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Managing cash flow is essential as it helps businesses run more effectively because it determines how much money is coming in and going out of the company. Proper cash flow can help prevent the liquidity problems a business can face if your business is constantly spending earnings. For all businesses, but especially for small businesses, it is necessary to have enough money to pay creditors and avoid extended cash shortages, mainly caused by a vast difference between cash inflows and cash outflows.

Managing the cash flows of your business is a challenging job, and while analyzing the cash flow, many problems may occur. Still, this article will also give you the solution to help you run your business better.

High Debt Payments

Having high debts causes difficulty in managing the cash flows and is a common problem a company faces especially new and small businesses. The leading cause of this problem is usually a high-priced loan with higher interest rates taken from the bank. Because of this, the net inflows reduce, which causes you to pay the debts from your profits and retained earnings, which can further lead your business into a deficit.

 Solution

The best solution to having extensive debts can be refinancing your loans. Refinancing the loans means replacing the high-interest rate loan with another loan of a lower interest rate, reducing the payments by decreasing the interest rate. Moreover, suppose the business must make higher payments. In that case, you can also consider cutting other overhead expenses, such as finding a cheaper supplier to reduce your cost of sales. You can also increase the selling price of your products. In turn, this will increase the return on capital employed, further increasing your inflows and leading you to pay your debts relatively quickly.

Offering Too Many Credits

If you are in a wholesale business, it is pervasive that you supply goods on credit, which can be very risky and challenging to manage as you cannot trust if the business will repay you or not. Even trustworthy companies can face liquidity problems or even go bankrupt, which can reduce the chances or even make it impossible to get your money back, causing you to meet cash flow and management problems further. 

Solution

A solution can be credit insurance, as it protects the business against nonpaying firms or clients. It mainly pays you a certain amount of your loan if the debtor is not paying because they are bankrupt or facing cash flow problems and will pay you back later than the payback date. Insurance can further help you manage your cash flows easily.

Excess Inventory

Having excess inventory means that the business has either produced extra goods to sell or has stocked many products intended to sell. Excess inventory causes the company to have more current assets, i.e., the closing list, making the cash flows more challenging. The stock stays longer on the shelves, resulting in obsolete inventory. It will take up extra storage, increasing storage costs and resulting in higher expenses and high outflow.   

Solution

If you are in a manufacturing business, you could use the just-in-time method of production, which will ensure that no extra inventory will be produced, which would be wasted. This way, there would not be any additional costs, and the cash flow would be stable. If you are in a retail business, then you should only buy the amount of inventory that you are sure will be sold. The company will have fewer current assets, and the income will be higher, reducing the outflows and making it easy to analyze the cash flow position. 

Conclusion

In conclusion, effective cash flow management is crucial for the financial health of a business. It helps maintain liquidity and prevent high debt payments, excessive credits, and excess inventory. By implementing the suggested solutions, businesses can enhance their financial stability and ensure smooth operations. Managing cash flow is an ongoing process that demands attention and adaptability, but with the right strategies, businesses can navigate these challenges successfully. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Are you ready to elevate your business? It’s no secret that entrepreneurship is a relentless journey. While entrepreneurs are tirelessly busy ensuring the survival of their businesses, effective human resource management is often the linchpin for achieving corporate objectives. Outdated methods and technology won’t cut it in the 21st century. It’s imperative to embrace modern technology and practices to harness the full potential of your human resources. The following steps will guide you toward managing your human resources efficiently.

Understanding the Mission

At its core, every human resource department must grasp the company’s mission statement fully. This statement serves as the driving force behind the organization. It propels the company toward its desired objectives. Achieving this requires a comprehensive understanding of company goals by HR executives. Precision is critical because everything emanates from this foundational understanding. Human resource managers are acutely aware of the stakes involved, and they diligently work to ensure that the necessary performance levels are consistently achieved.

Focusing on Business Growth

The foremost consideration is business growth. HR must remain vigilant about the direction in which the business is progressing. If it’s on an upward trajectory, the department should anticipate the need for recruitment in the near future. HR departments play a crucial role in maintaining open lines of communication with company leadership to discern the appropriate timing for recruitment planning. Anticipated business growth typically catalyzes commencing the recruitment process.

