Author: Complete Controller

Being self-employed is a great challenge we have faced in solitude for a long time.

But that ended because the increase of autonomous professionals generated conditions for the emergence of new types of collaborative practices.

At the same time, networks have been formed to provide support, performance, and productivity to entrepreneurs. Collaborative workspaces are an example of this thinking. 

Today, we will talk about coworking: the idea you need to recover your joy of working to conserve the best of working in a company without ceasing to be your boss.

Let us go together to learn more about this trend that is changing various market segments.

What is Coworking?

It is a new modality that refers to the workspace and not necessarily the activity to which you dedicate yourself. You do not share the work but the necessary infrastructure.

Therefore, when discussing this new trend, we refer to coworking spaces.

One of the big problems that arose with the increase of freelancers was the impoverishment of the environment.

When you work in a company, you usually have a team of people with whom you exchange ideas, your infrastructure, and many contacts.

The Dark Side of the Free World

As you well know, much of the business success comes from intangibles. Engagement, satisfaction, and networking, among other concepts, show us how invisible energy produces noticeable benefits, like money.

The engagement makes your public advertise your brand, satisfaction motivates you to work, and networking broadens your business vision and contacts.

That is what we mean when discussing intangible determinants of success; not everything can be bought.

If you are depressed, you will not perform at the level necessary for your audience to become a referrer of your brand. If you are alone, you will not have a diversity of opinions.

In conclusion, working at home can be a double-edged sword.

Therefore, we have gathered some examples of companies dedicated to coworking so that you know about that possibility and understand more about it.

Advantages and Challenges

Advantage

• You have a schedule that organizes you and an environment with whom to network and exchange ideas.
• You will not be so interrupted in your routine
• You meet new people who can collaborate with you
• You leave your house and make your family life more preserved
• You have the flexibility of schedules and frequency
• You can receive clients in a more professional environment

Challenges

The challenges are related to codes of coexistence. When we work at home, we create a custom-made routine, and we lose the habit of negotiation because we work by ourselves.

That impoverishes us because we live in a society where businesses depend on interactions.

A significant number of entrepreneurs must master the art of negotiation. Hence, they should confidently confront all challenges that may arise and adeptly handle them.

It’s important to communicate your needs clearly and to approach others with tolerance. If you’re facing challenges, consider starting with smaller steps, like checking in more frequently than once a week.

Examples

Next, I will cite examples I looked for so that you have a clearer idea of ​​these spaces and can see that you are not just the different one.

Different people invented coworking. Let us see the examples.

WeWork

“WeWork the space that works for you. From desks to offices or exclusive venues, we create environments for productivity, innovation, and connections. “

In this way, our first example is self-defined, certainly the most famous. It offers space for self-employed entrepreneurs and large companies wishing to reinvent themselves by working days outside their daily work environment.

With 562 locations in 98 countries (including Argentina, Colombia, and Spain), this coworking giant carries out its essential mission: to create a world where people work to live life, not just survive.

And even more, if you are one of those who loves animals, you are not alone! You can bring your pet.

Co-Mother

There was a time in prehistory or the Middle Ages, I do not remember well, in which women had fewer job opportunities because they were mothers.

Fortunately, humanity has overcome that dark age, and today, being a mother is no longer synonymous with unemployment. If you are a mother and your dream is not to be a housewife, you are not alone!

Co-mother is a community made by and for women. Based in Mexico, it was born from the desire of a group of women to raise their children without having to stop working.

Paola Tabachnik, its founder, called two friends and told them about ​​renting a space, adopting a room for the children, and hiring a pedagogue. Today is a reference to coworking. 

As they declare: “Our goal is to cover all your needs, that’s why in addition to having workspaces, we have services that will make your life easier such as Mani/Pedi, express drying, children’s playroom with specialized pedagogues, library, and much more. “

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.

Indeed, you have heard too many recommendations about the importance of saving as one of the fundamental habits in managing personal finances. And it has set goals to allocate a percentage of its monthly income towards savings.

The exercise of saving is accumulating money. Then you are saving when you get resources in a savings account, under the mattress, or give your money to a family member or friend to have it returned at a particular time.

Setting aside cash may appear ludicrous if you do not acquire a lot and can scarcely take care of your tabs. When you have $5 left toward the month’s end, why even trouble to have a go at sparing? Since everybody needs to begin someplace, your budgetary circumstance will probably improve after some time if you work at it. Setting aside cash merits the exertion. It gives you true serenity and choices; the more you spare, the simpler it becomes to collect extra investment funds.

