If your goal is to transform your small business into a world-renown brand, you will need to have an organized business plan. All successful companies develop a business model that includes goals, marketing strategies, and sales techniques specific to their business. Below are 6 valuable methods formulated specifically for the small business striving to boost sales and achieve success.  

Build A Strong Sales Team

Having a great sales team is a powerful asset in your business.  It is essential to hire qualified staff who are experienced, educated, and who have the right attitude for the position. When adding a new sales associate to your team, consider their educational background and training and their current knowledge of the industry.  In an interview, make sure to evaluate their skill set and look for someone who is reliable, confident, and enthusiastic. They will need strong communication and public speaking skills; you want your sales associates to attract new customers and to connect with your existing employees. Check that they have a proven track record of meeting and exceeding sales goals and a history of closing the deal. 

Offer Something New and Different

Running your small business like a big box store is not the solution. These businesses focus strictly on the majority and do not allow room for something different and unique. For example, if you walk into the supermarket, it is difficult to find quality fruits and vegetables or specific products for food intolerances. The same is true in fashion, where major department stores tend to focus on a young, thin audience.

Take advantage of the big corporation’s shortcomings by offering something different and specific.

Offer Innovative Services

Don’t ever settle or become complacent in your small business effort to attract another uncaptured group of consumers. To attract potential customers such as the younger audience or the residents of a new neighborhood close by, you must be ambitious and creative. Remember to not only offer a new and unique product but an innovative and imaginative service or experience as well. Examples include delivery by bike at home or a concert at your place of business.  

Keep Up with Marketing Trends

To establish a successful brand, you cannot rely solely on word of mouth to bring in business. To survive and thrive in a competitive market, you must be able to keep up with the latest marketing trends.  You want to develop a strong offline and online presence that is attractive to this generation of consumers. Utilize the most appropriate social media platforms and most cost-effective advertising tools to tell your brand’s story. Make sure to balance marketing efforts for both attracting new customers and maintaining your current customer base.

Create an Online Store

An excellent option for increasing sales is to create an online store. This gives you the ability to offer your products and resourceful information to both new and existing customers. You can also use this space to experiment with selling something completely different and have an additional source of income.  

Soon the entire world will move to the internet. The majority already has as the internet is no longer considered a luxury but a necessity. Do not be the last to jump on board the e-commerce train.

Get Involved in The Community

Make sure that your store or business is connected to the community. Join the merchant’s association of your neighborhood or chamber of commerce and work hand in hand with other businesses to revitalize small businesses. The results not only develop a good reputation for you and your business but joining efforts and resources is a powerful way to increase customer satisfaction, service, and ultimately revenue!

We recommend you devote time to these six key business methods if you are wanting to increase revenue and grow your small business. Plan for success, take action, and enjoy the results!

GOOD LUCK!

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Establishing an ideal partnership takes understanding, serious work, and an earnest desire to make the partnership successful. Business partnerships come in many different varieties. Some may be for a longer duration and may have formal legalized commitments. Others may exist for a shorter period, perhaps to market test an idea. Awareness of how to effectively create a partnership with another person or business is a chief factor in ensuring a company’s success.

Following are some tips that entrepreneurs may take in order to create successful business partnerships:

Mutual aim and concepts

Before creating your business partnership, it is important that all partners agree on your business’s overall aim. If partners share the same objectives, issues will undoubtedly emerge. The motives of each partner may vary, but the general concepts and techniques should be the same. Each partner should be straightforward when presenting their objectives while taking great care to ensure that they clearly understand what the other partners need and what actions must be taken to help them achieve their goals.

Complementing strengths

The strengths and weaknesses of the partners should complement each other. When searching for partners, pay close attention to individuals who have distinctive ranges of abilities in order to form a stronger business relationship. In an equal partnership, two individuals contribute something of similar importance in the business.

Determine roles

Before beginning any business partnership, carefully delegated certain responsibilities to each partner. This may change after some time as the business develops. However, these roles should be determined in advance to ensure that there are fewer disagreements. Take care to ensure that the terms of the partnership agreement are concise and understandable. The best way to start setting business objectives is to start with the business’s overall goals, followed by each partner’s personal goals. It is important that you make certain that your personal goals align with the objectives of the company. These goals should assist in the company prospering.

Clear communication

One of the most important priorities that facilitate a company’s success is establishing clear lines of communication. You should ensure to set a time and date each month for a meeting that will allow partners to discuss any issues that may emerge. Disagreements will occur in any type of partnership, but how the individuals settle those disagreements makes the partnership effective. All members of the partnership must be sure not to let negative feelings fester over time, leading to an eruption that could destroy everything. Partners should make it a necessary requirement to talk about any issues that are troubling them.

It is important to remember that an email’s intended tones and meanings may get lost in translation, leading to misinterpretation. In order to ensure that a business partnership runs smoothly, the partners should speak in person or over the phone to resolve important issues.

Address each partner’s expectations

There are various reasons a person may want to join a partnership. Some potential partners may want capital, while others look for expertise. These fundamental desires are not often communicated and may even be kept secret. If these expectations are discussed straight out of the gate, the relationship could become tense. Since everyone has different expectations and desires, communicating these expectations will be beneficial for the business in the long-term. It is also important that these priorities be discussed before signing any contracts.

Write everything

In a professional setting, all decisions made should be written and signed by all relevant parties. The same should apply to your business partnership. Having a written agreement helps business partners understand the specific terms of the partnership and the organization’s overall goals. The objectives of the business should be written in concise and clear language. Similarly, the strategies outlined should also contain plans for failure as well. This will help the partners know what procedures to follow in times of distress. One of the most important items that should be illustrated in writing is how the business is going to be divided. Before entering into any partnership contract, you should request reference letters that date back at least ten years in order to get to know the potential partner.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Entrepreneurs work tediously to ensure their businesses grow while remaining stable. Their workload can be double that of the average working person. They strive to keep costs low and revenue high. However, the former presents many issues that may be solved by outsourcing.

There are certain things that entrepreneurs can outsource. Seven of the best areas to utilize outsourcing in are mentioned below.

1. Administrative task

Administrative work requires a lot of time. Updating files, tracking down and replying to emails, organizing calendars and other such work are all essential tasks, while sometimes bothersome. For these tedious tasks, hiring a virtual administrator can be useful. This may save the entrepreneur a great amount of time and effort. Some of the tasks that can be outsourced to a virtual administrator include:

• Data entry
• Managing inventory lists
• Email replies
• Organizing calendars
• Updating contact lists

These are just a few of the tasks that can be handled by a virtual administrator. It is up to the entrepreneur to decide which specific tasks to outsource. It is wise to only outsource those tasks which must be completed daily and consume more time.