Anticipating Future Needs

An essential role of a contemporary human resource department is proactively preparing for the needs of a growing company. It entails vigilance over the company’s expansion plans, especially during potential mergers with other businesses. Regardless of the size of the merger, it places the HR department on high alert. HR must foresee the future needs of the company and act accordingly. Moreover, HR needs to balance the company’s demands with its employees. In this dual capacity, HR’s role expands as it manages the existing workforce while anticipating selective future recruitment. It’s important to note that such hirings are typically limited and aimed at replacing departed employees.

Ensuring Employee Retention

Employees are often deemed a company’s most valuable asset, and this perspective holds. Forcing employees to leave or pushing them is detrimental and far from an ideal practice. Instead, a proficient HR team is committed to ensuring employee retention at all costs. Experienced employees possess an in-depth understanding of their roles and what the company expects from them. Over time, retaining these professional employees not only enhances profitability but also facilitates business growth without the concern of incurring losses. Therefore, the prevailing focus is on having seasoned employees while recruiting new talent when necessary.

Providing Essential Tools

What value does an employee bring if they have a target in their sights but lack the necessary tools to achieve it? This issue frequently plagues companies, leaving employees needing more essential resources for optimal performance. To address this concern, the HR department must proactively assess the workforce’s needs and promptly provide the requested tools.

Considering Employee Competence

Expecting peak performance from employees without providing the necessary tools is an exercise in futility. Additionally, HR should align employee targets with their competence and expertise. Fresh candidates may need more experience and knowledge than more seasoned employees. Therefore, HR professionals must evaluate each employee’s background and skills before task assignments.

Initiating Best Practices

To achieve optimal results without sacrificing performance, HR professionals must champion best practices. Their skills and expertise are vital in extracting superior performance from the team while preserving their confidence. While pushing employees to work late may temporarily impact their performance, it is necessary to meet monthly and quarterly goals. Balancing these demands is essential for success.

Conclusion 

In today’s dynamic business landscape, human resource management is a cornerstone of success. Modernizing HR practices and embracing technology is essential for achieving business growth. Equipping employees with the necessary tools and considering their competence is crucial. By initiating best practices and fostering a positive work environment, HR professionals can drive performance and achieve company goals effectively. In a world of constant change, staying ahead means adapting and optimizing HR strategies to meet the challenges of the 21st century. 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.

Synonymous with the income statement, a profit and loss statement (P&L) is a complete summary of the financial standings of any business. It includes the total revenue, service and product cost, taxation, payroll, operational costs as well as the net profit of the company. Large enterprises and businesses usually compile P&L on a quarterly or bi-annual basis. Smaller enterprises maintain a monthly P&L to keep their financial standings and business trends under check.

P&L is particularly important for the filing of business tax returns. It allows business owners to calculate their net income accurately and then determine their income tax liability in a fiscal year.

P&L also plays an incredibly significant role in pitching potential investors or diving into a new business venture. Such a profit and loss statement, more aptly called a Pro-forma P&L, is a futuristic projection of estimated costs and potential revenue calculated after reviewing market trends.

It is best to use proper accounting software to create a profit and loss statement; however, if you do not have access to one, here is our 6-step guide to help you make a good profit and loss statement.

Calculating Total Revenue

It is imperative to calculate your business’s total revenue for the specified timeframe to kickstart your P&L statement. It entails not only assessing income from sales but also accounting for any additional revenue sources, such as earnings from asset sales or investments. Cross-referencing this calculated total revenue with your business account balances and financial transactions during the designated period ensures the accuracy of this crucial financial figure.

Deducting Product and Service Costs

After meticulously cross-referencing your total revenue with your bank statements, the next step involves deducting the costs associated with the products or services your business offers. These expenses encompass the amount disbursed when procuring products from external vendors, manufacturing your goods, or providing services to clients—ranging from graphic design to writing and transcribing. This process of cost deduction unveils the transparent contrast between your product and service expenses and the revenue they generate, ultimately exposing your business’s profit margin.

Calculating Gross Profit

Following the deduction of product and service costs, the subsequent step involves subtracting your company’s total operating expenses. The outcome of this calculation represents your company’s gross profit. Operating expenses encompass a broad spectrum, ranging from human resource costs and payroll to utilities, equipment, logistics, and various other expenditures directly or indirectly associated with business operations. These costs collectively underpin the financial health of your business, and understanding the gross profit is crucial in assessing your financial standing.

