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Escaping debt isn’t simple, particularly when you have a cash tree developing on your terrace. At times it takes all you have to stay aware of the month-to-month bills and keep for later, not to pay the base regularly scheduled installments on your Mastercard and advances.

The vast majority of people have debts. Debt is not necessarily bad if the debt is an instrument to achieve specific purposes, such as buying a home of your own. But if you lose control, this can leave you in a bind.

Your debt is a problem if you cannot reasonably pay your expenses, save something for the future and, at the same time, continue paying the debt. Having too many debts not only limits your financial options but also costs you money because your credit score drops. As a result, you pay more interest on your loans and credit cards.

First of all, you should honestly evaluate your situation and formulate a plan before sending an extra dollar to a creditor.

Make a list of your monthly expenses and take out the balance of each of your debts. Keep a record of the total of both amounts: This will be the basis for determining your monthly budget. With each debt obligation, make a list of the amount you owe, the minimum monthly payment, and the interest rate of each one.

Then, get the free annual copy of each of your credit reports and compare the information they give you with the one you already collected. You may find debts that you forgot or that the reports include obligations you do not have.

Claim any errors you find in your credit reports. You can make your claim for free to correct errors, but there are few benefits in hiring an outside company to do

Set the priorities of your debts

Once you have established the scope of your debts, trace the order in which you want to focus on them.

Your priority should be to pay consumer debts, such as credit cards, medical bills, and personal loans; after that is when you should consider paying any outstanding invoices you have. Unlike when you pay consumer debts, covering billing accounts will not improve your credit score.

Student loans, car loans, and mortgages should be last on your list because interest rates are typically reasonable and, often, fixed.

Evaluate your resources

The more you can cut your monthly expenses, the more money you will have to pay off debts. Each extra dollar you spend on your debt will reduce the total amount of interest you pay each month.

Look for ways to reduce your expenses. Could you save money by preparing your lunch for work instead of buying it? Could you reduce the costs of cable, telephone, and internet?

Many times, there are ways to reduce your payments without risking your credit.

If you have medical bills, ask your doctor if you qualify for a public charity program or financial assistance programs that may reduce your total amount. If the medical bill is already in the hands of a collection agency, ask your doctor to recover it and get a payment plan directly with him.

Consider consolidating or refinancing your student loan to lower monthly payments and release more money to pay off your consumer debt.

Place your plan in action

You can get out of debt faster by paying first those with the highest interest rate. If you need a psychological boost to start, pay the lowest balance first.

Already paid a debt, direct your money to the next. The total amount of interest you pay each month will decrease with each account you pay, and more money will be available for the other charges.

Continue like this until all consumer debts disappear.

The payment of outstanding debts is only part of this task. You can end up in the same place again if you aren’t diligent. Preventing that requires maintaining a current budget – one that covers your current bills, pays outstanding debts and saves something for your retirement.

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.

What is an emergency fund?

The emergency fund is your mattress against unforeseen events. It is money that you will use to cover unbudgeted expenses that may arise on a day-to-day basis. For this reason, the main characteristic of an emergency fund is that you can recover the money quickly and that it is safe. For example, an investment fund will never be a good destination for this money for unexpected expenses since liquidity is not always immediate, and you can lose money no matter how conservative.

The life of Stan and Eli at the beginning of Up is an excellent example of what an emergency fund is and its uses.

Nor should you mix your contingency cushion with the rest of the savings and investments. The objective of the emergency fund is to face unbudgeted expenses. In other words, paying for vacations or changing cars would not enter at this point. However, a car repair you did not have planned would. In other words, you should use it only for emergencies, not for whims or avoidable expenses.

Crisis reserves make budgetary support that can keep you above water in a period of scarcity without depending on charge cards or taking out high-intrigue credits. It very well may be particularly critical to have a just-in-case account if you have an obligation since it can assist you with abstaining from getting more.

Do you need an emergency fund?

The answer is affirmative. In reality, everyone needs it, regardless of the income. A contingency cushion is an essential and handy financial tool. Avoid falling into these traps with your money; it would be best to get on in place immediately.

