Buying a new car is indeed a huge investment. People should undoubtedly buy things based on quality and reliability so that it works longer. But it also has perplexities, as new car buyers must pay sound fees, taxes, spare parts expenses, and higher insurance premiums. They are opting for a used car does not only present advantages. Let us learn some more disadvantages of this choice. Please read on!
Maintenance Expense
When buying a used car, the first step the buyer must take is to take it to a workshop for review. Without knowing the car, there is no way to know the defects and safety risks that it can bring.
Also, as the vehicle already has more road time, the parts are not in the same state as when it was new, demanding frequent exchanges.
Loss of Warranty
The new factory warranty (up to 6 years) is a comfort to consumers, who are sure to have help in the event of defects. On the other hand, if this deadline has passed, the owner is responsible for the maintenance costs and repairs.
Conservation State
As careful as it was the previous owner, the state of conservation of the user is no longer the same as when it was new. And we can already advance that the internal items that suffer enough with the use are:
steering wheel
pedals
banks
On the outside, the paint may start to crack. It is either by sun exposure or scratches, which are more than average daily.
Outdated Technology
Buying a used car means purchasing an old model, even one no longer manufactured and marketed. With this, the used ones may not have the technologies in the newly released ones.
Damage to the Environment
The latest releases have received investment in technology. Concern about reducing pollution grows and is increasingly present in the new models.
Besides, the gaps and wear of worn-out car parts mean that the performance is not the same, causing increased fuel consumption and polluting the environment.
Is there a Difference Between the Consortium of New and Used Cars?
The consortium is the same. What changes are the value of the letter of credit and the intention of the consortium? When contemplated, he can use his credit message in the way that he finds most convenient, depending on the buyer’s situation and the purpose of using the vehicle. In some cases, you will need to select the car. This way, the price privileges are not lost with the days counted in an automobile.
For example, a letter of credit of $20,000 can make it exceedingly difficult to acquire a new car. So, it is more geared towards the new ones. But nothing prevents you from having an extra buck, completing the payout from your pocket, and getting a zero model!
And the opposite can also happen. You enter the consortium thinking about a new car but then change your mind, preferring a new one. In this case, you can use the card to buy a complete Seminole model. Also, you can use the remaining balance to prepay the installments that have not yet entered your consortium.
For example, you cannot hire a car consortium and buy a motorcycle or a house.
Buying a car is a dream for people. And for this, the consortium is a great option! Making a consortium to buy a used car, then, is an alternative not only extremely feasible but, in fact, more advantageous than any financing! So, what is still waiting to run after your dream?
Lastly, share this post on your social networks to help your friends, too! Who knows, you cannot get a mate with that?
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.
For interchangeable products, the service decides whether customers buy and buy again.
Companies with innovative, high-quality products are still losing customers in the aftersales sector. The focus is too much on the development and too little on the service processes along the supply chain. The opportunities to increase customer loyalty and earn money through optimal service offerings are often missed. Aligning the trade, service, and sales organization entirely with the customer is a decisive success factor and an important differentiating factor from the competition.
All Actions Involve the Customer’s Mission Statement
Whether customers buy is decided at the points at which they contact a company or stay loyal too—every contact counts. Customer relationships and contacts are the most valuable basis for identifying the right services. Whether a customer calls the field service, the service center, or customer service, whether he orders in the e-catalog, fills out a contact form, or writes an e-mail, His concern must trigger the right actions in the right places.
Everything in the company uses the customer mission statement. It is the driver for the contact points, establishes the processes, and sets the standards in dealing with customers. The stage directions for the employees result from it. The customer mission statement is the basis of the service culture. A customer contact point analysis can help to develop a customer mission statement.
Customer center, delivery, customer service, accounting, website, webshop, and even the packaging should match the mission statement and shape the overall impression as an essential point of contact. Anyone who learns from customer relationships and customer experiences with the company can identify new potential. Service will play a significant role here in the future.
Business Customers Think Differently than Private Customers
Business customers behave differently than private customers. They rarely use the purchased products themselves. In return, they expect that the purchased service at the optimal price and effort enables their company to achieve satisfactory results and satisfy their customers in the long term.
At the points of contact with the supplier, decision-makers, influencers, information collectors, and users have diverse needs and exchange their experiences internally (supplier evaluation). These different expectations of the various addressees must flow into the analysis of the contact points in the B2B sector.
How good is our service really and how satisfied are our customers? A contact point analysis always covers the entire service chain. The customer experiences the company’s performance. The research aims to optimize customer satisfaction and loyalty through targeted, interlinked measures and individual contact points.
Errors in Contact with Customers
When dealing with customers, companies often make the following mistakes:
Inquiries are answered late or not at all.
Recalls are not made on time or not on the same day.
Customers have to wait a long time for promised information and offers.
The information sent raises more questions than it answers.
The availability does not match the customer’s business hours.
External, customer service, accounting, and office staff are difficult to reach.
Regarding inquiries, customers are “passed around” between the departments.
The structure of the invoice is unclear. The format does not match the customer’s electronic processing.
Complaints are not processed in time; customers do not receive intermediate status.
Usually, only parts of the service chain are examined. However, downstream contact points such as planning (does the service level and appearance of the commissioned shipping company match the portfolio? Is the delivery information clear?) Or invoicing (are all invoice items traceable?) Influence the customer experience and are also rated as such by business customers.
Examples of Attractive Services
Attractive services differentiate features from the competition and guarantee profitable additional business. Successful examples are:
Warehouse management with assembly service for industrial customers
Financing offers for business development combined with delivery commitments
Training and education of customers
Sales partnerships (“everything from a sole source”)
Marketing services and sales promotions for trading partners
Sales support for end customers (appointments, support in aftersales)
Used machine sales and maintenance
Maintenance services and organization services
Establish Management for Customer Inquiries
Precise and reliable communication is crucial for customer satisfaction. Customers who receive correct delivery information, understand all invoices and offer items, can rely on promised dates, are informed about changes in enjoyable time, receive an immediate answer to queries, and have little reason for complaint.
Inquiry management is also essential: What happens to inquiries by e-mail, via web contact forms, or questions received by the field service or coming up in the office? For this, companies also need defined processes that precisely determine who is responsible for which type of request and when the customer should receive feedback or a solution (definition of service level).
Consistent and sustainable customer perception is created if all measures interlock and convince the service chain, thus making the basis for lasting and profitable growth.
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.
If you want to buy a house, you will have started to make numbers to know if you can get the home of your dreams. You have already considered a mortgage and are even comparing financing options. Have you considered the aid for the purchase of housing? We share with you a brief guide so you can find your opportunity.
The US sold 352,768 houses between January and August 2018, according to the latest data collected by the National Statistics Institute (INE). This figure represents an increase of 11.13% compared to the same period of the previous year and means that the real estate market is in full swing.
If you do not want to miss the extraordinary moment of buying and selling real estate and need extra support to get that home you dream of, there is a program to help you buy a home: the 2018-2021 Plan.