Adding Additional Income

Once you’ve deducted product and operational costs, the next crucial step involves adding any additional income earned by your business. This supplemental income may encompass dividends from other investments or interest income. The result of this addition is the calculation of EBIDTA (Earnings before interest, tax, depreciation, and amortization). This financial indicator provides a comprehensive snapshot of your business’s financial performance, serving as a pivotal metric for assessing profitability and financial stability.

Calculating Taxes, Depreciation, and Remunerations

Once your EBIDTA is determined, it becomes the foundation for computing your gross income. From there, you can seamlessly calculate your income tax liability. For precision in this aspect, it’s advisable to engage a taxation and asset depreciation expert to provide accurate estimations. Additionally, don’t overlook the remunerations extended to your employees or clients; ensure these are accurately calculated, considering their significance in the financial framework of your business.

Finalizing Net Profit

With your taxes and asset depreciation value accurately calculated, you can finalize your net profit. This conclusive figure represents the ultimate financial outcome of your business operations. It encapsulates the overall financial health of your company, accounting for all revenue, expenses, and tax liabilities. The net profit reveals how successful your business has been in generating income, managing costs, and complying with taxation requirements. It serves as a clear indicator of your business’s profitability and can inform critical decisions, including resource allocation, expansion plans, and investment strategies. The net profit is more than just a number; it reflects your business’s financial viability and is a critical driver in shaping its future trajectory.

Conclusion 

In conclusion, the profit and loss statement (P&L) is an indispensable tool for businesses to assess their financial health and profitability and plan for the future. Following the steps outlined in this guide, you can accurately prepare a P&L statement, enabling you to make informed decisions, understand your business’s trends, and continuously improve your products and services. This financial document not only aids in tax reporting but also serves as a valuable asset in shaping the trajectory of your business. 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.

Has the bank rejected your financing application? Are you looking for an alternative solution to finance the development of your business? Solutions exist. You need to understand the bank’s refusal and reorient yourself.

Ask Your Banker

Is it the type of need that posed the problem, the lack of personal contribution, the absence of surety or guarantees to apprehend, or the financing file that was not complete enough? To advance in your search for financing and to target it better, you must, above all, understand this bank’s refusal.

Contact a CCI

To gather as much information as possible about existing funding, go to advisers linked to your sector, for example, a Chamber of Commerce and Industry (CCI). These public bodies help entrepreneurs identify their needs and direct them to suitable financing bodies, state aid, etc. You can ask them for more detailed and personalized support for a fee.

Hire a Broker

Don’t have the time or don’t want to do this research yourself? You can always turn to a broker who will investigate for you to determine the financing best suited to your activity, business, and need. You will be able to benefit from his expertise and especially from his network. His remuneration generally depends on the amount of credit granted for the success of his mission. Your interests go in the same direction.

Corporate Finance: What Other Solutions?

Banking competition

If your historic bank does not follow you, do not hesitate to approach others. They do not all have the same criteria. A banking player will also be ready to make concessions to attract a new client and thus recover the company’s financial flows.

The banking pools

Building a bank pool allows credit to be divided between several banks – and, therefore, the risks associated with the project. However, they will also have to share the company’s financial flows. This last element remains very disappointing for a bank. Indeed, a banking organization will prefer to keep all the flows. It will, therefore, probably choose to carry out co-financing with, for example, a crowdfunding platform. The latter does not require opening an account, and flows can be kept at 100% by the banking institution.

Crowdfunding

In recent years, crowdfunding has become a natural alternative to business bank loans. Different types of platforms exist, adapted to the diverse needs and stages of maturity of a company.

Crowdfunding or donation against donation

With collections of $5,000 on average required, crowdfunding is more suited to small needs when starting a business. This method of financing makes it possible, for example, to supplement a personal contribution (springboard to the bank loan), acquire its first stocks, or launch the manufacture of its first products.

Crowdlending or crowdfunding

Particularly suited to the development of VSEs / SMEs, crowdfunding loans can borrow between $10,000 and $2.5 million from individuals in exchange for financial interest. Generally, platforms rely more on companies’ actual reimbursement capacities than on the guarantees and guarantees they can present. Therefore, this financing solution suits intangible needs such as recruitment, work, marketing expenses, R&D costs, IT equipment, or stocks.

Crowd equity or participatory investment

Rather suited to companies in the creation or startups in the acceleration phase, crowd equity allows individuals to become micro-shareholders in exchange for financial investment. As with the loan, companies can raise funds up to 2.5 million dollars.