When you have money for contingencies, you do not have to ask for a loan to cover them. Debt has dangers beyond the interest you will pay, and even the 0% loans hide traps that you should know. But if there is a type of financing that you should avoid, this is the credit card, especially if you have it in revolving mode and you do not know it.

Stop saving and do not take advantage of your money. If you save but do not have an emergency fund, you will have to change how you do it every time an unexpected event arises. Start saving is one thing that costs more, and stop doing so to address an unforeseen event that can make it difficult for you to start up again. Automating your savings can help you avoid it.

In addition, an emergency fund will provide you with something more, a guarantee that you can endure any eventuality. This tranquility is much more valuable than you think.

How to create your emergency fund step by step

Now that you are clear about why it is vital to have a mattress against unforeseen circumstances, it is time to get down to work. How can you create yours?

The reality is that you only need one action to start creating your mattress in case of unforeseen events: pre-saving.

You can start creating your financial cushion automatically:

Step 1: Choose the amount you want to pre-save every month at the beginning of the month for your emergency fund. If you have doubts and prefer a personal guide, you have to sign up for this link’s free Financial Freedom course.

Step 2: Order a periodic transfer at the beginning of the month from the account where you receive the payroll to a different one.

Step 3: See how to create your emergency fund and reach the amount you choose.

If you want, you can complete these pre-savings with a saving challenge to make the process more fun. Here you can see the Savings Challenges that work best.

Once you reach the money for emergencies that you are comfortable with, it will be time to move on to the next point in your financial path: use the three blocks of financial planning to take advantage of your money.

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.

During the last years, the real estate market of Spain has spectacular growth, from the point of view of the houses constructed as the data of sale of new and used houses. It reflects a significant increase in the number of mortgage loans requested and granted. Credit institutions have seen their profit rates reflect substantial growths.

But with the slowdown in sales due to economic uncertainty, high housing prices, and excess real estate supply, there has also been a decline in the number of applications for mortgage loans.

To meet their objectives regarding the volume of loans granted, forcing banks to adopt new strategies to attract customers in a market where they are no longer abundant. How? By taking away customers from the competition. If there are no new clients, we will have to convince those already in the mortgage market to transfer their mortgage to our entity: this is called mortgage subrogation.

This open war between the entities to snatch customers can benefit the consumer since the entities will offer more advantageous conditions for the new mortgages than those before. On the one hand, some entities offer commission-free mortgages (cancellation, subrogation, etc.), more beneficial interests (from EURIBOR + 0.20 to EURIBOR + 0.35), even an economic compensation that can be a percentage of the total of the mortgage (1% – 2%) or a fixed amount (over $600). In addition, they usually offer the possibility of extending the repayment terms up to 35 or 40 years so that the monthly installments are lower.

Of course, such generosity on the part of banks as payment to our affiliation to their services must have counterparts. Almost all entities want us to become loyal customers, and that our list of contracted products is not limited to the mortgage. Therefore, the contracting of the mortgage loan will often be conditioned to the simultaneous contracting of the associated life and home insurance, to the direct debit of our payroll, to the domiciliation of a certain number of receipts, etc.

When will it be convenient for me to take the step of changing my mortgage?

Logically, as we always recommend, the main thing is to study the multiple offers carefully, go to many entities or inform us online. We will then have to evaluate the options and decide according to several criteria:

On the one hand, assess the total savings we will get throughout the life of the mortgage (if we maintain it with a term that is not greater than before).

Also, assess if we do not save on the total cost. We can get more extended return periods to go more relaxed every month (if we do not have this problem, we do not want to extend the return period because it ends up paying significantly more).

Weigh the cons, such as the subrogation and cancellation fees, the notary expenses of the new mortgage, or the insurance already paid to the other entity that it will lose.

In summary

We can say it is possible to save a lot of money if we can find an attractive offer and we know how to negotiate well, without ever forgetting that in this type of transaction of mortgage entities, these are the ones that are very interested in having us as clients.

It must take that strength advantage to obtain better conditions for our mortgage credit and thus reduce our present and future expenses.

A negotiation option that could be interesting would be to present to the director of our entity a concrete offer agreed with another entity better than the one we currently have. The conditions improve if he wants to continue counting on us as clients.

