Author: Jennifer Brazer

Make Business More Profitable by Reducing Per-unit Cost

Diminishing the per piece unit cost of merchandise makes a business more lucrative by expanding the margin between what it costs to manufacture a product and what you charge for it. Decreasing the unit cost of products will help reduce the overhead cost per product manufactured.

Making fewer payments for lease and utilities or expanding production volume can reduce the average overhead cost per unit. It is easier to diminish the price per unit by using more inexpensive materials or developing production proficiency, reducing labor costs per unit.

Decrease the Overhead Cost

Decrease overhead costs by finding an area with a cheaper lease or affordable rent. Consider leasing your office during a recession and assessing service charges to find ways to reduce costs. On the off chance that business is moderate in your general vicinity, you may likewise have the capacity to consult with your proprietor for a cheaper lease.

Increasing sales is one of the ideal ways to reduce cost per unit. Increasing sales would mean offering more products to help diminish unit cost because, while manufacturing more products, the averaging overhead expenses are divided between the extra units produced.

Affordable Raw Materials

Find more affordable materials to utilize. A good approach is to use raw materials that could be used as an alternative to the more expensive materials. Purchase the products directly from their allocated suppliers to reduce the cost of purchasing them through an intermediary. Purchase in bulk if there is adequate storage space. With extra storage space, it is possible to save the purchased goods inventory for use in manufacturing over time to reduce cost by piece.

Reduce Labor Costs

Assess the production methods and search for approaches that make the production process more proficient. Proficiency diminishes the cost of labor per unit. Search for bottlenecks in the manufacturing process where production efficiency is possible. Coordinate additional assets towards easing these bottlenecks. Direct all extra resources towards removing the bottlenecks and take in the individual skills and aptitudes of the specialists with a specific end goal to schedule them for shifts that capitalize on their capacities.

Learn the ideal group estimate or the perfect add-up to produce on the double to accomplish economies of scale without creating any backlogs. Invest in technologies and assets that help improve manufacturing efficiency.

Keep definite and precise records to track and assess unit costs. Record your expenses and keep production logs itemizing production hours and exercises.

Reduce Overhead Costs

It is essential to control the costs related to running the processing plant – regularly referred to as overhead costs by storing, creating, utility, supply, travel expenses, and other administrative costs. These costs are audited and added to the overall overhead cost to reduce cost by piece in manufacturing. Set spending plans and audit them on a week-by-week, month-to-month, and yearly premise—research purchases cost and rental choices for cost investment funds.

It is essential to reduce worker costs to advantage generation or increment deals. Keep the expenses and debt rate as low as possible. Audit and purchase for the most minimal worker advantage cost every year. Monitor tooling and supply costs and keep them in a protected zone to deter future losses. 

Put Resources into Capital

Occasionally, the best approach to spare cash is to burn through cash. Putting resources into equipment that influences manufacturing to process faster can reduce the creation costs over the long haul by reducing per-unit costs.

Machinery that utilizes less material can bring down costs. Before buying new equipment, manufacturing companies must examine potential capital investment benefits versus costs. Determine the return on investment for reducing per-unit cost by calculating these investments’ profits. It is essential to determine the return on investment, calculate the potential profit from the investment, and subtract the investment’s price divided by the cost of the venture.

Control labor costs by monitoring productivity. Employees are the most productive when they have satisfactory time to complete their work and are approached with the best innovation and equipment to help them. Expanding productivity is a consistent procedure of discovering better methods for performing undertakings, preparing laborers in the most recent procedures, and assessing whether purchasing innovation and equipment is legitimized by the normal increment in productivity. Ceaselessly enhancing productivity enables you to control unit costs.

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.

Large corporations are no longer the only target of cyber criminal activities. SMEs (small and medium enterprises) have become increasingly exposed to the dangers of the cyber world, which is why SMEs are having difficulty securing their systems and networks. Cyber criminal activities have reached the point where industry IT experts have started assuming that they are a universal threat and, unless security measures are implemented, systems and data security are doomed.