Although the 2018-2021 Housing Plan focuses on rent for the most disadvantaged, it has real help for anyone who needs support to buy a home and meet a series of obligations. What are the minimum requirements to access a service to buy a home?
Be Under 35 Years Old
The regular income equals or less than three times the Public Indicator of Multiple Effects Income (IPREM). This index is the reference for the granting of aid. Since 2004, it has replaced the Interprofessional Minimum Salary. The IPREM is published every year in the General State Budgets. In 2017, it was $537.84 per month. You can access the subsidy if your payroll is $1,613.52 or less until new budgets exist.
The home you are asking for help for must be your usual residence for at least five years from the date of occupation.
You Cannot Access the Subsidy if You Already Own Another Home
In general, the aid will last for three years. However, autonomous communities can reduce this period if it is justified. And how much help does it cost to buy a home? If you meet the minimum requirements, you can receive up to $10,800 with a limit of 20% of the property’s price.
Programs Help You to Purchase a House
You can consider the various federal programs the Department of Housing and Urban Development (HUD) offers. It helps you in buying a house if you are eligible for assistance.
FHA loans and HUD Homes – HUD offers two programs for home buyers. As a result, the house-purchasing process will become more affordable than others.
Homeowner voucher program – HUD offers the Homeownership Voucher Program. Homebuyers can fulfill their monthly debt payments and other home expenditures with it. You will have this voucher when your income is low, and you wish to purchase a desirable house.
Purchase of Shares for Homeownership
Shared ownership means purchasing shares to buy a home of your choice from the property owner, which can be anyone like the council or a housing association and the one that is willing to rent the remaining share.
You cannot buy shares to purchase your home without having debt. You need to take a quarter and three-quarters loan compared to the purchased house’s total value.
Later, you can purchase the highest share, which would be 100% of your house’s purchasing value. There are no eligibility limitations on shared ownership. Now you can get home through help to buy. For example, you may have less household income inside and outside your state boundary.
Considerations While Buying a House During a Pandemic
A down payment is better than emergency funds.
Regarding buying and selling the coordination of houses, your work must be in progress.
The conventional market is better than the mortgage market.
Interest rates must be a lower priority.
You must have a backup plan or an alternative for buying and selling house policies. It is an ordinary and necessary element.
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.
Are you managing or leading your internet marketing? If yes, you must have or learn specific etiquettes on being lucrative and surviving timelessly in the run. No matter if you are working as a trader.
If you do not have such qualities by birth, you must learn to be part of marketing for a long time. You must be adroit while processing marketing activities.
Let us find out those internet marketing hallmarks by reading this blog thoroughly.
You Embrace a Valid Puzzle
Internet marketing is like a giant cryptic puzzle, mainly when it occurs in the SEO process. The market has multiple parts of the SEO Puzzle, so what are the most vital? That is:
Keyword analysis
Link-building
UX
Social media alliance
A prosperous internet trader will readily be competent to observe how these parts match unitedly.
Standards refer to the fact that a prosperous trader will notice cover the following:
How social channel access influences pure link-building
How UX hits search rankings
The most reliable system to add keywords
The remaining ones must be technically legal
There is an excellent opportunity you will surpass at SEO if you possess a talent for resolving puzzles
Your Learning Habit Must be Consistent
Search engine optimization and social channels are continually advancing with time as per their scope. Google pinches its grading algorithm with the number of courses yearly, and the latest social channel programs have not yet been developed.
You must be ardent concerning permanent lore to endure sound and official when it appears to internet marketing. It implies the following:
The stopper of industry news
Conducting conferences
They frequently interact with people in the interplanetary digital marketing industry.
Must Be a Competitive Manager
Internet traders discover it is essential to authorize trifling their marketing duties. Anyone alone will infrequently surpass each phase of marketing like:
Lettering
Transportations
Social channel
Technical SEO
And much more
It is vital to hold unique control talents, expressly the strength to spur and urge those nearby to support you to lead your aims.
Must Be The Best Negotiator
Staying intelligent to interact productively is crucial to an internet marketing expert. It does not signify you must be an expert author or discussant; it does indicate you have to communicate your ideas and expectations precisely and professionally to:
Customers
Possibilities
People on your team
It also needs the experience to monitor and hear what the other person wants to say and join, involve, and consider things from someone else’s perspectives.
Take All Measures for Clients
Best UX is not solely useful for changes, and it is more vital for gaining high organic rankings in SERPs. Lucrative internet traders, though, are not out to get a fast stag. They want to meet clients’ demands and claims. They aim to build a secure link with them.
You Should be Patient
Online marketing requires an eagerness to put in demanding work, even though you might not see any results for months (or years). There are no quick fixes when you talk about online marketing, so in that case, you must frequently work towards your goal without losing steam. A deficiency of short-term outcomes may be discouraging, but if you are patient enough, the results will surely be worth the wait.
You Should be Trustworthy
More than it was ever before, people always buy from people they know and can fully trust. Being trustworthy and able to carry this trait to others is essential to becoming a professional online marketer. Being responsible and authentic will set you to one side, helping you build a long-term relationship with your customer and client.
You Are a Competent Manager
Most online marketers find this one thing necessary to delegate or outsource at least a couple of their marketing duties. Any individual might rarely shine in every marketing direction: aspect, writing, technical SEO, and social media. For this reason, it is necessary to have excellent management expertise, particularly the capability to motivate and inspire those around you to help you meet your goals.
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.
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.
Alternative Financing for Self-Employed and SMEs: Boost Your Business Growth and Success
Traditional financing avenues often feel like a locked door for too many small business owners and self-employed individuals. Denials from traditional banks can leave promising businesses stuck in a holding pattern, unable to take the next big step. The good news? There are smarter, faster, and more flexible ways to secure the funding you need.
With alternative financing, you’re no longer at the mercy of rigid bank policies. For years, I’ve seen businesses thrive because they explored unconventional funding options that prioritize their goals and timelines. I believe in these tools because I’ve experienced firsthand their transformative impact on clients at Complete Controller. Let me guide you through practical solutions that could unlock opportunities for your business.
Why Traditional Financing Falls Short
I’ll be blunt: traditional lenders often cater to the safest bets. Banks want pristine credit scores and lengthy financial histories, and usually require collateral that budding or small-scale businesses simply don’t have.
Take the shocking reality highlighted by research: firms owned by non-Hispanic white individuals are granted bank loans at rates nearly double those of minority-owned firms. That’s 46% for white-owned businesses versus 23% for Black-owned businesses and 34% for Latino-owned businesses. It’s a system that works for some but not for everyone.
But traditional financing isn’t just inequitable—it’s also slow. When an expansion opportunity knocks, waiting weeks or months for approval isn’t always feasible. My team and I aim to solve that problem every day by helping entrepreneurs move beyond the walls of traditional banking.
