Author: Stephen Huck

Since purchasing a property mobilizes an incredible number of resources, it is necessary to negotiate the right way. We have mentioned this step before, but it is never too much to point out. For this purchase, you must first evaluate your financial situation to study the possible impact on your budget. With that in mind, you will have three forms of payment: financing, consortium, or cash. Check out the major features of each alternative.

In Cash

To make the cash payment, you must have many resources in one go. So, it is recommended to think twice before making a final decision. Thus, if the property costs two hundred thousand dollars and you have 250 thousand dollars available, this may not be an innovative idea since you will immobilize a tremendous amount of your money.

On the other hand, if 200,000 dollars correspond to 10% or even 20% of what you have, this is a beneficial alternative.

Financing

With the financing, you pay the property’s value (plus an interest rate) in a diluted way over the years. It is usually the preferred option of familiar buyers, but it can also be possible if your budget involves a commitment of about 30% of the monthly income. In this case, you will need to get the property back as quickly as possible so that the rent is responsible for paying the most massive portion of the financing.

Consortium

The consortium, in turn, is the option that unites the best of cash and financing. In this form of payment, you pay monthly installments to an administrator, which can be contemplated with a letter of credit in the property’s value at any time.

The detail is that you can make monthly bids to ensure early contemplation. With the letter of credit, you can negotiate the property’s value insight and acquire it to make the subsequent resale or monetize it through the rent. So, suppose you want a real estate of two hundred thousand dollars and have 250 thousand available. In that case, you can bid in the consortium of fifty thousand and increase the chances of being contemplated. With this, you can buy the property by trading sight – and therefore, more cheaply.

What Should You Evaluate When Investing in Real Estate?

When it comes time to choose the property to buy effectively, you must consider factors that can make a massive difference to the success of your investment. To increase your chances of profit, you should evaluate:

Location

Remember that location is one of the few items that cannot be changed on a property, regardless of what you do. Therefore, choosing a property situated in a valued place is essential since this increases the exposure to sound investments. A residential property usually works best in a safer neighborhood with access to different city services. In turn, commercial property should be as close as possible to the city’s financial heart. It is not that complicated.

Appreciation

It is also necessary to keep an eye on the possibilities of valuing both the property and the region. Sometimes, the area is still not highly valued but is in development. Thus, it is possible that soon, it will become a stronghold of highly prestigious real estate. If you realize this trend of acquiring property there while still cheap, you can benefit greatly when the region is more valued.

To do this, check the data on the investments made in the region, look at the development and the local economy, and look for news about future installations and improvements. The more attractive the future looks to the area, the greater the potential for property appreciation.

Age

Another factor to consider is the age of the property. Although this is not a rule, the ideal is to look for newer properties or, if possible, still in the plant. But take your time, too. No discarding older real estate! That is because they tend to be more spacious and are great options, especially if you plan to renovate and improve to achieve more profitability later.

Future

As the property is a durable good, when choosing, you should also consider the future and the projections. Remember: a property that shows trend today may not always be the most sought after, and one that does not seem incredibly attractive at present can become rare and much sought after in the future.

This analysis requires good market knowledge to understand, for example, that a smaller property may make more sense in each area because of the natural reduction of households. At the same time, more significant commercial real estate can be beautiful.

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

In economics, there are fundamental differences between depression and recession. For example, in the US, the last natural depression was the Great Depression of the 1930s. The US economy has experienced frequent episodes of recession, however.

Depression VS. Recession

Generally, a recession in the economy is much less severe than a depression. A recession decreases a country’s gross domestic product (GDP) for over a quarter of a year. The GDP decrease is smaller than a 10% decrease.

Also, the economic recession tends to be measured in quarters of a year rather than whole years. Depression is a decrease in GDP of 10% or more each year. The fourth drop rate was more than 10%, which you could not describe accurately as a depression unless the same conditions existed for one year.

If economic conditions improve in the fourth quarter of the year, and the decline in GDP becomes an increase, then the year is considered to have been the subject of a recession. However, GDP has declined steadily, and year totals show a reduction of 10% or more in GDP.

Recessions tend to occur more frequently than depressions because a country’s economy is fragile, and slight changes or shocks, such as the dot.com outbreak, produce a decrease in spending that reduces GDP by less than 10%. A diversified economy quickly recovers from this kind of shock because of other ways to spend money.

The dot.com recession lasted for years. People mistakenly call this a depression. It did not reduce GDP by more than 10%, hence the economy in recession, and it was not depressing.

