Author: Complete Controller

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

Credit Scores: Your Key to Securing Loans Successfully

Credit scores are the key to loans that open doors to financing opportunities with favorable terms and lower interest rates. These three-digit numbers reflect your creditworthiness, telling lenders how likely you are to repay borrowed money and directly influencing their decisions to approve or deny your loan applications.

In my 20+ years leading Complete Controller, I’ve watched countless entrepreneurs transform their businesses by strategically managing their credit profiles. The average U.S. credit score now sits at 715, showing remarkable resilience despite economic challenges. Understanding this powerful financial tool isn’t just helpful—it’s essential. When you master the principles behind credit scoring, you unlock access to capital at better rates, streamline approval processes, and ultimately save thousands over the life of your loans.

What are credit scores and how do they impact loan success?

• Credit scores are numerical representations of creditworthiness that determine loan approval odds, interest rates, and terms
• Payment history accounts for 35% of your score, making on-time payments the most crucial factor
• Credit utilization (how much available credit you’re using) influences 30% of your score
• Length of credit history (15%), credit mix (10%), and new inquiries (10%) round out the five main scoring components
• Even a 100-point score improvement can save tens of thousands in interest over a loan’s lifetime

Why Credit Scores Are the Ultimate Key to Loans

Understanding how lenders evaluate risk is fundamental to successful borrowing. Credit scores provide lenders with an immediate assessment of your financial reliability based on your past behavior with credit. The average credit score has risen from 686 during the 2008 financial crisis to 715 in 2024, showing a significant improvement in Americans’ credit management skills.

When lenders review loan applications, they prioritize credit history over income. This might seem counterintuitive, but their reasoning is sound: your past behavior with credit is the strongest predictor of future repayment. Even high-income applicants with poor credit histories face loan rejections because lenders view their track records as warning signs.

Credit score ranges as determined by lenders

Credit scores typically range from 300-850, with specific thresholds determining your loan prospects:

• 800-850 (Exceptional): Access to premium credit programs, lowest interest rates, and highest approval odds
• 740-799 (Very Good): Qualify for standard loans with competitive rates and favorable terms
• 660-739 (Good): May face slightly higher rates but maintain solid approval eligibility
• 580-659 (Fair): Encounter stricter terms, higher rates, or need alternative lending options
• 300-579 (Poor): Considered high-risk, requiring specialized loan products or secured options

A real-world example illustrates this impact: Larry, a real estate professional with a 785 credit score, secured an $800,000 investment property loan at 3% interest compared to the typical 4.5% rate for average borrowers. This elite score saved him $144,000 over the 30-year term and provided immediate approval for time-sensitive opportunities.

Unpacking What Lenders Really Want

While your numerical score matters tremendously, lenders analyze multiple dimensions of your credit profile to assess risk. Understanding these factors helps you strategically position yourself as a desirable borrower.

The 5 pillars of creditworthiness

• Payment History (35%): This carries the most weight in your score calculation. Consistently making payments on time builds trust with lenders and demonstrates reliability. Even a single 30-day late payment can drop your score by 80+ points.
• Credit Utilization (30%): This ratio measures how much of your available credit you’re using. Keeping balances below 30% of your limits significantly boosts your score. Reducing utilization from 90% to 10% can improve your score by up to 100 points.
• Credit Age (15%): The age of your oldest account, the average age across all accounts, and when you last used them affect this component. Longer-established accounts demonstrate financial maturity and stability.
• Credit Mix (10%): Maintaining diverse account types (credit cards, auto loans, mortgages) shows you can handle various credit responsibilities. Having only one type of credit limits your score potential.
• New Credit (10%): Frequent applications for new credit create hard inquiries that temporarily lower your score and signal potential financial distress to lenders. Space out applications by 6+ months when possible.

The historical comparison of credit scores reveals important trends. The national average has risen by 29 points since 2008, demonstrating that Americans have embraced more responsible credit management practices. This improvement shows that sustained credit health is achievable with proper strategies.

Strategic Score Optimization for Loan Success

Improving your credit score requires targeted action, not just time. Strategic adjustments can yield significant results in as little as 3-6 months, making you a more attractive candidate for loans.

Proactive credit-building tactics

• Dispute inaccuracies: About 20% of credit reports contain errors that harm scores. Reviewing your reports from all three bureaus (Experian, Equifax, TransUnion) and disputing inaccuracies can yield immediate score improvements.

• Balance boosters: Request higher credit limits on existing cards without opening new accounts. This lowers your utilization ratio without additional hard inquiries. A $5,000 increase on your credit limit while maintaining the same balance can boost your score by 20+ points.

• Debt consolidation: Refinancing high-interest debts with debt consolidation loans can streamline payments and potentially lower utilization. This strategy helped borrowers in a LendingTree study reduce card debt by 74.6% on average, contributing to 100+ point score improvements within 12 months.

Avoiding common pitfalls

• Hard inquiry clustering: Each loan application typically triggers a hard inquiry that can drop your score by 5-10 points. Limit applications to only necessary credit checks and use pre-qualification tools that use soft inquiries when shopping around.

• Credit card closure: Keeping old accounts open maintains your credit history length and total available credit. Closing accounts can inadvertently raise your utilization ratio and shorten your credit history.

• Retail credit traps: Store cards often carry high interest rates and low limits that can hurt utilization ratios. Resist checkout counter offers for immediate discounts that lead to unnecessary credit lines.