What Is Alternative Financing?
Think of alternative financing as your business’s customized safety net. It encompasses funding methods that bend to fit your needs, not the other way around. These options were built with flexibility in mind—something I’ve found invaluable for clients navigating cash flow gaps, new opportunities, or even emergencies.
Where banks see risk, alternative financing sees potential. With platforms and tools tailored to modern entrepreneurs, this approach provides solutions ranging from speedy approval processes to financing structures that don’t require collateral.
Types of Alternative Financing
Peer-to-peer lending
Imagine getting funding directly from individuals rather than an institution. Platforms like Lending Club or Prosper connect businesses to investors willing to back them. It’s streamlined, personal, and—best of all—often much faster.
Crowdfunding
With crowdfunding, you’re not just raising money—you’re raising awareness. Platforms like Kickstarter and Indiegogo let businesses tap into their target audience for small contributions. I once helped a client launch a product through crowdfunding; not only did they hit their financial target, but their campaign also became a tool for early customer engagement.
Invoice financing
This is about turning unpaid invoices into immediate working capital. Companies like BlueVine or FundThrough advance you cash based on outstanding invoices, giving you breathing room to keep operations running smoothly. I’ve seen this tool save businesses from shutting their doors during temporary cash flow crunches. I always say, “Just because a client pays late doesn’t mean your bills can wait.”
Microfinance options
Microfinance loans provide smaller amounts at manageable terms for small-scale businesses that banks often ignore. These loans are especially helpful for sole proprietors or entrepreneurs at the start of their journey.
Short-term loans
Need funds fast? Short-term loans are a powerful option. The approval process typically takes hours, helping you plug that hole in your cash flow before it becomes a crater. Just keep an eye on higher interest rates—debt has to work for you, not against you.
Benefits of Alternative Financing for SMEs
Flexible funding terms
Unlike traditional bank loans, alternative financing arrangements allow you to negotiate terms that match your business’s cash flow and goals. For instance, peer-to-peer lenders might offer a repayment period that adjusts based on your earnings.
Lightning-fast approvals
My clients are often stunned by how quickly alternative funding options move. One of my favorites was Sarah—a café owner in London—who secured £50,000 through Funding Circle in just five days after banks had turned her down. Within a year, her café doubled its revenue. That’s the kind of impact fast funding can have.
No collateral? No problem.
Traditional lenders often block businesses without significant assets, but that’s rarely the case with alternative financing. Whether you’re renting your workspace or bootstrapping your inventory, these financing options don’t demand you mortgage your future to secure capital.
How to Choose the Right Alternative Financing
Step 1: Pinpoint your needs
Are you growing, bridging cash flow gaps, or covering seasonal expenses? Defining your goals will help you find the best solution. For example, invoice financing is perfect for covering unpaid invoices, while crowdfunding works great for launching a new product.
Step 2: Vet your lender
Not every lender is worth your trust. Platforms like Trustpilot and Better Business Bureau can help you weed out the good from the bad. Trust me, doing a little homework will save you a world of trouble later.
Step 3: Compare terms
Interest rates, fees, and repayment conditions vary wildly. To give yourself the best shot at success, review every line of the terms and conditions. As the CEO of Complete Controller, I cannot emphasize enough how critical it is to familiarize yourself with the fine details. Stay vigilant about potential hidden fees.
Always—always!—review your financing agreement in detail. As a financial services advocate, I’ve seen hidden fees eat into businesses’ cash flow simply because the owner rushed through the approval process.
Lack of financial planning
Any loan, even a small one, calls for a clear repayment strategy. Without it, you’re playing a risky game. If you need advice on planning, read why accurate financial statements are vital.
Overspending
Borrow only what you need, not everything that’s available. Financing is a tool—not an excuse to put your business in unnecessary debt.
Real-World Advice From a Seasoned Entrepreneur
Over my 15+ years as CEO of Complete Controller, I’ve helped countless entrepreneurs navigate the complex world of financing. One truth has remained constant: the solution lies in understanding your options and thinking beyond conventional banking. When starting my business, banks turned me away more than once, forcing me to seek smarter alternatives. I’m grateful for those obstacles because they taught me to trust innovative solutions that prioritize today’s fast-paced needs.
Conclusion
Alternative financing is shaking up the game for self-employed entrepreneurs and SMEs alike. If the traditional path is blocked, consider this your permission to find a better way. Need help sorting through your options? The team and I are here to guide you. Click here to connect with the experts who have helped thousands of businesses thrive.
FAQ
What types of alternative financing exist?
Peer-to-peer lending, crowdfunding, invoice financing, microfinance loans, and short-term loans are among the leading options.
How fast can I get funded?
Many alternative financing sources can secure approval in days—or even hours.
Is collateral required?
Collateral isn’t always a necessity. Crowdfunding and invoice financing, for example, typically don’t require it.
What risks should I consider?
Watch for high interest rates, hidden fees, and short repayment windows. Carefully review contract terms to avoid surprises.
How does crowdfunding go beyond fundraising?
Crowdfunding combines financial support with built-in PR, showcasing your business to a broader audience while raising capital.
Sources
Federal Reserve Banks. 2020 Report on Employer Firms – Small Business Credit Survey.
Mach, Traci L., et al. Peer-to-Peer Lending to Small Businesses. Federal Reserve Board.
Bankrate. How to Get a Small Business Loan When Self-Employed.
OECD. Alternative Financing Instruments for SMEs and Entrepreneurs.
Forbes. Alternative Financing Options for Small Businesses.
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.
How Secure Is Your Business Data? Protect It Effectively!
Business data security encompasses implementing comprehensive protection measures—including encryption, access controls, employee training, and backup systems—to safeguard your company’s sensitive information from cyber threats, data breaches, and unauthorized access. Effective business data security combines technical solutions with strong policies and procedures that protect financial records, customer information, and proprietary data while maintaining compliance with industry regulations.
As someone who has helped thousands of small and medium-sized businesses manage their financial data over the past two decades, I’ve witnessed firsthand how a single data breach can devastate a company’s operations, reputation, and bottom line—with 60% of small businesses closing within six months of a cyberattack. When Complete Controller began our journey in the cloud-based bookkeeping space, I quickly learned that data security isn’t just an IT concern—it’s a business survival strategy requiring ongoing attention, investment, and expertise that can transform vulnerability into competitive advantage.
What is business data security, and why does your company need it?
Business data security encompasses all measures taken to protect digital and physical information from unauthorized access, corruption, or theft
Small businesses face 43% of all cyberattacks despite having fewer resources for comprehensive security measures
Effective data protection includes technical safeguards, employee training, access management, and incident response planning
The average cost of a data breach now ranges from $120,000 to $1.24 million for small businesses
Proper security measures ensure regulatory compliance, maintain customer trust, and protect your competitive advantage
Understanding the Current Threat Landscape for Business Data
The modern threat environment targeting business data has evolved dramatically, with cybercriminals increasingly focusing on small and medium-sized enterprises that often lack robust security infrastructure. According to recent cybersecurity research, 46% of all cyber breaches now impact businesses with fewer than 1,000 employees, representing a significant shift from previous years when larger corporations were the primary targets. This targeting strategy reflects cybercriminals’ recognition that smaller businesses typically maintain fewer security controls while still possessing valuable data assets, including customer information, financial records, and proprietary business intelligence.