Who has not been alert at 3:00 a.m., considering how they planned to manage the cost of something they required? If cash is genuinely close, you may be thinking about how you will pay the lease one week from now. If you are somewhat further up the money-related stepping stool, you may stress over how long you could cover the tabs if you lost your employment. Further down the road, the cash considerations that keep you up around evening time may be based on paying your children to set off for college or having enough cash to resign.

The problem that only must save or accumulate resources is that they lose value over time. This happens because the goods or services you acquire continuously increase in price: food, transportation, education, air tickets, and in general, all products or services are more expensive today than a year ago, for example.

As you amass reserve funds, your budgetary concerns should reduce insofar as you live inside your methods. The decreased worry from having cash in the bank opens your energy for more agreeable considerations and exercises. Finding the best investment account is critical to ensuring that the money you care for acquires you the most significant premium.

Hence, it is essential to accumulate money and put those savings to work. Invest your savings so they grow over time, and your capital does not lose value.

The Choro Lactam 360 study conducted in 2016 revealed that 36% of Colombians say they save. However, the measurement survey of financial capacities carried out by the Development Bank of Latin America (CAF) in 2015 indicated that 37% of Colombians save and put money under a mattress or in a piggy bank.

Another form of informal savings among Colombians is the so-called “chain.” This figure shows that a group of people periodically contribute the same amount of money a member of the “chain” receives each month.

For example, a person who participates in a chain contributes $100,000 monthly for one year. He will receive $ 1,200,000. This common practice among family and friends causes money to accumulate but not grow.

Saving is essential because it is the first step to start growing financially, but it is not enough if you do not put those savings to work. Remember that investment is the ideal complement to conservation, and there are different alternatives to, in addition to preserving the money you saved, it produces simultaneously.

Bottom Line

Money-saving is essential. The age does not matter. It would help if you had security, freedom, and stress relief. While there are several reasons to save, you need to find the reason that resonates most with you. Whether you need finances for your marital affairs, for fun, or to help others, always keep saving – it helps a lot. 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.

An essential point to understand is that different insurance policies suit different people. If one benefits from a specific car insurance policy, it does not necessarily mean it would be the same for others. 

To get the best deals, you should shop around and explore the different available options. While you may get the advice of a friend as to where to purchase your insurance, remember, car insurance is not a type of fits-all insurance.

The best coverage and how much you pay for it will depend on the type of car you drive, the year, your driving record, the state you live in, and other factors. Therefore, one person may pay more or less than another. Here are ten questions you should ask to help you find the car insurance that is best for you.

What are the Payment Options?

There are several ways of paying the premiums to an insurance company, including a lump sum annual amount, six-month, quarterly, or monthly payments. Not everyone likes paying monthly, and not everyone can afford to pay a lump sum yearly amount. Therefore, one of the most important questions is about the payment option, especially if you cannot afford to pay altogether at the end of the year.

Are There Any Discounts?

Many people do not know the discounts they qualify for when buying car insurance. Not all insurance companies offer discounts without any inquiries. It is one of the most critical questions for a car insurance provider.

It helps people save considerably if an individual with a clean driving record or airbags installed in the car may qualify for small discounts. Without asking about these discounts, an individual will not get them. Therefore, a person buying an insurance policy must ask about any discounts available.

What is the Deductible?

A deductible is an amount a person is expected to pay before the insurance company pays for the rest of the repair. The amount of deductible ranges from $0 and may go as high as $1,500. If the deductible is high, the premium amount is lower, and vice versa.

A genius move could be to set a high deductible and reduce the premium amount. The deductible amount must not be too high that an individual fails to pay it when the time comes. When a person cannot pay the deductible, the insurance company does not pay for the repairs.

Will the Policy Cover Other Drivers?

Sometimes, a car meets an accident when someone other than the owner is behind the wheel. Or a situation where an individual with car insurance is driving someone else’s car and gets into an accident. Discussing these complicated situations before buying car insurance is essential. Different insurance companies deal with these matters differently. While buying insurance, people must discuss these to avoid any surprises in the future.

Will Using it as a Work Vehicle Change the Coverage?

