. Expenses: When businesses evaluate expenses as a KPI, they consider spending trends. Reducing expenses is healthy for a business because fewer expenses mean a stronger income statement.
3. Gross Profit Margin: Gross profit margin is the percentage of each dollar you earn after subtracting direct expenses. It reveals how well you are doing to balance your income and expenses.

Conclusion

In conclusion, Key Performance Indicators (KPIs) are vital for monitoring business performance and guiding growth. While profit is significant, it’s not the sole measure of success. You can make more informed decisions and steer your company toward long-term success by customizing KPIs to fit your business needs and focusing on essential metrics like revenue, expenses, and gross profit margin.

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.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

Businesses Leadership Essentials: Key Strategies for Success

Leadership essentials form the foundation of business success, encompassing critical competencies like integrity, vision, communication, and performance management. These core skills enable leaders to guide teams effectively, drive sustainable growth, and navigate increasingly complex market conditions.

I’ve spent over two decades as CEO of Complete Controller working with businesses across every sector imaginable. One truth remains constant: companies with strong leadership consistently outperform their competitors. In this article, I’ll share the proven leadership strategies that separate thriving organizations from struggling ones. You’ll gain practical insights on developing your leadership style, building high-performing teams, and implementing systems that scale with your business growth.

What are business leadership essentials and why do they matter?

• Business leadership essentials are the fundamental skills, qualities, and practices that enable effective organizational guidance, including integrity, vision, communication, and emotional intelligence
• Strong leadership directly impacts employee retention, with 75% of employees who quit citing poor management as their primary reason for leaving
• Effective leadership creates psychological safety, which Google’s Project Aristotle identified as the top predictor of high-performing teams
• Leadership development yields measurable ROI, with studies showing an average $7 return for every $1 invested in leadership training
• Small business leaders who master these essentials experience improved operational efficiency, higher team engagement, and stronger financial performance

Core Leadership Essentials Defined

Effective leadership isn’t an accident or simply a personality trait—it’s a deliberate practice built on fundamental principles. The most successful business leaders consistently demonstrate mastery of several core competencies that form the foundation of their success.

Integrity serves as the bedrock upon which all other leadership qualities stand. Without a consistent moral compass, leaders cannot build lasting trust with employees, customers, or stakeholders. When team members witness their leader making difficult but principled decisions, they develop confidence in the organization’s direction and purpose.

Communication represents another critical leadership pillar. Beyond simply conveying information, effective leaders create two-way channels that encourage feedback, collaboration, and innovation. They adjust their messaging style based on their audience while maintaining consistency in core values.

Vision provides the North Star that guides organizational direction. Strong leaders paint a clear picture of future success that inspires action. This forward-thinking approach helps teams understand not just what they’re doing but why their work matters in the broader context.

Performance management completes the foundation by establishing accountability frameworks. Leaders who set clear expectations, provide consistent feedback, and recognize achievements create environments where excellence becomes the standard. By integrating these four elements—integrity, communication, vision, and performance management—leaders establish the essential infrastructure for organizational success.

Essential Leadership Skills for Modern Business

Today’s business environment demands a more sophisticated leadership toolkit than ever before. Leaders must master both traditional fundamentals and emerging competencies to navigate increasing complexity.

Strategic thinking and execution

Modern leaders balance big-picture vision with practical implementation. They identify market opportunities, anticipate challenges, and align organizational resources accordingly. At Complete Controller, I’ve found that leaders who excel at strategic thinking maintain both short-term agility and long-term focus, allowing them to pivot when necessary without losing sight of core objectives.

Strategic execution requires breaking down complex initiatives into manageable components with clear ownership and timelines. Effective leaders create accountability structures that track progress while avoiding micromanagement that stifles creativity.

Emotional intelligence in leadership

Emotional intelligence—the ability to recognize, understand, and manage emotions in yourself and others—has emerged as a critical leadership skill. Leaders with high emotional intelligence demonstrate several key behaviors:

• Self-awareness about their strengths, weaknesses, and emotional triggers
• Empathy that helps them understand team members’ perspectives
• Social skills that build rapport and trust across diverse groups
• Self-regulation that prevents impulsive decisions during stressful situations

According to Google’s Project Aristotle research, teams with emotionally intelligent leaders experience higher psychological safety, which directly correlates with innovation and performance. When team members feel safe to take risks without fear of punishment, creativity flourishes.