The sophistication of attacks has also increased substantially, with threat actors employing advanced social engineering techniques, automated attack tools, and multi-vector approaches to compromise business systems. These statistics underscore the diverse nature of modern cyber threats and the need for comprehensive defense strategies that address multiple attack vectors simultaneously through cybersecurity solutions tailored specifically for resource-constrained organizations.
The rising cost of data security incidents
The financial impact of data security incidents continues to escalate, with organizations now facing costs ranging from $120,000 to $1.24 million per cybersecurity incident. This wide range reflects the varying severity of attacks and the different recovery approaches taken by affected organizations. For small businesses operating on tight margins, even incidents at the lower end of this spectrum can represent significant financial strain, while larger incidents can prove catastrophic.
Beyond immediate financial costs, businesses must also contend with operational disruptions, regulatory penalties, legal liabilities, and long-term reputational damage. These extended recovery periods compound the financial impact through lost productivity, missed business opportunities, and customer dissatisfaction that can persist long after systems are restored.
Human error as a primary vulnerability
One of the most significant factors contributing to data security incidents is human error, which accounts for approximately 95% of cybersecurity incidents according to recent studies. This statistic highlights the critical importance of employee training and awareness programs in any comprehensive data security strategy. Human error manifests in various forms, including falling victim to phishing attacks, using weak passwords, improperly configuring systems, or inadvertently sharing sensitive information with unauthorized parties.
Essential Data Protection Technologies and Implementation Strategies
Implementing robust data protection requires a layered approach that combines multiple security technologies and practices to create a comprehensive defense against various threat vectors. The foundation of effective business data security begins with strong encryption protocols that protect information both at rest and in transit. Organizations should implement AES-256 encryption for stored data and TLS 1.3 or higher for data transmission so that even if unauthorized parties gain access to information, they cannot read or utilize it without appropriate decryption keys.
Multi-factor authentication represents another critical security layer that significantly reduces the risk of unauthorized access even when primary credentials become compromised. By requiring additional verification methods such as biometric scans, authentication applications, or hardware tokens, organizations can prevent identity-based attacks and strengthen account security across all critical systems. This approach is particularly important given that weak credentials remain one of the biggest security vulnerabilities facing businesses today.
Access management and user controls
Effective access management involves implementing role-based access controls that ensure employees can only access information and systems necessary for their specific job functions. This principle of least privilege minimizes potential exposure if individual accounts become compromised and reduces the risk of internal threats, whether intentional or accidental. Organizations should regularly review and update access permissions, particularly when employees change roles or leave the company, to prevent unauthorized access through dormant or improperly configured accounts.
Conditional access policies provide an additional layer of security by evaluating various signals, including user location, device health, and risk level, before granting access to sensitive resources. This dynamic approach allows organizations to adapt security measures based on real-time conditions while maintaining operational efficiency. Access to critical financial systems might be restricted unless users are connecting from trusted devices or verified network locations.
Data backup and recovery systems
Comprehensive backup strategies form a crucial component of business continuity planning, providing protection against both malicious attacks and accidental data loss. Organizations should implement automated backup systems that create multiple copies of critical data stored in different locations, including both on-site and cloud-based solutions. The 3-2-1 backup rule remains a best practice, requiring three copies of important data stored on two different types of media with one copy stored off-site.
Regular testing of backup and recovery procedures ensures that systems will function properly when needed and helps identify potential issues before they become critical problems. Organizations should establish clear recovery time objectives and recovery point objectives that define acceptable downtime and data loss parameters for different types of incidents.
Building a Security-Conscious Organizational Culture
Developing a strong security culture within an organization requires more than just implementing technical controls—it demands ongoing education, clear policies, and consistent enforcement of security practices at all levels. Employee training programs should address common threats such as phishing, social engineering, and malware while providing practical guidance on recognizing and responding to potential security incidents. Training should be tailored to different roles within the organization, with executives and managers receiving additional instruction on their responsibilities for maintaining security policies and responding to incidents.
Regular security awareness training helps employees stay current with evolving threats and reinforces the importance of following established security procedures. Research shows that organizations with comprehensive training programs experience significantly fewer security incidents and recover more quickly when breaches do occur. Training should be engaging and relevant to employees’ daily work activities rather than generic presentations that fail to capture attention or provide actionable guidance.
Policy development and enforcement
Clear, comprehensive security policies provide the framework for organizational security practices and help ensure consistent implementation across all departments and locations. Policies should address acceptable use of technology resources, password requirements, incident reporting procedures, and consequences for security violations. Regular policy reviews and updates ensure that guidelines remain current with evolving threats and changing business requirements.
Enforcement of security policies requires consistent application and appropriate consequences for violations. Organizations should establish clear escalation procedures and ensure that managers understand their roles in maintaining security standards within their teams. This includes conducting regular audits to verify compliance and addressing any gaps or deficiencies promptly.
Incident response planning and preparation
Effective incident response planning involves establishing clear procedures for detecting, containing, and recovering from security incidents while minimizing business disruption and data loss. Response plans should define roles and responsibilities for different team members, establish communication protocols for internal and external stakeholders, and outline specific steps for different types of security incidents. Regular testing and updating of incident response plans ensures that teams can respond effectively when actual incidents occur.
Industry-Specific Compliance and Regulatory Requirements
Businesses operating in different industries face varying regulatory requirements that impact their data security obligations and practices. Financial services companies must comply with regulations such as the Gramm-Leach-Bliley Act and Sarbanes-Oxley Act, which establish specific requirements for protecting financial information and maintaining accurate records. Healthcare organizations must adhere to HIPAA requirements that govern the protection of patient health information, while companies handling European customer data must comply with GDPR provisions regardless of their physical location.
Understanding applicable compliance regulations helps organizations prioritize their security investments and ensure that protection measures meet or exceed minimum standards. Compliance frameworks often provide valuable guidance for implementing comprehensive security programs, even for organizations not directly subject to specific regulations. Many security best practices align with regulatory requirements, making compliance efforts a natural extension of sound business security practices.
Data classification and management
Proper data classification helps organizations understand what information they possess, where it is stored, and what protection requirements apply to different types of data. Classification systems typically categorize information based on sensitivity levels and regulatory requirements, with higher-value data receiving more stringent protection measures. This approach allows organizations to allocate security resources more effectively and ensure that the most critical information receives appropriate protection.