Unfortunately, there isn’t a single organization in the entire world that can claim that it has fool-proof cyber security. The biggest threat to SMEs is not the breach of their system. It does not realize the fact that cybercriminals can target their small-scale businesses.

Cybercrime is costly to SMEs, causing them to lose millions of dollars annually. The US alone is on the top of the list of having the highest number of cyber criminal activities. According to estimates, the reported cases of cyber crimes account for about $700 billion yearly, multiplying rapidly. The thing is, the culture of “cyber-stealing” is growing, and individuals with hacking knowledge and expertise are considering it to be a safe career path that has a lot to offer to them.

That’s why con artists and highly organized crime syndicates are coming up with sneaky tactics to break into SMEs’ accounts to steal sensitive information from companies. In short, cybercrime is a reality, and those who ignore it can expect to face troubles in the future.

What Do Cyber Criminals Usually Look For?

To protect your business from cybercrime, you must implement a prevention plan to push infiltrators away from your company’s servers. Since cybercrime is multiplying, SMEs must adapt to improved network security protocols to prevent sensitive data from leaking. Hackers, intruders, cyber criminals, or whatever you name online scammers usually look for business data, bookkeeping and accounting records, vendor details, sensitive personal and client information, banking details, and more that can be sold on the dark web for money. Therefore, improving your system and network security can help you prevent costly loopholes.

What Can Cyber Crime Mean For SMEs?

First things first: business disruption with an immediate effect! Cyber criminal activities can be hefty for SMEs as they can cost them a sustainable competitive advantage and financial and reputational damage. Those who trust you with sensitive information and rely on you for certain essential aspects like the security of data, the secrecy of business transactions, the privacy of vendor details, and larger business interests need not be disappointed.

So, you must ensure that business data is protected against all predictable or non-predictable cyber threats. It is ideal to keep proper checks and balances in place to prevent any information leakage from the company’s servers.

Keeping Your Business Safe from Cyber Crime

Creating and implementing your own security policy is ideal as it will give you more control over your company to protect your business from cyber-attacks. Having a written, clear-cut security policy helps your employees know the menaces of cyber security threats and repercussions they might have to face due to an incident of cyber fraud. Also, it would help if you encouraged your staff to use complex passwords and shut down their computers once they leave the office.

Cybercrime occurs when you fail to update your system and networks. You must update your operating systems, software, and browsers and install anti-virus software and firewalls to prevent cyber attacks. Moreover, it would help if you were very careful with software installation, as hackers are inventing new ways by which they can target SMEs that are vulnerable to cybercrime.

Hiring an IT Expert

Hiring an IT professional is the best way to secure your business from cyber criminals. SMEs can hire IT experts to ensure their data safety and network security when they fail to comply with network security protocols. They are not as expensive as you may think. The choice to hire an IT expert is a fair trade. Spending money on data safety and network security is a wise move compared to what you could lose if you are not protected.

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.

Cloud computing is another name for storing data and applications remotely instead of on your premises. Although this system of online data storage has been in use for some time, it has gained increasing popularity in recent years.

Cloud computing is easy and convenient, potentially cutting IT costs and dramatically speeding up your operations. It renders financial sense in the corporate world by ensuring businesses do not need to spend heavily on data storage or server maintenance. However, when even giant institutes and big companies are having a significantly tough enough time keeping their users’ personal information safe and secure from cyber criminals and data breaches, how could the same be safe when it is stored in ‘the cloud?’

Despite the significant rise and popularity of public cloud platforms offered by Google Cloud, Microsoft Azure, and Amazon Web Services, hardly ten percent of the world’s data is stored in the cloud. Technology experts explore the cloud security issue and why it is still unsafe in many ways.

The Fundamentals of Cloud Computing

The critical idea of cloud computing is that one’s data and information are stored online, readily available, and accessible from any internet-ready device whenever needed. It is a clear idea that immensely tempts companies to seek ways to cut their data storage costs. Eventually, an online data storage facility seems like a feasible alternative to purchasing costly servers for data storage and retaining an IT expert to look after them.