Surprisingly, the type of vehicle used affects car insurance. Their cars are generally uninsurable for people who work in sales or any delivery service. When applying for and buying car insurance, it is essential to discuss this matter.

What Types of Coverage Are Suitable?

Every state has several types of insurance coverage that must be bought. However, an individual must ask a car insurer about the other types of coverage they offer. Some different types of coverages include collision, where the company pays for the repairs after an accident irrespective of whose fault it was; it is a good option for people owning brand-new cars.

Another type is comprehensive coverage. It includes payment for car repairs after incidents such as vandalism, fire, or theft. Personal injury protection and uninsured motorist protection are also other types of coverage. An individual must ask whether buying these will benefit them in any way or not.

What is the Risk Assessment?

A car insurer performs a risk assessment based on how frequently an individual will file a claim. The risk factor contributes to the calculation of the amount of premium. The higher the risks, the higher will be the amount. Criminal record, age, and driving record are parameters used to evaluate a driver making a claim. Therefore, asking this question about the risk assessment is essential when buying car insurance.

How Will the Company Value the Car?

The type of car significantly affects insurance. Some insurance companies charge double rates for fancy cars while declaring some vehicles uninsurable. It is one of the first questions an individual must ask their insurance companies. An intelligent approach is to find out the car’s value before purchasing it to have a clear picture in the minds about car insurance.

Will the Company Pay for Original Manufacturer Parts?

An important question that many people forget to ask car insurance companies is about the parts. OEM parts are expensive, and most insurance companies use aftermarket parts in the repair instead. An important thing to note is that aftermarket parts are generally designed, not for a specific vehicle, and are less expensive.

Some companies use aftermarket parts; some use OEM parts, while others use OEM parts for critical areas and aftermarket parts for less critical areas. Many insurers provide an upgrade option from aftermarket parts to OEM with an increased premium.

What Services are Provided, and is the Assistance Available all Around the Clock?

Some essential services to ask about from car insurance providers include roadside assistance and towing. People pay considerably if a local mechanic calls in for such services. Therefore, it is essential to ask about these services. As car accidents can occur at any time of day, an individual must ask if the services are available around the clock. People can save significant costs when an insurer provides such services in an emergency.

Conclusion

If individuals have received satisfying answers to all these questions, they have found the perfect car insurance. These are the questions most people overlook while buying car insurance and are unsatisfied. An individual can make the right choice by thoroughly working out and evaluating all the available options. 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.

Investing in the stock market can double your money every ten years, and Buy & Hold is one of your options when choosing a strategy to start investing.

I started investing with Buy and hold, also known as investing in dividends and buying and holding. 

There is one thing about dividends I do not like, which I did not know at first. But we’ll get to that later. 

What are Buy and Hold?

Buy and Hold (B&H) is a long-term investment strategy based on buying shares of stable companies that distribute dividends and hold them indefinitely. Of course, on occasion, claims will be sold, such as, for example, in the irreparable deterioration of the company. These types of companies are known as Blue Chips.

It is not enough to make a purchase; you must invest continuously and constantly (that is why it is a long-term strategy).

It is essential to try to buy at the best possible prices, but choosing the right companies is necessary (if we never want to sell, you must choose very well). The objective of the Buy and Hold is to obtain dividend income that allows you to have an extra salary, just as if you bought a property and rented it.

Earlier, I told you that I have three strategies, which share these characteristics, so they are not unique to Buy and Hold.

Invest in the Long Term

You are not looking for a punch. The intention is not to buy and sell continuously but to buy to hold indefinitely.

There are three reasons why a person becomes a long-term investor.

1. It requires less time, freeing you of continuously watching the markets
2. It is practical and likely to result in meaningful wealth creation
3. It reduces fees and taxes and keeps more money in your account.

Invest in Equity and the Stock Market

Therefore, what characterizes Buy and Hold is that you buy shares of large and stable companies that distribute dividends.

Desired characteristics in companies – blue chips

• Companies with continued benefits

 Suppose we are going to buy a company to maintain it indefinitely. In that case, we must ensure that it always benefits in times of prosperity or crisis. We do not want a company that has a bad year every three years or things like that. We are looking for companies with stable and growing benefits.

• Large companies

 Small companies are easily manipulated and may have problems due to their size, so acquiring large companies with high market capitalization is essential.

• Companies that distribute dividends continuously

The key to Buy and Hold is to look for a periodic income, so we want companies to share a portion of their profits as dividends.

