Besides purchasing a home, getting a higher education can be one of the most expensive endeavors in your life. While some students get scholarships or obtain grants that don’t have to be paid back and others have parents who can afford to pay for their education fully, many students have no choice but to obtain federal student loans.
Student loan debt rivals credit card debt to be the number one debt most working adults carry. While this fact may be disheartening, all hope is not lost if you carry federal student loan debt as there are some ways to gain debt forgiveness.
Debt Forgiveness Programs
Student debt forgiveness programs were developed to show compassion for students with an overwhelming amount of student debt. There are many smaller and local programs you can apply for; however, you will have to do your research to find them.
There are four major debt forgiveness programs you can apply to; however, they will not take on debts of students who are in default status, which means they have not paid against the loan in over nine months. These debt forgiveness programs are Public Service Loan Forgiveness, Perkins loan cancellation, Income-based repayment, and Teacher Loan Forgiveness specifically for students who went to school to become teachers.
While each of these programs is widely available, they have extremely strict requirements that have to be followed. They often require the yearly filing of paperwork and intricate program rules and steps to follow. Because the amount these programs give out each year is limited, if you are using the program and have even one slipup when it comes to procedures, you are removed from the program. It is important to consider your options before using any of these programs carefully.
Other Loan Forgiveness Options
There are a few different types of occupation-based loan debt forgiveness programs available, depending on how you live. Such programs are mainly for attorneys, doctors, and other professionals who pay more than the average amounts for advanced degrees. Students who used such loans have a great shot of getting the entire debt forgiven after just five years. The process mainly depends upon the type of profession, particularly for the people who have a full-time job in a community.
Loanforgiveness.org
There is a government-subsidized student loan forgiveness program with multiple options under the plan, one of which may be right for you. All of these loans or debt forgiveness plans are only for students with federal student loans.
Standard Repayment Plan: Under this plan, your payments are fixed to pay in full over ten years.
Income-Contingent Repayment (ICR) Plan: This repayment plan is based on your discretionary income at the time of the plan implementation or a fixed monthly payment over 12 years, also based on your discretionary income at the time of implementation.
Income-Based Repayment (IBR) Plan: This repayment plan is based on 10 to 15% of your income and will change if your income changes. There are two IBR plans, the standard IBR plan for students who obtained a federal loan before July 1, 2014, and the New Borrower plan for those who have obtained a federal student loan after that date.
Pay as You Earn (PAYE) Plan: This repayment plan will cap at 10% of your discretionary income at the implementation time. If you still have any debt after making regular payments for 20 years, the rest of your debt will be forgiven if you go on to earn a graduate or professional degree that would be extended to 25 years.
Permanent Disability Release
Through the Department of Education (DoE), if a student who has a federal student loan has an incapacitating physical or mental disability and cannot contribute to what is considered significant gainful activities (a job), there may be some debt relief for a federal student loan.
First, the student must prove the disability with an authenticated doctor and have supporting documentation. Once permanent disability is determined, the student debt is canceled; however, the student cannot apply for any other educational loans. The only way a student can apply for loans and continue their education is to obtain a letter from a qualifying doctor that shows they can now engage in gainful activity (get a job.)
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.
Starting your own small business can be exciting for the budding entrepreneur, but it can also be scary and intimidating. You can have the best business idea in the world and execute poorly and end up killing your business before it ever has a chance. While many businesses fail within the first five years, the highest percentage within the first year doesn’t have to be the same for you and your business.
Growing up, you can likely look back to your successes and failures and realize that the common thread to whether you were successful or failed was preparation. Entrepreneurs can’t just come up with a business idea and jump in the deep end without being prepared to swim. Besides writing a great business plan and lining up financing, here are five keys to business success every entrepreneur needs to know.
Stand Out
Your business could be an innovativeidea no one else has come up with; however, it doesn’t need to be the next new thing to be successful. Even if you decide to start a business that is in a saturated market, don’t let that discourage you if it is a business you have a passion for the business you want to start. The key, in this case, is to be unique within the market. Have a product or service in addition to the standards that no one else has and make it your focal point.
This is the time for you to be bold and creative. There are no limitations for the eager and forward-thinking entrepreneur, not afraid to stand out.
Network!
Networking has been in existence since the beginning of time and is nothing new to the business world. While larger businesses have staff dedicated to networking and partnerships, networking is up to you for the small business entrepreneur. You can start by joining every local small business group that makes sense for your business.
You can also use your social media to network with friends and family, and if you use hashtags, you can connect to others outside of your direct connections. Networking with all types of businesses can be rewarding. You can be a source if other business owners need the products and service your business offers, or they may send referral business from their customers that need what you offer through your business that they do not.
Watch the Competition
Every business should be acutely aware of their competition. This awareness is not reserved for direct competition but also indirect competitors. To be the most competitive in your market, you should begin by knowing your closest competitor almost as well as you know yourself. Research them, know their best practices and what works for them, and determine their weaknesses and opportunities for improvement.