Delegation and empowerment

Many leaders struggle with delegation, either by micromanaging or by abdicating responsibility entirely. Effective delegation involves:

1. Matching tasks to team members’ strengths and development needs
2. Providing clear expectations about outcomes
3. Granting appropriate authority to make decisions
4. Establishing check-in points that balance oversight with autonomy
5. Offering feedback that focuses on growth rather than criticism

Leaders who master delegation create force multipliers within their organizations, simultaneously developing their teams while increasing their own capacity to focus on strategic priorities.

Leadership Development Strategies

Developing leadership capabilities requires intentional effort and structured approaches. The most effective leaders view their development as an ongoing journey rather than a destination.

Self-assessment and feedback

Leadership development begins with honest self-assessment. Tools like 360-degree feedback assessments provide valuable insights into how others perceive your leadership style and effectiveness. When I implemented regular feedback cycles at Complete Controller, we saw dramatic improvements in management effectiveness and team satisfaction.

Effective self-assessment includes:

• Identifying your natural leadership tendencies
• Recognizing situations where your default approach may not be optimal
• Soliciting specific feedback about improvement areas
• Creating accountability for applying insights

The data shows organizations investing in leadership assessment see tangible returns. Companies that invested in leadership development programs saw an average $7 return for every $1 spent, according to Training Industry research.

Continuous learning and skill-building

Leadership development requires ongoing education through multiple channels. Formal training programs provide structured skill-building opportunities, while mentoring relationships offer personalized guidance. The most effective leadership development programs combine different learning modalities:

• Formal training (workshops, courses, certifications)
• Experiential learning (stretch assignments, cross-functional projects)
• Mentoring and coaching relationships
• Peer learning communities
• Self-directed study (books, podcasts, articles)

Training investment trends show significant evolution. In 1993, Australian employers spent approximately $192 per employee on training, while by 2024, U.S. companies averaged $774 per employee. Interestingly, large firms reduced their overall training budgets from $16.1 million to $13.3 million, while midsize companies increased spending to $1.7 million, suggesting a shift toward more targeted development approaches.

Mentorship and coaching

Structured mentoring and coaching accelerate leadership development by providing personalized guidance. Mentors share experience-based wisdom and help mentees navigate organizational complexities, while coaches focus on developing specific skills or addressing performance challenges.

Effective mentoring programs typically include:

• Clear matching processes based on development needs
• Structured conversation frameworks
• Regular meeting cadences
• Defined goals and progress measures
• Accountability mechanisms

Organizations implementing structured mentoring programs report higher retention rates, improved succession readiness, and stronger leadership pipelines.

Practical Implementation for SMBs

Small and medium businesses face unique leadership challenges, often operating with limited resources while competing against larger organizations. Implementing leadership essentials in this context requires practical, scalable approaches.

Right-sized leadership systems

SMB leaders need frameworks that provide structure without bureaucracy. Right-sized systems might include:

• Simplified strategic planning processes focused on 3-5 key priorities
• Streamlined performance management that emphasizes regular conversations over complex documentation
• Cross-training programs that build bench strength without specialized L&D departments
• Peer mentoring circles that leverage internal expertise

One construction company I worked with implemented a “leadership huddle” system—15-minute daily check-ins focused on priorities, roadblocks, and collaboration opportunities. This simple practice dramatically improved communication and alignment without requiring significant time investment.

Case study: Financial leadership in service businesses

The PHCC Business Leadership Essentials program demonstrates how industry-specific leadership development drives results. Plumbing and HVAC business owners participating in the program implemented financial mastery principles that improved profitability by an average of 12% while reducing operational inefficiencies.

Key takeaways included:

• Implementing job costing systems that accurately tracked profitability
• Developing pricing strategies aligned with value delivery
• Creating performance metrics that balanced customer satisfaction with financial outcomes
• Building compensation structures that incentivized desired behaviors

These leadership essentials for new managers directly translated to improved financial performance, demonstrating the tangible impact of leadership development in specialized industry contexts.

Budget-conscious development approaches

Resource constraints needn’t limit leadership development. Cost-effective approaches include:

• Industry association programs offering specialized training
• Peer mentoring circles that leverage existing expertise
• Online learning platforms with self-paced content
• Cross-company learning exchanges with non-competing businesses
• Book clubs focused on leadership topics

One small manufacturing client established a “leadership library” with key books and created discussion groups around core concepts. This approach cost less than $1,000 annually but created a shared leadership language and framework that improved collaboration across departments.