Business angels

Business angels choose projects that are important to them. More than a financial investment, they will offer these time-creating companies and their expertise. Indeed, they are generally former entrepreneurs or businessmen/women.

Daily factoring or financing

These solutions, which work almost the same way, are particularly suited to cash flow needs. In both cases, the debts owed by the company’s customers are advanced to it. With factoring, the factors (or factoring companies) become the owners of the company’s debt. They, therefore, reimburse the company and are responsible for monitoring the receivables. With daily financing, the company remains the debt owner, but its bank makes a cash advance.

Honor loans

Honor loans are for business startups and takeovers. Honor loans are zero-rate loans. The purpose of this credit is to be a lever for obtaining a bank loan. It generally complements a personal contribution.

Investment funds

Financial companies aim to manage and invest the funds entrusted to them by their investors (individuals, institutions, etc.). It seeks to invest in companies with promising growth opportunities and generate an attractive return on investment. Several investment funds choose to invest in companies according to maturity sector. For example, venture capital funds oriented towards creation or development capital funds concentrate on growth companies.

Leasing

When considering purchasing vehicles or machinery, leasing allows companies to spread their payments over time and not take out credit or weaken their cash flow.

Target funding adapted to their needs

For a business executive, it is imperative to learn to target the resources relevant to his project. The bank is not the solution to all funding requests. There is a solution for every need! Understanding the tools available and diversifying its funding sources have become real challenges for a business executive! Having alternatives in mind and knowing what solutions you can claim will also bring you greater bargaining power with the bank. 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.

According to Forbes, the success rate of global traders is around 10%. We want to perceive ourselves as winners. However, successful traders are constantly focusing on their losses. It allows them to increase their efforts. Keep a record of what you have earned and lost every day in your business. It is suitable for the company when running a business that needs growth and fame in the market.

Make a proper plan and stick to your goals with the discipline to become a successful entrepreneur. It is better to do a 9 to 5 job by locking your hands and dreams. You will have to learn how to trade for a relevant business in which you are interested in profitable investments.

It would be best to have massive financial capital with the stamina to bear risks. Suppose you want to make desirable money and become a successful trader. In that case, you will have to consider the following rules. You must know what the Financial Industry Regulatory Authority (FINRA) is and how to get it.

Every business owner needs a Financial Industry Regulatory Authority (FINRA). For this, you must have at least $25,000 equity in your account. It applies to those who sell and purchase the same security on the same day. It will be officially possible four or more times in five business days. Your day-trading operation must be six times greater than trading activity within the same five-day period.

A Plan

Trading is how you spend money and invest your life savings, time, and efforts. 80% of Americans dream of self-made business as it makes you independent financially, and you will be the only central power.

For this, you need to set your goals and rules for your business operations. Also, a proper plan with all listed requirements, budget, and overall company cost. In this way, you will know how to manage all your expenses, risks, and the return of investments. Also, it provides us with the courage to deal with every crisis and situation, like rush orders and product delivery management, with a tight budget.

Remember that you will always estimate every expense more than the actual cost. For instance, your business expense of one order is one lac so you will set aside two times extra money for that. If you can’t do this or have a limited budget, an emergency fund will be the best option. It will prevent you from capital deficiency. Also, when you miss something unintentionally, your business plan will help you and help convince your potential customer.

Track Your Regular Performance

Make your business strategy from day one of your project management. There are lots of software available on the internet. Performance monitoring is not a thing that indicates your business activity’s status. It tells you how you manage your risks, finances, and money transactions and how you overcome your crisis. Are your delivery production and money transactions free from scams and illegal basis?

You must be tech-savvy in this regard and can’t do it manually. It would be best to have a backup plan with the backup-testing system. It will record your business performance, money transactions, delivery products, and legal business operating activities.

Your corporation must have a TD Ameritrade for a practice system. Wealth-Lab Pro protects you from fidelity. Many business owners receive ten thousand fake money to check whether PaperMoney is legal. There are lots of software and platforms that offer you such services for free. Some online channels ask for extra charges, and a few offer different packages.

Get Benefit from Technology

When you deal with your business with a professional platform, including the projects of international clients, you will have to be tech-savvy. Technology does not only help you in making potential backtesting strategies. But it also provides access to those platforms that can digitalize all your business activities.