Economic Dynamics

People tend to produce a term that reflects more than its real meaning. A depressed economy is reminiscent of the type of depression people find when they must do less, spend less, or invest less. A recession seems more neutral or more favorable in comparison.

Sometimes, people deliberately use the terms to give a negative or positive turn to declining economic conditions. A politician who supports a particular monetary policy may refer to depression as a recession to lessen the responsibility of the wrong approach. A politician on the opposite side of economic policy could call a recession a depression to exaggerate how politics affects people.

However, depression and recession can use specific terms, and economists often visibly correct those who misuse words.

• Getting a job during both a recession and a depression can be difficult.
• In general, depressions cause difficulties for everyone, not just a particular part of the population.
• Recessions tend to occur more frequently than excavations do.

Great Depression’s Situation in the United States of America 

• Depression stayed in the country for 43 months
• The crust and trough rate of GDP decline was 26.5 percent
• The reduced rate of industrial Production is around 46 percent
• There was an 80% decrease in stock share.
• A significant drop in the labor force increased unemployment; that percentage was 24.6%

Ways to Overcome Depression and Recession

Governments should take the initiative to arrange different programs to strengthen the clients’ pocketbooks to level up small businesses. It should include enhanced unemployment benefits. There are other ways to overcome the issue of recession or depression.

Throttle Your Expenses

Lockdown mode has made our financial condition worse. On the one hand, people cannot earn, and on the other hand, there is a complete restriction on extracurricular activities. But there is the best opportunity for saving maximum money. This period also lets us know our rate of prodigality. Track your budget, whatever the situation is. Do not compromise in this regard.

Keep Your Emergency Funds Active

A financial emergency is an exposure that brings you into a state of desperation. In such cases, your only focus is to keep yourself stable financially. At that time, you need extreme demand for an emergency fund to cool down your financial catastrophe. The best way to keep it safe for these is to throttle the amount from your annual or monthly income.

Conclusion

In economics, the distinction between depression and recession holds crucial significance. While recessions are less severe, characterized by a GDP decrease lasting more than a quarter of a year but below 10%, depressions are marked by a 10% or more annual GDP decrease. The dot.com recession is an illustrative example, lasting for years but not meeting the criteria for depression. People’s tendency to use these terms interchangeably, often influenced by political motives, highlights the importance of precision in economic terminology.

Examining the Great Depression’s impact on the United States provides a historical context, emphasizing the challenges faced during that period. Overcoming economic downturns requires proactive government initiatives, such as programs to bolster small businesses and enhanced unemployment benefits. Additionally, individuals can navigate challenging times by managing expenses, tracking budgets, and maintaining active emergency funds to weather financial crises.

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 insurance contract contains two different natures. One refers to the insurance of damages, and the other to the insurance of people, concepts that, although they can resemble in principle, in this article, we will see that they are opposite.

What is Damage Insurance?

Damage insurance will be responsible exclusively for repairing the damages suffered by the insured, there being a direct relationship between the covered warranty and the injuries suffered.

Its nature is compensatory so that the insured can never obtain any benefit. At most, you will restore your situation. You will return to the exact point just before the incident occurred.

It would be best if you did not profit from damage insurance.

The Insurance Contract Law exposes articles that make obtaining any insured benefit with insurance difficult. Let us mention the most prominent:

Insured Interest

The owner of the covered asset receives the compensation. You cannot repair damage to someone who has not suffered it.

Sum Assured

It will be the maximum amount that the insurer will pay to the affected. Two values will determine the amount to be repaid: the damages produced and the sum insured. The total that the insurer will receive will be the smallest amount between those two values.

Underinsurance

Underinsurance is the case that occurs when the sum insured is less than the value of the insured good. If an accident occurs, in this case, the compensation will be the maximum of the sum insured. But if the incident is partial, the thing is complicated since the affected party will only receive an amount in proportion to the capital. How is this figure calculated?

With an established formula, we call the proportional rule:

Insured Sum and Damage Value

Over-insurance

Over-insurance would be the opposite of the previous when the sum insured is greater than the guaranteed substantial value. The insured will only receive the amount of the value of the damage that has occurred, the insured amount. But you will be thinking, would the difference that paid more lose it? No, of course not. The insurer would return that part that was overpaid.

Coinsurance

When we ensure an object by insurers, this procedure is legal and, in principle, does not have to be a problem as long as the total amount insured does not exceed the absolute value of the asset. If this were the case, the procedure followed would be the same as in the previous point.

Subrogation

In this case, we are facing a transfer of rights of the insured to the insurer. This process occurs when there is a third person responsible for the incident. With this, the company manages to claim from the person causing the accident the amount he had previously paid to his insured.