By implementing these strategies, you create a credit profile that stands out to lenders and translates directly to improved loan terms.

Navigating the Complex Loan Approval Process

Understanding the mechanics behind loan approvals gives you a strategic advantage when applying. The loan approval process involves multiple steps where your credit score plays a critical role at each stage.

Documentation essentials

Preparing complete documentation streamlines the approval process:

• Income verification: Provide recent pay stubs, W-2 forms, and tax returns from the past two years
• Asset documentation: Bank statements showing consistent cash flow and reserves
• Employment history: Verification of stable employment (typically 2+ years in the same field)
• Debt obligations: Complete list of existing loans, credit cards, and monthly payments

Lenders evaluate these documents alongside your credit profile to determine your debt-to-income ratio, another critical factor in loan decisions. Even with excellent credit, a DTI above 43% may trigger loan rejections for conventional mortgages.

When credit scores fall short

For borrowers with subprime scores, alternative pathways can help secure needed financing:

• Co-signer arrangements: Adding a creditworthy guarantor improves approval odds but creates significant responsibility for both parties. This option should be approached cautiously, as it affects loan eligibility requirements for both individuals.

• Secured loans: Providing collateral (vehicle, savings, property) reduces lender risk and can help overcome credit limitations. These loans typically offer better terms than unsecured options for credit-challenged borrowers.

• Credit-builder loans: These specialized products report positive payment history to credit bureaus while requiring minimal qualification. The principal amount remains in a savings account until the loan is fully repaid, building credit without significant risk.

The case of Sarah, who increased her borrowing capacity by 23% through raising her score from 620 to 720, illustrates how strategic credit management transforms loan options. Her 100-point improvement qualified her for conventional financing instead of subprime products, cutting lifetime interest costs by $59,274 on a $250,000 mortgage.

Maximizing Interest Savings Through Smart Credit Management

Your credit score directly impacts the cost of borrowing money. The relationship between scores and interest rates creates opportunities for substantial savings through strategic credit management.

Interest rate hierarchy

Credit Tier	Typical Mortgage Rates	Potential Savings Over 30 Years
800+	~6.25%	Baseline
720-799	~6.75%	$15,000-$30,000
680-719	~7.25%	$30,000-$50,000
Below 680	7.5%+	$50,000+

 

Example calculations based on a $500,000 mortgage

These differences might seem small as percentages, but they compound dramatically over time. A mere 0.5% rate reduction on a $500,000 mortgage saves approximately $56,000 over 30 years. This demonstrates why borrowers should strive for score improvements before applying for significant loans.

Long-term financial benefits

Higher credit scores unlock additional financial advantages beyond better interest rates for loans:

• 0% introductory APR credit cards: These offers provide interest-free financing for 12-21 months, creating substantial savings opportunities for major purchases or debt transfers.

• Refinancing opportunities: The ability to refinance existing high-interest loans at lower rates creates ongoing savings. Borrowers who consistently maintain excellent credit can capitalize on rate drops throughout their financial lifecycle.

• Premium rewards programs: Elite credit profiles qualify for cards offering enhanced cashback, travel perks, and insurance benefits worth $500+ annually.

The compounding effect of these advantages creates a virtuous cycle—better rates lead to lower payments, which improve debt-to-income ratios, which qualify you for even better rates on future borrowing.

Maintaining Peak Credit Health for Future Loan Needs

Developing sustainable credit habits ensures long-term access to favorable financing. The approach should focus on consistency rather than quick fixes.

The 30/60/90 credit strategy

• 30% Utilization: Keep credit card balances below 30% of limits at all times, but aim for under 10% for optimal scoring. This single factor can account for 100+ point differences between otherwise similar credit profiles.
• 60-Day Rule: Address any payment issues before they reach 60 days late. While 30-day delinquencies hurt your score, 60-day late payments trigger much more severe penalties and may prompt account closures or rate increases.
• 90-Day Window: Avoid concentrated credit activity periods by spacing applications at least 90 days apart. This prevents temporary score drops during critical financing periods like mortgage applications.

Implementing automated systems helps maintain this discipline without requiring constant attention.

Building a Legacy of Good Credit

• Automate payments: Schedule automatic payments for at least the minimum due to eliminate the risk of missed deadlines. This simple step prevents the most common cause of credit score damage.

• Monitor reports regularly: Check your credit reports biannually using free tools like AnnualCreditReport.com. Identifying and disputing errors promptly prevents long-term score impacts.

• Diversify responsibly: Gradually expand your credit mix with new account types only when needed for specific purposes. This builds credit depth without excessive inquiries or unnecessary debt.

The CFPB’s Fresh Start program demonstrates the power of structured recovery—48% of federal student loan borrowers improved their credit tiers through this initiative after pandemic-era adjustments. This shows that even borrowers with historical defaults can rebuild credit viability through consistent effort and institutional support.

Final Thoughts: Leveraging Your Credit for Financial Success

Throughout my years guiding entrepreneurs through financial challenges at Complete Controller, I’ve witnessed firsthand how credit scores transform borrowing opportunities. Your credit score isn’t just a number—it’s a powerful financial lever that determines your access to capital and the cost of that capital over time.

The data is clear: borrowers who prioritize credit health secure better terms, save significantly on interest, and maintain greater financial flexibility. From securing business expansion capital to financing major purchases, your credit score remains the gatekeeper to your financial goals.

