In today’s corporate world, recruitment is nothing short of a battle of epic proportions. It is a war to win, from placing ads to reaching out to eligible candidates to convince talents to join them in their quest for greatness.
However, the best strategies and resource utilization will always have the upper hand in a battle. In recruitment, HR individuals today have the resources of IT procedures to expand their talent acquisition procedures. However, no matter the efficiency IT practices provide, they are only as good as the beforehand planning. Thus, HR and IT practices need to align perfectly for the best possible results. Let us discuss this thought in detail.
Before diving straight into it, let’s first try to understand what HR and IT are, what roles they play, and their importance.
Human Resources
Human resources, or human resources, are responsible for screening, recruiting, interviewing, and placing workers. They can also deal with employee relations, benefits, training, and payroll. HR managers plan, coordinate, and direct the administrative functions of any organization. Human resources are significant for employees and help them with the problems that they face at work.
Information Technology
IT or Information technology uses computers, networking, physical devices, storage, infrastructure, and processes to help store, process, create, exchange, and secure all forms of electronic data. The job includes a vast category of employment that stretches from simple computer jobs to the highest-paying jobs in the world. In simpler terms, an IT job is most commonly a computer support job, and no business can function without it.
Understand the New Talent
HR representatives of many high-profile enterprises fail to attract budding talent because they do not understand them. In other words, the days when employees only expected salaries from their employers are long gone. Present workers, or millennials, look for organizations that provide excellent value for their services and promise growth opportunities.
Thus, with the help of IT practices, mainly social media platforms, HR representatives can understand new talent. From their previous job experiences to their specific roles in their workplaces, HR can identify new skills.
Be More Mobile-Centric
Various research emphasizes the importance of mobile interaction in the contemporary era. The continuous advancement of mobile technology has created expectations in the employees’ minds, which the recruiters must fulfill. In other words, the millennials think these enterprises are ahead in their mobile usage. If these corporations fail to prove their smartphone usage, the talents will reject their offers altogether.
Offer Values Then Just Benefits
You cannot offer snacks to a person who is hungry for a complete-course meal. Similarly, these millennials know their worth, and you cannot buy them by offering just a salary package. Although salary packages are just as important, without proper benefits and learning opportunities, they will reject your offer altogether.
With the advent of IT in the frame, these millennials also look to work for tech-savvy organizations. Apart from mobile usage, they also look for the technology they use for operations. Since we live in a technologically surrounded era, the employees know they cannot survive long in the market if they are not tech-driven.
If you wish to attract new talent to your business’s doorstep, maximize your recruitment skills by using technology as your weapon. HR and IT walk hand in hand and are an essential part of a company. If any department is missing, it can be almost impossible for any business or work to function and prosper. Please pay attention to the factors that are important for your business. As an entrepreneur, it is your job to study and understand all the elements of your business. If you are not alluring enough, why would someone work for you?
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.
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.
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.
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.
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.
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.”
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.
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.
Unlock Your Potential: Steps to Turn Ideas into Profitable Businesses
Turn an idea into a business by following a structured five-phase approach: validate the opportunity, craft a lean business model, build a minimum viable product, acquire customers, and scale profitably. The journey from concept to sustainable business requires market research, strategic planning, and disciplined execution—but it’s entirely achievable with the right framework and mindset.
When I started Complete Controller over two decades ago, I didn’t have all the answers. I had a conviction that small business owners were drowning in bookkeeping complexity and a vision to simplify it. What I didn’t have was a crystal-clear roadmap—and that’s exactly why I’ve built this guide. Too many entrepreneurs wait for the “perfect” idea or the “right” moment. Neither exists. What does exist is a proven methodology to test your assumptions, minimize risk, and build something real. This article walks you through the five critical phases that transform raw ideas into profitable ventures, complete with practical tools, real-world benchmarks, and the hard-won lessons I’ve gained from helping thousands of businesses navigate their financial foundations.
What does it really take to turn an idea into a profitable business?
Turning an idea into a business requires five interconnected phases: validation, planning, building, launching, and scaling with profitability as the north star
Market research and customer discovery must happen before you build, not after—this saves months and thousands in wasted development
A lean business model (not a 50-page document) gives you clarity on how you’ll create, deliver, and capture value
Your minimum viable product (MVP) or proof of concept is the fastest way to test assumptions with real customers
The shift from idea to profitable business happens when revenue consistently exceeds your operational costs—this is your true launch point
Turn momentum into profit. See how Complete Controller supports growing businesses.