Knowing the competition can also lead to other networking possibilities. Competition doesn’t have to equal contention. There can be opportunities to partner to increase revenue and your customer base.
Take Care of Your Business Credit
All credit, whether personal or business, is important. While your personal credit score can prevent you from making large purchases or cost you in high-interest rates or loan denials, if it is negative, your business credit is even more critical to keep positive. Businesses can have downturns, emergencies, or unforeseen circumstances that will require capital that may not be on hand. If you need a small business loan, it could be the difference between survival or total failure if your credit prevents financial assistance.
Always pay your accounts payables on time, early, or better yet, in full. Ensure that all business loans and credit cards are paid quickly and consider your business credit score one of the most important things for you to protect.
Pricing
Many small businesses make one crucial mistake they shouldn’t be making and incorrectly set their prices. There is a fine balance between overpricing and underpricing. Pricing is a lot easier than you might think. Some market and competitor pricing research and calculations on operations costs will ensure that your pricing will not only be competitive but keep your operations running.
Conclusion
Every entrepreneur has a lot to consider and plan for when starting your own business. Focusing on standing out, networking, knowing your competition, taking care of your business credit, and pricing will ensure your business not only succeeds but flourishes.
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.
6 Strategies to Keep Investors Happy While You Grow
Keeping investors happy while you grow requires transparent communication, consistent updates, clear financial reporting, realistic expectations, strategic engagement, and building long-term relationships based on trust and credibility. The secret is simple: informed investors are confident investors, and confident investors support your vision even during challenging times.
When I started Complete Controller over 20 years ago, I made every mistake in the investor relations playbook. I communicated sporadically. I soft-pedaled bad news. I treated updates as an afterthought. The result? Nervous investors, strained relationships, and a founder constantly in firefighting mode. Today, after working with thousands of businesses across all sectors, I’ve learned that investor relations is your competitive advantage. This article breaks down exactly how to transform your investors from fund sources into trusted advisors, with frameworks tested across our diverse client base and tactics you can implement immediately.
What does it mean to keep investors happy?
Keeping investors happy means maintaining regular, honest communication that aligns their expectations with your company’s actual trajectory and challenges
Research from PwC’s 2024 Global Investor Survey found that 83% of investors believe companies that communicate effectively perform better—and 77% are more likely to provide strategic support like introductions and mentorship
Happy investors become advocates, referring new capital and opening doors for partnerships
Unhappy investors create noise, distraction, and friction that divert your focus from building the business
The foundation of investor happiness is trust, built through transparency about both wins and obstacles
Strategy 1: Master the Art of Consistent, Strategic Communication
Communication is the guardrail that prevents investor worry from spiraling into panic. The mistake most founders make is thinking communication means one annual update. In reality, it’s about maintaining a rhythm that keeps investors in the loop without drowning them in noise.
Build a quarterly update schedule
Your investors should expect communication from you on a predictable cadence. While quarterly updates are the industry standard, data from 870+ founders reveals that 60% are actually sending monthly updates—a practice tied to stronger investor relationships and follow-on funding success. These shouldn’t be lengthy; a two-to-three-page letter covering milestones, financial highlights, and near-term objectives works perfectly.
What to include in your quarterly update:
Key metrics (revenue, user growth, product milestones)
Challenges encountered and your response strategy
Market developments that affect your trajectory
Upcoming initiatives investors should track
Share the good news generously
Don’t wait for perfect moments to communicate. Share press coverage, product launches, customer wins, and team additions as they happen. This habit does two things: it keeps investors energized about the business, and it establishes a track record of forward momentum that contextualizes harder conversations later.
Create a tiered communication approach
Not all investors are created equal. Your lead investors and board members warrant deeper engagement than passive investors. A tiered approach respects everyone’s time while maintaining relationships.
Tier 3 (Passive Investors): Semi-annual or annual updates via email or portal
Strategy 2: Build Trust Through Radical Transparency About Money and Metrics
Investors have one primal fear: that their money is being mismanaged or that you’re hiding bad news. Transparency is the antidote. This doesn’t mean sharing every micro-decision; it means being forthright about financial performance, roadblocks, and changes to your original plan.
Provide regular financial statements
At minimum, investors expect quarterly financial statements showing revenue, burn rate, runway, and key unit economics. A recent survey found that 80% of investors now expect higher transparency from companies they back, particularly regarding how capital is being deployed. Vague or delayed reporting actively erodes investor confidence.
Pro tip: A one-page financial dashboard is more effective than a 20-page report. Investors want clarity, not complexity. Understanding financial statements becomes easier when you focus on key metrics rather than overwhelming detail.
Reframe setbacks as proof of honest stewardship
When bad news arrives—a delayed product launch, lower-than-projected revenue, a key customer loss—the instinct is to hide it. Resist that instinct. Founders who communicate challenges early and with a clear recovery plan earn investor respect. Those who hide problems destroy credibility.