Data mapping exercises identify all locations where sensitive information is stored, processed, or transmitted, providing essential visibility for security planning and incident response. These exercises often reveal shadow IT systems or unauthorized data storage that may not be included in formal security programs, helping organizations address potential vulnerabilities before they can be exploited by attackers.
Cost-Effective Security Solutions for Small and Medium Businesses
Small and medium-sized businesses often face budget constraints that limit their ability to implement enterprise-level security solutions, but numerous cost-effective approaches can provide substantial protection without requiring significant capital investment. Cloud-based security services offer access to advanced protection capabilities through subscription models that spread costs over time while providing regular updates and maintenance. Many security vendors now offer small business data protection strategies specifically designed for smaller organizations that provide essential protection features at accessible price points.
Open-source security tools can provide valuable functionality for organizations with the technical expertise to implement and maintain them. These solutions often offer capabilities comparable to commercial alternatives while eliminating licensing costs. However, organizations should carefully consider the total cost of ownership, including implementation time, ongoing maintenance requirements, and the need for specialized technical knowledge.
Leveraging managed security services
Managed security service providers offer access to specialized expertise and advanced security capabilities that may be beyond the reach of smaller organizations’ internal resources. These services can provide 24/7 monitoring, threat detection, incident response, and other critical security functions through shared service models that make advanced protection more affordable. When evaluating managed security providers, organizations should consider their industry experience, service level agreements, and ability to integrate with existing systems and processes.
The decision to use managed services versus internal capabilities depends on various factors, including budget, technical expertise, regulatory requirements, and risk tolerance. Many organizations find that hybrid approaches combining internal capabilities with selective use of managed services provide the best balance of cost, control, and protection.
Real-World Case Study: Accounting Firm Ransomware Attack
A small accounting firm fell victim to a ransomware attack when an employee opened what appeared to be a normal invoice email attachment. The document actually contained CryptoLocker ransomware that immediately encrypted all data on the firm’s network. Within minutes, every computer was frozen with a message demanding $8,000 in Bitcoin, with threats to increase the fee by $1,200 daily. The total cost to recover from this attack reached nearly $84,000, including ransom payments, business interruption costs, customer notifications, and system rebuilding.
This case demonstrates how a single moment of human error can lead to devastating financial consequences. The firm’s experience highlights several critical lessons: the importance of employee training on recognizing suspicious emails, the need for robust backup systems that are isolated from primary networks, and the value of incident response planning. Following this attack, the firm implemented comprehensive security awareness training, deployed advanced email filtering systems, and established offline backup procedures that would protect against future ransomware incidents.
Conclusion
Protecting your business data effectively requires a comprehensive approach that combines technical solutions, employee training, clear policies, and ongoing vigilance against evolving threats. The statistics are clear—small and medium-sized businesses face significant and growing cyber risks that can result in devastating financial and operational consequences. However, with proper planning, appropriate investments, and consistent implementation of security best practices, organizations can substantially reduce their risk exposure while maintaining operational efficiency.
As someone who has guided Complete Controller through the complexities of cloud-based data security in the financial services industry, I cannot overstate the importance of treating data protection as a strategic business priority rather than just a technical requirement. The security measures you implement today will determine not only your ability to prevent costly breaches but also your capacity to compete effectively in an increasingly digital marketplace where customer trust is paramount.
The journey toward comprehensive data security is ongoing, requiring regular assessment, continuous improvement, and adaptation to new threats and technologies. Organizations that commit to building strong security foundations while maintaining focus on their core business objectives will be best positioned to thrive in our interconnected digital economy. For expert guidance on implementing robust data security measures that align with your business needs and budget constraints, contact the specialists at Complete Controller to learn how our experienced team can help protect your most valuable business assets.
Frequently Asked Questions About Business Data Security
What are the most common threats to business data security?
The most common threats include phishing attacks, ransomware, malware infections, insider threats (both malicious and accidental), and social engineering attacks. Small businesses are particularly vulnerable to these threats, with 43% of all cyberattacks targeting companies with fewer than 1,000 employees.
How much should a small business budget for data security?
Small businesses should typically allocate 3-5% of their annual IT budget to cybersecurity measures. However, the exact amount depends on factors such as industry regulations, the sensitivity of data handled, and existing security infrastructure. Many cost-effective solutions now exist specifically for small businesses.
What is the difference between data encryption and data backup?
Data encryption transforms information into unreadable code that requires a decryption key to access, protecting data from unauthorized viewing even if stolen. Data backup creates copies of your information stored in separate locations, protecting against data loss from hardware failures, accidents, or attacks. Both are essential components of comprehensive data protection.
How often should we conduct security awareness training for employees?
Security awareness training should be conducted at least quarterly, with brief monthly updates on emerging threats. New employees should receive comprehensive training during onboarding, and all staff should undergo annual refresher courses. Given that 95% of security incidents involve human error, regular training is crucial.
What steps should we take immediately after discovering a data breach?
First, contain the breach by isolating affected systems to prevent further damage. Document everything about the incident, including when it was discovered and what data may be affected. Activate your incident response plan, notify law enforcement if required, and consult with legal counsel about notification requirements. Begin recovery procedures while preserving evidence for investigation.
Sources
Astra Security. (2025). “51 Small Business Cyber Attack Statistics 2025.” Astra Blog. https://www.getastra.com/blog/security-audit/small-business-cyber-attack-statistics/
Federal Trade Commission. “Business Guidance.” FTC.gov. https://www.ftc.gov/
Purple Sec. (2025). “The True Cost Of A Data Breach To Small Business.” https://purplesec.us/learn/data-breach-cost-for-small-businesses/
SmartVault. (2023). “Accounting Firms Fall Victim to Cyberattacks: Lessons Learned.” SmartVault Resources. https://www.smartvault.com/resources/accounting-firms-fall-victim-to-cyberattacks-lessons-learned/
Verizon. (2020). “Small Business Cyber Security and Data Breaches.” Verizon Business Resources. https://www.verizon.com/business/resources/articles/small-business-cyber-security-and-data-breaches/
World Economic Forum. (2025). “Global Cybersecurity Outlook.” As cited in Astra Security Blog.
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.
Jennifer BrazerFounder/CEO
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.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
Unlocking Information Sharing Benefits for Better Collaboration
Information sharing benefits encompass the strategic advantages organizations gain when employees freely exchange knowledge, insights, and data across teams and departments. These benefits include enhanced collaboration, improved decision-making, increased innovation, higher productivity, reduced knowledge silos, better employee engagement, and significant cost savings through streamlined operations and reduced duplication of efforts.
As the founder of Complete Controller, I’ve witnessed firsthand how information sharing transforms business operations across hundreds of client engagements over two decades. When we implemented structured knowledge sharing protocols across our distributed team of bookkeeping professionals, we saw a 40% reduction in client query resolution times and a 25% increase in cross-selling opportunities. The difference between companies that embrace transparent information flow versus those that operate in silos is remarkable—and measurable. This article will equip you with proven strategies to maximize productivity, accelerate decision-making, and build innovation capacity through strategic information sharing practices that deliver tangible business results.