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, businesses require a lot of planning to achieve the success needed and to recover the investment that is happening. Starting a business is not easy, and less if one ventures without knowing anything about it. It is not just about “losing money.” A person must do financial analysis marketing and look for sources, among many other things, to know if it is appropriate.

Being a Business Owner Requires Planning

Having a business of their own is everyone’s dream, but it can become a nightmare without proper planning. While there are too many micro-businesses or enterprises, there is no decisive reason to be part of them. While they plan their work and work with their plan, everything should go well.

An option for many people is to have an established business because there is a safe investment, which is relatively accurate. There is also the option of having a company with partners who help them get ahead and grow it.

Is Entrepreneurship for You?

For many people, starting a business is a risky adventure; it is a fact that most small businesses fail every year. There is no sure formula to eliminate this risk, but it can be reduced when planning and evaluating ideas in the industry.

A person must start evaluating themselves, determining the strengths and weaknesses, the leadership capacity, and the ability to direct and make decisions. The demand for entrepreneurs is as great as the skills are recognized. To make sure if this is the right choice or not, one can ask the following questions:

Do They Have Initiative?

Remember that the success of their business will depend only on them, their flexibility, confidence, discipline, and the ability to make quick decisions and organize their time to follow everything in detail.

Are They Ready for the Demanding Job of a Home Business?

Running a business is exhaustive; they spend 12 to 16 hours a day in it, planning and working on weekends and holidays. It also means that your family is prepared to make sacrifices since having all the responsibilities of owning a business can be heavy and stressful, and they may need help at some point.

Do They Have Business Management Skills?

Management skills, more than anything, refer to if you have any experience in management and supervision of the business. In addition to being related to the fact that it requires hiring or firing people before. It is fundamental for sales and marketing because they will also understand the accounting and financing of the business.

The Positive Side

A sad reality is that they can find many reasons not to start a business, but if they are motivated and ready to work hard, trying to take advantage, and willing to sacrifice, they can soon be their boss. Continuously, the long work hours have their benefits, and undertaking means not limiting opportunities, accepting challenges, and receiving rewards. Now, to know if their idea is feasible, I make a list of questions that will help you to understand:

• Is there enough money for the idea?
• Do they have any significant experience in the industry?
• Can they sell?
• Is their idea a new pioneer within the segment they want to serve?
• How broad is the market they choose to target?
• Does their market have a chance to grow?
• Who will be their competition?
• Are they better than the competition? How?
• What is the most significant risk in their idea?
• Can they finance this business?
• After they answer these questions, they can list things to start their plan and ideas.
• I recommend that they read the tips to start a business; there are over 60 tips.

Reasons to Seek Advice

Many business owners do not usually seek legal advice until a problem confronts them. A good entrepreneur seeks the experience of lawyers and people who help him with legal advice; a legal counselor provides guidance and essential skills for managing their team.

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 economic changes influenced people’s consumption habits and changed how and when they decided to eat. The days of making three meals at a fixed time are already a thing of the past. Now, snacks and meals at any time appear as growth opportunities for restaurants.

In recent years, we have seen how more consumers prefer to take advantage of offers and make smaller purchases, even when it comes to food. They are asking for less at the main meals – which makes them hungrier during the day. And for all this, they spend the day pecking, they are fond of snacks and eat at different times than traditional ones.

According to the Techonomic study, snacks between meals have grown steadily in recent years. Still, since 2016, 83% of consumers have accelerated even more in 2016, compared with 76% in 2014 daily. Among the causes of this are:

• The accelerated pace of consumer lifestyles
• The increase in the number of smaller households (which allows greater flexibility around mealtimes)
• The increasingly widespread notion is that Snacks are part of a healthy diet

Several studies have shown that restaurants could attract loyal customers during low-demand hours if they offered, especially discounts.

And more so when 77% of adults – including 85% of millennials – say they would most likely go to a restaurant at low hours if they paid less.

If you want to increase sales in these periods, your goal will be to increase traffic and do so without affecting sales at peak hours, using, for example, these three slots:

1. Morning and afternoon

One selling opportunity during breakfast hours is to offer smaller foods, such as fresh fruit, some mix for the road, and bites to snack on later. Most of your customers go to lunch afterward, and having these options will make them want to take them to eat at their break time or before or after lunch.

The time between lunch and dinner also offers a new opportunity to increase daily sales. Many restaurants and coffee shops have chosen to create mid-afternoon menus and offer special promotions to attract customers at those lower hours.