Before you go for cloud computing, consider how certain disadvantages of cloud storage could affect your organization.

Possible Downtime

With cloud computing, your business depends on the reliability of your internet connection. Thus, when it is disconnected, eventually, you are inactive. It is similar when your business’s bookkeeping aspects are maintained on online software; you cannot access them offline. If your company has frequent internet connectivity issues, cloud computing may not be appropriate for your business.

Security Issues

Although you may find cloud platforms acceptable for your favorite music and public pictures, when a business stores their clients’ personal information on the cloud, the company could suffer a severe cyber security attack that can eventually widen the organization; this is because you do not have a concrete idea of where you are storing your data; thus, you do not know whether your data is secure or not. The primary level of data security is all about physically protecting the actual hardware that holds the data.

Likewise, an equally vital concern, especially for government institutes and the military, is that the employees who have access to all the data as part of their employment can also threaten the servers’ security. As an entrepreneur, you need to determine whether the security levels that a cloud data storage company provides can offset cloud computing’s significant security disadvantages.

Cost

To ensure you save money, you must diligently look at the details and pricing plans for each cloud application, considering future possible expansion. If your company does not need the latest, updated software versions annually, the desktop application can be a more affordable option in the long run. If your organization involves data migration, you must know that data transfers to the inbound cloud are free. However, outbound data transfers accompany monthly charges on a per GB basis.

Inflexibility

Another drawback of cloud computing is the inflexibility of some cloud apps. Some cloud vendors deliberately make it difficult, expensive, or even impossible for their customers to migrate from one cloud to another. Thus, do the necessary prior research and ensure you are switching to the cloud that offers optimal flexibility for now and in the future.

Customer Support

Although earlier cloud computing’s customer service was terrible, many vendors have improved it now. However, better customer service comes at a price. Even Google’s basic viz. silver, a support package for its cloud platforms, presently costs $150/month. Suppose your company requires an instant response to client support concerns. In that case, you must make sure that the cloud services vendor under consideration has several options available for necessary technical support, such as email, live chat, phone, user forums, and knowledge bases.

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 the ever-expanding digital landscape, understanding the significance of a Virtual Private Network (VPN) is paramount for safeguarding your online presence. Acting as a secure tunnel, a VPN encrypts your connection, ensuring that your data remains protected from prying eyes. As we delve into online security, this article explores the fundamental role of VPNs in shielding against potential threats, especially in open Wi-Fi networks.

We’ll unravel the layers of protection offered by VPNs, granting users greater control over their online visibility. Whether you’re a casual internet user concerned about data safety or a professional navigating the complexities of government censorship, VPNs emerge as indispensable tools for fortifying digital privacy. Join us on this journey as we uncover the essential aspects of VPN technology, empowering you to navigate the digital realm with confidence and security.

What is a VPN?

In simplest terms, a Virtual Private Network (VPN) helps create an encrypted and secure connection. Think of it like a tunnel connecting your computer with a server functioned by the VPN service. Even though you are linked to a VPN, your network traffic will pass through this secure tunnel. No one (even your ISP) can see the traffic until it leaves the VPN server and arrives at the public internet. If you connect only to websites secured with HTTPS, the data will remain encoded even after it has left the VPN.

VPNs Protect You Online

Are you comfortable allowing your data to travel through Wi-Fi? Have you stopped worrying about data safety or that someone else could be looking at it? You’re not alone. You are, beyond any doubt, in the majority. This nonchalant attitude signifies a considerable security and privacy problem.

Open and public Wi-Fi networks are convenient and commonplace, but they are also highly suitable for attackers looking to bargain for personal information. It is time to consider safeguarding your data when your ISP can retain your browsing history.