2. Travel arrangements

Some businesses require a great deal of traveling. Entrepreneurs may make travel arrangements on their own, which can be a burdensome task to add to their already heavy workload. Arranging travel plans and itineraries is no small task. Outsourcing travel arrangements saves valuable time and effort. Some tasks related to travel arrangements are mentioned below:

• Finalizing travel dates and times
• Looking for the best travel deals
• Arranging pick-up and drop-off from the airport
• Finding out the best hotel
• Transportation

3. Editing and proofreading

Content development and creative writing require the daily devotion of time and effort. Blog websites must publish posts daily to maintain traffic. Entrepreneurs operate through these sites to generate more business. The content must be 100% authentic and must be easily digestible by the consumer. Editing and proofreading consumes a lot of time and must be done by an experienced and reliable editor. Outsourcing the work of editing and proofreading can be an easy alternative to help bloggers save time. Other content-related tasks that can outsource are as follows:

• Proofreading
• Editing
• Formatting
• Copywriting
• Image Editing

4. Research

Some businesses require frequent research. This task is not for everyone. Researchers are highly skilled and compensated well. While entrepreneurs must be self-sufficient, outsourcing research work to a freelancer or virtual assistant can help lighten their load.

5. Accounting

Efficiently managing finances and accounts is essential for running a successful business. Bookkeeping should be assigned to an expert accountant. As accounting and bookkeeping require skill and accuracy, it is important to choose a professional who knows the job well. If one single detail is missed, the integrity of the whole document is threatened. Entrepreneurs must also deal with financial matters, such as taxes and completing the legal requirements for their business. Therefore, outsourcing accounting and bookkeeping is a viable option to save time and money.

6. Payroll

Entrepreneurs often hire in-house staff to handle paychecks on a monthly or weekly basis. Payroll staff must keep track of salaries and calculate other pay-related details. This can become especially challenging when a company has many employees. Outsourcing payroll management may be a helpful solution to expedite this process. 

7. Social Media

As simple as it may seem, managing social media accounts is a technical and tedious job. In today’s digital era, entrepreneurs depend on social media to generate more revenue and promote their brand. Digital marketers manage social media accounts to engage with the public and exercise skills when managing brand awareness. Entrepreneurs might consider outsourcing their social media management to engage with their customers while freeing up their staff to focus on other tasks.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Between “1990 and 1993,” private currency became oriented in a way to help with the public debt of Third World countries through Foreign Direct Investments, or FDI. Resulting from this, the yearly average of FDI flowing between 1990-1993 more than doubled. Below are a few of the advantages and disadvantages regarding external finance that you must consider before making an investment.

Risks of FDI:

One of the risks usually associated with FDI is the variability of the amount of money that flows in or out of an economy. This cash flow is dependent on whether the market detects signs of consistency or, reversely, an economic emergency. However, the past twenty years have shown that many emerging countries have maintained steady FDI flows.

Advantages of FDI: 

• Job creation
• Stimulus to GDP growth
• Positive effects on the balance of payments 
• FDI multiplier effect on the national economy 
• Various externalities

  “Megaprojects” and the IED:

  Many Foreign Direct Investments take the form of major projects. Normally viewed opportunistically in the beginning, many end up falling short on long-term processes and do not contribute to the development of the economies of the countries they operate in. One of the biggest risks with these “megaprojects” lies in the fact that excessive dependence on tax-related benefits is created to such an extent that the project may become lavishly viable by merely existing. The receiving countries may then use risk containment mechanisms, such as requiring their presence to be viewed only as a form of a creditor.  

  Multinational Enterprises and FDI:

  Multinationals, organizations that operate in multiple countries, are a suitable form of FDI for recipient countries. This is due to imperfect local markets, where FDI inflows must replace the void created by more developed economies producing a bountiful amount of goods and services in the international market.

  Two major strategies for FDIs endorsed by Multinationals:

  “Outsourcing Strategy,” or the hiring of outside companies to conduct work that cannot be handled internally, seeks to minimize costs through investment abroad. These companies have low labor costs, low prices for raw materials and services at production sites, and low energy costs. There then remains two constraints for these multinational corporations: transportation costs and customs duties. These factors should be adjusted to ensure the cost is as low as possible.

  One way to do this is through a process known as “Market Seeking.” This strategy facilitates directly accessing a consumer market. It is preferred by multinationals when transportation and custom costs are high. Another strategy to use is “Outsourcing / Market Seeking.” This is a mixed approach, which combines the two strategies listed above.

  Tax Incentives:

  We must mention, there is the ever-present danger of investors placing short-term profitability above long-term economic sustainability. Therefore, tax incentives such as tax holidays should never be used as a crutch to replace other crucial factors.  

  Advantages of Joint Ventures as a Form of FDI:

  The formation of Joint Ventures with local firms is often more interesting economically for the receiving country than a megaproject. First, this approach can help acquire more local products and services than multinational firms through “outsourcing” or “market-seeking,” especially when they are in the start-up phase of their projects.

  Incentives for “FDI”:

  In addition to the above-mentioned fiscal advantages, the stability of macroeconomic indicators and the existence of secure and reliable ownership records are of vital importance when considering an investment. Some investments may be difficult to obtain, along with not being as profitable, particularly in places such as Guinea-Bissau and Angola, where there have been periods of intense civil war. A country’s political stability is especially relevant when, despite civil unrest, they still attract FDI through the richness of their natural resources, such as in Mozambique or Angola. Be sure to have a detailed awareness of the current sociopolitical state of a nation before investing.

  Effects on GDP of FDI:

  GDP also receives a positive impact from the inflow of FDI due to its effect on the consumption of workers, inflow of money required for the investment, administrative expenses, as well as the impact on the dynamics of the port and transport sector. Keep in mind, exports, although a great advantage of FDI, also causes an increase in imports.  This influx cannot be reduced and may have negligible impact on the balance of payments to such an extent that it may even nullify the effect of increased exports.

  Advantage: The construction of infrastructures by the IED:

  In some developing countries, the firms offering investment opportunities are building new transport or energy infrastructures. Their existing ones may not have been suitable for their needs, and this new development may end up favoring the local populations, as well.