Take action today by reviewing your credit reports, addressing any inaccuracies, and implementing the strategies outlined in this guide. Remember that every point improvement in your score represents potential savings and expanded opportunities.

Need personalized guidance on optimizing your credit profile for business growth? The financial experts at Complete Controller can help you develop a customized strategy that aligns with your specific goals. Visit us at CompleteController.com to learn how we’ve helped thousands of entrepreneurs leverage their credit to build thriving businesses.

FAQ

How quickly can I improve my credit score for a loan application?

Meaningful improvements typically take 3-6 months of focused effort. Quick wins include reducing credit utilization (paying down card balances), disputing inaccuracies, and becoming an authorized user on a well-established account. For major loans like mortgages, start credit optimization at least 6-12 months before applying to maximize your score improvement potential.

Which credit score do lenders actually use when evaluating loan applications?

Most lenders use FICO scores, though the specific model varies by loan type. Mortgage lenders typically use older FICO models (2, 4, 5), auto lenders often use FICO Auto Scores (2, 4, 5, 8, 9), and credit card issuers commonly use FICO Bankcard Scores (8, 9) or VantageScore 3.0/4.0. For major loans, lenders might check scores from all three bureaus and use the middle score for decision-making.

How do unsecured loans differ from secured loans in terms of credit requirements?

Unsecured loans typically require higher credit scores (usually 680+) since they lack collateral backing. Secured loans offer more flexibility for credit-challenged borrowers, often accepting scores as low as 580-640 with sufficient collateral. The interest rate gap between these loan types also widens as credit scores decrease, with unsecured loans carrying significantly higher rates for fair-to-poor credit profiles.

Will applying for multiple loans hurt my credit score?

It depends on the timing and loan type. Credit scoring models use “rate shopping” protection for certain loan types (mortgages, auto loans, student loans), counting multiple inquiries within 14-45 days as a single inquiry. However, applications for credit cards and personal loans are typically counted individually. Space out different types of credit applications by 3-6 months whenever possible to minimize score impact.

How do online loan applications affect my credit differently than traditional bank applications?

The fundamental credit impact remains similar, but online lenders often offer pre-qualification with soft inquiries that don’t affect your score. Many online lenders also consider alternative data beyond traditional credit scores, potentially benefiting entrepreneurs with strong business metrics but limited personal credit history. However, final approval still requires a hard inquiry, and some online lenders may have stricter criteria for certain metrics while being more flexible on others.

Sources

• CACCU. “How Does My Credit Score Affect Getting a Loan?” www.caccu.com/resources/credit-score-loan-effects
• Complete Controller. “How to Manage Your Credit Responsibly.” www.completecontroller.com/how-to-manage-your-credit-responsibly/
• Complete Controller. “Personal Lines of Credit.” www.completecontroller.com/personal-lines-of-credit/
• Consumer Financial Protection Bureau. (July 13, 2023). “Initial Fresh Start Program Changes Followed by Increased Credit Scores.” www.consumerfinance.gov/about-us/blog/initial-fresh-start-program-changes
• CoVantage Credit Union. (October 31, 2024). “The Importance of Maintaining a Good Credit Score.” www.covantagecu.org/resources/credit-score-importance
• Equifax. “What Is a Credit Score & Why Is It Important?” www.equifax.com/personal/education/credit/score/
• Experian. (January 30, 2025). “2024 Consumer Credit Review.” www.experian.com/blogs/ask-experian/consumer-credit-review/
• Financial Samurai. (May 2025). “Historical Average Credit Score Over Time.” www.financialsamurai.com/historical-average-u-s-credit-score-over-time/
• FINRA. (2023). “How Your Credit Score Impacts Your Financial Future.” www.finra.org/investors/credit-score-impact
• Foundation Mortgage. (October 27, 2023). “Credit Scores: A Comprehensive Guide.” www.foundationmortgage.com/credit-scores-guide
• Heritage Federal. (September 19, 2024). “5 Reasons Why a Credit Score Matters.” www.heritagefederal.com/credit-score-importance
• Investopedia. “Debt Consolidation.” www.investopedia.com/terms/d/debtconsolidation.asp
• LendingTree. (November 27, 2023). “Study: Raising Credit Score by 100+ Points in Year.” www.lendingtree.com/credit-cards/study/credit-score-100-points/
• Mid Oregon Lending. (May 29, 2015). “Rapid Credit Score Increases – Real Case Studies.” www.midoregonlending.com/rapid-credit-score-increases-real-case-studies/
• North Shore Advisory. (May 2025). “Consumer Credit Case Studies.” www.northshoreadvisory.com/case-studies/
• Sirva Mortgage. (July 11, 2024). “How Credit Impacts Your Loan Approval.” www.sirvamortgage.com/credit-impact
• Wells Fargo. “The Importance of Credit, Debt, and Savings.” www.wellsfargo.com/financial-education/credit-management/

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

Networking is all about building relations and developing a practical network. Your network must consist of trusted colleagues and counselors who are skillful and involved in your networking success. They need to be like-minded and share ethics and values. To properly begin this type of network, time, energy, and effort are required.

Your business may be all over the internet, and people may know a little or two about your products or services, but someone looking to expand their business network would know that is not enough. More factors add up to help a business succeed and reach its goal.