Research shows that investors who set realistic expectations from the start are more likely to sympathize with setbacks and provide constructive support during difficult periods. Your honesty becomes your greatest asset.
Create an investor deck that tells your story, not a fantasy
Your investor deck should be a straightforward, transparent tool that explains where the company is heading and how you plan to get there. Avoid hype. Instead, showcase your competitive advantages, market opportunity, and proof points (customer traction, revenue growth, team strength) without overselling.
Strategy 3: Tailor Your Engagement to Your Investor Type
One-size-fits-all investor relations doesn’t work. Angel investors, institutional VCs, and strategic investors have fundamentally different needs, time horizons, and expectations. Misaligning your strategy with your investor type creates friction.
Angel and early-stage investors: Build the relationship, not just the report
Angels and friends-and-family investors invest in you. They want to feel part of your journey, not just receive financial statements. This investor type benefits from:
Invitations to company events, office tours, and customer meetings
Explicit opportunities to provide advice or introductions
Annual business update letters that celebrate milestones and acknowledge their role
Growth-stage and institutional investors: Demonstrate sophistication
As your company scales, institutional investors expect professional IR practices. They treat your company as one of many investments and want evidence that management is capable and credible.
Prepared investor decks aligned with your company story
Regular financial reporting with clear variance analysis
Formal board meetings with documented decisions and follow-ups
Annual audited financial statements (especially once you exceed $750K in annual expenses)
Strategy 4: Set Realistic Expectations From Day One
Investor disappointment rarely stems from bad outcomes alone—it stems from missed expectations. A founder who projects 100% growth and achieves 50% has failed. A founder who projects 40% and achieves 50% is a hero. This is why expectation management is foundational.
Research on venture-backed companies shows that 75% never return cash to investors. A key differentiator among the 25% that do? Those founders set realistic expectations early and communicate transparently about progress and setbacks, building credibility reserves that help them secure follow-on funding and investor support during challenges.
Be explicit about what you know and don’t know
The worst thing a founder can do is pretend certainty about an uncertain future. Instead, communicate like this:
“We project 15% monthly growth based on current customer acquisition trends. However, we’re uncertain about how our largest customer renewal will affect Q4 projections.”
“The product roadmap is on track for Q2 launch. That said, we’ve identified a potential technical challenge we’re currently stress-testing.”
This approach demonstrates thoughtfulness and invites investors into your decision-making process rather than creating adversarial surprise.
Strategy 5: Create Systems That Keep Investor Relationships on Track
Investor relations shouldn’t live in your head or an email thread. Smart founders build systems that ensure consistency, capture valuable feedback, and create an audit trail of investor engagement.
Implement an investor portal or CMS
Tools like Forge, Carta, or even a simple Notion database centralize investor information. Moving from spreadsheets to CRMs transforms how you manage these critical relationships:
Investor contact details, investment amounts, and entry valuations
When an investor raises a concern or offers advice, document it and circle back. After investor meetings, summarize key discussion points and flag outstanding questions with due dates. This signals that you’re listening and taking their input seriously.
Strategy 6: Position Yourself as a Credible Thought Partner
The best investor relationships transcend capital and enter advisory territory. When investors see you as a serious operator—knowledgeable about your business and industry, open about shortcomings, and clear-headed about strategy—they shift from skeptics to advocates.
Harvard’s 2024 survey of institutional investors found that 85% said meaningful engagement and dialogue significantly influenced their major decisions about the company. This data proves that one-way broadcasting isn’t enough.
Demonstrate deep knowledge of your industry
Investors are pattern-matching against their experience with other companies. When you reference competitive dynamics, regulatory headwinds, or market shifts with nuance, you signal sophistication. Weave market intelligence naturally into your updates.
Example: “Our CAC has increased 15% YoY due to rising paid ad costs across our category. We’re offsetting this with an expansion of our partner channel.”
Be authentic about limitations
Founders who admit what they don’t know are more credible than those who pretend omniscience. Your investors have seen thousands of companies; they’ll spot BS immediately.
Building your position as a thought leader requires authenticity above all else. Instead of “We’ll dominate this market,” try: “We have a clear advantage in product innovation. We’re uncertain about regulatory headwinds. Here’s what we’re doing to gather data.”
Managing Bad News Without Losing Investor Confidence
The true test of investor relations arrives when you have bad news to share. Missing revenue targets, losing a major customer, or pivoting your business model can feel like an existential threat to the investor relationship. But handled correctly, crisis communication can actually strengthen your credibility.
Brian Chesky, CEO of Airbnb, faced a similar challenge during the COVID-19 pandemic. When the company faced a 67% revenue drop in 2020, Chesky shifted to direct, transparent communication about both challenges and recovery plans. This shift in communication style coincided with Airbnb’s turnaround to profitability within a year, demonstrating that authenticity builds trust even in crisis.