What is personal insurance?

Here, the situation changes completely. There is no longer a relationship between the covered warranty and the damage suffered. As with damage insurance, reversing to the point before the accident is impossible.

In the case of death or amputation of a member, it is impossible to repair the damage caused. In these cases, people insurance gives the affected party or beneficiary an amount previously agreed upon and reflected in the policy.

As it is impossible to calculate the value of human life, here we are not talking about compensation but the nature of savings or capitalization. Capitalization means that the insured will pay fees for what may happen in the future through salvation.

Summary

In summary, damage insurance focuses on compensatory measures to restore the insured’s situation after an incident, ensuring no profit is gained. The intricate nature of insured interest, sum assured, underinsurance, over-insurance, coinsurance, and subrogation form a legal framework that restricts unwarranted benefits. On the contrary, personal insurance diverges by offering predetermined amounts in the face of irreparable damages like death or amputation, emphasizing a form of savings or capitalization rather than mere compensation.

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.

When we think about business, we may conjure thoughts of sole entrepreneurs, large corporations, or mid-sized offices; we always think about the great American Dream and giving our best to deliver a valuable product.

History and business are inevitably intertwined since huge business players could shape history altogether, and innovators have taken advantage of those opportunities of all historical circumstances.

Here are some historical business facts.

 Business in the Pre-Industrialized World

The economic activities before industrialization were the world’s agriculture. But even during those times, there were non-agricultural activities in handicrafts, trade, household, and rural industries. Exchanges began as barter between individuals and families but gradually grew into a systematized form and spread across multiple countries and continents. Evidence of local and international trading can be traced throughout the major ancient civilizations, showcasing extensive economic interactions.

Historical records and archaeological findings in China reveal the Silk Road’s significance, facilitating trade in precious jewels, silk, and spices. The Roman Empire thrived on international commerce, exchanging goods such as metals, wine, and olive oil. With its strategic location, Egypt engaged in the trade of precious metals, papyrus, and spices. These transactions exemplify the diverse and valuable commodities exchanged globally, highlighting the interconnectedness of ancient civilizations in their pursuit of economic prosperity and cultural exchange.

During the early days, manufacturing had diverse levels. The rural accumulation consisted of metal crafts, weaving, and wood-based manufacturing. In the urban centers, trade activities dominated. Like always, multiple classes of people specialized in these trading activities only.

By the century B.C., international trade spread across Europe and Asia. All the traders would cross across the countries and exchange products. During this time, there were significant empires across regions in Europe, Persia, India, and China. Just the existence of large conglomerates helped trade to thrive.

Business During Industrialization 

Industrialization developed a new meaning for business with the advent of machines. Before that, the factors of production were labor and land, both of which were limited. Machines came into technology, which multiplied the labor competency and allowed for extra production far beyond the producer’s consumption capacity.

This capacity of surplus production created the incentive for trading and, in turn, shaped the modern markets. The surplus production gave rise to the need to find a new trade route and markets. The European sailors started to attempt their historical journeys to find new ground. Christopher Columbus, who went on a search journey of a sea route to the East, discovered the new world now called America. From 1602 A.D. onwards, the Dutch East India Company enjoyed its dominance over these routes for two centuries. It became the first multinational corporation until the British East India Company later replaced it.

The colonization of Asian countries was based on gunpowder power, and industrial wealth was just a by-product of international trade, which these trading companies dominated globally.

In the 19th century, business and trade reached unprecedented levels and took center stage in human social existence. It was at that time the economy became monetized. Money that seemed like gold or silver was now just held as paper. Additionally, this was also the time when artificial business identities started taking deep roots in America. By the end of the 19th century, the company recognized future giants.

And these involved the Carnegie Steel Company, which Andrew Carnegie created in the 1870s. By the early twentieth century, European countries were competing to dominate the world business, followed closely by the American company. Japan made noteworthy progress, but the rest of Africa. Asia and even Latin America should have been included.

The efficiency of business of certain countries in today’s age placed them in the developed category, which is why creating a North-South division in the global community. Plus, it also made stakes that were entirely worth it.

Overall

If you sit to talk about business history, it is a vast, complex, and controversial topic for most. You will hear people telling you different stories and concepts. We are not saying pictures are wrong, but every country, continent, and region has ways of figuring things out and continuing a business. 

Learn as much as you can about the business history; it can help you while producing your corporation ideas or establishing a business. Learn from the mistakes of previous business owners.

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.