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 say that a company is financially stable or prosperous, what exactly do we mean? Is it just that the company is making a profit? Not necessarily. A company is financially sound if it makes a profit, but true financial success comes with attaining and achieving all financial goals. Monetary success does not necessarily define or is representative of a company’s success. A company should always see things in the broader spectrum and the longer run. For that purpose, entrepreneurs hire financial advisors for their firms or organization who have a better insight into the economic angle of a company and industry.

We all have dreams that we want to achieve and financial goals to achieve.

Some goals are more complex than others, but all are possible to achieve. You have helpful information on the Internet.

At some point in our childhood, it told us that it was unnecessary to set goals and that dreaming was for unrealistic people. They lied to us.

Big people set goals; they do not risk living an unplanned life; the rich know precisely what to achieve and how to achieve it.

Sounds interesting? Well, it is. But best of all, you can apply it too.

The following are five ways to increase your chances of achieving any specific goal, regardless of how difficult it may seem to you today.

Collect Information

That is right; do not think that having everything in your head will be enough. You have enough to deal with lots of things in your day today. You must follow a notebook with your tasks and follow up on your goal all the time.

One of the most potent things that influential people do is to keep track of their activities. Realize when you lose time and how you could improve your day-to-day to achieve more effectively.

Stay Focused on Your Goals

In achieving goals, Out of Sight = Out of Mind. If you do not have it in mind, you will forget it, that simple. People often do not achieve their goals because they ignore them. Do not let this happen to you too.

You can print a large print paper that puts your biggest goal to achieve and locate it somewhere in your room or office. Remember that the idea is to always impact your subconscious mind.

Dedicate Time to Review

In this exact order of ideas, it is good that you take time specifically to review how you are going with your goals and give yourself a grade for every good thing you have done—knowing from now on how to improve in the future.

When you review your progress, apart, you are doing an exercise of conscience and taking control over your life in a better way. You can take an hour each week (Saturday or Sunday will be fine), and you will see wonders.

Make a Plan

After a few days of acting towards your goal, sit down to define a plan. You will have a clear idea of ​​the succession of events that must occur to achieve your dream.

Define how much money, when, and how much you will save. It is that simple, but it is also that strict. Plan regardless of the size of your goal, and then try to adjust to it at 200%.

Automate

On your way to Financial Freedom, you will need help. Once you have decided on the goal you want to pursue, take advantage of the technology at your disposal. If you are reading this blog, then you have enough.

You have a device with Internet access, and therefore, access to free services like Google’s. Use Google Calendar for your reminders and events. Google Docs to keep your information in the cloud etc. Automate and help with technology.

Search Support

Human beings are social by nature. Whether you seek technical or emotional support, you will need someone who can be there for you, even for a few minutes. Do not think you can do it all by yourself.

Help others and let yourself get help. In a good excerpt from the book The Instant Millionaire, “People sometimes have a millionaire next door, and they say they have no way to get help from anywhere.”

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.

1. A higher salary does not guarantee more “wealth” than a lower salary

The amount of money you earn by itself does not help in building wealth or achieving financial freedom. What truly matters is the money that remains from your salary or income at the end of the month. Although it may seem obvious, many people overlook this simple rule.

The only thing that matters is how much money you can save from your income. And for that, we only have several ways: save more, spend less, or earn more money.

As I always say, choosing between earning more money and saving more money, always choose to make more money.

2. Everything starts with saving

When we talked about the four fundamental pillars of wealth creation, we had:

• The money you earn
• The money you save
• The interest you get for your money
• Time

The first three pillars are alterable if we add more in one post or another. I explain. If you earn more money, you should not focus on finding ways to save more money. If you lead a frugal lifestyle, you can save more than another person, even by earning less money.

In personal finance, the money you save is destined for a single purpose: investment. You can also reach the goal if you manage to get more profitability for your money thanks to your investment skills, earning less and saving minor but investing better.

In any case, time is the most important asset for the creation of wealth. So, the sooner you start to invest, the better since that is how we are putting the magic of compound interest to work.