Phase 1: Validate Your Opportunity Before You Build Anything
The biggest mistake entrepreneurs make is building first and asking questions later. According to CB Insights, 42% of startups fail due to lack of market need—making validation your insurance policy against wasting time on ideas no one wants.
Before investing capital, sweat, and opportunity cost, you must answer three questions: Does the problem exist? Do people care enough to pay for a solution? Is there a realistic market size? This phase separates ideas with real potential from nice-to-haves.
Conduct targeted market research
Market research isn’t academic—it’s survival. Interview 15-20 potential customers about the problem you’re solving using open-ended questions; don’t sell. Study your competitive landscape to understand who else is solving this, what they’re doing well, and where they’re failing. Calculate market size to determine if this is a $1 million opportunity or a $1 billion one—both can be profitable, but your strategy depends on knowing this. Most importantly, gauge willingness to pay by asking directly: “Would you pay $X for this solution?” Answers reveal true demand.
For more guidance on validation, check out how to validate your business idea from SCORE, a nonprofit resource partner of the Small Business Administration.
Test your idea with a proof of concept
You don’t need a finished product—you need proof that your idea works. Dropbox famously validated its concept with a simple video before building the full product, growing their beta waiting list from 5,000 to 75,000 people overnight.
Create a landing page describing your solution and measure sign-ups
Build a clickable prototype using no-code tools (Figma, Webflow)
Offer a service manually (do it yourself first) to test the process
Survey early adopters and document their feedback
If fewer than 30% of interviewed prospects express genuine interest in your solution, revisit your idea or target market.
Phase 2: Define Your Business Structure and Legal Foundation
A great idea with poor structure is just a liability. Before you officially launch, you need the legal and operational scaffolding in place.
Your choice of business structure impacts taxes, liability, and operational complexity. Sole proprietorships work best for solo founders bootstrapping—they’re simplest with lowest cost but carry personal liability. LLCs suit most small businesses, offering liability protection and tax flexibility with easier setup. C-Corporations attract venture capital with clear equity structures but involve complex taxes. S-Corporations benefit profitable businesses through tax savings and liability protection but require ongoing compliance.
Register your business name and secure your domain
Your brand matters from day one. Keep your name short, memorable, and SEO-friendly. Secure yourname.com even if you’re not live yet, and verify your name doesn’t infringe on existing trademarks through USPTO.gov.
From day one, separate your personal and business finances. This isn’t optional—it’s essential for accurate bookkeeping, professional credibility, legal protection, and easy scaling. Open a business bank account immediately. It costs $0-25 per month and eliminates the complexity of commingling funds.
Phase 3: Craft a Lean Business Model That Actually Works
A lean business model is a one-page clarity document that answers: How will you create value? Who will buy it? How will you make money?
The Business Model Canvas organizes nine critical blocks. On the customer side, define your specific customer segments, articulate your value proposition, map discovery and access channels, and plan customer acquisition and retention strategies. On the operational side, identify daily activities required to deliver value, list essential assets needed, and determine strategic partnerships. The financial foundation includes understanding your cost structure and designing revenue streams.
Validate your unit economics early
Before scaling, prove the math works at a small scale. Calculate your Customer Acquisition Cost (CAC) and Customer Lifetime Value (LTV). According to industry benchmarks, a healthy LTV:CAC ratio is 3:1 or higher. If your CAC is $100 and LTV is $500, you have a sustainable 5:1 ratio. If CAC is $500 and LTV is $300, you’re losing money on every customer.
Document every step of delivering your product or service. Identify which activities are manual versus automated, locate bottlenecks, and determine which tasks could be outsourced or systematized. In my experience at Complete Controller, we discovered manual data entry was our biggest cost driver. By mapping that workflow, we identified automation opportunities that reduced costs by 40% within six months.
Phase 4: Build and Launch Your Minimum Viable Product
Your MVP is the smallest version of your product that solves the core problem. It’s not perfect—it’s real.
Define MVP features versus nice-to-haves by identifying three to five features that solve the primary problem. Core features are must-haves—without these, your solution doesn’t work. Secondary features enhance experience but aren’t essential. Save advanced features for future versions when you have revenue and feedback. Done and imperfect beats perfect and never-launched.