  Advantages of FDI: Tax Revenue:

  It is important to note that the rise in economic activity can easily increase tax income, not only in corporate profit rates but also in taxation on consumption and labor.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Numerous studies have shown that afternoons are the most unproductive time of the day. Several factors make your afternoons unproductive. Some of these factors include but are not limited to a sedentary lifestyle, eating habits, and lack of sleep. Almost every working professional is constantly finding new and better ways to become more productive and get more things done effectively and efficiently in their 9-5 job hours.

The secret to getting more done in the afternoons and to be more productive is to alter one’s lifestyle and adopt healthier habits. The following tips and suggestions are easy and convenient ways to achieve a more productive afternoon.

Eat Healthy Foods

Almost everyone is aware of the saying that you are what you eat. It is no surprise that you will feel unproductive and lethargic if you do not get the right nutrients. The first step in achieving a productive afternoon is to eat nourishing foods that are high in nutrients. Snack on to more fruits and vegetables as they are an excellent source of minerals, vitamins, and antioxidants. It is good to remember that your brain uses up 70% of the food that you eat. Avoiding junk food will help you stay sharp and be more productive throughout the day, especially in the afternoons.

Have Lunch with Co-Workers

Whenever you have the chance and opportunity, always eat with your team. Eating together will help you create a stronger bond with your team members and help you become more productive. When you have stronger bonding with your team, you worry less and focus more on working efficiently. Utilize your lunch breaks as a time to get to know your team and also to unwind mentally.

Skip the Music

It is a common misconception that listening to music while working will make you more productive. Research has found that listening to music while working can negatively impact when you are doing cognitive tasks. The trick to effectively use music to boost your productivity in the afternoon is limiting the amount of time you spend listening to music. If you want to be truly productive, listen to music for fifteen to twenty minutes before working.

Use Afternoons for Lengthy Tasks

Afternoons can be used for the most time-consuming tricks. A big part of being productive requires making the most out of your time. To make the most of your afternoons, schedule them to do tasks that require time and not attention. By working smartly, you will be able to have a productive afternoon.

Practice Simple Yoga

One of the easiest ways to fight off fatigue and unproductivity is to practice simple yoga stances. You would be surprised that how less tired you will feel after a quick yoga session. Yoga doesn’t have to be time-consuming. Some of the postures can even be done while sitting on your office chair. This will help refresh your mind and body, and sitting for extended periods can misalign your back. When you have a fresh mind and body, you can make the most out of afternoons.

Prioritize Your Tasks

We all have different bodies. This means that some of you might feel more tired around 3 pm while others around 4 pm. To ensure a productive afternoon, understand your body’s tendency to feel exhausted. By doing so, you can prioritize your tasks by their difficulty. You can tackle the most difficult task during your early hours while saving less demanding tasks for afternoons.

You, too, can have a productive afternoon if you make small changes in your everyday life. Follow the aforementioned tips and suggestions to get the most out of your afternoons.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Market Research Strategies for Innovative Business Ideas

Market research for new business ideas involves using proven methods like competitor analysis, customer surveys, and trend tracking to validate your concept, uncover unmet needs, and increase your chances of business success. The most effective approaches combine secondary research with direct customer feedback and structured brainstorming to create data-backed, actionable plans for market entry.

As CEO of Complete Controller for over twenty years, I’ve witnessed countless entrepreneurs launch brilliant ideas—and watched others crash despite their passion. The difference? Smart market research. Having worked with businesses across every sector imaginable, I’ve seen firsthand how the right research saves time, money, and heartache while revealing hidden opportunities others miss. This article breaks down the exact methods successful startups use to discover, validate, and refine innovative business ideas—methods that transform raw concepts into thriving companies.

What are the best market research strategies for new business ideas?

• The most effective strategies blend secondary research, direct customer insights, competitive analysis, and hypothesis testing
• Start with defining clear goals: identify what you need to learn about market size, demand, and customer pain points
• Use secondary sources like industry reports and databases for broad market understanding
• Conduct surveys and interviews for specific customer validation
• Analyze competitors’ strengths and gaps to find market opportunities and areas for innovation

Defining Your Market Research Objectives for New Business Ideas

Clear objectives form the foundation for results-oriented research. According to research cited by Harvard Business School, around 42% of startups fail because they create products without real market demand. This sobering statistic highlights why establishing precise research goals matters more than enthusiasm alone.

Your objectives should address specific questions about market viability, customer willingness to pay, and competitive landscape. Entrepreneurs who create detailed business plans are 16% more likely to succeed than those who skip planning altogether, with businesses that write detailed plans growing 30% faster than those without them.

Using primary and secondary research, which to choose?

Primary research through surveys and interviews uncovers direct customer needs and preferences. This hands-on approach gives you unfiltered access to your target market’s thoughts and pain points. Secondary research using industry data and reports validates overall market trends and provides context for your findings.

The global market research industry generates $140 billion in revenue in 2024, up from $130 billion in 2023—a 7.7% year-over-year increase. Online surveys rank as the most-used quantitative method, with 85% of market research professionals using this approach regularly.

Hypothesis-driven market validation

Starting with specific questions to test focuses your research efforts and prevents information overload. Form testable hypotheses like “Small business owners will pay $50-100 monthly for automated bookkeeping” rather than vague wonderings about market interest.

Test each hypothesis systematically through customer conversations, prototype testing, or pre-sales campaigns. This structured approach transforms assumptions into validated insights that guide your next steps.

Proven Methods for Market Research for New Business Ideas

Successful entrepreneurs mix several research methods to build a complete market picture. Each method serves a specific purpose in your validation journey.

Surveys, focus groups, and interviews (direct customer insights)

Gathering both qualitative and quantitative feedback before committing resources protects against costly mistakes. Design surveys with clear, unbiased questions that measure specific aspects of customer behavior and preferences.

• Use rating scales to quantify interest levels and price sensitivity
• Include open-ended questions to capture unexpected insights
• Test your survey with a small group before full deployment
• Target respondents who match your ideal customer profile

Focus groups reveal group dynamics and social influences on purchasing decisions. Individual interviews dig deeper into personal motivations and pain points that survey data might miss.

Competitive analysis & SWOT

Mapping competitors’ products, pricing, strengths, and weaknesses reveals market gaps you can exploit. Study their customer reviews to understand satisfaction levels and unmet needs.

A thorough SWOT analysis examines:

• Strengths: What advantages will your business have?
• Weaknesses: Where might you struggle initially?
• Opportunities: What market trends favor your concept?
• Threats: What could derail your success?

Industry and trend research (secondary)

Industry reports and statistics provide crucial context about market size, growth rates, and emerging trends. Government databases, trade associations, and research firms offer reliable data about your target market.