2. Happy hour

It is also an excellent strategy to increase sales in the afternoon and snacks and happy hour (usually between 5:00 p.m.-7:00 p.m., although it may vary depending on the mealtimes in each country.).

This time slot allows taking something out and for a better price, which will make it more attractive to those who look closely at their budget. The star choices are special menus for happy hour, cocktails at special prices, smaller plates, and snacks.

Happy hour can also serve as a bridge for dinner. The economic change has meant that many restaurants have also become a bar. More and more consumers decide to stay in one place instead of moving, so restaurants become the chosen destination for the whole night.

3. Sunset-night

Other types of customers who are also present at the end of the afternoon can be a potential source of income for you. The key to success is to do it properly since the night customers are quite different from the rest of the day.

The people who will visit you to extend the night tend to be younger (from 18 to 24 years old) and look for a different experience or a different environment from those who dine during the typical hours. These nights, clients can come from a game, a show, or a concert, and to attract this group, you must make your restaurant fun, with a good atmosphere and economical during these hours.

We usually change to a more straightforward menu to take advantage of this segment, with sandwiches, small plates, snacks, and plates to share.

But not making mistakes that are not traditional in terms of time and way of consuming does not mean that they do not value good service. They still like to be well taken care of after and feel they care about them.

They also choose a good atmosphere, so some restaurants adjust the lighting and combine it with different music. Others offer board games to encourage customers to have fun and relax.

Suppose you choose to open now; select staff with the necessary resistance. Select a team that does not mind the time or the type of audience.

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.

Web 2.0 encourages many companies to change their structure and to make their way to Enterprise 2.0. Then, the corporate culture is also put to the test.

Suppose you follow the current discussion of how companies can use Web 2.0 technology for themselves. In that case, you will notice that it parallels the knowledge management discussion at the turn of the millennium. Little has changed in most companies since then. Their culture has not changed, and the challenge of organizing knowledge has not been solved.

And now comes Web 2.0, and the companies should develop into Enterprise 2.0. Understandably, some managers approach this topic with reservations. Nevertheless, there is no way for companies to deal with the questions:

• To what extent does Web 2.0 technology change our environment? 
• To what extent can we want to, or do we even have to use them for our success?

Today, 98% of 15 to 29-year-olds use the social web as a source of contact and information – among other things, because they are fascinated by these hands-on technologies, the uncontrolled and domination-free exchange of information. These young men and women are not just the customers of tomorrow’s companies; they are also their future employees – unless they are already on their payrolls.

When it comes to social media, two worldviews meet:

• A mechanistic, deterministic worldview represented by most companies and
• A liberal, selfish worldview, represented by the (mostly) younger employees and customers

The meeting of these two mental images has created a sustained dynamic of change in many companies.

Change Management is Becoming the Standard

Classic, hierarchical organizational concepts are increasingly losing their integrating and controlling effects in companies because they were the answer to a society organized according to the division of labor. Today, in their rigidity, they represent the counter-concept to social reality and convey to many employees a feeling of senselessness that arises from a discrepancy between individual expectations and structural conditions.

It creates pressure for change in companies, which is no longer about reorganizing routines but instead initiating openness and flexibility. Change becomes the organizational standard because economic survival in modern times depends crucially on the potential for renewal.

However, employees only become innovative if they identify with the company. It presupposes that their resources are perceived and used appropriately. Usually, the structures in the companies do not follow the employees’ possibilities. Instead, the employees adapt to the existing inflexible systems. Working under these conditions makes sense for fewer and fewer employees. However, work perceived as meaningless does not create identification or motivation and is, therefore, neither innovative nor productive in the long run. It follows that a modern company organization must have variable structures. The adaptive effort must shift from the employees to the systems – and that is what happens when companies develop into Enterprise 2.0.

On the Way to Hypertext Organization

Open organizational structures are subject to the risk of only minimally integrating the organization’s members into the overall system. For this reason, when developing into a Web 2.0 company, the shared value base, i.e., corporate culture, has a central structuring function.

Study results show that open learning systems are unsuitable for all types of work. For routine work, hierarchical structures with defined disciplinary and professional leadership are the better choice. Hierarchical structures hinder only the project work, that is, work outside of familiar lines. Therefore, the central question in many companies is: How can we link hierarchical structures in our organization to perform routine work and open, network-like structures to perform tasks that require a high degree of creativity, flexibility, and cooperation? One concept for this is hypertext organization.