Build, launch, and iterate on a timeline
Set strict deadlines to avoid endless tinkering:
Weeks 1-2: Finalize MVP scope and assign ownership
Weeks 3-6: Build or assemble your MVP
Week 7: Soft launch to 10-20 early adopters
Weeks 8-10: Make critical improvements based on feedback
Weeks 11-12: Official launch
Track adoption rates, activation percentages, churn rates, Net Promoter Score (aim for 50+), and customer satisfaction. Meet weekly to discuss data and decide what to fix next. For additional startup guidance, explore essential steps for launching your startup.
Phase 5: Acquire Customers and Build Revenue
Ideas don’t become businesses until you have customers paying for your solution.
Develop a realistic pricing strategy based on value, not costs. Research competitive pricing and test different price points. Your price should be 3-5x your cost to deliver for sustainable margins. Acquiring a new customer costs five to 25 times more than retaining an existing one, making customer retention as important as acquisition for profitability.
Build your go-to-market playbook
Define your customer acquisition channels through direct sales, content marketing, strategic partnerships, targeted advertising, and community building. Pick two channels and master those before expanding.
Track metrics that show your business is scaling: monthly recurring revenue, customer acquisition cost, customer lifetime value, monthly churn rate, and conversion rates. These KPIs reveal whether your business model works at scale.
Phase 6: Turn Revenue Into Profit
Revenue isn’t profit. You can have thriving sales and still lose money every month. Service-based businesses typically reach break-even within 12-24 months, while SaaS products often take 24-36 months.
Understanding unit economics at scale requires analyzing fixed costs (salaries, rent, subscriptions), variable costs (cost of goods sold, transaction fees), gross margins (target 60%+ for SaaS, 40%+ for services), and operating expenses (should be 30-50% of revenue). Many startups die with positive revenue because of cash flow mismanagement. Invoice faster, collect upfront when possible, manage inventory efficiently, and monitor burn rate constantly.
Scale Without Losing Your Foundation
Growth is seductive. Profitability is sustainable. Most founders chase growth and abandon profitability—don’t make this mistake.
Systematization separates a job from a scalable business. Document processes, train team members, automate repeatable tasks, and monitor quality as you scale. At Complete Controller, we built detailed playbooks for every service. This allowed us to hire and train new team members without sacrificing quality. Our customer satisfaction scores actually improved as we grew because processes were consistent.
The choice between raising capital and bootstrapping depends on your goals. Venture funding accelerates growth but dilutes control. Bootstrapping maintains ownership but requires patience. Both paths lead to success when aligned with your vision.
Transforming an idea into a profitable business isn’t about perfection—it’s about progress. The five phases outlined here provide a roadmap, but your journey will be unique. Start with validation, build with discipline, launch with courage, and scale with wisdom.
The most successful entrepreneurs I’ve worked with over two decades share one trait: they started before they felt ready. Your idea deserves its chance to become real. Take that first step today. When you’re ready for expert financial guidance to support your business journey, the team at Complete Controller stands ready to help you build a strong financial foundation for sustainable growth.
Frequently Asked Questions About turn idea into a business
How much money do I need to turn my idea into a business?
The amount varies dramatically by business type. Service businesses can often start with under $1,000 for basic legal setup and marketing. Product-based businesses typically need $5,000-50,000 for inventory and development. The key is starting lean—validate your idea before investing heavily.
How long does it take to turn an idea into a profitable business?
Service businesses often reach profitability within 12-24 months, while product or software companies typically take 24-36 months. The timeline depends on your market, competition, and how quickly you can acquire and retain customers profitably.
Do I need a business plan to turn my idea into a business?
You need clarity, not a 50-page document. A one-page lean business model canvas is more valuable than a traditional business plan. Focus on understanding your customers, value proposition, and unit economics before writing lengthy plans.
What’s the biggest mistake people make when turning ideas into businesses?
Building without validating. 42% of startups fail because they create products nobody wants. Validate demand through customer interviews, pre-sales, or MVPs before investing significant time or money in development.
Should I quit my job to turn my idea into a business?
Not immediately. Most successful entrepreneurs start their businesses as side projects, validating the idea and generating initial revenue before going full-time. Quit only when your business income can sustain your lifestyle or you’ve secured adequate funding.
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.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