We are looking for companies with a good dividend distribution history, not cyclical companies that pay dividends only in the good years.

• Companies that have been in the stock market for years

We are looking for companies with a history of benefits and dividends, so companies must take 5-10 years or more in the stock market to have that history.

Many new companies go public continuously, getting a lot of publicity, so many people invest in them. Not having a history behind it makes it exceedingly difficult to predict whether the bet will go well.

All in All

Long-term investing requires perseverance, conviction, and the capacity to do nothing when others are active with their portfolios. Investment in the stock market gives you leverage for years as its profits change with the stock market variation. Whenever you build a new house, strive to make it a double or triple-story, as it will be the best investment to provide you with a long-term profit. 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.

Why would it be advisable for you to settle on the correct financial exchange speculation choices now? Suppose you have just contributed and searched for direction. In that case, we have scarcely any tips on how to recoup your portfolio quicker and better. Suppose you are a novice putting resources into the financial exchange. In that case, we have likewise secured the seven securities exchange mysteries intricately, which will assist you with making and dealing with your riches. People have a characteristic propensity to follow the group, yet regarding financial exchange contributing, following the group can regularly bring about misfortunes. Why recreate the majority’s average quality when you can clone the accomplishments of the World’s Greatest Investor?

Know Where to Invest Your Money

Investing in the stock market means banking on fluctuations in a company’s stock price. Knowing which sector will be more straightforward for you to make gains is essential. In other words, it will be easier for you to make your stock market investments in an industry that you know, such as your industry.

It is a way for you to get ahead of other investors who will have to wait for information to become official before deciding. Mastering the field in which you make your investment also allows you to remain confident and not let yourself be swayed by volatility in the stock market, which can easily be misleading.

Find the Rare Pearl

Most investors will move toward the stocks of companies with financial health displayed at the expense of those who do not talk about it. However, a green company regarding its assets does not necessarily mean that there are gains for you in this sector. You must learn to have a sharper vision. It is about winning, not about securing funds. Some non-visible companies in the spotlight have more potential for gains than one might think.

Learn to Analyze the Market

It is possible to use brokers to get away with the market analysis. But is this a practice that will bear fruit? It is not apparent as the broker will focus on managing multiple portfolios. He will not always concentrate on releasing the best analyses. You will learn to observe to draw your conclusions.

Be Ready to Lose

It is impossible to hope to win without considering some losses. It is impossible for several reasons. The most obvious is that your inexperience will initially play tricks on you. Then, the stock market can seem elusive and very volatile, even for the most experienced. That is why it is advisable not to invest the money you need to live. The disappointment that may follow this gesture could cut any desire to start again.

Get Informed

It is a matter of taking a step ahead and not waiting for information to confirm or deny a rumor. There are specific details in the operation of a company that should get your attention if you want to win the stock market. For example, suppose you learn that the company’s staff owns shares in a company or that someone inside the company is doing their best to have them. In that case, you should know that this company is earning gains. Also, suppose you can contact a person well-placed in a company. In that case, it will allow you to be informed in time.

Buy Your Shares at Low Prices

One of the secrets to succeeding in the stock market is to get your first shares at relatively low prices. It is essential as low-priced shares tend to increase in value over time. The reverse is also true for shares bought at a high price.

Do Not Invest Everything in the Same Place

Some will tell you the opposite, but do not make the mistake of investing all your money in one place. It is safer to diversify your investments. It is a way to limit the risk of loss because it is almost impossible to invest in the stock market without recording losses, as we have already mentioned.

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 primary principle of opposing credit allurement? Living inside your methods, so you do not need to utilize a card. There are various financial plan approaches: the 50-30-20 methodology, switch planning, and pay yourself first. It does not matter which one you pick; pick something you like and be reliable.

What is better than having the option to fund enormous buys, purchase the things you genuinely need, and not need to consider them for some time? Presumably, nothing.

The imposition of credit cards as a means of purchase is undeniable, from online stores growing daily to financial institutions promoting plastic use.

Credit cards have many advantages, which explains their massive use, but they can also become our worst nightmare if we do not know how to use them.

Often, we underestimate the use of these almost “magical” plastics. Still, the truth is that many headaches can cause us.

Let us see what we can do to prevent this from happening and avoid falling into fraud.