Track technological shifts, demographic changes, and regulatory updates that might impact your business model. Subscribe to industry publications and join professional associations to stay current.

Innovation Techniques That Drive Real Business Ideas

Creative ideation paired with market validation produces breakthrough concepts. These proven techniques help generate and refine innovative business ideas.

Brainstorming, blue sky thinking, and first principles

Structured brainstorming sessions with diverse participants generate more innovative ideas than solo thinking. Blue sky thinking temporarily removes constraints to explore possibilities before applying practical filters.

First principles thinking breaks problems down to fundamental truths, then rebuilds solutions from scratch. This approach challenges industry assumptions and reveals opportunities competitors miss.

Mind mapping, storyboarding, social listening

Visual techniques like mind mapping connect disparate ideas and reveal unexpected relationships. Start with your core business concept and branch out to explore variations, applications, and market segments.

Storyboarding helps visualize the customer journey and identify pain points your solution addresses. Social listening tools track real-time market conversations, revealing language patterns, complaints, and desires your target audience expresses naturally.

The Delphi Method; harnessing expert consensus

The Delphi method involves multiple rounds of expert input to reach consensus on market predictions or strategic decisions. This structured approach reduces individual bias while leveraging collective wisdom.

Select experts with diverse backgrounds but relevant knowledge. Anonymous feedback rounds prevent dominant personalities from skewing results, producing more reliable market insights.

Turning Research Insights into Actionable Business Plans

Research only creates value when it drives concrete actions. Transform your findings into strategic decisions about product features, pricing, marketing channels, and launch timing.

Building the go-to-market strategy

Translate research findings into specific marketing messages, pricing tiers, and distribution strategies. Your go-to-market plan should reflect actual customer preferences rather than assumptions.

• Craft value propositions using language from customer interviews
• Set prices based on willingness-to-pay data
• Choose marketing channels where your audience already engages
• Design features that address validated pain points

Iteration: Refining ideas before launch

Continuous refinement based on feedback loops improves your chances of success. Test prototypes or minimum viable products with small customer groups before full-scale launch.

Airbnb’s founders exemplified this approach by personally staying with hosts to understand the guest experience. When they discovered poor photos blocked bookings, they traveled to New York with cameras to test whether better photography would increase conversions—it did, dramatically.

Real-World Case Study: How Slack Revolutionized Team Communication Through Research

Slack’s founders built their product through intensive customer research and iteration. Starting with a private beta, they tested with progressively larger groups over seven months, actively listening to every help ticket and user response.

On their public preview announcement in August 2013, they received 8,000 sign-up requests the first day. By launch completion in February 2014, continuous customer feedback had refined the user experience into something revolutionary.

Key takeaways

• Validate demand early with real users through beta testing
• Treat every customer interaction as research opportunity
• Iterate rapidly based on actual usage patterns
• Educate users about new product categories

Where Top SERP Content Falls Short—and How Founders Can Close the Gap

Standard guides often miss advanced strategies that separate good businesses from category leaders. True market leadership demands deeper research commitment.

Beyond surveys: Incorporating expert panels and ongoing customer listening

Many articles overlook expert feedback methods like the Delphi technique for challenging assumptions. Building continuous customer feedback loops at every development stage creates competitive advantages others miss.

Trust signals: Embedding real-world proof for investors and partners

Document first-hand wins and data-driven decisions to build credibility with stakeholders. Share specific metrics and customer testimonials that validate your market research findings.

Compliance, ethics, and data privacy in market research

Modern research requires transparency about data collection and use. Plan for consent protocols, privacy protection, and ethical sourcing of market intelligence. Follow GDPR guidelines even if not legally required—it builds trust.

Conclusion: Why Deep Market Research is Non-Negotiable for New Business Success

After two decades building Complete Controller into a trusted financial partner for SMBs, I’ve learned that rigorous market research for new business ideas separates thriving companies from statistics. The data proves it—businesses without validated market demand account for 42% of startup failures.

Use data, customer voices, and expert insights to validate ideas, design solutions for actual problems, and avoid predictable pitfalls. The smartest entrepreneurs transform concepts into thriving businesses by making research a living part of their strategy, not a one-time checkbox. Ready to build your business on solid foundations? Visit Complete Controller for expert guidance on transforming your validated ideas into sustainable success.

Frequently Asked Questions About Market Research for New Business Ideas

What is market research for new business ideas?

Market research for new business ideas is the systematic process of collecting and analyzing data about potential customers, competitors, and industry trends to validate whether your business concept has real market demand and profit potential.

How do I determine if my business idea is viable?

Test viability through customer surveys to gauge interest, analyze competitor success in similar markets, calculate potential market size, and conduct small-scale tests or pre-sales to measure actual buying behavior versus stated interest.

What are some cost-effective research methods for startups?

Online surveys through free tools, social media listening, competitor website analysis, customer interviews via video calls, and analyzing publicly available industry reports provide valuable insights without large budgets.

How often should I conduct market research as a founder?

Conduct intensive research before launch, then maintain ongoing research monthly through customer feedback, quarterly through competitive analysis, and annually through comprehensive market reviews as your business and market evolve.

What is the difference between primary and secondary market research?

Primary research involves collecting new data directly from your target audience through surveys, interviews, or observations, while secondary research analyzes existing published data from industry reports, government statistics, and academic studies.

Sources

• American Public University. “How to Brainstorm Business Ideas: Tips for Entrepreneurs.”
• Backlinko. (2025). “23 Key Market Research Statistics for 2025.” https://backlinko.com/market-research-statistics
• Brafton. “9 Innovative Market Research Methods.”
• Customer Culture. “How Airbnb Reached Product Market Fit by Testing Assumptions.” https://customerculture.substack.com/p/how-airbnb-reached-product-market-fit
• EPAM SolutionsHub. “Idea Generation in Business: 16 Practical Techniques.”
• Failory. (2024-2025). “The Ultimate Startup Guide With Statistics (2024–2025).” https://ff.co/startup-statistics-guide/
• First Round Review. “From 0 to $1B – Slack’s Founder Shares Their Epic Launch Strategy.”
• First Round Review. “How Design Thinking Transformed Airbnb from a Failing Startup to Billion-Dollar Business.”
• Forbes. “How Dropbox Started: The Untold Story.” (2018).
• Harvard Business School Online. “How to Conduct Market Research for a Startup.”
• Origin Bank. “How to Research Your Business Idea.”
• Salesforce. “How to Do Market Research for Small Business.”
• Think Growth. “7 Lessons From 100+ Failed Startups.” https://thinkgrowth.org/7-lessons-from-100-failed-startups-2db31984867a
• US Small Business Administration. “Market research and competitive analysis.” https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
• Wikipedia. “Delphi method.” https://en.wikipedia.org/wiki/Delphi_method
• Wikipedia. “Dropbox (service) History.” https://en.wikipedia.org/wiki/Dropbox_(service)#History
• Youngstown State University. “The Importance of Market Research for Startups and Small Businesses.”