What are the information-sharing benefits, and why do they matter?
Information sharing benefits are measurable improvements in performance, collaboration, and innovation from open knowledge exchange
Enhanced teamwork emerges as departments break down silos and work with a shared understanding
Decision-making accelerates when stakeholders access comprehensive, real-time information
Innovation flourishes as diverse perspectives combine to generate creative solutions
Productivity increases as employees spend less time searching and more time applying knowledge
The Productivity Revolution Through Strategic Information Sharing
According to McKinsey research, employees spend an average of 1.8 hours every day—9.3 hours per week—searching and gathering information. This means that for every five employees a business hires, only four are effectively working while the fifth is constantly searching for answers but not contributing value. Modern organizations that implement comprehensive information sharing strategies report average productivity improvements of 20-30% within the first year of implementation.
The mechanics of this productivity boost operate at multiple levels simultaneously. Individual employees experience reduced frustration and increased confidence when they can quickly access the information needed to complete tasks effectively. Team-level productivity improves as members can build upon each other’s work without duplicating efforts or working with outdated information.
Real-time access to organizational knowledge eliminates traditional bottlenecks that slow down business processes. Instead of waiting for email responses or scheduling meetings to obtain critical information, employees can access shared databases, wikis, and collaborative platforms that provide instant answers.
The cumulative effect of these individual time savings creates a significant organizational impact. A Forrester Research study found that employees in high-performing information-sharing organizations spend 35% less time searching for information and 25% more time on value-creating activities compared to their counterparts in traditional hierarchical structures.
Enhanced Decision-Making Through Comprehensive Information Access
Quality decision-making relies fundamentally on having access to complete, accurate, and timely information. Organizations that excel at information sharing create decision-making environments where stakeholders can evaluate options based on comprehensive data rather than limited perspectives. Research from McKinsey Global Institute shows that by fully implementing social technologies for internal communication and knowledge sharing, companies can raise the productivity of knowledge workers by 20 to 25 percent.
Teams with effective information-sharing protocols make decisions 40% faster than those operating with limited information access. More importantly, these accelerated decisions maintain higher accuracy rates, suggesting that speed and quality are not mutually exclusive when a proper information-sharing infrastructure exists.
Complex business environments demand integrated information systems
Complex business environments require decision-makers to synthesize information from multiple sources, stakeholders, and time periods. Traditional hierarchical information flows often create delays and distortions that compromise decision quality. Organizations with robust information-sharing cultures enable decision-makers to access diverse perspectives and data points simultaneously, leading to more nuanced and effective strategic choices.
The financial services industry provides compelling examples of how information sharing transforms decision-making processes. Investment firms that implement comprehensive information-sharing platforms enable portfolio managers to access research from multiple analysts, market data from various sources, and risk assessments from different departments simultaneously. This integrated approach to information access has been shown to improve investment performance by an average of 12% compared to firms with siloed information structures.
Innovation and Creativity Amplified by Knowledge Sharing in Organizations
3M Corporation provides a compelling example of how information sharing drives innovation success. The company implemented lead user processes that connect internal teams with external experts and customers to share knowledge and ideas. Projects that emerged from these information sharing initiatives showed sales forecasts up to eight times higher than regular projects—averaging $146 million in annual sales compared to $18 million for traditional projects.
Innovation thrives in environments where diverse ideas can collide, combine, and evolve through collaborative processes. Information sharing creates the fertile ground necessary for breakthrough thinking by ensuring that creative individuals have access to the full spectrum of organizational knowledge and expertise. Companies that prioritize knowledge sharing in organizations report innovation rates that are 3.5 times higher than their competitors.
The most significant innovations often emerge from the intersection of different domains, disciplines, or departments. Information sharing enables these productive collisions by making knowledge from various organizational silos accessible to innovators throughout the company.
The company’s culture of knowledge sharing at 3M, including technical forums and cross-division collaboration, has contributed to the development of over 60,000 products. Breakthrough innovations like Post-it Notes emerged from combining adhesive technology knowledge with insights about user behavior and office workflows.
Organizational Agility and Competitive Advantage Through Information Flow
In rapidly changing business environments, organizational agility becomes a critical competitive differentiator. Companies that can quickly adapt to market changes, customer needs, and technological developments maintain significant advantages over slower-moving competitors. Information sharing serves as the nervous system that enables this organizational agility by ensuring that market intelligence, customer feedback, and operational insights flow quickly throughout the organization.
Research from the McKinsey Global Institute indicates that companies with superior information-sharing capabilities adapt to market changes 2.5 times faster than their competitors. This agility translates directly into competitive advantage through faster product development cycles, more responsive customer service, and quicker identification of emerging market opportunities.
Remote and hybrid teams thrive with structured information sharing
GitLab demonstrates the power of information sharing in distributed organizations. Operating as a fully remote company with over 1,300 employees across more than 60 countries, GitLab has no physical headquarters and relies entirely on comprehensive information-sharing systems. The company uses asynchronous communication through shared code repositories, detailed documentation, and archived communication tools.
Their approach includes making information public by default and always explaining the reasoning behind decisions. This information-sharing-first culture enabled GitLab to successfully go public and maintain high performance levels despite having no traditional office space, proving that effective knowledge sharing can overcome geographic limitations.
Cost Reduction and Resource Optimization Through Knowledge Management
A 2021 productivity study found that poor information sharing creates massive financial losses. In an organization with 4,000 workers, employees lose a minimum of 740,500 hours annually searching for information that should be readily available. Even at a conservative wage of $20 per hour, this represents nearly $15 million in lost productivity each year.
Organizations that implement comprehensive information sharing strategies typically reduce operational costs by 15-25% through the elimination of duplicated efforts, reduced error rates, and more efficient resource allocation. These cost savings compound over time as organizational knowledge becomes increasingly valuable and accessible.
Training and onboarding efficiency through knowledge platforms
New employee onboarding represents a significant cost center for most organizations, with average onboarding costs ranging from $4,000 to $7,000 per new hire. Organizations with comprehensive information sharing platforms dramatically reduce these costs by enabling new employees to access training materials, process documentation, and expert knowledge independently.
HubSpot has developed an extensive knowledge-sharing platform that includes onboarding materials, process documentation, and video tutorials created by employees throughout the organization. This comprehensive resource enables new hires to become productive 40% faster than industry averages while reducing the onboarding workload on existing team members. The company estimates that this approach saves over $2 million annually in training costs and productivity losses.
Conclusion
The evidence is clear: information sharing benefits represent one of the most powerful levers for organizational improvement available to modern businesses. From productivity gains and innovation acceleration to cost reduction and competitive advantage, the strategic value of effective information sharing compounds over time to create lasting organizational transformation.