The 48-hour rule
When you discover a significant setback, tell your investors before the wider organization knows. This prevents information asymmetry and positions you as a steward of their interests.
Pair bad news with a clear response strategy
Never deliver bad news alone. Always include:
What happened: Be factual and brief
Why it happened: Show you understand root cause
How you’re responding: Outline specific actions and timelines
What support you might need: Introductions, strategic advice, etc.
Final Thoughts
After two decades of running Complete Controller and working with businesses across every sector, I’ve seen how transformative strong investor relations can be. The companies that thrive don’t just have great products or markets—they have investors who feel informed, valued, and engaged.
The six strategies outlined here aren’t theoretical. They’re battle-tested approaches that turn nervous investors into enthusiastic advocates. Start with one strategy. Build the habit. Then layer in the others. Your future self—and your investors—will thank you.
Ready to level up your financial operations and investor communications? The experts at Complete Controller specialize in helping growth-stage companies build the financial infrastructure and reporting systems that keep investors confident. Contact us today to learn how we can support your journey from startup to scale.
Frequently Asked Questions About How to Keep Investors Happy
How often should I really communicate with my investors?
While quarterly updates are the baseline, 60% of successful founders send monthly updates. The key is consistency—pick a cadence you can maintain and stick to it religiously.
What’s the best way to deliver bad news to investors?
Follow the 48-hour rule: communicate within 48 hours of discovering the issue, pair the bad news with your response plan, and be specific about what support you need from them.
How detailed should financial reporting be for angel investors vs. VCs?
Angel investors typically want conversational updates with basic metrics. VCs expect professional reporting with variance analysis, unit economics, and detailed financial statements.
What if an investor becomes overly involved or demanding?
Set clear boundaries through your tiered communication approach. Schedule specific times for investor interactions and redirect excessive requests to your regular update schedule.
How do I rebuild trust after a major setback or missed projections?
Acknowledge the miss directly, explain what you learned, share your adjusted strategy, and then over-communicate progress against your new plan. Consistency in follow-through rebuilds credibility.
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.
Many millionaires that were not born into the money became a millionaire by turning their talent into a lucrative business. While your talent may not make you a millionaire, it can still be your business’s basis and be a fulfilling career you will love. Here are five steps you need to take to turn your talent into a business.
Question Your Level of Passion
Talent alone will not make your business a success. You have to have a deep passion for your business to not only survive those first crucial years of the business but to have a long and lucrative career.
If your passion is temporary, your business will be temporary and fail within the first year or two. Passion also drives your knowledge. If your business based on your talent requires education or certifications, if your passion is fleeting, you won’t complete the education required, and your business will fail.
Starting and operating a business is hard work and often takes up more hours than working for someone else, so your passion is essential to drive forward even when challenging.
Push Through the Challenges
Most entrepreneurs who start a business of any kind will tell you that every stage of starting and operating a business is a challenge. If you have assessed your passion and know you want to use your talent to create a business, you will still need the stamina to work through the inevitable difficulties of running a business.
Some of the challenges that come with running a business can be overwhelming and even a little scary. You have to keep going despite these times. However, you don’t just have to endure the challenges. You can develop your business and come up with creative ideas to meet these challenges.
Develop Your Brand
Your talent and passion got the business started and helped drive you through the challenges, but your business’s success and longevity rely on customers. The best way to gain and retain customers is to develop your brand and market it.
To develop your brand know what makes you and your business unique or find the focal point of your business, which could be the talent or a specific product or service your business offers. Whatever makes your business stand out from others in the market is what you should build your brand around. That unique quality will be the strongest foundation for your business and your brand.
Also, having a strong brand will make it easier to develop marketing strategies. Go back and think about the millionaires you are aware of that built a business on their talent and identify their brand. Their brand is likely what you thought of first, not the millionaire.
Keep Focused
Keeping your focus on the overall operations of your business is a given. If you allow outside influences and challenges to distract you, your business may fail. Some of the distractions are unavoidable issues. It would be best if you gave some attention to resolve them. Other distractions can be people who don’t support you or your business.
Starting and operating your own business, especially one based on your talent, can draw a lot of negativity from your friends and family who don’t see the potential you do. Despite this negativity, keep your focus. This is not their business or life, it is yours, and it requires your entire attention and efforts.
Assess Your Business
It is important that you continually assess your business. Assessments are meant to test how your business is succeeding and where it is failing. You can make these assessments weekly, monthly, or yearly. If you have regular assessments, it lets you and your staff make changes to grow your business.
Sometimes your business will start strong and fizzle. This is not necessarily because your passion or desire for the business has faded. You are doing some of the same things now that you did initially, and these strategies no longer work.
Conclusion
Using your talent to start your own business is a great idea if you have a passion for owning and operating a business based on that talent. If you decide to use this talent to work for yourself instead of lending your talent to someone else’s business, you will surely succeed if you follow these steps.