Building a Leadership Culture

Individual leadership skills matter, but creating a leadership culture multiplies their impact throughout an organization. A leadership culture exists when leadership behaviors become embedded in day-to-day operations at all levels.

Distributed leadership models

Traditional leadership hierarchies often create bottlenecks where decisions await executive approval. Distributed leadership models push decision-making authority closer to the point of impact, creating more responsive organizations.

Elements of effective distributed leadership include:

• Clear decision boundaries that define autonomy limits
• Information transparency that enables informed decisions
• Skill development at all organizational levels
• Recognition systems that reward initiative and problem-solving
• Feedback mechanisms that accelerate learning

Organizations implementing distributed leadership report higher innovation rates, faster response times, and improved employee engagement. This approach creates what management expert Peter Senge calls a “learning organization”—one that continuously adapts to changing conditions through collective intelligence.

Transformative leadership requires systematically embedding leadership principles throughout organizational structures. This includes integrating leadership criteria into:

• Hiring processes that identify leadership potential
• Onboarding programs that communicate leadership expectations
• Performance management systems that evaluate leadership behaviors
• Promotion criteria that reward effective leadership
• Recognition programs that celebrate leadership excellence

Microsoft’s transformation under Satya Nadella illustrates how leadership culture drives results. By shifting focus toward empathy and growth mindset, Nadella created a culture of psychological safety and innovation. This cultural transformation contributed to Microsoft’s stock tripling in value, driven by cloud and AI innovation. While critics noted workforce reductions during this period, the company’s long-term performance validated Nadella’s leadership approach.

Overcoming Leadership Challenges

Even the most skilled leaders face obstacles that test their capabilities. Recognizing common challenges and developing strategies to address them separates resilient leaders from those who struggle during difficult periods.

Managing through uncertainty

The ability to lead confidently amid ambiguity has become increasingly valuable. Effective uncertainty management includes:

• Transparent communication about what is known and unknown
• Scenario planning that prepares for multiple outcomes
• Decision frameworks that balance speed with accuracy
• Psychological safety that encourages honest dialogue about challenges
• Focus on controllable factors while acknowledging external uncertainties

Leaders who maintain composure during uncertain periods build team confidence and organizational resilience. They balance optimism with realism, acknowledging challenges while maintaining confidence in the team’s ability to navigate them.

Preventing leadership burnout

Leadership positions create unique stressors that can lead to burnout without proper self-management. Sustainable leadership practices include:

• Establishing clear work boundaries
• Developing recovery rituals between intensive work periods
• Building support networks for sharing challenges
• Practicing stress management techniques
• Modeling healthy work habits for the team

The data underscores why preventing burnout matters—Gallup research shows 75% of employees who quit do so because of poor managers, not company policies or compensation. Leaders who neglect self-care eventually create toxic environments that drive talent away and reduce productivity.

Conflict resolution and difficult conversations

Conflict avoidance cripples many leadership teams. Effective leaders develop skills for addressing tensions productively through:

• Direct communication focused on issues rather than personalities
• Active listening that seeks understanding before solutions
• Collaborative problem-solving that involves affected parties
• Clear agreements about path forward
• Follow-up processes that ensure resolution

Organizations with strong conflict resolution capabilities make better decisions by surfacing diverse perspectives and addressing concerns directly. Google’s research on team management strategies found that teams who successfully navigate conflict outperform those who avoid difficult conversations.

Final Thoughts: Your Leadership Journey

Leadership development isn’t a destination but a continuous journey of growth and refinement. The most effective leaders maintain perpetual curiosity, constantly seeking new insights and approaches to enhance their impact.

I’ve watched countless business owners transform their organizations by embracing these leadership essentials. The common thread among success stories isn’t industry knowledge or technical expertise—though those certainly matter—but rather the consistent application of foundational leadership principles adapted to specific contexts.

Your leadership journey requires both patience and urgency: patience with the developmental process while maintaining urgency about implementing what you learn. Start with honest self-assessment, prioritize development in areas that will create the greatest impact, and build systems that reinforce leadership behaviors throughout your organization.

If you’d like personalized guidance on implementing financial leadership principles in your business, the team at Complete Controller stands ready to help. Our specialized services help business owners develop the financial clarity that supports confident leadership decisions. Contact us today to explore how we can support your leadership journey.