Let us talk about those factors and how you can expand your network.

Gain More Knowledge

Focus on continuing education and knowing more about your field, industry, and expertise. Getting more information can help you become an understanding networker, which can help you expand your contact list. Read articles and other digital or print publications. Join online forums and communities to keep yourself updated with the latest technology trends. Tap into your existing networks for leads and recommendations for resource sharing.

Involve Yourself

An excellent way to expand your reach is to become a member of organizations and formalized groups. Whether you are a working professional, student, entrepreneur, or transition, connecting with an official group has its rewards and benefits.

First things first, involving yourself is a strategic action that can open multiple doors of opportunity. Plus, it lets you get into the routine of joining events and engaging with other people.

Secondly, it can also offer improvement in career and academic endeavors.

The commitment and investment in learning can increase your exposure and credibility.

Be Creative

Think outside of the box when it comes to developing a well-organized and effective system. Create excellent ways of connecting with individuals, expanding and varying your contacts, and staying steady in your goals.

Make ways of introducing people in your group and vice versa. Take benefit and make the most out of overlapping and merging business and social ties.

Use these applied tips to improve your objectives for building success. Be deliberate about making quality approaches that benefit and expand your networking plan.

Share What You Know

If you hear of a meetup or community group near your area, think of a passion that you would easily share with others. Go out and teach! Run a free weekend workshop, do a little talk at your library, or offer to help a fledgling business by mentoring them in your neighborhood.

Your efforts will create goodwill and brand recognition and help you expand your network of supporters. So, even if there are people who do not need your services, they know people who do and will recommend you.

Do Not Hide Behind the Screen

Sure, you may have a lot of work to do behind your computer but remember to show yourself frequently. Whether you provide your workplace to community groups, show up to grill at the community block party, or sponsor a local team, getting your name out means you must be out there literally.

Be Prepared for Opportunities

Opportunities that help connect come up all the time. Be it the person to share a table at a packed café or new friends you met at a workshop. You are bound to show up during these conversations. Always be ready to present your work and business in the best light.

Make sure you always have a business card with you. Be sure to add your LinkedIn profile, and your website is polished to represent you well for people who inevitably look you up afterward.

Conclusion 

As you apply these suggestions and observe their impact, you’ll enhance your local exposure and discover how enjoyable networking can be! These tips will turn out to be great for your local exposure, but if you think about it, they are fun as well.

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.

Hiring motorcycle insurance that suits our needs is critical since motorcycles are the most vulnerable vehicles on the market. To hire the best motorcycle insurance, we must have apparent aspects such as the use, type of motorcycle, coverages, and price we are willing to pay.

We first must know that any motorcycle, moped, or quad owner should take out Civil Liability insurance. Civil liability is the primary insurance covering the material and personal damages caused to other people or things. However, you should note that it does not cover the damages.

What Should We Consider When Hiring Motorcycle Insurance?

Before hiring motorcycle insurance, we must consider some relevant aspects of our motorcycle to know what type of insurance we are looking for and what needs we want to cover. It is essential to know the frequency of use we will give the motorcycle, the type of insurance that suits us, and the insurance company’s coverage.

Motorcycle Use

For what are we going to use the motorcycle? We must ask ourselves when we want to hire motorcycle insurance since the insurers will give us different treatments depending on what we spend the bike for.

An example is that a driver who uses a motorcycle to go to work every day in a city is different from a driver who uses a bike to travel the world or, in another case, to do motocross.

If you use the motorcycle daily, it is preferable to take out all-risk insurance because the more we use the bike, the more likely it is to have an accident.

In addition, another factor is the fact that the motorcycle will be left parked in the garage or on the street since if we do not have a garage, we may be more interested in insurance with a theft guarantee.

Types of Motorcycle Insurance

Choosing the type of motorcycle insurance that best suits your needs is especially important. The fundamental reason for the insurance is to seek protection for yourself, your motorcycle, and the damages you can cause to third parties. Motorcycle insurance will provide you with financial support and assistance in case of an accident, theft, or any other accident.

So, an example is that we will not look for the same insurance if we have a large displacement motorcycle as if we have a utility motorcycle. Repairs and parts are much more expensive in large displacement motorcycles; in this case, having insurance to take care of the repairs would be profitable. Therefore, the price is a crucial factor in the type of motorcycle insurance we want to contract, and we must consider it. Motorcycle insurance, like car insurance, can be of three kinds: mandatory, third parties, and all risks.

Mandatory Motorcycle Insurance

Compulsory motorcycle insurance is those without which it is prohibited to move freely with the vehicle. Thus, it is the most basic and cheap modality, and it guarantees that the insured has the necessary coverage for the damages caused to third parties. However, sometimes insurance companies do not usually offer it on their own, and in this case, it is necessary to hire it in the Insurance Compensation Consortium.

Motorcycle Insurance to Third Parties

Motorcycle insurance to third parties is also known as compulsory Civil Liability insurance. It is a critical and cheap basic insurance but offers the least coverage. Thus, the crucial range includes mandatory insurance, criminal and damage claim coverage, and roadside assistance.

We have extended third-party motorcycle insurance within this type of insurance, which adds additional coverage to the primary insurance, such as replacement motorcycle, theft, travel assistance, and damage caused to third parties.