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.
Accounting and bookkeeping are a part of every business, no matter the size. Most larger businesses have entire departments dedicated to accounting, payroll, and the business’s financial workings. Small to medium businesses may or may not have staff dedicated to accounting and bookkeeping, but most small businesses resort to handling their accounting and bookkeeping through software. While most users will immediately jump on Intuit’s QuickBooks accounting software, known for its vast number of features and user-friendly design, other accounting and bookkeeping software are considered. Here is five accounting and bookkeeping software to consider for your business.
GnuCash
GnuCash is considered an extremely simple and user-friendly bookkeeping software. It is a great alternative to other bookkeeping and accounting software because it has efficient services and works with the vast majority of operating systems, including Mac and Windows PCs. Those who use it say its design is easy to use and integrated into your business no matter the size.
TurboCASH
TurboCASH is the perfect accounting tool to manage financial activities specifically for small and medium businesses. The greatest thing about TurboCASH is that it can handle more than one business at a time. So if you have multiple businesses or want your business and personal accounting and bookkeeping needs in one place, this software makes that possible. It is also an open-source accounting app that provides financial management services to financial businesses, and because of the open-sourcing, it has an incredible online community for support.
NCH Express Invoice
The NCH express invoice software is used to generate invoices, orders, quotes, and forms. Just as the name implies, this software is not as much an accounting and bookkeeping software as it is an invoice generating software. It still makes this list because users say it has great use in their business, and it is often used in concert with accounting and bookkeeping software that doesn’t have features that include invoicing.
Wave
Wave is an accounting application integrated to run home business bookkeeping and is mainly used to provide cloud-based services specifically to cater to accounting activities. This accounting application is used to manage the finances of small and medium businesses. It is also best known for having a user-friendly design with great service and features and excellent functions for small to medium businesses. Wave is also considered a highly-efficient software that is free; however, it will incur some costs if you want to include some of the upgraded services it offers for a nominal fee.
Money Manager Ex
Money Manager Ex is designed to manage accounts for small businesses and household finances efficiently and effectively. It is user-friendly, has excellent accounting features, and it is easy to use between devices. Like TurboCASH, Money Manager Ex is an open-source tool designed to deliver usable accounting services.
Accounting, bookkeeping, and invoicing software are not limited to one brand or service through some software that may be more recognized or widely used, such as Intuit’s QuickBooks. Some business needs are such that more expensive accounting and bookkeeping software would waste precious small business funds.
When deciding what software to use to take care of your business’s accounting and bookkeeping, you must do some research and get what you can afford to do the job you need to be done. When deciding what software to use, the other thing to consider is whether the software will still work if you meet your business plan growth projections. You can switch to an upgraded software to accommodate your business after growth. Sometimes, this change can cause issues, so you may want to consider an accounting and bookkeeping software your business can grow into rather than one that fits your current needs.
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.
Many people dream of starting their own business but better yet to start their own home-based business. The advantages of owning your own business and being at home while you do it are many. Besides the fact that you can work in your pajamas, be inches away from coffee at all times, and hold afternoon cuddle meetings with your pet if you want to, there are business advantages as well.
Because you will not be leasing space, you will have low overhead and even claim part of your home under your tax deductions. The commute savings will add up, especially when it reduces car repair costs and gassing up. Though this may all sound great, some people have no idea what kind of business to start in their home. Here are five really easy to start home-based businesses you could start today with little to no capital.
Online Sales
In the past direct sales required you to network with your friends and family and other potential customers in person. With the online environment and especially social media, you can sell anything and everything without having to leave your house or even meet face-to-face. You can post what you sell on your pages and social media profiles and even have business pages free to sell the products or services you represent.
You can also resell items you buy second-hand and repurpose or refurbish. This can also be done on social media marketplaces or apps that charge no fees to use them. The online environment can make your sales possibilities endless.
Tutoring or Lessons
Tutoring or giving lessons requires no degree nor any other requirement but that you are proficient at the subject of your tutoring or whatever craft for which you are giving lessons. If you are multi-talented, the possibilities are endless, and you could feasibly make a healthy living if the subjects are in demand. You can also have a lot of flexibility to tutor or give lessons in your home or travel to your student’s home. Also, some lessons can be done online through video chat and meeting platforms. The ability to give lessons online could open your business up to the world!
Home Baking or Food Prep
In the busy world, we live in. Many have less time to spend cooking, especially healthy meals. Also, baked goods, cakes, and other goodies are always on demand for special occasions. If you love to bake or cook, you could easily start a home-based bakery, catering, or food prep business. The most challenging part of this business, besides the possible weight-gain, is that you would have to figure out your delivery system. This might limit your business to local only though some baked goods ship well.