This is where the Virtual Private Network comes in. These online services are using simple software whose purpose is to safeguard your internet connection. The other advantage is that they give you much better online control and power over your appearance. Even though you may have never heard of VPN services, you should recognize and use them as valuable tools. 

Who Requires a VPN?

The protection delivered by a VPN provides its users with many advantages. Primarily, it stops anyone found on the same (or anywhere else) network from an access point for interrupting your web traffic. This is particularly handy for tourists and those who use public Wi-Fi systems. VPNs also cover your computer’s authentic IP address, making it more challenging for advertisers (or hackers) to track you online.

Numerous VPN services also offer their private DNS resolution system. DNS is like a phone book, which converts a text-based URL to a numeric IP address for computers to understand. Savvy intruders and impostors can observe DNS requests. They can track your activities and movements online. Materialistic attackers can use DNS poisoning that will direct you to false and fake phishing pages specifically intended to steal your data. If you are using a VPN’s DNS system, it will be an additional layer of protection.

Though this is reasonable and rational security for anyone, there are some people for whom a Virtual Private Network is vital for professional and personal safety. Activists and journalists depend on VPN services to avoid government censorship. This way, they can safely and efficiently communicate with the world.

Conclusion

In conclusion, a Virtual Private Network (VPN) acts as a digital shield, securing your online presence and data. VPNs protect against potential threats on open Wi-Fi networks by creating an encrypted tunnel. They empower users with control over their online visibility, making them indispensable tools in the age of digital privacy concerns. Whether safeguarding personal information or enabling secure communication for activists and journalists, VPNs are crucial for professional and personal safety in our interconnected world. Embrace the protective power of VPNs for a safer and more private online experience. 

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 the millennial age, smart devices make life easier in all aspects. Many industries worldwide can now stay updated and connected and handle tasks without being physically present in the office.

Smart devices enable you to improve work efficiency and help save time. They have also made business management much easier for key employees working as business-like project managers and bookkeepers. Managers and business owners can utilize these devices and improve work efficiency as smart devices enable them to stay updated on whatever is going on in their business. They can record any changes, such as maintaining bookkeeping records and financial transactions and staying updated on any other information vital to a company, all without being physically present on their premises.

Smart devices can also be used to gather field data with ease and in an organized manner. Many applications and software are readily available on smart devices that can be downloaded and used only with a touch of a button.

Although smart devices play a vital role in the ‘make life easier’ factor, they have cons. The following are some basic pros and cons of using smart devices as a project manager to gather data.

Pro: Organization

Applications and tools help business owners and entrepreneurs stay organized from the time projects are executed through the end. By identifying the activities and time duration, accountable people, and resources, you do not have to think about your next step or who will be in charge, for the most part. Details are simpler to track as they are written down and can be easily marked. During a project, the improved organization helps save ample amounts of time, reduces stress, and prevents last-minute scrambling.

Pro: Easily Shared

Project management tools create a single document serving similarly to getting an overview of the project. The project is shared with everyone working on the different components. Using these tools lets everyone know the status of the activities, which may influence their work. Specific software used for project management allows open-access editing so that everyone else can also see and access all details of the status of an ongoing project.

Con: Time Investment

Significant time can be invested into learning and creating the initial project management tool of choice for the required project it is to be used for. Specific tools available on smart devices are easy to learn, but others may seem detailed and technical. Everyone working on the project needs to learn the interpretation methods, and someone must also be responsible for learning the tool creation. At times, it may take the same time for an individual to learn how the specialized software works as it can take to create the document itself.

Con: Upkeep

Project management tools and software come in handy when they are regularly updated. Although the initial execution plan of the project is valuable, projects never go as planned. The document must be updated when changes happen, such as delays or new tasks. Someone must be responsible for regularly updating the software and tools. 

Casual – An Option for Project Managers

An application that can be used to improve your data collection ability as a project manager is known as Casual. It is a unique application offering various options to handle your data collection. You can easily plan your tasks by utilizing the flowchart feature of this application. It also helps you to visualize and track dependencies between various tasks, making multitasking, a necessary attribute for a project manager, much easier. It is available for free and is no doubt a must-have on your smart device.