FAQ

What are the most important leadership qualities for small business owners?

Small business owners should prioritize integrity, clear communication, financial acumen, adaptability, and emotional intelligence. These qualities enable leaders to build trust with stakeholders, effectively convey vision and expectations, make sound financial decisions, navigate market changes, and manage relationships productively. Unlike corporate executives with specialized teams, small business owners must develop competency across multiple leadership dimensions while maintaining authentic connections with employees and customers.

How can I develop leadership skills if I don’t have a formal management position?

You can develop leadership skills regardless of title by volunteering for cross-functional projects, mentoring colleagues, suggesting process improvements, taking initiative during team challenges, participating in industry associations, and pursuing self-directed learning through books, courses, and workshops. Leadership development doesn’t require formal authority—it involves demonstrating value-adding behaviors that improve team performance and organizational outcomes.

What’s the difference between management and leadership?

Management focuses on coordinating resources, implementing processes, and achieving operational goals, while leadership involves inspiring vision, driving change, and developing people. Managers maintain systems; leaders transform them. Effective executives typically combine both skill sets, managing day-to-day operations while leading strategic initiatives. The best organizations develop managers who can lead and leaders who understand management fundamentals.

How can emotional intelligence improve my leadership effectiveness?

Emotional intelligence enhances leadership by improving decision-making through balanced emotional responses, strengthening relationships through empathy and understanding, reducing team conflict through perceptive intervention, increasing adaptability during change, and modeling healthy emotional management for team members. Leaders with high emotional intelligence typically experience lower turnover rates and higher team engagement because they create psychologically safe environments where people feel valued and understood.

What leadership style works best in crisis situations?

Crisis situations typically require a situational leadership approach that adapts to circumstances. Initial crisis phases often benefit from directive leadership that provides clear guidance and decisive action. As the crisis stabilizes, participative leadership that incorporates team input becomes more effective. The most successful crisis leaders demonstrate transparency about challenges, maintain calm under pressure, communicate consistently, focus on immediate priorities while considering long-term implications, and adjust their approach as conditions evolve.

Sources

• APA.org. “Understanding Emotional Intelligence.” American Psychological Association. https://www.apa.org/topics/emotional-intelligence
• Aristotle Performance. “Google’s Data-Driven Insights on High-Performing Teams.” 2023.
• Australian Bureau of Statistics. “Training Expenditure Report.” 1993.
• Complete Controller. “The Leadership Style Best to Run an Organization.” https://www.completecontroller.com/the-leadership-style-best-to-run-an-organization/
• Complete Controller. “Small Business Bookkeeping: 9 Tips and Tricks.” https://www.completecontroller.com/small-business-bookkeeping-9-tips-and-tricks/
• Complete Controller. “How to Use Content to Set Yourself Up as a Thought Leader.” https://www.completecontroller.com/how-to-use-content-to-set-yourself-up-as-a-thought-leader/
• HBS Online. “6 Leadership Skills Needed for Business Success.” Harvard Business School. 2021.
• IMD. “The Key Leadership Essentials to Becoming a Great Leader.” 2023.
• Keep Thinking Big. “4 Leadership Strategies to Unlock Your Team’s Potential.” 2024.
• LMA Consulting Group. “The 4 Leadership Essentials Required for Long-Term Success.” 2024.
• MindTools. “Team Management Strategies.” https://www.mindtools.com/pages/article/newLDR_81.htm
• PHCC Academy. “Business Leadership Essentials.” 2025.
• RSIS International. “Leadership Strategies of Satya Nadella.” 2023.
• Sewells. “Employees Don’t Leave Companies, They Leave Managers.” 2023.
• TrainingIndustry. “Proving Leadership Training ROI.” 2024.
• TrainingMag. “2024 Training Industry Report.” 2024.
• Wikipedia. “Leadership.” Wikimedia Foundation. https://en.wikipedia.org/wiki/Leadership

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.

Inventory management is a vital aspect of retail and manufacturing businesses. Inventory is traditionally defined as everything that needs to be sold for your company to make a profit. Some might think that inventory should always be stocked, regardless of demand, because it is not good to disappoint customers. However, many costs are associated with holding inventory that may not sell, proving that over-stocking inventory is not prudent. Furthermore, inventory costs are directly related to the income tax you must pay at the year-end. Purchasing and storing inventory is considered your cost of doing business, which must be accounted for in your income statement.

Depending on your method of stating your inventory, the costs may vary.