Freelance Writing
If you are a good writer, you can quickly start a freelance writing business. You must keep in mind that freelance writing is an extremely competitive market, so you will have to be creative and diligent to secure yourself enough work to earn a full-time income. There are sites that you can put yourself on as a writer for hire. You can also use various social media platforms and low-priced to free sites to run ads. If you can get your name out there and gain a reputation and build your writing portfolio, freelance writing can be a lucrative business that can also lead to bigger writing jobs.
Social Media Marketer
If you are social media savvy, you can make an outstanding living as a social media marketer. Many businesses, large and small, don’t have time to dedicate to social media marketing enough to do them any good. Many small to medium businesses will hire independent marketers to handle their social media presence. If you get a good client base, you can feasibly earn enough to do this full time from the comfort of your own home, pajamas, and bunny slippers.
There is an endless number of businesses you can run out of your home, but these are some home-based businesses you can start right now! What are you waiting for?
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.
Every financial advisor or guru will say the word savings more than any other English language. The reason is that savings are important for financial freedom. Still, it is crucial to your future, and in case disaster strikes such as job loss, a broken-down vehicle, or an unforeseen medical expense. If you are not saving now, you need to start immediately. You don’t have to start with large and unreasonable amounts of money. It would be best if you eased into savings until you get used to being without the income in your personal operating costs and increase as you can.
You can do some things to increase savings may seem like they are obvious, and they are, but regardless of this, many don’t do them. An astounding amount of adults with great incomes fail to save any of it even though to do so would be simple. So for those that are not saving or saving enough, here are five ways you can start working towards financial freedom through some savvy savings ideas.
Retirement Fund
An amazing number of those saving nothing at all work for a company with at least one retirement fund, if not multiple retirement funds or other types of savings plans. The best thing about all of them is that they take it out of your paycheck before receiving it, so you don’t even miss it and are forced to adjust your budget around your adjusted income without it. If you are not contributing to your company offered a retirement fund, you should immediately make an appointment with the appropriate department to rectify this mistake.
If you are unsure how much to contribute, there are a few ways to decide. If your company will match up to a certain percentage, contribute at least that percentage; that match is free money. If they don’t offer a savings match, figure out the minimum you can live on from your income with some padding and contribute whatever percentage or fixed amount you have remaining. The truth is, you are not saving now, so any amount will be a vast improvement over zero.
Cut Expenses
Many people shy away from cutting expenses because, in this instant gratification, the high-consumption world we live in today, we often fulfill every desire of our heart when it comes to spending. In some cases, people spend outside their means for this fact. Now is the time for you to take yourself out of the race against the Joneses and create a budget so you can identify all your expenses, specifically the ones you can cut out.
It is not suggested you have no fun and don’t enjoy your life or hard-earned money. Rather, what is being suggested is that you don’t do so over having healthy savings. To do this, you need to create the dreaded budget, cut as many expenses as you can live without, and reallocate that money to debts first, then savings. If you have set up automatic savings account payments from your paycheck or other income with your banking institution, much like your savings at work, you won’t miss it and will adjust your budget around the new income without it.
Investments
Outside of the investments that would be made on your behalf through your retirement fund, you should participate in some level of personal investing. If you are a novice or don’t have a lot to invest, you should hire and consult a professional financial advisor or investment manager. This professional can help evaluate your risk tolerance and limits and make investments on your behalf accordingly. It is not to say you cannot or should not strike out on your own. However, unless you are knowledgeable in the intricacies of good investing, leave it to a pro.
Eradicate Debt
The easiest way to have income that can be put into your savings is to become debt-free. This freedom is not just beneficial to your savings account, but it is an accomplishment that can help you make big purchases such as a home or vehicle. Working towards eliminating debt and achieving it should be followed up with putting your new surplus into savings and then never allowing yourself to go into bad debt again. Getting into a mortgage or using credit to purchase a new vehicle is a good debt to carry as long as you pay it down as quickly as possible.
Savings Account(s)
There are many savings account types, some of which are lower in interest gains and lower risk. Others are investment savings accounts, which carry some risks but have higher interest payoffs. To decide what kind of savings account(s) to have, you should research the options, evaluate the risks or hire a professional financial advisor to help you decide best for you and your financial freedom.
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.
Overcoming Small Business Challenges: Essential Solutions You Need
Small business challenges like cash flow management, talent retention, and rising operational costs threaten the growth and survival of entrepreneurs nationwide, but strategic financial planning and proven solutions can transform these obstacles into opportunities for success. Recent data shows that 82% of small business failures stem from poor cash flow management, while 58% of owners cite inflation as their top concern—numbers that underscore the critical need for professional financial guidance and systematic approaches to business management[15][9].
As CEO of Complete Controller for over 20 years, I’ve partnered with thousands of businesses across every industry imaginable, witnessing firsthand how the right financial systems and strategic support can mean the difference between barely surviving and confidently thriving. In this comprehensive guide, you’ll discover practical strategies for managing cash flow effectively, building resilient teams despite labor shortages, navigating economic uncertainty with confidence, and leveraging technology to streamline operations—all while maintaining the financial health that keeps your business moving forward.