But everything starts with saving. If you do not save anything, you cannot allocate money to the investment. Focus on increasing the amount of money you have left at the end of the month with the idea of ​​investing it.

3. Avoid early debts and credit card debts like the plague

This advice is nothing new. If you acquire a mortgage that takes more than 30% of your income when you are young, you will have put against you the probability of achieving financial freedom. However, at this time, due to low house prices, at a given time, it could be more profitable to buy than rent if you acquire a property as an investment, with the idea of ​​obtaining a return on it later. We will talk more carefully about this point.

Credit cards are the worst enemies in creating wealth because they generate an interest against us much higher than the average return on equity investment. So, if you have credit card debt, the best investment you can make is to take that debt away. If you manage to take away a 15% interest against you, it is like achieving a 15% return in your favor. Remember: “Money not spent has the same value as money earned.”

4. Do not live within your possibilities. Live below your means

It would be best if you began to distinguish between desire and need. Having a car is a necessity (in most cases). Buying a $40,500 car is a wish.

Most of the significant expenses that we make are usually wishes, in many cases, with the idea of ​​pretending. These desires and desires to act seriously harm the natural health of our finances.

There are two types of people: the one who tries to appear wealthy and the one who has wealth. As a rule, the one who has wealth is because he did not spend money trying to pretend it.

So, it always remains below your ability to generate income.

5. Where does the money we spend go?

If you want to take control of your finances, you must understand and analyze your consumption habits.

Small money leaks seem insignificant every month, but they add up to precious money that we could use to invest at the end of the year. In other cases, people who carry in their day-to-day a frugal lifestyle often commit three significant expenses that ruin all the effort of saving, such as a vacation or an expensive trip.

In any case, and as much as possible, try to know exactly where we spend money each month and analyze how you can cut spending.

Most experts in financial education talk about cuts in small expenses such as having a coffee at work. Still, we should keep paying attention to the high costs, such as technological devices, it is those pleasures: cars or luxurious houses.

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.

Suppose you are thinking about starting a new business venture and have already researched your product/services, reached out to investors, and are in the process of or have already created a business plan. In that case, you are likely going to set the ball rolling any time soon. However, before you jump into action, there are a few legalities that you might need to consider. In addition to the regular business plans, forecasting and projection sheets, year-end goals, and investment cycles, you need to do a lot of legal paperwork.

From pre-planning your business goals to setting up your periodic milestones and drafting all the legal documents, there’s a lot that you need to do. It is important to review everything from both an entrepreneurial and a legal perspective to ensure that your business starts on the right track. Here are a few essential things that must be a part of your legal checklist for new businesses.

Mission Statement is Crucial for Your Business Plans & Legal Documents: It is essential to have a clear understanding of your business and where you see it a few years ahead. To have this clarity, creating a mission statement is pivotal. While the mission statement is not typically set in stone and can evolve or be changed as your business grows, it plays a vital role in the legalities of your company. Your mission statement directs the legal decisions, including the type of company you will form, the treatment of taxes, employee types, benefits, and company vendor relationships. Your mission statement should be easy to understand and define the scope of work your company will do.

Understand Your Targets for the First 5 Years & Beyond: Setting targets for the first year or more is an excellent way to dive in deep but having a long-term plan is equally important to start a business in any industry. You must know your end goal with the company. While a mission statement focuses more on your personal choices and approach towards your brand, your end goals and target define the respective milestones in numbers. Your mission statement also clarifies whether you would need an investor for expansion plans, are planning any acquisitions or mergers, want to list your company on a stock exchange, and other binding terms that set the course of your company.

Finalizing and Defining the Management & Hierarchy of Your Company: While you might think who does what in your business is not a primary legal concern, it plays a significant part in paving your legal decisions. Apart from the owner and employees, you must also clearly define the roles of other entities in your business, including any potential co-owners, senior management, third-party vendors, service providers, and investors. The most important of these are the partners, as your ideas need to align with those that your business partner has to reach a collective end goal. You also need to consider the amount of control you are willing to share.