Inventory Management and Taxable Income

Before calculating taxable income, you need to determine the costs of acquiring the inventory. Inventory costs commonly include the purchase price, freight charges, and amount of sales tax paid. All these expenses and the cost of goods sold must be included in your income statement. The cost of goods needs to be calculated separately and reduce your gross income, reducing the income tax that needs to be paid. When your cost of goods sold is higher, it will reduce your net taxable income and decrease the tax paid.

There are four approved methods of recording your inventory. The two most common are FIFO (First In, First Out) and LIFO (Last In, First Out).

Inventory Management Using FIFO

As the name suggests, the inventory rotates chronologically in and out of storage. All the inventory items that are bought first are sold first. Because inflation directly relates to the inventory cost, you must use cheap units first. Similarly, because your cost of goods sold is low, your net income increases, leading to increased income tax that must be paid.

Inventory Management Using LIFO

LIFO is quite the opposite of FIFO, as you use your new inventory first and then move on to the oldest. Inflation always raises the prices of products; therefore, more expensive units are sold first. This, in return, increases the cost of goods sold dramatically and reduces your net income. A reduced net income means you must pay a lower income tax at the end of the year.

Conclusion

Both methods of inventory management have advantages and disadvantages. Your current needs and product demands will often help you determine which method is best. Companies typically prefer to use LIFO more often, but this method requires permission from the IRS by filling out Form 970. You can also be liable for tax liability if you change your business’s industry. The difference between FIFO and LIFO will be calculated, and you must pay the tax on the balance.

Large tax payments concern large corporations as their earnings can top billions of dollars. Their primary concern is to save each dollar possible, especially when they can avoid needlessly paying that money in taxes. Small businesses may not have to worry about these issues at the outset. Still, as the business grows, owners and stakeholders will need to examine processes and formulate a solid plan for inventory management. As a business owner, you must account for every dollar spent acquiring and holding the inventory. If you fail to track and calculate inventory and accompanying costs accurately, these funds can come back and hurt you in the form of a significant income tax bill.

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.

Due to the rise in high-deductible plans, patients have been faced with expensive medical bills, and in numerous cases, these patients are not prepared to pay their medical bills. Discovering new ways to improve medical billing collections should be a priority for medical practices and clinics.

When patients do not pay the amount due for a procedure or service, your practice’s revenue cycle is at risk. Patient co-pays make up approximately 20% of a medical professional’s revenue. However, according to a 2010 study conducted by the Medical Group Management Association, most doctors only collect 60% of their patients’ co-pays.

Once doctors realize their medical billing is insufficient, they understand they cannot afford additional revenue loss due to ICD-10 coding errors and meaningful use requirements. This is especially true for practices with a small operating budget.

Unfortunately, the over-arching issue of patient payment will not likely be resolved soon, so patients will either have larger co-pays for each office visit or be forced to spend more out of pocket due to their policy choice and accompanying higher deductibles. As a result, medical professionals need to assess their current procedures and determine the most effective way to collect patient co-pays.

Train Your Staff To Collect The Money

Collections begin with your office’s front desk; therefore, it is essential to have your staff trained to collect payment before a medical professional sees the patient. Ensure the payment policy is clearly stated using numerous signs around the waiting room. Likewise, when any staff member calls the patient to confirm the appointment, they should also mention the balance due.

Furthermore, available payment options should be provided and discussed with patients. Your staff should clarify that patients are expected to pay the balance before their next appointment or when they arrive for their next appointment.

Be Transparent About the Prices

One of the foremost reasons service providers have difficulty handling medical bill collections is that patients are uninformed about the cost and have not budgeted for this expense. You must be transparent about the prices and the procedure costs, so patients have the appropriate information to determine if they can afford the treatment. Furthermore, have staff request insurance information and check the patient’s plan covers that service before the appointment is confirmed.

Use Medical Billing Software

To avoid further collection issues, ensure your medical billing software can meet your needs. Medical billing software can help streamline your fund’s collecting process and track all past bills and payments. 

Provide Payment Options

Undoubtedly, many patients would like to pay for their services outright; however, they do not have the financial means to do so. When you offer various payment options to outstanding invoice patients, you can slowly pay the bills in installments. Giving your patients options to alleviate their financial stress and help guarantee full repayment for your services is beneficial.