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. Reviewed By: Brittany McMillen

Brittany McMillen

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.

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Covid-19 did not only disrupt the business world, but it has also opened the doors for several entrepreneurs to capitalize on this stagnant time by pursuing their passions. Due to many day-to-day operations being halted, many companies have either gone bankrupt or stopped functioning.

Covid-19 has drastically affected many large businesses while also shifting the masses to virtual markets and social media platforms that cater to their customer’s day-to-day needs. Many online business platforms have attained an unprecedented escalation during covid-19.

The idea is that most consumers have shifted towards making their purchases online now that most stores are closed. As a result, having a successful online store and a strong digital presence has become many company’s top priorities. This way, even though many doors closed due to COVID-19, the chance to become an entrepreneur lives on. It is true that there always is a light at the end of the tunnel. Consider starting your entrepreneurial venture with these incredible tips.

Live Your Dream

Social distancing has forced us to stay locked inside our house as if the world had burnt down. We all worked hard, hoping to achieve our milestones before COVID-19 took us by surprise. However, with our world taking a full 360* turn, most of us are wary about the days that are yet to come.

That said, if you are passionate about achieving bigger things in life, you can still pursue your dreams in times of coronavirus. Whether you are an artist or a businessperson, you can use your creativity to your benefit. In case you didn’t know, here’s how!

Be Creative

Your creativity and skills are what make you, you. These aspects shape and polish your personality like no other, preparing you for the challenges ahead. All you must do is devise the right strategy suitable to your goals. The chances are that your creativity will unlock many doors and assist you in achieving your dreams.

Use the Right Tools

One of the worst things you can be is oblivious to the many innovations being made in the world. Advancements are taking over, and you should use them to your advantage. For example, starting your entrepreneurial venture is no walk in the park, especially with coronavirus at hand. There is no way you can survive as an entrepreneur if you don’t use the proper tools.

One good strategy to become a successful entrepreneur is by using social media. You can promote and establish an online e-commerce business on your own without having any restrictions placed on your venture.

Adapt

If you do not adapt to the latest trends, you may be leading your venture down the drain. However, in times of coronavirus, you must adapt to this change if you wish to achieve success as an entrepreneur. This will help you to penetrate your offerings into the market without much hassle. Next time you find yourself skeptical and worried about the consequences COVID-19 has caused, be sure to adapt to the different settings to fit your needs. Chances are, you will find your brand expanding past horizon after horizon in all-new ways.

Be Optimistic

Your venture will not bring you larger-than-life returns the day it begins. Success takes time, and chances are some days you will be on edge.

Considering the gloom COVID-19 has brought with it, it is easy to become depressed and negative. However, it is crucial to try to remain optimistic. Believe that things will get better and that your end goal is near.

Bottom Line – Generate Substantial Returns

Once you have devised the right strategies to start your venture as an entrepreneur, use them to your advantage. You will be surprised a few months down the line when your business generates returns. Your career as an entrepreneur will grow, achieving milestone after milestone. However, ensure to take a subtle approach and remain humble while on your way towards success in times of COVID-19. The chances are that the results will take you by surprise.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

How Banks Can Empower Clients and Communities Effectively

Banks empower clients and communities through targeted financial education, innovative technology solutions, and strategic partnerships that foster economic growth and inclusion. By implementing comprehensive programs that address financial literacy, leveraging cutting-edge digital tools, and forming meaningful collaborations with community development organizations, financial institutions create lasting positive impact while building stronger customer relationships.

The U.S. unbanked rate has plummeted to a record low of 4.2% in 2023, down from 8.2% in 2011, signaling tremendous progress in financial inclusion efforts. As the founder of Complete Controller, I’ve witnessed firsthand how strategic empowerment initiatives transform both individual lives and entire communities over my 20-year journey working with businesses across every sector. This article reveals proven strategies that banks can implement immediately to drive meaningful change, from AI-powered lending solutions to innovative CDFI partnerships, while demonstrating how social impact directly correlates with business growth and profitability.

How do banks empower clients and communities effectively?

• Banks empower clients through financial education programs, accessible technology platforms, strategic community partnerships, and inclusive lending practices
• Financial education builds foundational money management skills through workshops, digital tools, and one-on-one coaching
• Technology platforms like mobile banking apps and AI-driven services break down traditional barriers to financial access
• Community partnerships with CDFIs and nonprofits extend reach to underserved populations
• Inclusive lending practices use alternative credit assessment methods to expand access to capital

Strategic Empowerment Through CRA Alignment

Community Reinvestment Act (CRA) compliance represents a powerful catalyst for meaningful community impact when integrated thoughtfully into core banking operations. Banks that view CRA requirements as opportunities rather than obligations discover innovative ways to empower your community while expanding their customer base and strengthening local economies.

The dramatic reduction in unbanked households from 8.2% in 2011 to just 4.2% in 2023 demonstrates the effectiveness of CRA-driven initiatives. This progress reflects concerted efforts by financial institutions to develop products and services specifically designed for underserved populations, particularly among Black, Hispanic, and low-income communities.

Expanding access to unbanked populations

Strategic partnerships with Community Development Financial Institutions (CDFIs) create powerful channels for reaching traditionally excluded groups:

• Microloans for small businesses unable to qualify for conventional financing
• Affordable housing programs with reduced down payment requirements
• Credit-building products designed for individuals with limited credit history
• Financial coaching services integrated with lending programs

A compelling example comes from a Midwest regional bank that partnered with a local CDFI to provide low-interest loans specifically for minority-owned startups. Within just one year, this collaboration increased the bank’s client base by 20% while helping launch 150 new businesses in underserved neighborhoods.

Integrating social impact into product design

Modern banks recognize that profitable products can simultaneously serve social good. Fee-free savings accounts, secured credit cards with graduation paths, and small-dollar installment loans all address genuine community needs while building customer loyalty.

One regional bank’s mobile app launch specifically targeted unbanked users, incorporating features like bill payment reminders, automated savings goals, and AI-driven financial tips. The app’s intuitive design and minimal documentation requirements attracted 50,000 new customers within six months, with 70% being first-time bank account holders.