What are small business challenges and how do you overcome them?
Small business challenges include cash flow problems, talent shortages, inflation pressures, operational inefficiencies, and technology gaps
Cash flow management remains the primary cause of failure, affecting 82% of businesses that close
Talent acquisition and retention costs businesses up to 2x annual salaries for replacements
Economic pressures from inflation affect 58% of small businesses as their biggest concern
Digital transformation and cybersecurity create both opportunities and vulnerabilities for growth
Financial Challenges for Small Businesses: Building Strong Foundations
The financial landscape for small businesses has become increasingly complex, with multiple pressures converging to create unprecedented challenges. Cash flow management stands as the single most critical factor determining business survival, yet many entrepreneurs struggle to distinguish between profitability on paper and actual cash availability for operations.
Late payments represent a significant drain on small business resources. According to recent data, US small businesses with outstanding invoices are currently owed more than $17,000 each on average, creating substantial working capital constraints[12]. This payment delay phenomenon creates a cascading effect—businesses struggling with collections cannot invest in growth initiatives or maintain adequate cash reserves for unexpected expenses.
Managing cash flow and capital access
The relationship between revenue growth and cash availability often surprises new entrepreneurs. Rapid expansion can actually precipitate cash flow crises, as businesses must fund inventory, payroll, and operational expenses well before receiving payment from customers. This timing mismatch becomes particularly acute during growth phases when working capital requirements escalate.
Strategic approaches to cash flow management include:
Implementing automated invoicing systems to accelerate collections
Negotiating favorable payment terms with suppliers while offering incentives for early customer payments
Maintaining detailed cash flow projections that account for seasonal variations
Building relationships with multiple funding sources before capital needs become urgent
Establishing clear credit policies and consistently enforcing payment deadlines
Access to capital remains challenging despite SBA programs providing $56 billion in support during fiscal year 2024[16]. Financial institutions increasingly rely on sophisticated cash flow analytics when evaluating loan applications, making proper financial record-keeping essential for securing funding when needed.
Strategies for overcoming small business financial obstacles
Professional financial management transforms how businesses navigate economic challenges. Cloud-based accounting systems provide real-time visibility into financial positions, enabling proactive decision-making rather than reactive crisis management. These platforms integrate with banking systems, automate routine tasks, and generate insights that help identify potential issues before they become critical.
The implementation of robust financial controls serves multiple purposes beyond basic accounting. Proper systems prevent fraud, improve operational efficiency, and provide the documentation necessary for securing loans or attracting investors. Small businesses that invest in professional bookkeeping services report improved cash flow, better strategic planning capabilities, and reduced stress levels among ownership teams.
Recruiting and Retaining Top Talent in Competitive Markets
The talent acquisition and retention crisis has reached critical levels, with 45 million American workers voluntarily leaving their positions in 2023 alone[7]. For small businesses competing against larger corporations with deeper pockets, attracting and keeping quality employees requires creative approaches that emphasize culture, flexibility, and growth opportunities.
The true cost of employee turnover extends far beyond recruitment expenses. Research indicates replacement costs range from 1.5 to 2 times an employee’s annual salary when accounting for hiring, training, and lost productivity[8]. For a small business with 10 employees and 20% annual turnover, these costs can easily exceed $200,000 annually—resources that could otherwise fund expansion or technology improvements.
Small business hurdles in talent management
Quality of labor concerns affect 21% of small business owners, representing their second-highest operational challenge after inflation[4]. The issue transcends simple availability of workers to encompass skill levels, work ethic, and cultural fit within smaller organizational structures.
Small businesses face unique recruitment disadvantages:
Limited budgets for competitive salaries and comprehensive benefits packages
Reduced brand recognition compared to established corporations
Fewer structured career advancement opportunities
Resource constraints for professional development programs
Inability to offer extensive remote work options requiring infrastructure investment
Building resilient teams despite resource constraints
Successful small businesses overcome talent challenges by emphasizing their unique advantages. The opportunity to make meaningful contributions, direct access to leadership, and faster decision-making processes appeal to workers seeking purpose-driven careers. Flexibility in scheduling, personalized growth paths, and strong team cultures create environments where employees feel valued beyond monetary compensation.
Retention strategies that prove effective include:
Creating clear communication channels between management and staff
Implementing recognition programs that celebrate individual contributions
Offering professional development opportunities through online training platforms
Providing schedule flexibility that acknowledges work-life balance needs
Building inclusive cultures where diverse perspectives drive innovation
Navigating Inflation and Economic Uncertainty
The macroeconomic environment presents formidable challenges, with 58% of small business owners identifying inflation as their primary concern—a record high that reflects ongoing cost pressures across all operational areas[9]. The Small Business Index dropped to 62.3 in Q1 2025, indicating decreased confidence in business health and cash flow stability compared to previous quarters[9].