Conclusion

In conclusion, smart devices revolutionize work efficiency, connecting businesses globally. While they offer organizational benefits, learning curves, and maintenance are cons. Yet, tools like the Casual app streamline project management, enhancing data collection and visualization. Embrace the tech wave for a more efficient and connected future.

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 common among accounting and bookkeeping departments to have multiple filing cabinets, including locked ones, to protect payroll and other private information. Access to financial files and data should be limited to certain key people in the company. Implementing a file system in your accounting department is critical; however, protecting the information can be tricky if not done correctly.

What causes a file system to collapse? It was likely not much of a system to begin with. Chances are that you assorted the files randomly without giving them much consideration at the beginning. Simply placing a label on your files will not turn it into an effective system. To implement a file system that can billet any type of paper, whether at home or in the office, all you need are various colors of 2/5 cut tab-colored folders and box bottom hanging folders.

Categorize the Files

The first thing that you need to do is sort the files into categories. Sort through your current pile of paperwork and arrange everything related to finances in one category, fixed assets into another, and so on. The focus now is not on the detail but rather on assorting documents of similar nature together. Later, we will worry about sub-categorizing them. Credit card bills and bank statements fall under finances in this step and will be separated in the next step.

Create Subcategories

Once you have arranged the documents according to their respective categories, it is time to subdivide them so that you know exactly where to search when looking for the respective information. Accounting department finances can be categorized into checking, savings, and credit card accounts. Be specific about your subcategories, and do not just use random words for labeling them. This kind of arrangement will help you identify what you want to investigate.

Color Coding

The major categories for all the documents should be assigned different colors to differentiate them from the rest. Put the files in hanging file folders together with their respective categories. If you have selected a green color for your accounting documents, the subcategories can be in other shades of green. While filing your retrieving papers, this will save you a huge amount of time. Your brain can better sort stuff out when different colors highlight things. Implement the file system in your office, allowing you to work effectively through each category without wasting time with mixed information.

Make Labels

After coloring each file, it is time to label it. Advance from general to specific categories. For your accounting office, the general label can be credit cards, while specific labels can be Visa, Master Card, etc. After labeling the files, arrange them alphabetically to move to your desired paperwork quickly. The point is to arrange similar files together nearby.

Expenses should be filed distinctly from payroll and other accounting aspects. If certain transactions belong to more than one area, such as expenses and fixed assets, make copies of the paperwork and put the documentation in both files after labeling them. Implement a file system that categorizes expenses by vendors’ names and in alphabetical order. Purchase dates can categorize fixed assets.

Filling Your Drawers

This will be the last step of your filing process. By now, you have almost sorted most of your accounting documents. All you need to do is put them where you can easily access and identify them. Put everything in a drawer alphabetically and place the colored files in hanging box bottom folders to ensure they stay upright within the drawer. The 2/5 cut tabs are placed above the hanging files to make it easy to decipher each category.

Your accounting business will be greatly boosted if you implement the file system 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 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.

A few years ago, if you were looking to invest in mobile home parks, you might have been labeled as crazy. However, times have changed, and so have many people’s opinions. After the last real estate crash, investments in this sector had been lucrative, and there was good money to be made. The industry has reemerged with time, and now there is tough competition among single-family homeowners who want to purchase a house before interest rates jump up. The market has seen a boom, and prices for large apartment complexes do not make sense to small-time real estate investors. Only large investors and businesses are venturing into them, it seems. 

Mobile Home Parks

In such a scenario, investors can either sit in and wait for a crash or be creative and invest in mobile home parks, which have become quite popular recently. The distinguishing feature of these parks is that the residents own or rent the home while you acquire and lease the land to them. Though it might be hard to purchase the land in the first place, once you are in the game, a handsome amount of money can be made. Here are some benefits of investing in real estate mobile home parks.