Conclusion

In conclusion, selecting motorcycle insurance tailored to our needs is paramount due to the vulnerability of motorcycles. Factors such as usage patterns, type of motorcycle, and desired coverage must be carefully considered. Whether opting for mandatory, third-party, or comprehensive insurance, ensuring adequate protection for oneself, the bike, and third parties is essential for peace of mind on the road.

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 are searching to initiate a business or startup with high earning potential, you can investigate different tech business ideas.

There are many startups that rea failed for any successful business exit, so if you are an entrepreneur hoping to hit huge in the technology sector, you must start with a solid tech business idea.

In an industry defined by disruption and innovation, what establishes a good tech business idea is continuously changing. That is why we have gathered a list of tech business ideas composed for high development in the future.

Before you investigate the list, let us initiate a clear understanding of what succeeds as a tech business idea. Tech businesses provide products and services that have apps for multiple industries. Still, they reflect on the development, distribution, and research of technology-based goods at their essence. This involves a business that manufactures electronic devices like Apple, builds software like Salesforce, and gives services regarding information technology like Google and many more.

The best area regarding our tech business ideas is that they do not need much overhead. You can initiate small and develop over time. However, you will need some technical information to successfully begin a business in the industry if you do not recommend enrolling in a coding boot camp before you get started.

Here you find some top technology business ideas, involve some recommendations from technology entrepreneurs themselves.

Web Design

One technology business idea that will never face a downfall is website design. Every business needs advancement and digitalization, and professionals are looking for an online presence to seem reputed and build their brand.

Web design includes assorted services, including interface design, graphic design, SEO, UX design, and copywriting. According to the research conducted by IBISWorld, the web design business has increased at the rate of 6.6% in the previous five years and produced $38 billion in profit in 2019, which means you can depend on their being in the top ranking of this technology business idea for many years in future.

Extended Reality

Comprehensive reality technology includes both virtual realities (VR) and augmented reality (AR) technologies. In the previous year, 2020, more businesses will apply extended reality to their business to be market competitive and deliver a better client experience. Some companies have been already done that.

Robotics

Robotics is a catch-all term that includes electronics engineering, mechanical engineering, computer science, information inferencing, artificial intelligence, and other disciplines. The main objective of robotics is to build machines that can change and react to physical input. According to the research, this industry will increase from $80 billion in annual income in 2019 to $200 billion in annual revenue by 2025.

Influencer Marketing

Influencer marketing is an industry allowed by social media platforms such as Instagram, including endorsement and product placement from organizations and individuals who contain a level of social influence and expertise in their fields. Although not everyone calls themselves influencers, if you have some level of different and unique knowledge or much charm, you can start a business by collecting a social media hiring and following an influencer marketing agency to link you with brands.

On the other hand, you can also start a business concerned with connecting brands with the correct influencer for their mission and products.

Artificial Intelligence

Artificial intelligence (AI) is used to define technologies relating to machine learning, natural language processing (NLP), computer vision, and many more. However, artificial intelligence (AI) is a technology that has been used for some time. As it becomes develop sophisticated, its industrial potential is expanding as well.

E-commerce

E-commerce is an extra technology that leads in the market but still has growth power. Suppose you have a different and unique idea for an E-commerce store. In that case, you can start your business from a comfortable home or remote environment.

 If you want to take a more significant share of the industry, you already assume that if you have an E-commerce store. Remember that the e-commerce store and E-commerce platform space are already been conquered by giants such as Amazon and Shopify. So, to initiate your own E-commerce business, you must research the market’s niche and focus.

Bottom Line

Every business has its position in the market, but the technology business is always top ranking. Everyone thrives in this business, even without a fancy degree but skills.

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 digital transformation has revolutionized the way recruitment is done. From the beauty of automation and Artificial Intelligence to the robustness of analytical tools, everything is within our grasps. However, whatever tech geniuses tell you about technology, it is and will remain a tool. In other words, without a proper user and an adequate set of strategies, technological implementations could backfire

Moreover, within the last decade, recruiting techniques have been game-changing. From the online presence of candidates in delivering online recruiting assessments, HR representatives are consistently updating recruitment strategies. Let us discuss the modernized techniques that are in practice to attract new talent into the frame.

Artificial Intelligence

Wherever you look, you will find AI one way or another, especially within a business infrastructure. The rise has been phenomenal, looking at the talent acquisition department. In other words, AI has simplified one of the most challenging jobs in the corporate world today.

Within the frame, there is a variety of AI implementations that are in action. For instance, the advent of chatbots has opened new recruiting opportunities. In other words, chatbots can help candidates by directing them to the proper role within an organization. This feature is beneficial for fresh candidates who need guidance during the start of their careers.

Virtual Reality

Another area that is an exciting prospect, especially considering the ingenious talent-hunting procedures. Various organizations are currently using VR headsets to engage with multiple candidates to put it in perspective.

The implementation is an attractive boost, but it also helps the organization depict the right image in the minds of new candidates. In other words, they will be eager to join when they learn that your organization is using innovation to perform operations.

Video Interviews

The concept of remote working has been the go-to prospect, especially in the contemporary era. However, with the idea of video conferencing, the roadmap to hiring exceptional talent widens extensively. For instance, the organizations do not have to rely on people within the same district, city, or country. They can contact anyone via LinkedIn and arrange a video interview with those candidates. Everything has gone digital or remote, so why can’t you?