How to Effectively Use the Credit Card

Some tips that can help us:

• Exit with clear purchase objectives

 If we leave with a credit card in our portfolio and, without knowing that we will buy, we will surely buy more than we owe. We also probably buy things that we do not need.

We all like to go out to the shopping centers now and then, but it is one thing to go for a walk, and another thing is to enter as much business as we like. Prioritize the places that sell what you need and put aside those that sell expensive items you do not use. It is a temptation in which you can easily fall.

• Define your credit limits

Generally, after a specific time, the financial institution that issues your card will extend the credit limit. They often do this without prior consultation, so you spend more than you thought. Ask yourself if it makes sense, for example, to have a limit of $3,000 if the maximum you can afford is $500.

• Avoid large quota plans

In many places, card purchases are financed in several installments without interest. It costs you $600, and you can finance it in up to 6 installments; for example, it means $100 per month. It may seem minor to you, and then why not buy something more and indulge yourself? The problem is that then you will join that small fee with others. There may come a time when you cannot pay your card’s total and resort to finance. If this happens, the interests are exceedingly high, making it increasingly difficult to catch up.

• Avoid paying the minimum monthly amount

When we get the statement, we see two amounts: the total card that month and the minimum acceptable payment. If you pay the minimum, the surcharges will be much higher than if you pay, even if it is a little more than the minimum. It is designed to keep you using the card, but the account will increase over time if you pay the minimum amount. Worst of all, this account will increase without having made purchases.

• Think before you award additional or extensions!

Whether we have teenage children or some other relative who cannot have a card, we must be cautious about giving extensions. Never forget that we are still the real responsible for payment compliance.

As a tip, if we must give an extension, it does not exceed more than half of the credit limit. If, for some reason, the person to whom you gave an extension does not know how to handle it or does not pay the card, you will have to respond to that situation.

Credit cards are beneficial and can significantly help us to the extent that we know how to use them. They allow you to promote greater consumerism; temptations are just around the corner. The solution is not to hide and refuse to use them but to do it responsibly. 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.

There is no right way to make a marketing plan, as every company has different products and customers. However, the work should start with getting to know your company’s business, strategy, and goals. The year clock is a widespread habit, but the plan must adapt to the times and have flexibility. You can add more effectiveness to your marketing efforts by breaking down your marketing plan into smaller sections with several cornerstones. Both management and monitoring are made more accessible for smaller entities.

An SME’s marketing plan does not have to be complex or lengthy. Still, it should include information on marketing schedules, responsibilities, markets and competitors, measures and their objectives, development, and coordination. The main thing is that the marketing plan is made systematically and is constantly updated. The design work is divided into two parts: strategic and operational planning. In this blogging, we’ll cover strategic planning.

1. Starting point analysis

Strategic planning should start with a starting point analysis. Its purpose is to map your own company’s situation and the market. The research aims to know who your customers are and where they are. Baseline analysis includes company, market, competitor, and environmental studies. Finally, everything is put together to conclude. From my experience, I know that SME resources are on the map, but it’s worth spending enough time on these analyses to stay even at some level on the map of where to go regarding your business and market.

The company analysis assesses the company’s internal functionality in terms of the company’s organization, expertise, and resources. The study should go through the current overall situation of your company, finance, marketing, product development, production, logistics, and personnel.

The business analysis aims to find out where we are going now. Marketing analysis seeks to determine how marketing has been handled and what results have been achieved.

The market analysis aims to answer questions about the market, purchasing behavior, market changes, and the direction of market development. The study should review the market situation, size, customers, purchasing behavior, buying potential, and modifications compared to the previous period. For example, the Boston Matrix is a good tool for doing market analysis.

2. Segmentation

An essential part of the marketing plan is to decide which target group or groups the company’s marketing will be aimed at. Before you can decide on the target group, segmentation is required. As you cannot determine the target group (s) without segmentation, and strategies should not be created without the selected target group, segmentation is crucial. That is the beginning of everything. That is why it has its song dedicated to it.

Every SME needs to do segmentation so you can choose the right audience for your business without throwing those scarce resources where you happen and lose money.

Segmentation is used to create a market map with numbers, from which you can see briefly all the market segments (size, return potential in euros, own market share). It is followed by one of the most critical strategic decisions, i.e., selecting the target group. The smaller you dare to limit the number of your target audience, the easier it will be to market in a way that appeals to your target audience. The aim is to identify customers who use the same selection criteria or behave similarly. Identifying the needs and desires of a selected segment will help you plan and make productive marketing communications. Read more detailed instructions on segmentation here.