A hypertext organization sees itself as a network-like structure of logical connections. Different perspectives, points of view, and thus also links to a specific topic can be queried. Analogous to the design of the Internet, a hypertext organization is a collection of highly complex, linked hypertexts, which, in their structure, provide linked or linked knowledge with any increase in complexity, with as little redundancy as possible.

For this purpose, the hypertext organization combines three levels:

1. There is still the classic business system level with clear hierarchical structures for routine activities.
2. In addition, there is an “open” project level, highly innovative, with minor hierarchical assignments but clear technical goals.
3. A personal exchange occurs between the levels, depending on the project, administration, and routine work involved. The everyday basis is the shared knowledge made available via modern means of communication, such as an internet or intranet-supported database system.

Since all levels are logically interlinked, ideally, a dynamic knowledge cycle arises, which, on the one hand, guarantees the cohesion between free, innovative project work and routine administrative work and, on the other hand, prevents information deficits.

The advantages of this organizational form can be classified as follows regarding Enterprise 2.0 perspectives:

1. Depending on requirements, order situation, and environmental conditions, resources can either be developed by the business system level as a routine along with standardized procedures or new, innovative ways of resource procurement are evaluated on the project level.
2. Employees can contribute their know-how and information base, increasing and expanding through social media engagement.
3. Social media engagement of employees can be made connectable to existing routine processes.
4. With this organizational form, the company develops its culture and opens itself to operational social developments.

Such an organizational form, therefore, includes both clear, hierarchical structures and a permanently “open” structure with loosely connected, process-oriented work or project groups that open new, innovative potential. If these new products or processes prove their worth, they will integrate as standardized processes in the more hierarchically organized business process.

Determine the Degree of Maturity in Advance

Building a hypertext organization is a lengthy process that places high demands on the organization and its members. Therefore, it should determine the level of maturity of the company before the start of appropriate initiatives. 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.

Banking is something every financially responsible person will need to do at some point in their life. To gain financial literacy, you must understand the local, national, and global economy and your financial health. Here are the ways banks can empower clients and communities.

Education

Use accessible education to spread financial literacy between clients, both regular and potential ones. The term Financial Literacy is the most powerful tool for this work. However, financial literacy is lower in the United States; that is why Americans can make financial decisions confidently in real-world circumstances.

According to the research of FINRA, around 66% of Americans can answer only five questions related to the finance and economic aspects they experience daily. Those questions include:

• Interest rates and bond charges relationship
• Financial and economic inflation
• Risk and diversification laws
• Compound interest effects
• The impact that makes total interest payment term over a mortgage life

This is the best chance for banks to empower their clients regarding wealth and stability establishment. Around 10% of applicants put off their credit requests as they have a fear of request rejection. A Federal Reserve research study on the Economic Well-being of American households confirms this statistic.

You can’t avail of financial opportunities until you don’t have self-selected credit, as financial leverages need the highest credit history with a good credit score. It has a drastic influence on car purchases, house mortgages, educational opportunities, entrepreneurship, etc.

Banks should conduct financial literacy programs to empower communities and customers. Well-renowned banks have already started this campaign: First Republic Bank (FRB), Chime Bank, Citizen Bank, etc. FRB’s policy is to create such programs earlier, and they teach these sessions to elementary students through the portal. In this way, all learners become aware of all financial concepts for better decision-making in the future.

MyTrailhead is another financial literacy program to educate customers only. It is a platform where they learn financial experience rather than understanding the financial management system. Experts design this platform that fulfills all the requirements of the learners. With this program, banks provide onboard knowledge about finance to their clients via gamified learning. It also includes ranks, badges, points, etc.

Banks must make sure that financial literacy awareness is accessible from any device. Bankers can customize their content to meet the requirements of customers. You can also establish a specific module to overcome the CARES Act stimulus check’s expiration effect. You will also address the best way of smooth financial management to proceed with their account and money transaction activities.

Awareness

Checking up the financially weak clients is the core responsibility of all banks. Direct or online communication is the best way to solve problems, as discussion makes an effective solution. Banks can also share helpful tips with financial institutions to build relations with advisors who suggest ongoing and upcoming finances. They are the best helpers for making effective growth plans.