Apart from these three aspects, there are social media platforms, job posting websites, and other remarkable techniques organizations currently use. Although these practices are exceptional in their way, they will not help you contact the right candidate. Letting people notice your organization and then acquire them will be up to you.

You no longer must interview every single applicant. Use modern technology to screen for the perfect candidate. An introductory call is an excellent first step. Save a vast amount of time with that initial screening call.

Use Skype, Zoom, or give the applicants a phone call. In 20-30 minutes, you will get a sense of the applicant’s skill set and personality. Use these screen callers and immediately narrow down the list of your potential applicants without wasting your time with everyone in a personal interview that mostly leads to nowhere at all.

Building Capabilities

The traditional hiring and training are no longer adequate. Rapid learning, all the layers of organizations can be more critical to business growth and resiliency. Optimize workforce planning skills through an ecosystem of online services and talent management.

Diversity

A business is a diverse, interconnected world—the sturdier the culture, the better support for the varied workforce. The staff benefits from feeling encouraged and included. If the team is happy, there are high chances for a business to grow.

Conclusion

So, in the end, we learned that modern problems require modern solutions, and that is what modern technology and its approaches related to recruitment are all about.

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 new generations are changing the way they relate, travel, and manage their finances. The new generations are digital natives. Technology is an essential part of their lifestyle, and they fully trust it. The use of devices is the basis of many of their daily activities, and offline and online life is the same.

Banking Disruption

Recently, a study was conducted to identify the sectors most likely to be transformed in the future, and the conclusions place banking as the sector with the highest risk of disruption.

The study indicates that 53% of today’s generation between 15 and 25 years old does not believe that its bank offers a different service to the competition. One in three is willing to change institutions in the next 90 days, and 71% prefer to go to the dentist than go to a branch or listen to what their bank says. Additionally, the impact that fraud cases have had on the part of financial firms in recent years for the sector’s image.

In a radical change in the financial sector, the Fintech (Financial Technology) sector develops exponentially. It relies on digital technologies as new generations believe that technology generates trust despite little or no human contact. FinTech and technology companies such as Google, Apple, etc., will get a great stand out in the market for their banking services. It is the belief that 81% of young bankers. Also, 61% of them predict that these companies will influence daily payments in the future. As a result, banks will interact well with their clients through payments.

Challenges Ahead

Furthermore, 36% of bankers are sure about banks’ potential that they will keep up with the speed of development of other FinTech and technology startups. As per two-thirds of respondents’ prediction, a number of FinTech companies will be responsible for sending disruptive innovations. According to them, in this way, there will be pressure on the business model of banks in the upcoming years.

Bank’s business model has come under pressure due to the variety of innovations. Around 90% of cell phone payments, Internet of Things, NFC, and respondents. These technologies will have a powerful influence on the current business model. According to the prediction of 40% of people, cryptocurrencies that are bitcoin will have the most significant impact on the bank’s business model.

Based on the above statistics, respondents recognize the challenges. Also, they question the capacity of traditional banks as they are rising with the rate of change and advancement. According to 82% of young bankers, competition in terms of technological progressiveness is tedious due to the educational gap at a global level related to the latest technologies. Therefore, Next Generation must know the best way to compete, partner, or integrate with such technology companies to be relevant in the value chain of financial services.

Adapting to the Future

With these challenges, banks will be more technology-driven in the upcoming years, and they will potentially transform their working style in the value chain. Following generation banks will have to decide which technological abilities they need to construct in-house or attract by a partnership or joint ventures. They want to keep up with the quick pace of innovation. To provide the best client experience, the next generation may change into a network organization. It must orchestrate and connect various parties.

You must know a positive client experience that you drive through delivered service rather than products. Otherwise, you can quickly end up as a back-office for advanced FinTech solutions that a third party will offer.

A sizable number of new companies or startups have been born to reinvent the way people think and relate to money. Their models have made finances cheaper, faster, more accessible, and efficient for individuals and businesses. Take advantage of the explosion of technology to develop platforms focused on new generations and populations that have been neglected by traditional banking.

Conclusion

Understanding this new consumer sector will separate the leading players from the laggards in the financial system over the next decade. It will also be an exceptionally profitable competitive advantage for those firms that attract, retain, and enchant new generations.

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.

Fleet maintenance can help an automotive service provider keep its cash flow steady. Whether you want to start a business related to fleet management services or consider adding it to your service menu, it is a profitable option. Maintaining company fleets will be a significant contract that can fuel your finances and skyrocket your business. However, that does not mean you can avoid more minor agreements.

Even though you have the talent to manage and handle hands-on job roles, running a successful fleet management business requires diverse skills. It means you need to develop your business perspective and structure. To help you steer in the right direction, we have compiled a list of tips that can help you kickstart your fleet management and repair business.

Consider Your Return on Investment (ROI)

Before you begin, you must do a financial analysis and determine the money you require upfront and the potential growth market. After that, you must consider these goals and financial terms before negotiating. It would help if you always kept yourself flexible. Profits can be a challenge in fleet management, and you should consider the initial pricing negotiation.

Depending on the contract, every client possesses different needs, and you must cater to them accordingly. It would be best to consider factors like the labor needed, parts in use, and payment rate to run successfully. You must set designated prices for the shop but must adjust when working with the fleet. Consider every minor detail while calculating our ROI so you can have a more substantial cash flow overall.  