Leaders and managers, while often mistaken as the same, fulfill distinct yet complementary roles within an organization. Leadership is an art—a skill that involves the ability to inspire, motivate, and empower individuals to work passionately toward shared goals. A leader embodies vision and charisma, energizing their team and instilling a sense of purpose. Conversely, management is a profession rooted in discipline, focusing on planning, organizing, and overseeing operations to ensure efficiency and effectiveness. A manager acts as a crucial connection between the organization and its stakeholders, ensuring that day-to-day activities align with broader business objectives.

 

In the dynamic business landscape, owners must prioritize growth as their ultimate objective. However, defining what growth truly means can be complex. Is it measured by increased revenue, expanded market share, enhanced employee satisfaction, or the development of innovative products? Understanding the metrics of success is essential for evaluating the health of your business. To foster growth, you must engage in strategic planning, cultivate relationships, and continuously seek improvement.

 

Moreover, the question arises: do leaders or managers drive business growth more effectively? The answer is that you need to embody both roles. A harmonious blend of leadership and management skills allows for not only achieving immediate objectives but also fostering a resilient and thriving organizational culture. By integrating inspiration with discipline, you position your business for sustainable success.

Critical Differences Between Leaders and Managers

The chief difference between a leader and a manager is that a leader has people who follow him, while a manager has people who work for them. If you want to become a successful business owner, you need to embody both roles but be careful not to confuse the two. You must be a strong leader and an effective manager to get your team on board and guide them towards your vision of success.

Here’s a closer look at the key differences between a leader and a manager:

1. A leader influences and inspires their team to achieve a goal, while a manager oversees the entire organization.
2. A leader sets directions, whereas a manager plans the details.
3. A leader possesses foresight, while a manager relies on intelligence.
4. A leader has followers, while a manager has employees.
5. A manager makes decisions, whereas a leader facilitates decision-making.
6. Leaders promote change, while managers react to changes that occur.
7. Leaders focus on people and their concerns, whereas managers concentrate on procedures and processes.
8. A manager organizes people, while a leader assigns tasks based on skills and strengths.
9. A leader believes in their teammates’ growth and development, while a manager aims primarily at achieving results.
10. Leaders promote change, while managers implement it when they deem it appropriate.

Leaders

A leader pushes his people beyond their limits and influences his followers to reach a goal and complete the tasks. A leader has a vision that inspires others and becomes their vision. Leaders help create a strategy to achieve a specific goal. If you want to be a leader, motivate your teammates or subordinates, create more teams, develop trust among stakeholders, welcome innovation, and much more.

A leader is needed at all levels of any organization to function as a representative of the organization. As a leader, you must encourage the entire team to work together and support them in accomplishing their tasks. It would help if you strived hard to inspire, lead, and allow people to make mistakes.

Managers

A manager manages the organization and is responsible for direction, planning, organizing, control, and coordination. They are assisted by other employees and have the sense of superiority and authority to hire and fire people.

There are several types of managers, like top-level managers, project managers, functional managers, and general managers. Their roles depend on their work nature; for instance, a top-level manager is responsible for its mission and vision. Project managers accomplish specific projects, while the general manager manages various activities performed in the business.

Overall

While anyone can assume the role of a manager, not every individual in that position embodies the qualities of a leader. Leadership transcends titles and formal roles; it is about the ability to inspire and motivate others. A true leader can instill a sense of purpose and enthusiasm in their team simply through collaboration and support, fostering an environment where everyone feels valued and empowered to contribute.

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.

Finding the perfect digital marketing skills for an open position at your company is challenging. There has been a rising number of career posting sites such as Indeed, CareerBuilder, Monster, and professional networking websites like LinkedIn. To offer you an inside look at the current state of hiring in digital marketing, we have compiled a list of roles to fill in digital marketing.

Digital Marketing

Digital marketing can help describe marketing using digital channels like search engines, websites, email, and mobile applications. The rise of the digital era [internet], big data, and smartphones has fundamentally altered how businesses market and sell their products and services during the last three decades and has created fresh marketing vocations.

Search Engine Optimization (SEO)

SEO is optimizing web content organically so SE can index it [Search Engines] and easily found by your audience. Paying for advertising space on search engines is called search engine marketing. SEM, SEO, and ever-changing trends have become integral aspects of Internet marketing that individuals specialize in — businesses also hire for them.

An SEO specialist’s tasks include optimizing a website’s ranking on a search engine results page (SERP), doing keyword research, offering technical SEO recommendations, creating the site architecture, and monitoring and implementing a website and keyword performance metrics. Search engine marketing specialist’s responsibilities include utilizing search engines like Google and Bing to boost website views, conversions, and revenue via sponsored adverts.