Provide Easy Payment Methods

If you want patients to pay their bills promptly, you must make the payment process easy. For example, if you let patients pay using a debit or credit card, the funding you receive will increase, as most people prefer paying using their cards, and this method is nearly immediate. However, customers who pay with a check may experience issues regarding timing, and keeping cash on hand can be risky. Similarly, accepting and processing payments like Health Flex Accounts or medical credit cards may make your practice more marketable to a broader patient base. 

Easy payment methods ensure you receive payment and leave a few outstanding patient bills.

Incentives for the Billing Staff

Recognize that collecting past due payments is not a pleasant activity, and it can become frustrating and tiring for staff. Offering incentives and keeping your staff motivated to collect outstanding payments is vital to ensure they are satisfied and are willing to perform the task efficiently.

Track and Manage the Results

You cannot improve billing conditions without tracking the results and reacting appropriately. It is essential to make reviewing billing and collections a habit each month to see which methods, software, and processes are effective.

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.

You must have seen people working on their tax calculations only to have a frustrated look on their faces each year. As consumers, we are all familiar with sales tax and the tax you pay on gas at the pump. However, income taxes can be daunting because you are required to file personal income tax returns.

Part of the confusion inevitably comes when you consider certain people are exempt from income tax while others have financial information that is simple or even complex. Individuals with simple financials must file a single on-page 1040EZ form. However, those with complex financials, like homeowners, parents, or people with dependents and business owners, often require the help of an accountant or a tax attorney to navigate the process of filing their taxes. 

This guide will cover the basic process of filing your taxes. Then, you can research federal websites, such as the Internal Revenue Service (IRS), for further details and forms.

Do You Need to File?

A citizen or United States resident who has reached a tax-paying age and meets the other IRS requirements must file their income tax returns.

Filing Status

A filing status refers to a filer’s marital status. The ‘Head of Household’ option is someone not married but responsible for supporting a household, such as a divorcee or a widower. Married couples can choose to file their tax returns jointly or separately. 

Which Tax Form Should You Use?

You should use the simple 1040EZ form to file your taxes if you have simple assets and financials. You can use this form if you have a low taxable income (typically below $100,000), are only utilizing the standard tax deduction, are not claiming any others, and do not have any dependents.

If you do not meet the criteria for 1040EZ, you would need to use form 1040A. If you do not meet the criteria for 1040A, you will be required to use a complex 1040 form to file your Income Tax.

Should You File Electronically or Stick to the Traditional Paper Form?

There are two methods for filing returns: mailing a signed paper form or using the electronic method called E-File. There is an option for downloading and printing fillable forms, which you can sign and mail to the IRS. Otherwise, you must find an IRS E-File service provider, which may have a fee. You can also use third-party tax preparation software for E-Filing. If you E-File and are eligible for a refund, you will often receive your refunds quicker than filings received via mail. 

When Should You File Your Taxes? 

The filing is generally required to be post-marked by the 15th of April. If you face any kind of tax filing issues, you can apply for an extension until the 15th of October. Similarly, there is also an automatic extension if you are out of the US. Remember that the extension for filing taxes differs from an extension to pay taxes owed. The IRS also offers various payment options if taxes are filed and due.

Is There Any Room for Mistakes?

Everyone has different specifics regarding taxes, and they may be affected by many factors, including homeownership, investments, alimony, business ownership, children, and other dependents. It is easy to make mistakes when dealing with such complexities, and the IRS allows you to correct errors. However, you can save time and money if you file them correctly the first time. You should consult a tax attorney or accountant to help you with the tax filing process to avoid any confusion, delays, or possible legal action.

Conclusion

Navigating tax season can be overwhelming, but understanding the basics can ease the process. Whether determining your filing status, choosing the right tax form, or deciding between electronic or paper filing, this guide has you covered. Remember important deadlines, seek professional help if needed, and strive for accuracy to minimize errors and maximize efficiency in your tax filing journey.

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.

Money can be difficult to manage, especially if you are an impulse buyer. Impulse buyers can relate to the challenge of figuring out what to spend and save. Impulse buying is frequent among individuals looking to satisfy their wants beyond basic needs. 

Segregating the two and identifying when to spend on luxuries has become essential to survive in recent times when money is continuously losing value. Here, a few crucial tips will be identified regarding what to spend and what to save as part of your bookkeeping process.