Leveraging Technology for Financial Inclusion

Digital transformation has revolutionized how banks can empower individuals to succeed by breaking down geographic, economic, and social barriers to financial services. The global success of mobile money platforms like Kenya’s M-PESA, which increased financial inclusion from 23% in 2007 to 84% in 2023, demonstrates technology’s transformative potential.

AI-driven financial services

Artificial intelligence enables banks to serve previously excluded populations through sophisticated risk assessment and personalized service delivery:

• Machine learning algorithms analyze alternative data sources to assess creditworthiness beyond traditional credit scores
• Automated underwriting systems reduce bias and processing time while maintaining risk standards
• Predictive analytics identify customers who would benefit from financial education or assistance programs
• Natural language processing powers chatbots that provide 24/7 customer support in multiple languages

Credit Suisse’s implementation of AI-powered mortgage underwriting exemplifies the effectiveness of this approach. Their system analyzes income patterns, employment history, and property data to make faster, more accurate lending decisions while reducing human bias in the approval process.

Mobile banking and digital payments

The proliferation of smartphones has created unprecedented opportunities for financial inclusion through self-improvement through digital transformation:

• Real-time account management accessible from any location
• Contactless payment options that reduce reliance on physical bank branches
• Cross-border remittance services with lower fees than traditional money transfer operators
• Agent banking models where local merchants serve as banking access points

These technologies prove particularly valuable in rural areas where physical bank branches remain scarce. Mobile banking agents equipped with tablets and portable printers bring essential financial services directly to underserved communities.

Ethical AI implementation

While AI offers tremendous potential, responsible implementation requires careful attention to fairness and transparency:

• Regular algorithmic audits to identify and correct biases
• Community feedback mechanisms to understand real-world impacts
• Transparent lending criteria that customers can understand
• Human oversight for complex or sensitive decisions

A West Coast bank’s experience illustrates the importance of ethical AI practices. After implementing AI-driven mortgage approvals, they discovered racial disparities in denial rates. Through systematic fairness audits and algorithm adjustments, they reduced these disparities by 15% while maintaining portfolio quality.

Financial Literacy Programs for Lasting Change

Education forms the foundation of sustainable financial empowerment, enabling individuals to make informed decisions that improve their economic well-being. Effective programs combine practical knowledge with techniques for personal empowerment that build confidence and capability.

Tailored educational resources

Successful financial literacy initiatives recognize that different populations have distinct learning needs and preferences:

• Interactive workshops covering credit management, budgeting, and investment basics
• Digital learning platforms with self-paced modules and progress tracking
• One-on-one coaching for complex financial situations
• Multilingual resources that respect cultural differences in money management

Banks that invest in comprehensive education programs see measurable results in customer financial health. Participants typically show improved credit scores, increased savings rates, and reduced reliance on high-cost alternative financial services.

School partnerships

Early financial education creates lifelong positive money habits through personal development through financial literacy:

• Age-appropriate curriculum integrated into existing classes
• Student-run bank branches that provide hands-on experience
• Entrepreneurship programs connecting classroom learning to real-world applications
• Parent engagement initiatives that extend learning to entire families

A New York bank’s partnership with local schools demonstrates the power of youth-focused programs. Their “Financial Fitness” initiative combines classroom instruction with practical exercises like managing mock investment portfolios. Participating students increased their savings rates by 40% within six months and showed significantly improved financial knowledge test scores.

Reimagining Volunteerism and Employee Advocacy

Modern volunteer programs must adapt to changing workforce dynamics while maintaining meaningful community impact. Banks that how to empower others in the workplace through strategic volunteerism create multiple benefits: stronger employee engagement, enhanced community relationships, and measurable social impact.

Skill-based volunteering

Matching employee expertise with community needs maximizes impact while providing professional development opportunities:

• Accountants mentoring small business owners on financial management
• IT professionals teaching digital literacy to seniors
• Marketing experts helping nonprofits develop outreach strategies
• Branch managers serving on nonprofit boards

This approach transforms traditional volunteerism from simple labor donation to high-value knowledge transfer that creates lasting community capacity.

Virtual engagement

Remote work trends necessitate creative approaches to maintain volunteer participation:

• Online mentorship programs connecting employees with students nationwide
• Virtual fundraising campaigns leveraging social media expertise
• Digital skill-sharing workshops accessible to broader audiences
• Remote pro bono consulting for nonprofits

These virtual options often increase participation by removing geographic and scheduling barriers while maintaining meaningful community connections.

CRA-aligned incentives

Strategic alignment between volunteer programs and CRA objectives creates win-win scenarios:

• Volunteer hours counting toward performance reviews and bonuses
• Team competitions that drive participation while building camaraderie
• Public recognition programs highlighting employee community impact
• Paid volunteer time policies that demonstrate institutional commitment

Banks report that well-designed volunteer programs improve employee satisfaction scores while generating significant CRA credit through community development activities.

Collaborating with CDFIs for Community Development

Community Development Financial Institutions serve as vital bridges between traditional banking and underserved communities. These partnerships multiply impact by combining bank resources with CDFI expertise in serving high-risk populations.

Bank of America’s Neighborhood Builders program exemplifies effective CDFI collaboration, providing $8 million to 40 nonprofits since 2004. This investment includes both capital grants and leadership development training, creating sustainable community capacity beyond simple financial support.

Co-lending models

Structured partnerships enable risk-sharing while expanding access to capital:

• Banks provide wholesale funding at favorable rates
• CDFIs handle underwriting and servicing using specialized expertise
• Risk is distributed based on each partner’s capacity
• Both institutions benefit from expanded reach and impact

These arrangements prove particularly effective for small business lending, where CDFIs’ community knowledge complements banks’ capital resources.

Technical assistance

Beyond lending, banks support CDFI clients through capacity-building programs:

• Business planning workshops for entrepreneurs
• Financial management training for nonprofit leaders
• Marketing support for small businesses
• Technology training to improve operational efficiency

This holistic approach addresses root causes of financial exclusion rather than simply providing temporary relief.

Impact measurement

Effective partnerships require robust measurement systems to demonstrate results:

• Job creation and retention metrics
• Housing stability indicators
• Small business survival rates
• Community wealth-building measurements

Joint reporting frameworks help both banks and CDFIs communicate impact to stakeholders while identifying opportunities for program improvement.