As someone who has guided hundreds of organizations through digital transformation initiatives, I’ve seen the dramatic impact that structured information sharing can have on business performance. The organizations that thrive in the coming decade will be those that master the art and science of knowledge sharing, creating environments where information flows freely and teams collaborate seamlessly. The time to begin this transformation is now, and the potential benefits are too significant to ignore. To learn how Complete Controller can help your organization unlock its collaborative potential through strategic information sharing implementation, visit Complete Controller today.
Frequently Asked Questions About Information Sharing Benefits
What are the primary information-sharing benefits for small businesses?
Small businesses gain significant advantages from information sharing, including reduced operational costs, faster decision-making, improved customer service, and enhanced team collaboration. Studies show small businesses can improve productivity by 20-30% through effective knowledge-sharing practices.
How do information-sharing benefits impact employee satisfaction?
Employees in organizations with strong information-sharing cultures report 25% higher job satisfaction rates. Access to information reduces frustration, increases confidence in decision-making, and creates a greater sense of connection to organizational goals and colleagues.
What tools are most effective for maximizing information-sharing benefits?
The most effective tools include knowledge management platforms like Confluence or Notion, collaboration tools like Slack or Microsoft Teams, and document sharing systems like Google Workspace or SharePoint. The key is choosing integrated tools that fit your organization’s workflow.
How long does it take to see measurable information sharing benefits?
Most organizations begin seeing productivity improvements within 3-6 months of implementing structured information sharing practices. However, the full cultural and strategic benefits typically take 12-18 months to fully manifest as new behaviors become embedded in daily operations.
Can information sharing benefits be quantified for ROI calculations?
Yes, information sharing benefits can be quantified through metrics like time saved searching for information, reduced duplicated efforts, faster project completion times, and improved decision quality. Organizations typically see ROI of 200-400% on information sharing investments within two years.
Sources
Atlassian. (2024, September 3). “6 Ways Successful Teams Use Knowledge Sharing to Fuel Growth.” atlassian.com/blog/loom/knowledge-sharing-2
Awan, Kamran. (2023, November 20). “Sharing Information in the Workplace.” IOB Business. iob-business.com/sharing-information-in-the-workplace/
Cincopa Blog. (2021, February 4). “How to Calculate the ROI of Knowledge Sharing.” cincopa.com/blog/how-to-calculate-the-roi-of-knowledge-sharing/
Choudhury, P. (2020, November 16). “GitLab: Work Where You Want, When You Want.” PMC. pmc.ncbi.nlm.nih.gov/articles/PMC7666882/
Easygenerator. (2025, June 17). “6 Benefits of Knowledge Sharing.” easygenerator.com/en/blog/knowledge-sharing/benefits-knowledge-sharing/
Harvard Business Review. (2012, June). “The Case for Open-Book Management.” hbr.org/2012/06/the-case-for-open-book-management
McKinsey Global Institute. (2012, July 1). “The Social Economy: Unlocking Value and Productivity through Social Technologies.” mckinsey.com/industries/technology-media-and-telecommunications/our-insights/the-social-economy
Mesmer-Magnus, Jessica R., and Leslie A. DeChurch. (2009). “Information Sharing and Team Performance: A Meta-Analysis.” Applied Psychology. apa.org/pubs/journals/releases/apl942535.pdf
MyQuest. (2023, June 8). “10 Reasons to Always Prioritize Knowledge Sharing in the Workplace.” myquest.co/blog/reasons-to-prioritize-knowledge-sharing-at-work
ProcedureFlow. (2025, May 27). “15 Benefits of Knowledge Sharing for Organizational Success.” blog.procedureflow.com/knowledge-management/benefits-of-knowledge-sharing
Stack Overflow. (2024, February 16). “Empowering Teams: Unleashing the Power of Knowledge Sharing.” stackoverflow.co/teams/resources/empowering-teams-unleashing-the-power-of-knowledge-sharing/
Starmind. (2021). “Productivity Drain and the Urgency of Eliminating the Endless Search for Answers.” starmind.ai/hubfs/Productivity-drain-research-report-2021.pdf
TalentLMS. (2024, September 20). “How & Why To Encourage Knowledge Sharing In The Workplace.” talentlms.com/blog/knowledge-sharing-at-work/
van Boxtel, Axel. (2021). “A 3M Case Study on the Value of Open Innovation Activities.” axelvanboxtel.com/wp-content/uploads/2021/01/Axel-van-Boxtel-3M-Open-Innovation-Paper.pdf
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.
Jennifer BrazerFounder/CEO
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.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
Social media marketing is the game changer of the digital era. Today, when every business and every startup thinks of shifting to digital platforms, they look for a social media marketing strategy to help their business grow over time.
Social media was just a platform for playing games, connecting with people, or sharing pictures and videos with your loved ones. However, today, it differs from what it says, maybe seven to eight years ago.
With the evolution of technology and the respective trends, social media is beneficial in multiple ways. It can also prevent trouble if you understand its proper usage.
Let us discuss how social media marketing can keep you out of trouble in multiple ways.
It Helps You Build Relationships
When you make friends on Facebook or professional connections on LinkedIn, you do yourself a great favor. It is because whichever platform it is, you are building relationships.
These relationships will help you whenever you need them. Let’s say you’re working on your startup and want to hire people; you can post on LinkedIn so that your connections can refer you to available potential profiles of candidates. Similarly, if you need people to help you with a problem, you can post on Facebook or anywhere else. This establishment of the ‘right network’ will always help you grow in the professional world.
Also, if you’re wondering where social media marketing is of use, let us tell you that establishing professional relationships happens when you can market yourself the right way.
You Can Instantly Update the World
In the world of social media, where multiple social media marketing agency startups have been solely working on marketing a business, it is self-explanatory that these agencies work on each aspect of marketing.
For example, let’s say your business has recently received funding so that you can grow and expand, working on its scalability. What will you do next?
You would want the world to know about it, wouldn’t you? Just imagine if this was to be done back in the olden days. It would have been hard, wouldn’t it?
Yes, social media marketing helps a business grow in today’s world. Whether you have an announcement or a piece of news to share, you can instantly post it on LinkedIn, Twitter, Facebook, or any other social media platform. Eventually, you can reach out to the world, spreading the news to a whole new level.
Who might know that it opens doors to new opportunities? Give it a try!
It Helps You Establish Collaborations by Finding Common Grounds
If you’re a business person, you would know how important it is to establish collaborations with competitive businesses. It helps a company expand and grow.
You can easily find people who share common interests. For example, if your business sells the same products or services as you do, you have found common ground. With this common ground, you can grow and expand your business to a scalability level that will help you connect with like-minded individuals.
It Allows Faster Communication
Work, family, and commitments have left us with no available time to wait for ages to communicate with people. Thanks to social media marketing, it has now become more accessible for businesses to share and grow.
With audio and video conferencing features, businesses can now expand their horizons and conduct online meetings. It also helps save time and cuts down unnecessary expenses otherwise.
It has Helped Introduce Remote Working
As the world is progressing faster, businesses have started considering remote working opportunities for people worldwide.