SEO and SEM specialists must be able to interpret and apply analytics, allocate and manage a marketing budget, read and use the website and search analytics, be proficient with Google AdWords and Google Analytics, and have knowledge of search engine trends and news.

Email Marketer

While email may appear to be a more traditional marketing channel, its effectiveness is far from dead. Email marketing leverages a single track to reach current and prospective customers through creatively designed emails and digital advertisements.

An email marketer’s tasks include:

• Creating emails that recipients open and engage with.
• Generating revenue and sales through digital marketing.
• Expanding and segmenting email lists.
• Reviewing and analyzing data to optimize promotions and available rates.

Email marketers must be proficient in email marketing and tracking systems, have good creative communication and design skills, and know HTML and data analysis and interpretation.

Growth Marketer

Growth marketing (or hacking) is a recent work that refers to funnel-wide marketing— not only at the top few tiers. Growth marketing recognizes that retention is critical to growth and prioritizes customer success and acquisition.

Growth marketers collaborate with media and teams, including but not limited to search engine optimization and search engine marketing, social media, public relations, and email. As a result, growth marketers may be responsible for everything from A/B testing to conversion funnel optimization to content generation and user experience design.

Growth marketers must have an imaginative and creative attitude, quantitative and qualitative problem-solving abilities, familiarity with various digital marketing technologies, and experience analyzing and implementing data.

Content Marketing

Because content marketing occurs online, it may be considered a subset of digital marketing. However, the professional path has grown in importance to the point that we believe it merits its section.

Content Marketer

Content such as blogs, eBooks, white papers, and manuals are critical components of an effective inbound marketing plan, and content marketers are responsible for their creation. Content marketing is marketing via long-form text, websites, blogs, and even audio and video content.

A content marketer’s responsibilities include:

• Developing and executing content strategies.
• Measuring metrics that impact content strategy.
• Designers.
• Managing a team of writers and strategists.

A content marketer’s talents and qualifications include:

• Skillful writing and editing abilities.
• Competency with content generation and management tools.
• Project management.
• Experience growing an online following.

Social Media Marketer

Social media marketing is another emerging form of marketing that has spawned its professionals and experts. Social media marketing utilizes platforms such as Facebook, Twitter, and Instagram to advertise a business and its products and services while establishing new and authentic connections with its audience.

Social media marketers are responsible for managing a business’s social media presence, monitoring online conversation, coordinating customer care via social media, generating content for social channels, and staying current on social media trends and news.

A social media marketer’s talents and qualifications include:

• Superior verbal and digital communication abilities.
• A creative and inventive approach to digital marketing.
• Competency across all social media channels.
• Experience in public relations or public brand management.

Specialist Conversion Rate Optimization (CRO)

The primary objective of content marketing is to educate, engage, and convert readers into customers. However, the material cannot always accomplish this on its own. That is where CRO professionals enter the picture.

CRO specialists optimize websites, user flows, and content offers to maximize conversions — whether a conversion is a sale, a lead, or a subscriber. A CRO marketer’s tasks include:

• Assessing content to determine its efficacy and return on investment.
• Influencing content development to assure impact.
• Track how visitors and readers interact with your material and use this data to optimize performance.

CRO professionals must possess the following abilities and qualifications: expertise in auditing and developing digital content, knowledge of A/B testing and assessing the impact of content, and familiarity with online content platforms and analysis tools.

Product Marketing

Product marketing establishes the tone for promoting a company’s products and services. Product marketers are often assigned to a specific product or range and serve as the product’s principal advocate and strategist.

A product marketer’s tasks include developing the product’s overall messaging and positioning, mapping the buyer’s route to purchase, and coordinating with product creators, designers, and other marketers.

Product marketers must possess superior verbal and written communication skills, a collaborative work style, prior expertise in strategizing and assessing marketing campaigns, and competitive intelligence capabilities.

Brand Marketer

In today’s economy, a business’s brand significantly impacts how consumers shop. Indeed, 59% of shoppers prefer to purchase from well-known brands, and 21% have purchased things purely for the sake of the brand. Consumer behavior is maturing, paving the path for brand management and public relations careers.

A public relations (PR) manager or brand marketer’s responsibilities include:

• Developing and maintaining a company’s public image.
• Collaborating with other departments to guarantee consistency in content and messaging.
• Developing campaigns to promote and improve brand awareness.

A PR manager or brand marketer must possess superior writing and verbal communication skills, expertise in managing brands and crises, fluency with email and social media marketing, and managing projects and people.