3. Marketing strategy

The marketing strategy is the most important and often the only written plan of an SME. The marketing strategy provides an answer to how you will achieve the goals. Where to play and how to win.

For example, if the goal is to increase sales, the strategy will determine how to acquire new customers—conquering new markets and expanding to new customer groups. By increasing one-time purchases from existing customers or having customers buy more often and adding a product range?

So, there are plenty of options. In addition, your company’s marketing strategy should answer the following questions.

• What target groups are you targeting (segmentation & targeting)? Where to play
• What are the needs of your target group?
• What are the ways to differentiate yourself from your competitors (positioning)? How to win
• What is your growth strategy?
• How do you price your product/service?
• Do you compete on quality, price, or a superior customer experience?
• What message tips do you use to sell your product/service?

When developing a marketing strategy, you should also consider your target group’s needs and how exactly your company will meet them. Why buy from you and not a competitor? You can answer all these questions by making a marketing strategy. Read here for instructions on creating a marketing strategy, or order a free online strategy course here.

4. Objectives as part of a marketing strategy

Goal setting is an essential part of your marketing strategy. Your business needs goals, so the action isn’t a search shoot pulled by the feel. At this point, every marketer will ask what a good plan is. More sales? Yes, that’s the correct answer because the only job in marketing and sales is to increase sales ultimately.

What exactly is your customers’ journey to make a final purchase decision? Building a purchase pipeline will help to outline the whole. However, remember that these are only theoretical models, and you need to develop your buying pipe as it is. If the goal is set at the wrong point in the buying pipeline, you can add almost no sales despite the investments. Therefore, it is essential to identify the things you can improve or money lost to appropriately direct marketing resources. Misdirected resources do not increase sales. 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.

Wealth management is not as easy as it sounds. It is an essential professional service incorporating investment and financial guidance, accounting, bookkeeping, and tax assistance. It also includes property planning and planning for retirement funds. Wealth management firms provide all these at a fixed rate.

The customer works with one supervising manager who arranges financial information from the financial professionals and can incorporate instructions for the wealth management organization from the customer’s lawyer, bookkeeper or accountant, and insurance manager. Several wealth managers additionally offer banking services or guidance on charitable activities.

On the surface, it may seem that various wealth management organizations first seem similar. They are trustees who wish to do proper by their customers. However, looking deeper, one will find they are very dissimilar.

Some organizations are blends of one another, but the following categorization clarifies how the organizations are classified, how they clash, how the companies introduce themselves to the customers and their business temperament. There are three types of wealth management organizations:

1. Product suppliers

These companies are dignified because they have produced excellent products. They advertise this reach and endeavor to give their customers the best services they can to overcome their opposition’s advancements. The conference with the customers fixates on portfolio performance and choosing the products.

The ineffectiveness of any offered product can bring about the choice of another option. Since it meddles with clean operation numbers, product suppliers do not put extra pressure on tax conduct and customization (except for choosing products). The consultant’s main message to the financial investors is that the consultant is a manual for selecting the top operating investments.

Product suppliers have a very straightforward message that is simple to trade. The product suppliers abide by the equity models and execute with a sleeve-based accounting method. Sleeve-based methods are costly to administer and provide restricted help for customization.

2. Customized dealers

These organizations advance towards portfolio supervision of one trade at a given moment. They are distinguished because they can clarify every single trade. Customers might be conferred on primary portfolio trading decision-making even in optional records.

Each portfolio is diverse because it has its particular history. The consultants are not centered solely on products but think their high-security decision-making will enhance their operation. The consultant’s essential message is that they are present to assist customers in exacting better trading choices.

Even though Customized Traders cultivate close associations with their customers, advertising and promotion can be difficult as it becomes hard for Customized Traders to explain and convey steady services. However, if the organization purchases singular equities, it does not utilize equity models as Customized Traders.

3. Planner/coaches

These organizations look at their fundamental function as directing customers to make the best financial choice and helping them increase their odds of reaching their objectives. They are satisfied in assigning stock choice, active asset distribution, and rebalancing the professionals if it is not their crucial quality.