By examining profiles on social media platforms such as LinkedIn or Facebook, startups need to employ talent worldwide. It helps connect people from all parts of the world. Still, the social media marketing of a particular business can spread to different cultures and countries, making your business a noteworthy one.
Summing It Up
In conclusion, if you are new to this, there are ways beginners can start social media marketing. It will not only help you grow but might also open doors to new opportunities. Hence, social media marketing saves you from many troubles and helps you become productive in every way.
Invest today to enjoy a worthwhile 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.
“Jack of all trades, master of none” is something you are bound to be stuck with if you do not make tough choices in your life. Of course, one can argue that business growth in different directions comes from diversification and the projects managers pick. However, it is also important to note that sticking with a hierarchy of purpose will help managers focus and streamline tasks closer to a business’s corporate and strategic goals.
One of the most common mistakes managers make is their involvement in a team handling the projects. Showing up once a week for a team huddle and speaking a few words of motivation followed by quick department updates is not the best way to execute successfully. Senior-level executives should make decisions to put the company in a good light and help the firm make more money. A confused manager will lead to unclear objectives, resulting in employees working for hours in the end.
What is the Hierarchy of Purpose?
The hierarchy of purpose helps companies and managers break down tasks and projects according to priority. Companies working in the service sector go-between product perfection and service excellence. The line that divides the two can get blurry, although it is instead defined. What can you do to drive an internal clean-up in the organization?
What often helps executives is returning to the drawing board to rethink and focus on the projects at hand. And this is where the hierarchy of purpose takes its first steps.
Purpose
Determining this step lies in the organization’s values and vision/mission statement. What is the purpose of the organization? How has the definition been served so far? What projects will help us cover as many values as possible? Does the objective need to be redefined? These are all critical questions businesses must focus on to get back on track.
Priorities
The hierarchy of purpose helps people pick and choose out of all the projects that come their way. Do you want ten small projects with a payout equal to $10 million or four big projects that will pay $8 million? Do you want a connected network in the long term or reinvestments to grow in the short time? Setting strategic goals and having the entire company on board is essential. Clear and transparent communication is critical.
Projects
Once you have listed down your priorities in line with your purpose, you will pick up projects coming your way quickly. This step will also set the standard and pace for projects in the future.
People
The human resource aspect of the organization is probably the most challenging aspect to manage by most firms. It is safe to say that bringing all teams on board is not an easy task in strategic and corporate alignment because communication gets lost from the top to the bottom of the hierarchy. However, this process takes a while to perfect; having a cohesive team will help you perfect your execution.
Performance
It is much more important to track the outputs the company creates once they work on a project. However, inputs such as the time, money, and other resources to complete the task are easier to follow. If your outputs outweigh your information, that should be your defining aspect. Success helps you determine your strengths and weaknesses and propel yourself further. Setting up specific KPIs to measure your success against will also help you efficiently track your performance.
Companies’ biggest challenge is aligning their internal team with the organization’s corporate and strategic priorities. Employing the hierarchy of purpose will help managers take small steps to align projects and teams cohesively to produce impactful, effective results in the company’s best interests.
The decisions made by the upper management will also pave a path for the future resources of the company. And the contingency plans needed to adapt to economic or financial turmoil.
The job of senior-level managers should be to focus on paths that will lead to outcomes. The environment you are operating in will analyze and focus on what you did to create an impact qualitatively. Create a checkbox to ensure that the hierarchy of purpose is fulfilled. Of course, a company has no timeline because each organization will take its technique depending on its size, geographical location, and many other internal and external factors.
A close-knit organization does not have a small number of employees but becomes so due to clear communication. The best way to communicate your priorities is to spend time with your team and guide them. Managers must help their teams and expect to be allowed to execute projects smoothly from start to finish.
It is impossible to pick up projects that align perfectly with all your company values and vision/mission statements. Other times, projects that seem too crazy to take up are the ones that will define the success of your company. It all depends on the risk appetite of the manager and the willingness to be involved with the project throughout.
Closing Thoughts
The hierarchy of purpose will not work unless you do. You can train your staff for countless days, streamline processes, and efficiently use company resources for impactful outputs. However, if you are unwilling to roll your sleeves up and get busy with your team, you will still have unclear strategic goals and meaningless projects. The choice is yours.
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 American economy is progressively service-based, meaning that human capital is one of the most important resources a company can have. So, hiring top talent and effectively training them is the most important thing to do.
Many companies have some internal training & employee development programs, but some incorporate external training resources. Here, we have input from the experts we have discussed.
New Perspective
One of the drawbacks of internal trainers can be that they are internal. Internal staff trains people on changes in the industry. The internal staff unavoidably have their perspectives colored by their experiences in the organization that the trainer and trainee both work for – which means they could be missing out on significant external environment instances.
After all, the fact that a company is offering training on all emerging world trends suggests the organization recognizes it is not as updated as it could be. In such cases, bringing in somebody with external expertise and perspective may make sense.
The Cost
Many people may disagree, but the cost is one of the most important and apparent reasons most companies avoid hiring resources from outside. Why not utilize staff on the payroll already?
Employers should keep the cost of internal training in mind, including taking time away from internal subject matter experts or employing full-time training personnel.
Sensitive Topics and Relationships
We must understand and consider the sensitivity of the training subject and the dynamics of the trainee/trainer relationships. For instance, most companies favor external trainers for offering training to top executives. It can get a little awkward for the trainer and trainee when moderately low-level staff instruct company leadership on the topic.
Trainers may hold back, afraid to be seen as the “talking down” to some top officials on whom their success in the company depends. The executives may observe a lack of integrity in the staff that works numerous management coats below themselves.
Correspondingly, training any organization’s level on any sensitive topic helps to have an external resource engaged. Workplace civility, management issues, or sexual harassment are better suited for external resources. The cases are a little more sensitive and require a subject and delivery expert to bring expertise and credibility.
Fit
We have already discussed enough to know that there are pros and cons of external and internal training – all we must consider is the best fit for a given situation. For instance, the same community may believe it makes the most sense to use internal staff to train new hires on the bank’s customer services and relationship-building tactics when bringing in external industry experts to help educate the team at all levels.
Understanding that cost should not be a “fit” factor element is essential. Option A costs more than B and does not impact if option A fits a training needs better. We don’t mean that cost is unnecessary, just that it should be weighed against the fit and must be considered independently of cost concerns.
Eventually, a company may choose internal vs. external training for cost motives even if it identifies that the outer option is better in the perfect world with unlimited financial resources. The effort, time, and help put into employee training can pay off significantly – whether in the form of more outstanding quality and efficiency or avoiding expensive mistakes or errors in judgment.
All in All
It is nearly impossible to make a blanket statement on whether the training should be directed by staff or outside personnel. Internal and external, both environments have their places within the organization, and corporations must consider the underlying requirements when considering which is the best option.
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.
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.