Set Priorities

The first and foremost step is to set your priorities right. Here, priorities refer to choosing what you need over what you’d be interested in buying for luxury spending. For instance, a top priority could be spending money on basic needs like food and clothing. Remember, food and clothing can fall into either basic or luxury categories. 

Moreover, paying your bills first and then deciding on your monthly expenditures is always a good idea. Here is a systematic way to do it: pay your bills, spend on basic needs, spend on what you can’t live without, keep some money away for savings, and whatever you are left with can then be used for luxury spending of any sort. Follow this order religiously, and you will not run out of cash as and when required.

Keep an Emergency Fund

It is essential to keep an emergency fund where you can stack up all your savings when you run out of cash. You may fall back on this fund during job loss, when there is insufficient money to fulfill basic needs, or in medical conditions where you need to purchase the necessary medications. It can also be used during the last few days of the month when essentially every one of us is out of cash for that special take-out extra pepperoni pizza on a cheat day.

Don’t Listen to Your Impulse

Conquer the struggle of what to spend and what to save by avoiding impulse buying. We often tend to pick up items that are too fancy and inviting while grocery shopping, or, in other cases, we are just attracted to them purely because of a promotion. The overwhelming excitement of a product wears off eventually, and then you see no point in making such a purchase. Hence, it is better to stick only to the grocery list items and not deviate from them unless necessary. Caution! Necessary here doesn’t equate your impulse.

Be Resourceful

Here, you are being asked to save a little. How so? Let’s identify a few ways to save a few bucks on your routine expenditures.

• Try to use discounts and loyalty cards in avenues that offer similar options.
• Buy your monthly/weekly snacks when you plan your routine grocery visit. Do not buy snacks every day.
• Once every three months, plan a garage sale. You can get rid of those impulse buys this way.
• Try to opt for generic but healthy items rather than overspending on brands. 
• If you want books, use the nearest library rather than buying them.
• Use the internet for essentials such as watching movies, listening to music, and binge-watching your favorite series rather than going out and spending a lot on entertainment.

Make a Budget and Follow it

Lastly, another useful tip involves drawing up a realistic budget and sticking to it. A budget will enable you to list your monthly expenses and income. Simultaneously, you may also draw up a list of your needs and wants. Once the allocation is complete on each item, you will have an estimate of how much money you are left with to satisfy your wants. However, this extra money must not be entirely spent on that particular want. A portion of it must go into the emergency fund and savings.

Conclusion

These five tips can help you navigate the struggle of knowing what to spend and save without much hassle. Stick to them, and you’ll be good to go!

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.

It is never a positive situation to find that you owe the government taxes and, even worse, do not have the resources to pay them. The first action plan should be to look for payment plans and file the tax returns before the deadline. This will help you avoid the monthly 5% penalty on the available balance. There will also be an additional interest, which is adjusted every four months, depending on the Internal Revenue Service’s (IRS) assessments. At this point, your goal should be to minimize the damage by finding an opposite plan that will pull you out of tax misery.

To discuss payment plans with the IRS, you can call them at 1-800-829-1040, and they will assist you to the best of their ability. Additionally, their other options to reduce your tax bill include hiring professional consulting services and following the advice below:

Pay as Much as You Can

Even though you may not be able to pay the entire amount at once, paying as much as possible in the first installment is essential. A lower remaining balance will significantly reduce the interest and penalty. Also, the IRS may offer better payment plans to individuals having a lower remaining balance.

Request an Extension of the Tax Bill

If you are unable to pay the tax on time, you can request a payment extension. Typically, you will have 120 days to pay the taxes after submitting the forms. The IRS may ask you if you want to request a payment extension. Those individuals who have not previously applied for extensions are eligible for an extension option.

Installment Payment Plans

Experts advise that installments are a viable payment plan if you owe less than $50,000 and need more than 120 days to pay the tax bill. An online payment agreement form needs to be submitted to set up an installment plan for up to six years. Depending on the amount you owe, a one-time setup fee will be charged, usually $30 – $250. The fee can be significantly reduced for individuals who can set up direct payment plans from their bank accounts.

Another benefit of opting for an installment plan is reducing penalty charges for failing to pay the installment. You will be charged an interest of .33% for failing to pay the installment on your tax bill, rather than paying .5% for a general plan. However, this is only offered to one-time filers.

Apply for Leniency Payment Plans due to Adversity

To ask for a leniency payment plan from the IRS, you will need to authenticate that making this payment would leave you in dire circumstances, including losing your home or other financial sacrifices due to the ongoing crisis. If the IRS approves a leniency plan for your tax bill, you will be given more time to pay, and any penalty will be waived.