Proximity, Location & Clientele Are Important: Like the What, Who, and Why as stated in the above 3 points, a Where is equally essential for any business. Your business’s location refers to more than your business’s physical address but also to the areas you want to work in, the locality of your customers, and the place where you register your business. Setting up an office and managing the influx of customers is crucial if you have a retail store, a service-providing company, or any other business category.

Copyrights, Trademarks & Patents: This is the most crucial part and is one of the essential things on the legal checklist. It is vital that you not only protect your brand but any other products or entities associated with it. Start by registering your brand name. Following that, if you are selling any exclusive products, you better get patent rights, and if you are a service provider, you should acquire the copyrights. Discuss this with the lawyer in detail to avoid inconveniences at a later stage in 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.

Often, start-ups and small business owners prefer to get involved in every aspect of their business operations, from selecting the type of coffee machine to doing the company’s payroll taxes. Many entrepreneurs find it hard to delegate tasks to their employees or external consultants. However, if you’re an entrepreneur and spend too much time on unessential business activities, you can get assistance from financial consultants.

Partnering with financial consultants for crafting intelligent business strategies for a fraction of the cost is significant for a business’s long-term success. With the growing competition among companies worldwide, SMCs also prefer hiring a professional consultant for managing specific monetary tasks. They desire to seek specialized individuals for their consultation.

However, they mostly had scarce resources, which held them back from hiring an accountant consultant. It would be safer to say that cost-effectiveness and time are the two significant driving forces behind the motivation for hiring in-house accounting consultants.

The growing financial requirements of SMCs: From a small business to a large enterprise, every business requires someone to swiftly and efficiently manage their financial accounts, utilities, sending invoices, bank statements, and debtors. However, maintaining individual finance departments to operate financial matters isn’t only a nuisance and a costly chore. It is the primary reason why most businesses outsource their accounting matters. For them, an accounting consultant is more like a requirement than a desire.

Business accountancy services for SMCs: Many business success stories represent the commitment and dedication of the individuals involved, and it guarantees a secure future for a company. An experienced consultant offers appropriate requirements with creativity and wisdom, all the way to making sound financial decisions.

Beating the competitors motivates the entrepreneurs to get external help which means you’ll require accurate accounting tools and versatile strategies to get ahead of other business ventures. Business accounting and bookkeeping consultants’ services provide valuable insights that help your business improve its financial health.

Whether you’re starting up a new business or have an established business, the need for experienced accountants never dies. Some other concerns include qualification or expertise dilemmas that a customer doesn’t find satisfying.

Services of an accounting consultant: Many start-ups lack ideal cash flow management, which is a crucial reason they couldn’t succeed. This act kicks them out of the competition race, allowing other companies to capitalize on the vacant area. Therefore, businesses try to acquire the services of a professional consultant, which makes them comprehend various monetary operations and better decision making.

Accounting consultants can help you in the following ways:

• Financial forecasting and tactics
• Analyzes financial statements on behalf of business owners and suggests ways to solve cash flow problems.
• Calculate the profitability of your business
• Monitor cash flow both internally and externally and help you implement the strategies you see fit.
• Expands your business with significant financial insights and knowledge: Saves valuable time and money and lets you focus on important content.
• Manages payroll taxes and debt repayments.

Choosing the right accountancy consulting services for your business:

Accounting consultants certainly have better acknowledgment and understanding of financial matters than many business owners. They know the tips and tricks and can solely modify the entire fate of a company with sensible strategies and wise decision-making; precisely, they are the masters of the game. When you assign them and provide them with authority, you probably expect them to do their tasks professionally and efficiently.

If you wish to grow your business in such a competitive business industry, you must appoint the best accounting consultants in the town to ensure the business’s long-term success.

A typical small business consultant is a finance professional who can analyze your business’s problems and provide workable advice and strategies. Additionally, they can design marketing tactics for your company from social media platforms including, website/blog promotions, newspaper ads, and seminars.

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.

Although the business entrepreneurs have always been on the border with technological and scientific developments related to this crop, it took on the task of finding solutions generated by entrepreneurs, other research centers, universities, and companies that could solve one of the most critical challenges in the sector. In total, it received 64 proposals from 15 countries around the world with solutions focused on assisted harvesting, automated harvesting, robotics, technologies, and the internet of things.