 Planners\Coaches lean towards less costly investments and tax capability as they are less influential on the importance of active management. It is even more vital that the organization does not underachieve the performance standards rather than surpass them. Performance is still crucial; however, it is usually about whether the customer meets their objectives.
Are you curious about how Customized Dealers and Planners/Coaches handle tax management and customization techniques? While both have different approaches, Customized Dealers excel at quickly integrating these factors into their trading decisions. Plus, if an organization adopts equity models, they can act as Planner/Coaches without any limitations. With the right strategies in place, managing taxes and customizing trades can be a breeze!

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

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

Mastering Business Idea Selection: Tips for Choosing the Perfect Concept for Your Next Venture

Every successful business starts with an idea. But not every idea leads to success. The business idea selection process is one of the most critical decisions an entrepreneur makes. Choose the right concept, and you set yourself up for growth. Choose the wrong one, and you risk wasting years and capital on something that never gains traction.

Over the past 20 years, I’ve worked with thousands of entrepreneurs, and I’ve seen firsthand what distinguishes a strong business idea from a flimsy one. Some ideas are brilliant but lack market demand. Others seem ordinary but fill a critical gap, leading to massive financial success.

Key Takeaways

• How business idea selection determines success
• Critical factors for evaluating business opportunities
• Lessons from real-world business case studies
• How market research strategies and feasibility analysis improve decision-making
• How to make informed entrepreneurial decisions

The Importance of Business Idea Selection

Why choosing the right business idea matters

Statistics show that about 50% of businesses fail within the first five years (Luisa Zhou). That tells us one thing: not every idea is a winner. A well-chosen business concept helps you succeed because it delivers:

• A real market fit – Your product or service fulfills a genuine need.
• Better odds of survival – You avoid highly saturated or unprofitable industries.
• Investor confidence – A well-researched plan boosts your chances of securing funding.

Common mistakes entrepreneurs make

Most entrepreneurs are passionate, which is great—but passion alone doesn’t build a business. Here are the missteps I see most often:

❌ Ignoring market demand – Just because you love the idea doesn’t mean others will pay for it.

❌ Underestimating competition – If a dozen strong companies already dominate this space, carving out market share will be brutal.

❌ Skipping financial projections – Lack of budgeting and forecasting can drain resources fast.

❌ Neglecting industry challenges – About 23% of businesses fail due to cash flow issues, while many struggle with hiring and marketing (Luisa Zhou).

Tech startups, in particular, feel this pain. About 63% of tech startups fail due to poor planning and competitive pressures (ProfileTree).

Identifying Potential Business Ideas

How to generate strong startup ideas

Coming up with a great business idea isn’t just about inspiration. You need a strategy.

Structured Brainstorming

• Mind mapping – Start with a broad idea, then branch it into specific business possibilities.
• Problem-solving approach – Identify everyday frustrations people complain about and develop solutions.
• “What if?” method – Challenge the status quo by asking questions like, “What if there was a better way to do this?”

Analyzing Market Trends

• Use Google Trends to monitor emerging consumer interests.
• Explore industry reports to uncover patterns and growth areas.
• Listen to social media complaints—problems create opportunities.

Understanding Customer Needs

• Survey potential customers and identify pain points.
• Read negative reviews of competing products to see what’s missing.
• Talk to your audience before investing in a prototype.

Entrepreneurs who succeed often have experience

Believe it or not, age and experience can give you a major edge. Studies show founders over 50 are nearly twice as likely to succeed as those in their 30s (Luisa Zhou). Likewise, serial entrepreneurs outperform first-time founders with 98% higher sales rates. Experience wins.

Evaluating Business Concepts

How to test your business idea before you commit

Not every idea is worth pursuing. Here’s a simple framework to evaluate potential concepts.

Feasibility Analysis

Ask yourself:

✅ Is there a hungry market? – Are customers willing to pay?

✅ Can I afford it? – What are the startup and operating costs?

✅ Do I have the necessary skills and resources?

Competitive Analysis

Even unique ideas face competition. A deep Competitive Analysis evaluates:

• Top competitors’ pricing and branding strategies
• Customer pain points based on reviews
• Weaknesses in existing solutions you can improve on

Market Research Strategies

Finding out if your idea has potential

Conducting Effective Market Research is your best protection against failure.

Primary vs. Secondary Research

• Primary research: Direct customer feedback (surveys, interviews, focus groups).
• Secondary research: Industry reports, competitor websites, and case studies.