Data-Driven Decision-Making for Equity

Advanced analytics enable banks to identify and address systemic barriers to financial inclusion with unprecedented precision. By leveraging data responsibly, institutions can target resources effectively while measuring real community impact.

Geospatial analysis

Mapping tools reveal service gaps and guide strategic investments:

• Identifying banking deserts requiring mobile or digital solutions
• Analyzing demographic patterns to tailor product offerings
• Tracking economic indicators to anticipate community needs
• Measuring accessibility of existing services

This geographic intelligence informs decisions about branch locations, ATM placement, and partnership opportunities with local organizations.

Customer segmentation

Sophisticated analysis enables personalized approaches to diverse populations:

• Gig economy workers requiring flexible banking solutions
• Recent immigrants needing culturally appropriate services
• Retirees seeking wealth preservation strategies
• Young adults building initial credit profiles

Understanding distinct customer segments allows banks to develop targeted products and communication strategies that resonate with specific needs.

Policy advocacy

Aggregated data provides powerful evidence for systemic change:

• Demonstrating need for affordable housing investments
• Supporting small business development initiatives
• Advocating for financial inclusion policies
• Influencing regulatory frameworks

Banks increasingly recognize their role in shaping policy discussions through data-driven insights that illuminate community challenges and opportunities.

Conclusion

Empowering clients and communities demands continuous innovation, authentic partnerships, and unwavering commitment to equity. The strategies outlined here represent proven approaches that create mutual benefit: stronger communities lead to healthier local economies, which ultimately support sustainable bank growth. Over my two decades leading Complete Controller, I’ve seen how financial institutions that embrace empowerment as a core strategy outperform those focused solely on traditional metrics. The dramatic reduction in unbanked households and success stories from innovative programs demonstrate that meaningful progress is achievable.

The path forward requires bold leadership willing to challenge conventional banking practices while maintaining financial soundness. Start implementing these strategies today—even small steps toward greater inclusion create ripple effects throughout communities. For comprehensive guidance on building financial empowerment programs that align with your institution’s goals, visit Complete Controller to access expert resources and connect with our team of specialists who understand both the business case and social imperative for community empowerment.

FAQ

What role do CDFIs play in empowering communities?

CDFIs provide affordable financial services to underserved populations by offering microloans, small business financing, and affordable housing loans. They work closely with banks through co-lending partnerships, combining local expertise with bank capital to reach high-risk borrowers who don’t qualify for traditional loans. CDFIs also provide technical assistance like business planning workshops and financial coaching to help clients succeed long-term.

How can AI improve financial inclusion for unbanked individuals?

AI helps banks serve unbanked populations by analyzing alternative data like utility payment history and employment records instead of traditional credit scores. This technology enables faster loan approvals, reduces human bias in lending decisions, and powers mobile banking apps that work on basic smartphones. AI chatbots also provide 24/7 customer service in multiple languages, making banking more accessible to diverse communities.

What are key financial literacy topics for empowerment?

Essential financial literacy topics include budgeting and expense tracking, understanding credit scores and how to improve them, basic investing principles for long-term wealth building, and small business financial management. Effective programs also cover debt management strategies, retirement planning basics, and how to avoid predatory financial products that trap people in cycles of debt.

Can volunteer programs influence CRA compliance?

Yes, employee volunteer activities directly contribute to CRA compliance when they support community development goals. Banks receive CRA credit for volunteer hours spent on financial education, small business mentoring, affordable housing initiatives, and nonprofit board service. Many banks incentivize participation by tying volunteer hours to employee bonuses and recognition programs.

How do banks measure the impact of empowerment initiatives?

Banks track empowerment success through multiple metrics, including increased loans to minority-owned businesses, improvements in customer credit scores, reduction in account closures due to overdrafts, and growth in savings account balances. Community-level indicators include job creation numbers, housing stability rates, small business survival statistics, and overall poverty reduction in targeted neighborhoods.

Sources

• American Bankers Association. “2025 Blueprint for Growth.” ABA Press Room, 14 Jan. 2025.
• Banking Journal. “Bank Community Engagement: Five imperatives for bank leaders.” Banking Journal, 2025.
• Consumer Financial Protection Bureau. “Learn About Money.” www.consumerfinance.gov/learn/
• DigitalDefynd. “AI in Banking [20 Case Studies].” 2025. digitaldefynd.com/IQ/ai-in-banking-case-studies/
• FDIC. “2023 National Survey of Unbanked and Underbanked Households.” November 2024. bankingjournal.aba.com/2024/11/fdic-percentage-of-unbanked-households-dropped-slightly-in-2023/
• Investopedia. “Mobile Banking.” www.investopedia.com/terms/m/mobile-banking.asp
• Investopedia. “Financial Inclusion.” Investopedia.com, 2023.
• Neighborhood Builder Award. “Bank of America Marks 20 Years of Neighborhood Builders.” neighborhoodbuilderaward.com
• Raisin. “Community Development – Raisin.” Raisin.com.
• Safaricom Newsroom. “M-PESA: 17 Years of Transforming Lives.” July 2024. newsroom.safaricom.co.ke/innovation/m-pesa-17-years-of-transforming-lives/
• SouthState Correspondent Division. “Top 12 Winning Strategies for Community Banks in 2025.” southstatecorrespondent.com/wp-content/uploads/2024/11/Ebook-Top-12-Winning-Strategies-for-Community-Banks-in-2025.pdf
• Wikipedia. “Community Reinvestment Act.” en.wikipedia.org/wiki/CommunityReinvestmentAct
• Wolters Kluwer. “Embracing the Community Reinvestment Act as a Business Strategy.” WoltersKluwer.com, 14 Apr. 2025.

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 global pandemic has brought drastic changes to the retail banking sector. Most people never physically visit paywall or bank branches, as they prefer online banking and mobile transactions. Now, the remains: will these preferences stay the same once COVID-19 subsides? Retail banks must be ready for any situation.

Retail banking is the go-to recovery response to maintain the economy. It drives a massive volume of PPP loan apps, offers emergency funds for communities, relief programs, provides forbearance, waives fees, and much more. The long-term influence of the global pandemic comes with different expectations. That is why all case-scenario planning becomes the central focus of bank leaders. It is the best way to deal with any future uncertainties in the retail banking sector.

This pre-planned process refers to the preparation and prediction of the unknown that can result from the global pandemic of 2020. In this way, companies are encouraged to plan for comprehensive and plausible outcomes. There are four possible global pandemic scenarios according to the recognized forecasters at Deloitte and Salesforce. This blog will highlight the initial scenario’s refinements that pertain to the retail banking sector.