Conclusion

Each marketing department has various roles, projects, and objectives. The distinction between these jobs might be subtle or significant – it all depends on the media they are using, the message they are promoting, and the audience they are advertising.

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 organizational system is a complete structure of how an organization runs. The configuration defines how the division of businesses runs – the hierarchy and how communication flows throughout the organization. And if we break it down a little further, organizational structure explains how every role functions in an organization. With a distinct organizational structure in place, every employee knows what their duties are.

Business owners must think carefully about what systems to choose and improvise with each organization’s needs. It is simple: one structure that is right for a company may not work for another.

An organizational system is simply a company setup. One good organizational structure rests on both the flow of communication and hierarchy in a company. Each business needs to implement an organizational system, regardless of size. With a corporate structure, you invite multiple benefits, including improved productivity, efficiency, and decision-making – every arrangement has strengths and weaknesses.

Eventually, these pros and cons are based on your industry, the type of business you run, the organization’s size, and multiple other factors. Suppose you are considering every organizational system before determining which suits the company.

Four Types of Organizational Structures

Functional

If you have worked as an employee, you have worked in a functional structure. Functional structures are based on the organization being divided into smaller groups with specific roles and tasks. For instance, a company might have a group working in marketing, information technology, and finance.

Every department has a director or manager who answers at an executive level to oversee departments.

One great advantage of the functional structure is that the employees are grouped by skill set, letting them focus all their collective energies on executing their roles as a department. One of the challenges this structure brings is the lack of inter-departmental communication, with most discussions and issues taking place at the managerial level among the individual subdivisions. For instance, one division working on a project with another could have different expectations for its specific job, leading to issues down the road.

Divisional

A larger company that sometimes operates across multiple horizontal objectives uses a divisional organizational structure. The divisional structure permits more autonomy among groups within the organization. An example of this could be General Electric. GE has different divisions, including currents, transportation, aviation, and renewable energy.

Under this structure, every division fundamentally operates as its own company, controlling its resources and money on aspects of the division or projects.

This structure offers great flexibility to a large company with multiple divisions. It lets each one operate as its own company with one or more people reporting to the parent company’s management staff chief executive officer. Instead of getting all programs approved by the top level, you can also answer those questions at the divisional level.

However, a downside of this organizational system is that by focusing on the divisions, employees working in the same function in different divisions might be unable to communicate well. This structure raises problems with accounting practices and may have tax implications.

Matrix

Matrix is a hybrid organizational structure with a blend of organizational structure and functional structure.

In this system, employees report to two or more superiors depending on the situation’s projector. For instance, under normal functional circumstances, an engineer at a large engineering firm could work for one boss, but new projects may arise. The employee could also report to the project manager or their boss for other everyday tasks during the project.

The advantage of this structure is that employees share their knowledge across the different functional divisions, permitting better communication and an understanding of each function’s role. Also, employees can broaden their knowledge and skills by working across operations, leading to professional growth inside the company.

On the other hand, reporting to managers adds confusion and conflict between managers. And if the priorities are not clearly defined, the employees may get confused about their roles.

Flatarchy

Sure, the previous three organizational structure types may work for organizations, but another hybrid structure is better for small businesses or startups.

Blending flat and functional structures results in autarchy, which allows more decision–making among distinct levels of an organization and, overall, flattens out a hierarchy’s appearance. One of the best examples of its futuristic structure is whether it is an innovation program or an internal incubator. Within this system, the company operates in an existing design. Still, employees at any stage are encouraged to suggest ideas and run with them, potentially building new flat teams.

LinkedIn, Adobe, Google, and other companies have internal incubators where employees should be innovative and creative to promote the company’s overall growth.

This system’s benefit is that it permits more innovation company-wide and eliminates red tape that could stall revolution in the functional structure. As for the negatives, the design may be inconvenient and confusing if everyone involved does not agree on how to systematize the system.

Overall

See what structure works best for your organization. Just remember that every organization is different, and no system is perfect. You learn from failing and failing again. The proper organizational structure can bring you close to your motives; the key is never to stop trying!

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.

Today, innovation and invention have become familiar to the advancement of businesses. Almost everything utilizes high-tech automation, from rockets to toilets. The technology is saving both the workforce and money.

Businesses are increasingly adopting digital technologies to improve customer engagement and streamline process flows. According to a study by IDG (International Data Group), 89% of businesses are either planning to or have already decided to go for digital-first models.

In this regard, Artificial Intelligence technology is being rapidly adopted by all types of businesses, from small-scale to large enterprises. One such technology is chatbots. Chatbots have proven to be very useful in automating customer engagement.