Using Data to Guide Your Decision

• Seek search trends and buying patterns in your industry.
• Watch if competitors are thriving or failing—that tells you something.
• Understand pricing dynamics so you don’t accidentally over- or under-price.

Entrepreneurial Decision-Making

Building a strategy for long-term success

Risk Assessment

Great entrepreneurs minimize risk by:

• Running a pilot test before full launch.
• Understanding their break-even point before spending money.
• Checking for legal, licensing, or regulatory hurdles upfront.

Financial Projections Matter

• Map out expected costs vs. revenue over two years.
• Plan for setbacks—expect early challenges and slow growth.
• Use platforms like QuickBooks or Excel to track finances.

Real-World Case Study: How Airbnb Found Its Big Idea

How Airbnb validated their business concept

Brian Chesky and Joe Gebbia built Airbnb out of necessity. Faced with high rent and a big conference happening in San Francisco, they realized travelers needed affordable alternatives.

• They validated demand early by listing their own apartment.
• They experimented with pricing models to find the right strategy.
• They identified a market gap—hotels were expensive, and people wanted home-like stays.

Today, Airbnb is valued in the billions, proving that market research and small-scale testing work (Forbes).

Conclusion

If you want to build a profitable business, don’t skip the business idea selection process. Conduct research, analyze competitors, and calculate financial feasibility before taking the leap.

Not sure how to start? Complete Controller is here to help. Our expert team can guide you in planning, forecasting, and setting the foundation for a successful startup.

Now—get out there and turn your idea into reality! 🚀

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.

Stock is essentially a part of a business. A stock is a type of security showing that the stockholder owns a part of the business; when an individual purchases a company’s stock, that individual becomes a co-owner.

Individuals need to decide which stocks they want to invest in. It is a decision with various components because people commonly make mistakes that any offered stock portfolio aims to increase profits. However, in certain situations, the aim can be to gain adequate profit with minimal risk. In other cases, it may maximize the profits by aiming for higher-than-average compliant securities.

Decide Aims and Objectives

The initial step to choosing a stock from many accessible options is for the individuals to decide their portfolio’s intention. Stockholders have various investment criteria that are based on income, capital security, or capital obligation. It is straightforward for individuals to choose which standards are to their liking. However, it isn’t easy to choose which stocks to pick. Even though there is no one right way of determining a stock, a simple procedure should enable the stockholder to limit their choices before selecting a final business to purchase stock.

Be Informed

When individuals have decided to invest in stocks, you must fully inform them about the current situation of the stock market and the opinions of other stockholders and investors. Keeping an eye on financial news, magazines, and websites is an easy way for an individual to be up to date on the daily reports of the market economy. A blog or a news commentary may help an individual to decide which stock they should invest in.

Looking for Businesses

It is the most critical stage of picking a stock. It includes finding the businesses that might attract individuals. An individual should invest in the stocks of a company that offers a straightforward plan of action. There are three basic methods of selecting a company:

1. An individual should look for Exchange-Traded Funds that track the actions of the business industry and check their estate value and capital.
2. An individual should utilize a screener to separate stocks according to an individual’s detailed criteria. Screeners also provide clients with different specialties, for example, profit yield, arranging businesses based on market value, and various other valuable investments.
3. An individual should keep looking through blogs, articles on stock analysis, and other financial news for ideas on businesses for the selected investment.

Corporate Presentations

When an individual decides to invest in a business, they should direct their attention toward the investor’s presentations. Even though the presentations are less thorough than the financial reports, they give a general outlook of how businesses make profits and are simpler to peruse.

The facts and figures that incorporate an investor’s reports include a cash flow statement, balance sheet, income statement, operational features, future development prospects, and a basic business summary.

Outcome

An individual is left with maybe a single business or even a list of companies. The qualities that a business may incorporate are:

• The stock of companies with a lengthy and robust history of constant or growing profits through a whole business duration incorporates no less than one decline.
• Stocks of businesses with an investor-friendly administration and board of directors are agreeable to returning the extra cash flow to the owners by regularly expanding profits and stock repurchases. It implies that the future benefits and losses are distributed among fewer shares.
• Stocks of businesses with a substantial upper hand over their opponents will make it hard for the rivals to unseat the business venture.

To invest in stocks, individuals should have a significant amount of knowledge that will enable them to pick a stock that will be the most profitable for them.  

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.