A well-known Ally Bank’s policies indicate how banks use marketing to spread financial literacy among clients. Also, these banks use different social media platforms like Twitter, Facebook, Instagram, etc. They post effective financial literacy content on these channels and share it with influencers to address financial wellness strategies during difficult times.

Clients build up their interests due to proactive communication. They get customized messages regarding the client’s unique preferences and situations. You can know customer preferences and behavior by considering client segments to learn valuable insights. It will help you in creating relevant messages for your targeted audience.

With these alerts, banks can update their clients about market variations with the tricks of being impacted. Create fundamental identity profiles after collecting data. You can then communicate with the targeted audience using message facility platforms and keeping people on track while delivering relevant financial and supportive information.

Access

What is next after expressing your existence in the market? People wish to access all desirable information anyway and at any time. You will have arranged something from where your clients and community members get complete knowledge about financial literacy. You can conduct different seminars regarding credit card applications and financial planning. Banks must have a responsive mobile application or a portal to access the desired information. 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, it is impossible for a business to ignore the importance of owning a website. This trend is indicative of the evolution of communication.

As of yesterday, traditional marketing was the main acquisition lever for most companies and brands. Now, it must recognize that it is digital marketing that prevails. Whether large companies or SMEs, all now have a website. Many also exist on social networks as well as on various digital platforms.

Just as communication rules have changed, customers’ behavior has also changed. The multiplication of connected media generates changes inhabits. The customer wishes to be informed without being the target of repeated and intrusive communication.

Faced with these changes, how are companies tackling these changes?

Fundamental Differences

Where traditional marketing aims to communicate in the broadest possible way, digital marketing tends to target the target audience as well as possible.

The prospectus, catalog, and television advertising have gradually given way to more targeted means of communication. Unfortunately, the old supports did not allow us to measure the relevance and effectiveness of the campaigns carried out. Only the turnover validated or not a strategy.

With the proliferation of digital media, online visibility has become a significant issue. Many companies have understood this and have developed solutions to reach a qualified audience. Unlike traditional marketing, digital marketing can deliver a message to a chosen audience, either by interest, age group, or socio-professional category. In other words, companies are trying to reach the right audience with the right message.

Cross-channel communication, for example, allows you to launch a campaign on different communication media. There is no shortage of social media, websites, YouTube channels, and mobile applications. Each one corresponding to a population segment makes it easy to adapt the message to make it relevant to everyone’s eyes.

Besides, analyzing the data generated by these campaigns allows us to measure their effectiveness and relevance. It is the way to adapt the communication according to the results obtained.

Adapting to New Rules

To survive in rapidly changing markets, companies must adapt. From human resources to commercial objectives, some companies must rethink their mode of operation and their organization completely. It is not uncommon, for example, to see the community manager position appear within the workforce. As the digital marketing market draws heavily on social networks, the presence of an employee able to master its work has become essential. They are often young and hold a certification stating their training.

The advent of this type of workstation is entirely due to this change in communication and marketing. Today, the digital premium.

Likewise, the sales teams evolve to adapt the strategy and the objectives to the new tools. Telephone prospecting, for example, is no longer as effective as it used to be. On the contrary, it has become a source of annoyance. Modern commercial prospecting takes many forms:

• Newsletter
• Inbound marketing: it is the art of attracting customers to yourself
• Community management: animation of communities on social networks
• Creation of a mobile application to stay in constant contact with the client

These are just a few of the tools that reach audiences and customers.

Tailored Techniques

When taking advantage of these changes, any business is interested in approaching the digital shift in a brutal and reasoned way.

Until recently, a simple showcase site was enough to exist on the web. Today, this is no longer the case. There are few sectors where this type of achievement is sufficient.

Given the fierce competition from specific markets, it becomes imperative to practice continuous competitive intelligence and draw inspiration from the most influential players. This is where growth hacking comes in. This method makes it possible to be inspired, even to use strategies the competitors have implemented.

This type of method happens because of data. It is all the data that is collected concerning the behavior of Internet users and mobile users. Without a proper interpretation of these figures, it is almost impossible to develop relevant and targeted communication. Without going into the dark side of pure and complex hacking, it is thus possible to take advantage of a lot of data accessible through tools to refine your communication strategy.

The goal is to have an audience as qualified as possible to ensure a good turnover. Too many companies want to develop their traffic. Unfortunately, it is not necessarily the number of views that counts but the number of users potentially interested in the products or services. Quality is more important than quantity.

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.