Technology has given us diversified benefits, which has been the driving force for businesses today. But what key factors amplify the results of a technological makeover? Let’s find out. 

Ensuring Efficiency with Innovation

Technology has allowed humans to expand their horizons in different departments by using innovation as the primary catalyst. Now, all is left to use our heads, generate ideas, and let technology do the rest. Rest assured, the future looks quite bright as it is. 

Technology has also kept things aligned, thus minimizing the use of error-prone methods. Human beings are good thinkers and intellectuals. However, we don’t know what the future holds as things stand. The best we can do is improve our prowess and use innovation to maximize our business outcomes for long-term benefits. 

Cost Reduction

Saving time is a very unnoticeable benefit, but cost reduction is a highly measurable benefit technology provides. Technology has replaced multiple manual machines and the workforce required for semi-complex tasks, allowing various industries to flourish and expand. 

Businesses use technology in almost everything, including accounts, production, supplies, and innovations. Technology is playing an efficient role in nearly every single progressive step. 

The workforce requires high maintenance and often becomes a continuous liability to a company. Still, technological changes are a one-time investment, easy to maintain, and a percent asset to the company. 

Consistency

With human customer service representatives, 100% consistency cannot be guaranteed. Every customer representative is different, just as every human is different. A customer may not find a particular representative helpful. This lack of assistance will lead to them calling the business again. A chatbot will consistently interact with your customers, leading to a higher chance of customer satisfaction in one interaction.

Recorded Conversation

In telephonic interactions, a customer won’t have a record of the conversation with the customer representative of your company. This can be a customer problem, especially if the conversation is long. 

For example, if the conversation is about using a complex product, the customer won’t refer back to the discussion in the future. With chatbots, the customer can easily retain a copy of the conversation for future reference.

Better Understanding of Consumer Needs

Along with operations, technology has made marketing effective, efficient, and straightforward. Data and information are the most precious thing today. It’s all because of technology. The AI has better-understood users’ requirements and displays what’s necessary.

When things are sorted, the consumer automatically gets AI-generated ads and information, and the possibilities of leads and queries increase, making it easy to sell the service or product. 

Artificial Intelligence is also becoming a helping hand in conversations now. Consumers don’t need to wait for human representatives for simple information. AI generates automated information to answer queries and saves time and human effort. Though imperfect, it’s in the development phases and getting better daily. 

Conclusion

Artificial Intelligence and technology go hand in hand and have made things more comfortable, efficient, and precise. Most internet users and business owners have confidence in Artificial Intelligence and its consumer-friendly nature. It allows the process to be error-free without making any significant changes. It’s still being developed but is already helpful in multiple operations.

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.

Running a business is challenging. When developing a business plan, you would have addressed every aspect of the company, including marketing strategies. If you have not developed a business plan or marketing strategy, you must address it immediately.

Marketing is imperative when it comes to making any business a success. Without marketing, customers won’t know your business exists or what it offers. Therefore, you must develop robust marketing strategies and implement them immediately.

Here are five areas to focus on when developing your marketing strategies.

Know Your Customers

Knowing your customer should be a given when it comes to business. Surprisingly, many business owners don’t take the time to get to know their target customers or demographic, which hurts them tremendously. First, no matter how big your business gets, you must realize that your customers are responsible for your success and growth.

While it is understood that some businesses have a vast or unlimited target consumer, most companies have a specific target clientele. Having this knowledge will direct your marketing strategies to have a laser focus on the intended target. This strategy will gain you customers but save you valuable marketing dollars if you direct your marketing strategies this way.

Use Your Social Media

Social media marketing is perhaps one of the most popular marketing strategies because it’s free (or low-cost) and easy to execute. Most people have an online presence on one or more of the three major platforms: Facebook, Instagram, and Twitter. All three can be effectively used to promote your business and the specific products and services you offer.

Facebook has some pretty inexpensive adoptions, and you can create free business pages that will allow you to reach potential customers and interact with existing customers. Twitter and Instagram will enable you to interact with customers and potential customers in real-time and inform them of your products and services. You can also answer questions or concerns on all of these platforms and receive reviews on your business page on Facebook.

While you will need to supplement social media marketing with other marketing types, if you have a solid online presence through social media, you can focus most of your marketing attention on this area and have great success.

Reward Your Loyal Customers

Business owners and marketing strategists sometimes focus on gaining new business and forget about loyal customers. Look at any cable or internet provider and see how many offers they have for new customers and how many they offer loyal customers; those large corporations don’t have to care for you after they get you because they already have your dollars and regular payments. Small businesses should never adopt this mentality, even if they become corporations.