We will know more about this sector’s developmental shift in the next 1 to 3 years in relation to two critical uncertainties: the pandemic’s severity and the level of collaboration between states. The other, less critical, variants include the efficiency of healthcare’s response and the level of social cohesion.

Let’s have a look at the American banking sector’s possible scenarios pertaining to the global pandemic.

Scenario#1 – The Passing Storm!

World states are coming together to deal with the effects of the global pandemic under healthcare systems and organizations’ guidance. However, there are no lasting repercussions. In such scenarios, robust state policies allow banks to avoid structural loss. Also, there is a quick recovery of growth within two years relating to the nation’s economy. Lack of capital and liquidity negatively influences banks and financial institutions. As a result, the maintenance of a positive economic position becomes the responsibility of community banks and lenders. There is an acceleration of pre-crisis standards due to the market’s consolidation. This also speeds up the variation process of banking rules with the collaboration of the state’s leads, in reference to data sharing, open banking, and the influence of customers’ control.

Scenario#2 – Good Company!

The global pandemic’s prolonged state is the focus of this scenario as world nations strive to control the COVID-19 crisis independently through large industry collaboration. There is a slow recovery process due to unpaid banking services. There are relaxed proceedings as credit flow support from regulators facilitates community growth and health.

The banks that are facing challenges have supporters in the form of regulators. They are tech-savvy entrants who have low-cost structures. The speed of increasing the trust-building process in retail banking leverages other niche competitors. As a result, there is direct access to information, which acts as a portal to more opportunities for innovation that prioritizes clients’ interests and requirements.

Scenario#3 – Sunrise in the East!

This is a dubbing scenario that indicates the Chinese and Asian nations’ efficiency for global pandemic management compared to the United States. East Asian countries are taking a global leadership role. This is illustrated through their response to healthcare collaborations that effectively handle the severe impact of the worldwide pandemic. In the case of the American state, there has been no quick result or timeless interest rate. As a result, there are muted balance sheets, contracted profits, and robust integration between small and mid-sized banks.  

Along with the entire nation, the retail banking sector faces a drastic decline in domestic capital investment. This results from banking policy variations related to the low-security system and dramatic conversion of comprehensive economic conditions. There is significant penetration in the United States market from payment corporates of the bigger East Asian banks. However, modern technology introduces all products with price tags. This allows for retail banking and its associated products to become leaders in the market.

Scenario#4 – Lone Wolves

This also refers to the prolonged state of the global pandemic as it eradicates the ignorance of isolationist policies and disrupts the supply chain industry. This scenario focuses on international coordination while riffing with low retail banking policies.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Since credit and debit cards are so widely used as a primary form of payment, they are subject to use for fraud and identity theft. Because of this wide usage, people have become relaxed in how they handle their credit and debit cards, and it has left them vulnerable to the consequences of that relaxed attitude. However, if you focus on being more aware of the possibilities of fraud and identity theft, you can protect yourself against it. Here are seven ways you can protect yourself from fraud or identity theft through your credit card.

Credit Card Skimmers

Credit card skimmers have become a widely used way of stealing your debit or credit card information and using it for purchases or to steal your identity. The thief will use a skimmer placed over the card reader on an unprotected ATM or gas pump. Because these devices are made to look so much like the real thing, most people don’t notice any difference, and when they swipe their card, it will store the information on the skimmer. To further the sense of security, the ATM or gas pump will still operate as normal without the victim ever being aware their information has been compromised.

To avoid this, you should always go inside the store if you are buying gas or using ATMs inside and visible to a store employee or a guard. If you have no choice but to use an outside and unprotected ATM or gas pump, check the reader thoroughly before using it. If it looks unusual, don’t use it.

Credit Card Theft

Some thieves still operate the old-fashioned way and take your debit or credit card from you. To protect someone swiping your card from you, you should go out of your way to make that impossible, or at least difficult enough that the would-be thief will leave you alone.

Ensure that if you are going to carry a credit card, you only carry one with you at a time if you have more than one. If your wallet is stolen, you only have to deal with one credit card and not all of them. You should also carry your card in a place that can’t be easily gotten to by a would-be thief. Whether it be in your purse or an inside pocket, you should be focused on protecting your card. When using your card to make a purchase, especially at a restaurant, keep your eyes on your card even if they step away from the table to charge it. The main thing to remember is that you should always be aware of your debit or credit card when you are in public.

Credit Card Receipts

When using your credit or debit cards to make a purchase, the receipt is just as important as the card itself. After you have made the purchase, carefully review the receipt and make sure no full credit card information is on it. You should also never sign a blank receipt. If any blanks could have an amount in them, such as tips, make sure you mark through it if it’s blank or check that you put the correct amount for the tip in the blank. Make sure that you write the tip and the total yourself. After the waitstaff has returned your credit card, do not leave it at the table once you sign the receipt. Make sure you hand the receipt to your waitperson.

Credit Card Information

If you must provide your credit card information over the phone, you should keep a few things in mind. First, never give your credit card information to someone who calls you. If you cannot verify that they are a bill collector or someone from a creditor, you should never give your credit card information to them. If you call to pay a bill or order something over the phone, be careful. It is sometimes necessary that you give your credit card information over the phone. However, be careful of who you give it to. As much as possible, do not use phone services in which a human being will be taking your credit card information—always try to use automated services.

Credit Card Online Usage

When using your credit card online, you should still keep some things in mind to protect your credit card. First, only use secure sites. While every site is vulnerable to hacking, secure sites are less likely to fall prey to it. If you are on a public or unsecured network, you should never be using your credit card online during those times. When on a public network, anyone else on that network, who has even low-level hacking skills, can use those skills to steal your credit card information.

If you receive an email requesting your credit card information, you should never use the link provided in the email. If it is legitimate that you need to pay a bill or for some service or product, you should go to the site on your own and not through an email link unless you have prearranged to receive that link.

Lost or Stolen Credit Card

It should go without saying that you should immediately report a lost or stolen card when you become aware of it missing. If you have misplaced your card, give yourself a bit of time to find it, but if you haven’t found it in that timeframe, you should immediately be calling your bank to protect yourself. Many cards and banks can freeze your card by simply going online and accessing your account. If your bank offers this option, you should do it immediately while you search for your card. If you cannot find your card, then call and have it replaced.

Credit Card Statement

Information is king. Therefore, you should always be aware of what is on your credit card statement. Through most banking websites and apps, you can check your balance and activity multiple times a day. You should be checking your activity and balance daily, especially because it is so convenient.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.