It is just one example of organizations that have used open innovation models in Latin America and the Caribbean to find solutions and develop new products. It also shows the scale that this model can reach and why it has become so striking.

Startups: An open platform to solve a business challenge

100 Open Startups is an initiative of a non-profit corporation that articulates public-private networks and promotes meeting spaces to promote innovation and transform collaboratively.

In this blog post, I share the elements behind 100 Open Startups, the platform used by the Coffee Growers Federation challenge, and explain how you can take advantage of it to promote open innovation and solve a business challenge:

Identify the challenge – What area can benefit from an open innovation process?

The process starts from identifying a business challenge or specific problem that a company wants to solve or a new product or service that it wishes to develop and introduce to the market. This transformation consists of identifying needs, opportunities for improvement, or new horizons. It defines the technical aspects examined, the impact of the expected solution, the type of relationship with the potential solver, and how to measure the effectiveness of the result with indicators is determined.

For example, Coffee PickINN defines as a challenge: making coffee harvesting more efficient in Colombia? Because this step is the most critical part of the value chain and the secret of grain quality. In the country, the process is manual, so the costs are higher, labor is scarce, and it is not accessible to technical due to the geographical conditions of the land.

Share the challenge with possible solvers – the innovation network opened in Latin America and the Caribbean

Solutions to innovation challenges can come from research results of universities and their technology transfer offices or entrepreneurs, among other actors.

100 Open Startups connects, classifies, and generates business opportunities between large companies and entrepreneurs through a system of evaluation of crowdsourcing (open collaboration). In addition, it is open to the public and is accessible for solvers. To participate, you must register and report some basic information about the venture.

In the case of the CoffeePickInn challenge, it was possible to find solutions with different approaches. From entrepreneurs with business models and financing platforms to acquire tools to technological developments based on the Internet of Things (IoT) and specialized collection robots used in other industries.

Guide diverse and creative inputs with mentors and expert advice

Open innovation processes frequently require additional technical advice, including technological surveillance, evaluation of the state of intellectual property, and economic valuation of technologies, among other things.

In the case of the connection platform between entrepreneurs and companies, 100 Open Startups have evaluators of other entrepreneurs, senior executives from the region, and accelerator experts who make collective evaluations. It allows identifying the attractive proposals with the most substantial potential. Thus, both parties find opportunities and evolve the value offer that will enable them to solve a business challenge.

It would be best if you had the opinion of different areas of the organization in the process so that the solution is technically viable. From the financial point of view, you have the approval and commitment of implementation. The research team carried out technical management, innovation, representatives of the leading regional and external consultants.

Establish a strategic alliance that appropriates and finances the innovative solution

You achieve success when there is an “entrepreneur-company” or “corporate company any” alliance. The idea is to work hand in hand and bring the result of research from the laboratory to the market or make a commercial alliance between the enterprise and the company to develop or sell a product or service. Likewise, some ventures receive funding from organizations or angel investors interested in betting on an innovative project.

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.

It has happened to all of us. You are in your living room, sitting in your office, or in the shower (it happens a lot in the rain), and an incredible idea comes to you. “Eureka!” You think. But how do you get from a simple idea to a profitable business?

Keep reading these five steps to turn your great idea into a business.

1. Look it up

Great minds think alike. There is a possibility that such an incredible idea has already been thought of before. Not only that, but it could also be that someone else has already turned it into a business. The first step to realizing if your idea is worth being turned into a business is to find out if someone else has already done so. It will give you two options. If someone else has already done so, you will be able to know their processes and offer of service or product and validate if it is worth moving forward, considering the competition that already exists. On the other hand, it could be that your idea is original and there is no such thing in the market. It will give you the advantage of offering a unique product or service, and you can have many business opportunities.

2. Seek the opinions of others

In Mexico, we love to keep our ideas for fear of being stolen or that the business “ceases.” But talking about your idea with people you trust will help you hear their opinion about whether they would acquire or hire your product or service. When you are an entrepreneur, you usually enter what is known as a “closed idea,” this means that because it is your idea, you think it should not modify it, that it is the only way to get the business going, etc. The opinion of others can open your eyes to challenges you have not considered, or it can give you options or new points of view to improve.