If you care for your loyal customers, you can trust they will tell everyone they know about your business. So place in rewards, make them feel loved and cared for at every turn, and keep them happy. Your most loyal customers can be critical to ideas and changes that will improve your business, product, or service.

Build Your Network

Networking over the years has almost taken on a negative reputation. When people think of networking, they dream up scenarios of people wandering around, drinking in hand, handing out business cards, and having pretentious and shallow conversations.

 Today’s networking is done more in the digital world and, when brought into real life, usually culminates in meeting for coffee one-on-one or social events that have more of a “getting to know you better” vibe than hitting as many people as possible in the palm with your business card.

With this in mind, remember the word personal when building your personal network. Your network needs to be filled with faithful “go-to” people you can call upon when you need them, and they will do the same.

Some of the best businesswomen and men have strong relationships, even with their competitors. Sometimes, your business or theirs cannot fulfill a client’s need, and if you send them their way, that will be bankable networking credit that can prove valuable and profitable.

Change Your Strategy

Change is good, especially when it comes to marketing. If it isn’t broken, don’t fix it. It is an adage that carries over in our business world today. However, if your marketing strategies are now letting you down or not as effective, change them up. Nothing says you have to do the same marketing you did at the beginning week over week or year over year.

Your business should be a living and breathing thing, and so should your marketing strategy. Why do you think big and even medium businesses have entire marketing departments? Would they need them if they were doing the same things repeatedly?

Conclusion

Throughout the beginning and life of your business, you should focus on marketing strategies. They are essential to the success of your business and the longevity and growth of it as well. Marketing should also get an allotment of the business budget because of its importance. With the right marketing strategies, your business will be a great success.

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.

Business banking is when a company uses a bank to handle all its financial dealings and creates different accounts, such as savings and checking accounts. These banking institutions also often provide the business with loans and credits.

A bank can also issue a business credit card(s) for financing. Business banking accounts are created explicitly for businesses rather than individuals, as their financial systems differ.

Some banks also offer advisory services to businesses after analyzing their finances. Banks provide services explicitly created for each business according to their needs. These services include deposit accounts and non-interest-bearing products, real estate loans, commercial loans, and credit card services.

Apart from the other services, business banks also offer financing options, cash management solutions, payroll services, and fraud protection. The IRS gives businesses in the United States an EIN, a unique nine-digit code that acts as an identification number, and this code is used to open business accounts in the bank(s).

The IRS requires businesses to create bank accounts, so having an EIN is very important for companies operating in the United States. Choosing the right bank for your business banking is very important as you should choose the one that suits you right with all your requirements and needs. 

Below are a few tips for picking the right bank for your business.

Determine What Features You Need

Each bank offers different and various features with business accounts. Large banks offer more features, services, perks, and fewer bank charges than smaller banks.

You will have access to ATMs and bigger branches, too. But if you want a closer connection to the bank and the bank services, you should opt for smaller banks, as they will give you personalized services and will be available most of the time.

What are the Charges?

A few charges a bank asks for from the account holders are monthly maintenance fees, minimum balance fees, wire transfer fees, ATM fees and surcharges, and overdraft fees. You can sometimes ask for negotiations or flexibility if you reach a certain balance. If the charges are affordable enough and you have sufficient funds to reach the minimum account opening requirement, you should choose that bank.

Make Sure Your Funds are Protected

The most important part of opening a bank’s business account is to ensure that the bank is reliable enough to trust them with your money. The bank should offer insurance and should be insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC provides financial institutions insurance for all deposits received, including checking and savings account deposits.

Shortlist and Research Different Banks

It would help if you always considered multiple banks while choosing the right one to compare each bank’s features and facilities, charges, and types of services. It will help you list the pros and cons of choosing each bank to help you choose the most suitable one that meets your needs. Sometimes, you also have to use different banks for different purposes or services, so having multiple banks in mind can be helpful.

You should also research the users’ rankings to ensure that you’re not being lied to and will get what’s being advertised to you. You can also change your business bank if the previous one didn’t meet your needs or specifications.

Establishing a business account at a bank necessitates the presentation of accurate and essential documents. These documents typically include the business’s legal name, its Employer Identification Number (EIN), physical address, and contact information, encompassing the business’s phone number, email address, and website details.

Conclusion

You must choose the right bank(s) for your business accounts and ensure that all your needs are met according to your business. You should follow the tips mentioned above to ensure that you pick the right bank for your business and that all your financial systems are correctly handled. Entrepreneurs need to separate their accounts from their business accounts to prevent confusion and keep them in order.

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.