Low Cost Per Unit

When you invest in a single-family home or large multifamily complex, the cost per unit is higher. However, mobile home parks allow you to spend less and acquire more units. It has been reported that mobile homes have the highest return and risk ratio rate compared to any other real estate investment class. Because you only must acquire the land and not the unit itself, the cost is significantly lower, enabling you to own many more units than you would have otherwise.

Low Maintenance Costs

Working with contractors is one of the most grueling aspects of owning a property. With mobile home parks, you do not have to worry about repairs and maintenance, as tenants do it themselves. There will be some expenses related to the park’s upkeep, but they are significantly less than you would have paid otherwise.

Spreading the Real Estate Risk

Since mobile home parks allow you to own more units, the risk is spread out, and you acquire more units for your investment dollars. You do not have to worry about someone evicting the property suddenly and leaving you with heavy losses because you have other similar investments that continue paying you dividends. Investing in mobile home parks is a great way to secure your overall investment as the risk spreads across your portfolio.

High Demand

While real estate prices are rising greatly, income levels are not rising to the same extent. Therefore, the demand for well-maintained mobile home parks is ever-increasing. Baby boomers living on a fixed income are retiring, leading to a high demand for affordable housing. Owning a mobile home costs less than owning any other property, and many low-income people are inclined to invest in it. That is great news for you as a mobile home parks investor. 

Low Turnover Rate

Out of all the expenses in a real estate investment, the tenant turnover rate is one of the costliest. Repairing and cleaning costs can be significantly higher, and you are also stuck looking for new tenants, which requires marketing costs and other resources. Moreover, you are also losing money because the property is empty and not receiving payments.

The turnover rate drops when tenants own mobile homes and only lease land. Moving their house out of a mobile home park will cost them quite a bit, so most choose to stay for long periods. The risk of losing tenants is also minimized, another powerful benefit of such an investment.

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.

The following are a few strategies to increase the sales of a small business.

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. Your foremost strategy as a small business owner is 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, instead of sending a new email, reply to your 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 could not 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 or not. This email has a positive effect. An interested client will send a correspondence email as early as possible, and the other will send a refusal. 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 that you are writing 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. Please 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.

The straight and direct path toward financial stability requires a business owner to develop a budget while simultaneously paying off the high-interest debts and sustaining the emergency funds. As a business owner, even if you need to set aside some money from your monthly paychecks to a savings account that will earn interest, a piece of the monetary puzzle will still be missing. Money is made when you invest it somewhere; however, the complexity of investing and where to invest can be highly intimidating. The following seven tips are for business owners who are investment beginners to help them invest wisely and achieve financial goals within a reasonable timeframe.

Set Specific Goals

If you want to make money in the long term, you must set some specific goals for yourself. Beginners must think about the long-term rather than just fast cash. For this purpose, you must think about volatile industries such as the stock market and assess the risk versus rewards of each investment avenue. This can be particularly difficult for business owners when considering current financial obligations. 

Invest in a Financial Advisor

You might need extra coaching even with readily available investment resources like Google’s search engine or Amazon’s digital library. It is essential to avoid misunderstanding that monetary advisors are an extra expense. They can be accommodating and may be able to help you differentiate a sound investment option and caution you against the current financial fad. 

They will also be able to give you personalized advice for your current situation where a Google search or digital library cannot consider your current financial situation and goals. Financial strategists recommend avoiding TV channels for stock market advice, as television critics offer only short-term information and cannot consider your finances to provide a robust financial plan. 

Keep The Costs Low

Even if you have only a small amount of money, numerous small investments can help you turn it into a significant payoff. Whenever you are new to investing, you should avoid spending large sums of money even when the funds are available. When you keep costs low, you will have more funds later, enabling you to invest in a bigger opportunity.

Diversify Your Portfolio

A profitable investment portfolio may include real estate stocks and a savings account. In addition to stocks, mutual funds, and retirement accounts could be included and considered. A diverse portfolio increases the chances for each investment to produce a payoff. Selecting multiple, diverse investment opportunities for your portfolio is essential. 