Keep Your Equipment Safe

Tools and equipment are the foundations of a business and a profession. You are considering the price of the equipment needed for your business because their protection should be a concern. Consider all the points in securing your tools and fleet storage solutions. Your equipment is your fleet that needs protection against theft and vandalism. Ensure their protection to keep your business financially and operationally steady.

Understand the Importance of Preventive Maintenance

Preventive maintenance saves you time and money in the long run. Keeping your fleet up to date helps you minimize any unplanned downtime or repairs. Preventative maintenance such as oil change, tire rotation, and general safety checks are some acts that should remain a priority. Even though a vehicle may look fine, specific components may be at the end of its lifespan. Regular inspections and repairs can reduce unnecessary downtime and keep your fleet proper.

Keep the Terms Transparent

To start a successful fleet management business, you must keep the terms as transparent as possible. You must ensure that both parties clearly understand the terms and are on the same page with larger accounts. Delayed payment or misunderstanding can cause a client to leave, putting a severe dent in your cash flow.

Prevention of such an issue requires you to keep the terms and conditions clear to everybody. A proper understanding of terms also helps you eliminate any operational hurdles that may come along if a violation happens.

Start Building Relations

Relationship and reputation building is the central aspect of any business, and fleet management is no different. Relationships with your clients or any associated person give you a better business result than anything else.

Fleet management is very different for servicing and needs critical maintenance of relationships—regular conversations with key clients about improving your service. Check-in with clients and shareholders or a lunch offer with the client leaves a positive impression on others.

Increase Your Online Presence

Having an online presence is needed today to attract new clients. Leveraging the power of social media and search engines can provide you with better outreach and engagement with clients. Create an attractive website, make your social media profile, and post related content to entice your targeted audience and bring them towards your business.

The digital world possesses all the hype today, and using it to your advantage is something you do not want to miss.

Final Word

The tips mentioned above are some of the most valuable factors that can help you start a successful fleet management and repair business. Ensure that you design and plan your business structure by considering all these points.  

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.

Have you thought about starting your own real estate business? The idea is worth investigating. Real estate is one of the fastest-growing industries in the world today. Having your own real estate investment business can quickly turn you into a millionaire. Think about it: modern businesses can potentially make you a millionaire. If you intend to invest in real estate, why not start your own investment company?

The company will let you enjoy benefits, such as the potential for unlimited growth, reduced liabilities, and tax reductions. Acquire a deep understanding of the real estate market and how things work here. The following ways will help you start your own investment company without experiencing troubles.

Learn the Basics

Always start your own business after extensively researching what the market is all about. Spend time learning modern concepts that are being used in the industry. Learn from those who have spent a lifetime buying and selling properties. Know the art of real estate investment in any way you can to make your company grow faster. Establish the company, but decide the type before you start thinking about the paperwork. Choose the company you want to run, such as a limited liability company, a corporation, or a partnership. Take baby steps before you run, and stay in learning mode to grasp as much information as you can.

Education is Necessary

Education is necessary and will come in handy at times. Acquiring real estate education through academic institutions is not required. You can learn the basics of this industry by reading books, online literature, and eBooks, and even by listening to podcasts. In other words, put your effort and grasp anything that can help you learn more about the real estate investment business. It would help if you had the will, not the degree, to start this business.

Look for a Real Estate Mentor

Experience has no analogs, and an experienced real estate investor can help you. Search for a real estate investment pro who knows the market inside out. Become his aide if you must to learn how the business is conducted. Have a great understanding of how the real estate market works. The mentor will familiarize you with the dos and don’ts of business. His vast knowledge will help you make decisions that may prove vital for your business.

Pay Attention to the Business Plan

Now that you have covered the basics, it is time to write down the business plan. Since it is your first attempt at doing business, it is all right to seek someone to help you. Your business plan will prove to be a tool you can use. For instance, you can use it to validate your idea and guide your business. The business plan also keeps the company’s course on the right track. The absence of a business plan can be disastrous for your business. Minor setbacks can easily distract the industry from the right way.

A proper, well-written business plan also attracts banks and money lenders, who may be willing to work with your business. In case you are wondering about the details of the business plan, yours should contain the following:

– Overview of the company

– Detailed market research

– Long term and short-term goals

– Marketing and financial plan

– Real estate investment strategy

Make a detailed plan and explain each briefly, as it will help your clients and partners understand your business better. Make sure that each detail is pertinent to the company.

Find Clients and Investors

Your real estate company is now in place, so start exploring the market and look for potential investors. Do not stick to traditional ways of finding investments, such as spreading the word or seeking referrals. Ensure you find real estate properties at lucrative locations where you wish to operate. Include demography, climate, crime rate, neighborhood, roads and infrastructure, transportation, and commute. Do an extensive search of the real estate market to know more about this market segment.

Conclusion

Your real estate investment will thrive if you follow the basics and these tips. It is time to get started with your business, so start learning and aim high for the success of your real estate investment company.

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.

Do you know if the business is going well? How to be safe without monitoring the leading financial indicators? In any business area, the collection of metrics has become almost routine. Define indicators, designate the monitoring frequency, and be ready to swell the knowledge that feeds the current demanding business intelligence. Of course, the area of finance could not be less.

Key Performance Indicators for Small Businesses

Monitoring financials while maintaining a private company feels like a staggering task. While keeping day-by-day activities above water, overseeing the workforce, and inventively planning, funds frequently fall by the wayside. It will, in general, be a deadly error for some independent companies.