3. Create an identity

If your friends and family receive your idea well, it is time to create a brand. Today’s business world moves very fast so that what today may seem like an incredible idea tomorrow could be obsolete. As we said before, you are never exempt from anyone who wants to steal it. Start by choosing a good name and ensuring the website and social networks that may belong to you. Even if you don’t think you would use social networks, it is preferable to have your brand registered to prevent another person from doing so under another concept.

4. Develop an action plan

After reviewing the first three steps, if your idea still seems viable, it is time to make an action plan. If you already have the capital to start the business, investigate the legal requirements you must comply with, quote the equipment and facilities you will need, or think about interviewing the personnel you must hire. On the other hand, if you still do not have the capital think about the available options: you can ask for a loan from a financial institution or get a group of partners or investors. If you approach your local or federal government, you can also get financing for entrepreneurs. Another good option could be to come online collection platforms such as funding. Where those users who like your idea invest a certain amount to make it a reality. The best way to get this capital is to create a sales folder where you explain your idea and how you will do business with it. If it is a product, take an example or prototype to convince your potential investors that your idea will succeed.

5. Develop a plan aimed at your customers

You have already designed how to get the capital to start your idea. Now you must think: how will you get your first customer? You may have the best business plan globally, but you don’t have a profitable business without clients. Create a strategy aimed at your clients that thinks about their needs, their location, and how you can communicate with them. Once you manage to find those who want or need your service or product, sales will begin to arrive, and you can say that you finally have a 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.

Everyone, everyone, must go through this phase of their life. Yeah, I am talking about the interview. An average person changes his job seven times in his whole life that means seven interviews and seven new interviewers. If a person is preparing for your interview, here is the list of six types of interviewers a person might encounter during your hunt for your dream job.

The Einstein: We all know giving interviews can be scary, especially when their interviewer is ready to tear them apart with his out worldly knowledge. Feel free to expect questions about the subject matter, subject matter, and subject matter.

A person can prepare for this type of interviewer from books, this type of interview requires a good command of the subject and its applied side. A person will want to become a bookworm if they want to pass one.

The Question Paper: 

This one will start asking questions after questions as soon as a person enters the room. You will not have enough time to start a conversation, and a person will find yourself preparing for the next question. A person should prepare every question that they can find online or any other source.

The Traditional one:

This type of interviewer will suck the last drop of one’s problem-solving abilities out. It will take thirty to forty-five minutes to finish with each candidate, so it is better to be ready and bombarded with every question. Some of the questions are likely to repeat, so it is beneficial to consult the interviewer.

The Friendly one:

This type of interviewer is way too friendly. This interviewer will make a person feel at home. In that case, it is better to accept this warm gesture and go with the flow. Try to start a conversation and establish a bond, yet do not forget to cast a professional expression on the interviewer. Even though this interviewer is friendly, that does not mean he does not take his job seriously. The best thing to do here is not to cross the boundaries yet answer his questions in the most professional way possible. There is no need to worry much about this type of interviewer because you will not be as nervous with him as with other interviewers.

The Grumpy Cat

As the name suggests, a person cannot impress this type of interviewer, no matter what they do. This interviewer will maintain a grumpy expression on his face or no expression at all. This person will make you feel uncertain about every answer, and an interviewee will never know whether the answers were right or wrong. Such interviewers are most challenging to deal with, so the tip is to be confident about yourself and the answers because this person will not give an appreciative smile no matter what.

The professional one

This person is the most balanced interviewer of all the above five. This person is not too rigid, nor too friendly, and knows well how to conduct professionally. An interviewee can expect a few smiles. The tip is to adjust to his mood and answer the questions carefully and appropriately.

The Busy one

This person will make it look as if he is the busiest person on the face of the earth. A candidate will find this person going through his phone and mail all the time while an interviewee is answering the questions. You can expect the least attention from him. Do not get annoyed with this behavior. This is not the way to conduct oneself, yet a person should not forget that these people have years of experience in their respective fields so they know they can have a good relationship with a bit of attention. Please do not get distracted and do not try to trick them.

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