However, it is essential to note that every investment industry has its ins and outs, which require thoughtful investigation into each opportunity. For example, thorough research must be done on the housing market, and a careful review of stock prices must be done before you dip your toe in the investment waters.  

Do In-Depth Research

It would be an understatement to say that “Knowledge is power,” especially regarding investment. Nevertheless, the complex financial jargon can sometimes be very overwhelming and complex. Therefore, you must conduct in-depth research before finally investing funds into a specific financial channel. This research can help in making or breaking your investment. Many investments lead to loss only because the investor did not pay careful attention to the opportunity while completing research.

Consider Automation

Automatic contributions can be used to make numerous investments, such as a 401(k) plan or an Individual Retirement Account (IRA). These low-risk opportunities are considered to be the best for automatic deposits.   

Conclusion

In conclusion, financial stability requires strategic budgeting, debt repayment, and emergency funds. For business owners venturing into investments, setting specific long-term goals, seeking advice from financial advisors, keeping costs low, diversifying portfolios, conducting thorough research, and considering automation are essential steps. By navigating the complexities of investment with informed decisions, business owners can build wealth and work towards their financial objectives within a reasonable timeframe.

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.

Nothing is more thrilling and exciting than getting your first paycheck from your first ‘real job’ after school, college, or university. Over your first month on the job, you have probably already thought of spending your first paycheck in a million different ways. Well, that is what everyone does, and it is normal. However, creating a budget or financial plan right from the beginning saves you from financial miseries and crises in the future and allows you to know the worth of your hard-earned money.

Money Management and Millennials

Money management is no easy feat, especially when you are new to managing your money-related tasks. It is a foreign concept to most millennials. According to a survey of 5500 millennials, only 30% of people credit and contribute money from their first paycheck into their savings and 401k accounts. By analyzing the percentage scale, the survey indicates that millennials either lack the financial wisdom to save money for hard times or do not even believe in saving money.

Make a Financial Budget

Trust us. The motivation to save money develops right from the beginning, and the little you contribute to your savings and retirement accounts each month accumulates to a significant wealth at the end of your working years. Your first paycheck is cheery on the top of a pineapple cake. If you eat it before cutting the cake, the charm and excitement level of blowing the candles and cutting the cake will vanish.

This indicates that you must budget every paycheck properly and develop a habit of saving money right from the beginning to meet financial emergencies and save yourself from mental traumas relating to money. Monthly budgeting and bookkeeping give you a clear snapshot of your salary and help you know where your money goes.

Here is what you should do with your every paycheck.

Pay Off Debt

To keep your financial equation balanced, you must always pay off your debt before allocating and spending money on other things–whether it is your first paycheck or your tenth! Debts like student loans and auto and credit card debt must be wisely paid off first, or high interest rates can hinder your long-term financial standing, ultimately making it extremely difficult for you to advance in your career.

In short, paying off debt should be priority #1, and no one argues that! You may not know how to manage your money correctly, but you must learn the art of money management, or you may be stuck miserably amid severe financial problems.

Create a Savings Account or Emergency Fund

Building an emergency fund and creating a savings account is ideal for you to kick-start your savings career. This will help you meet financial emergencies and encourage you to spend less and save more. Since life is unpredictable, you must have a backup plan and resources to meet financial problems that may arise at any moment.

Keep working, save more, hope for the best, and plan for the worst! According to the 50-30-20 rule, you must save at least 20% of your income for hard times. Crediting a fixed portion of your income from every paycheck gets you more financially secure and stable. It will be a big plus in the long run if you start saving from your first paycheck. 

Contribute Money to Your 401k or IRA Account.

According to studies, those who regularly contribute money into their retirement fund, 401k, or IRA account stay happier and relaxed, knowing their future is secured and well protected. To accumulate significant wealth to enjoy your post-working or retirement life, you must start contributing to your retirement account right from your first paycheck.

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.