Your business’ Key Performance Indicators (KPIs) are your apparatuses for estimating and the following advancement in fundamental zones of organization execution. Your KPIs give you an overall image of the general soundness of your business.

Financial Indicator Insights

In addition, it’s essential for business visionaries to extend and screen income. Indeed, even an organization producing benefits can rapidly end up in a difficult situation if it needs more money to work. Along these lines, you should know your financing needs ahead of time to deal with your business proactively.

Basing on intuitions, opinions, or impressions does not guarantee the necessary reliability or allow you to achieve the peace of mind that the business is moving at a good pace without problems. There is no substitute for figures when it comes to measuring the financial health of an organization, and that is where the financial indicators come into play.

Performance Measuring 

Measuring performance in different areas allows you to closely monitor the company’s financial results and is essential for long-term success. This monitoring increases its effectiveness if it is built around financial indicators such as the gross profit margin, the net one, the accounts receivable, or the liquidity.

In addition, other KPIs cannot be forgotten; they provide a complete picture of reality, which reveals the financial health of the business by allowing us to dive into a perspective that includes the historical and the predictions of future results.

The five most revealing financial indicators are the following.

Real Income Growth

This KPI shows the real annual growth of revenues based on the gross profit index. The causes of their fluctuations can be either the increase or decrease of the final prices to the buyers or the reductions or increases in the costs of the goods sold.

Sustainable Revenue Growth

Informs about the extent to which the growth of the actual annual income of a business can reach according to the resources available in the balance sheet. Suppose the industry continues to grow faster than the growth of sustainable real income. In that case, a situation may be reached in which the company will find itself without resources to finance this growth.

Pricing Policy and Price Index

A good pricing policy tries to maintain a certain gross profit margin. Maintaining this specific margin is part of the brand identity, so if it cannot be guaranteed, a situation may be reached that jeopardizes the stability of customers’ perception of the value of products or services. It is, therefore, one of the most necessary financial indicators.

Negative Working Capital Against Positive Operations

A poor adaptation of working capital will cause constant and costly problems for the company. Knowing the potential need for working capital is essential for determining the company’s future financing in the short, medium, or long term.

Cost of Capital

It is one of the most beneficial financial indicators since it represents the amount paid to finance the business through debt and cash. A key point of reference is achieved through its metrics to improve the company’s value.

Conclusion

To address these challenges, market solutions like IBM Cognos streamline decision-making processes, enhancing business outcomes and meeting the diverse needs of users, spanning from frontline business users to managers, financiers, and advanced analysts alike.

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

Money is one of the essential pillars of a home. Therefore, it is imperative to learn about the habits of managing money. First, I would like to clarify a false philosophy. Some say that money is evil. People who make these types of comments do not have money. You know, money is good. Money does not choose what to do; it only obeys the one who owns it. The behavior of the person who owns the money is responsible for its use. You must learn the habits for managing money. 

Here are five practices for managing money that are the most important.

Money is Good

Avoid being critical of money or feeling some resentment toward economically successful people. Money is a way of reflecting the contribution people make to society. It also reflects compensation for the problems they solved. Usually, the more money a person has, the more problems they solve through their product or service.

Develop a Monthly Budget

Create a monthly budget at the beginning of each month, and living within the budget is the most important habit. Where the money from all the income will go will be crucial. What payments will be made this month? What will be bought? As the writer John C. Maxwell said, “A budget when you tell your money where to go, instead of finding out where it went.” Months ago, I developed an easy form to make your monthly budget. You can download it for free here.

If you do not comprehend what you are spending your cash on, in what capacity will you know where your money is going? You may end up toward the month’s end, thinking about what occurred to your well-deserved salary. In this way, track your spending, every bit of it! You can set up a spreadsheet or utilize an application like Mint that will follow it for you. You interface it to your records, which will do all the challenging work for you. Planning applications are incredible for individuals who often utilize their Visas to buy things.

Do Not Lend Money to Family and Friends

Before, I believed that I should lend if a relative had money. How wrong I was! Of course, if a family member has, they save and reflect on how much they have worked. With time, I realized that lending money, in general, is a terrible idea. In most cases, it ends up affecting relationships. Please do not do it!

Do Not Abuse Credit

Credit is a double-edged sword. On the one hand, credit makes buying easier without counting money in advance. The terrible thing is that the more credit you use, the more indebted you become. It is easy to get into debt but challenging to get out of debt. If you buy on credit, limit the amount and make sure you can pay in full the balance at the end of the month.

Try to be in a position where you are ready to pay your charge card off every month. When you can do that, you are prepared to exploit the accommodation of a Visa, yet the advantages like money back and carrier miles that a few cards offer as well.

Acquire Life Insurance

The middle class and the wealthy use life insurance to protect their assets. Life insurance must have enough money coverage to pay ALL the debts. Debts like mortgages, automobiles, education of children, and funeral costs, among others, can significantly impact personal finances. Life is precious, and therefore, you better plan in case of an unexpected death. The reality is that we are all going to die; the difference is that some are ready, and others are not. Prepare and protect your family.

Conclusion

There are many other habits for money management, but I want to keep the article short. So, you can reflect on these five habits. I recommend starting with one or two at a time. Personal finances are crucial to the well-being of a home. You are the only person who can give your family a better future.

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