To become eligible, an “Application for Extension of Time for Payment of Tax due to Undue Hardship” needs to be filed and submitted. A thorough investigation into your claims is completed before you are offered the remunerations to ensure the leniency payment plans are only sought in case of eligibility.

Personal Loan

A personal loan is an option if a family or friend is willing to help. There may be people in your life with whom you share a mutual trust who may be willing to waive interest payments that are common in a traditional loan agreement. However, it is still recommended that the terms and payment plan of the agreement be documented and notarized to avoid any inconvenience for both parties. While it may not be one of the most suitable payment options for most people, it certainly can offer some relief from a significant tax bill.

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.

Doubtless, cutting business expenses and controlling costs has become challenging in today’s business environment. Modern trends indicate that companies must reduce costs to effectively achieve their business goals and objectives. However, establishing control over your business and its finances requires tremendous motivation, knowledge, skills, and expertise. Only a clear-cut strategy and carefully laid-out plan can make cutting down your monthly expenses hassle-free.

Moreover, reducing business expenses and increasing revenue can substantially impact a company’s profitability and are two ways companies can maximize their profitability index. According to industry experts, increasing sales and revenue is problematic because it requires a lot of planning and strategy. It takes time and effort to come up with a brilliant execution plan.

On the contrary, cutting business expenses is easy and without much stress. All that it takes is a little bit of your time. Additionally, you must review your bookkeeping and accounting records to understand your company’s standing before deciding to control your costs.

Below are six hassle-free ways to cut business expenses.

Reduce Supply Expenses

You must look outside your pool of traditional vendors to reduce supply expenses. Look for the vendors, manufacturers, or suppliers who can offer you the best price since large discounts help you cut business expenses and costs. Consider ordering and making bulk purchases because they are ideally the most cost-effective options. 

Suppliers often provide discounted prices when items are ordered in increasing quantities. This cost-effectively maintains your inventory. Similarly, seek multiple bids to get optimal rates, and never make a long-term contract for supplies with a single party or vendor, as saving can greatly impact your bottom line.

Lower Financial Expenses

Hiring an in-house accounting or auditing professional can be a costly decision. That is why most businesses rely on external accounting agencies or individuals offering competitive service rates. Cutting your business expenses may also mean saving on insurance and additional bills. However, it is important to note that you must regularly contribute to your savings account to meet financial emergencies and consider a business expansion. 

Lastly, please do not take on unnecessary debt to make ends meet because you may eventually find it hard to pay back the money you borrowed from the bank with interest. Before making debt-incurring decisions, complete a thorough cost-benefit analysis and future forecasting.

Employ Social Media Marketing

Traditional marketing can cost a fortune, indicating that you need to look at some less expensive alternatives, like social media marketing on dynamic platforms like Facebook and Twitter. You can quickly build your customer base there, as studies have revealed that social media marketing is more effective than traditional, mainstream media marketing, ultimately reducing your business expenses.

Try To Achieve Economies of Scale

Maximizing manufacturing productivity will minimize expenses. Improved Research and development (R&D) and market knowledge will help you achieve economies of scale, ideal for maximizing profitability.

Review Your Books Quarterly

You need to review, maintain, and manage your business books to understand your finances and business conditions clearly. If this cannot be done every month, it must be done quarterly. Moreover, you must audit your monthly subscription billing to cut business expenses and switch to software applications or employee talent worth your resources and money.

Look For Office Alternatives

Do not shy away from considering an office relocation to a more affordable area to cut business costs. Often, in the age of digitalization, companies do not need to have their office located in prime, expensive locations or have all associates in one physical office. Consider moving your office to a convenient location that offers affordable rates to reduce commercial rent.

Conclusion

In conclusion, navigating the complex terrain of business expenses in today’s competitive landscape requires strategic planning and diligent execution. While increasing revenue is challenging and time-consuming, cutting costs presents a more accessible avenue to improve profitability. By adopting a systematic approach and implementing the outlined strategies, businesses can reduce expenses without compromising operations or quality.

From optimizing supply chain management to leveraging digital marketing platforms and reevaluating office space needs, proactive cost-cutting measures can yield significant financial benefits in the long run. Embracing these tactics empowers businesses to enhance their bottom line and achieve sustainable growth amidst evolving market dynamics.

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.