Rising costs affect every aspect of operations, from raw materials and inventory to utilities and insurance. Small businesses lack the negotiating power of larger competitors, making them particularly vulnerable to supplier price increases. Additionally, passing costs to customers risks losing price-sensitive segments to competitors willing to accept lower margins.
Operational issues for small businesses during economic volatility
Supply chain disruptions compound inflation challenges, creating unpredictability in both pricing and availability. Small businesses report struggling with:
Small business growth challenges in uncertain times
Strategic planning becomes essential during economic turbulence. Businesses that maintain detailed financial projections, diversify supplier relationships, and build contingency reserves demonstrate greater resilience. Cost management initiatives must balance immediate savings against long-term competitiveness, avoiding cuts that damage customer service or employee morale.
Successful adaptation strategies include:
Renegotiating contracts with suppliers and service providers
Implementing energy efficiency measures to reduce utility expenses
Exploring automation opportunities that improve productivity
Diversifying revenue streams to reduce dependence on single markets
Building strategic partnerships that share resources and risks
Digital Transformation and Cybersecurity: Balancing Opportunity with Risk
Technology adoption presents both tremendous opportunities and significant vulnerabilities for small businesses. E-commerce now accounts for over 20% of global retail sales, making digital presence essential for reaching customers[17]. However, this digital expansion creates new attack surfaces that cybercriminals eagerly exploit.
Small businesses have become prime targets for cyberattacks, with 46% of all breaches impacting organizations with fewer than 1,000 employees[6]. The sophistication of attacks continues escalating, while small business preparedness lags dangerously behind. Only 17% maintain cyber insurance coverage, and 47% of businesses with fewer than 50 employees allocate zero budget for cybersecurity measures[6].
Marketing challenges for small businesses in digital spaces
Digital marketing requires continuous investment in skills, tools, and content creation. Small businesses struggle to maintain consistent online presence while managing daily operations. Social media algorithms favor frequent posting and engagement, demanding time resources many entrepreneurs cannot spare. Additionally, paid advertising costs continue rising as platforms monetize their user bases more aggressively.
Protecting against small business obstacles in cybersecurity
The average cost of cybersecurity incidents for small businesses ranges from $826 to over $650,000, with recovery times often exceeding 24 hours of complete operational shutdown[6]. Beyond immediate financial losses, breaches damage customer trust and may trigger regulatory penalties for inadequate data protection.
Essential cybersecurity measures include:
Implementing multi-factor authentication across all systems
Training employees to recognize phishing attempts and social engineering
Maintaining current backups stored separately from primary systems
Installing reputable antivirus software and keeping systems updated
Developing incident response plans before breaches occur
Planning for Sustainable Growth: Strategic Approaches for Long-Term Success
Sustainable growth requires balancing ambition with operational capacity. Many small businesses fail not from lack of opportunity but from inability to scale operations effectively. The challenges of growth include maintaining quality standards, preserving company culture, and managing increased complexity without proportionally increasing overhead costs.
Strategic planning provides roadmaps for navigating growth transitions. Successful businesses regularly revisit plans, adjusting strategies based on market feedback and operational realities. This iterative approach prevents rigid adherence to outdated assumptions while maintaining focus on long-term objectives.
Common difficulties for entrepreneurs in strategic planning
Time constraints represent the primary barrier to effective planning. Daily operational demands consume attention, leaving little capacity for strategic thinking. Additionally, many entrepreneurs lack formal training in business planning methodologies, relying instead on intuition that may not scale effectively.
Strategies for overcoming small business challenges through systems
Systematic approaches to business operations create scalability and consistency. Documented processes ensure quality regardless of who performs tasks, while automated systems reduce human error and free staff for higher-value activities. Cloud-based platforms enable remote management and real-time collaboration, essential capabilities in modern business environments.
Conclusion
Small business challenges in 2025 demand sophisticated responses combining financial acumen, operational excellence, and strategic vision. While obstacles like cash flow management, talent retention, and cybersecurity threats pose serious risks, entrepreneurs who embrace professional support and systematic approaches position themselves for sustainable success.
The path forward requires acknowledging that no business owner can master every aspect of modern operations alone. Partnering with financial professionals, leveraging technology wisely, and building resilient teams creates foundations for growth beyond mere survival. Success comes from transforming challenges into opportunities through informed decision-making and strategic resource allocation.
Take the first step toward overcoming your business challenges today. Visit Complete Controller to discover how our comprehensive financial services and expert guidance can transform your business operations and position you for confident growth in any economic environment.
Frequently Asked Questions About Small Business Challenges
What are the most common small business challenges entrepreneurs face today?
The most pressing small business challenges include cash flow management (affecting 82% of failures), inflation concerns (58% of owners), talent recruitment and retention, cybersecurity threats, operational inefficiencies, and adapting to digital transformation while managing limited resources[15][9][6].
How can small business owners effectively manage cash flow problems?
Effective cash flow management requires automated invoicing systems, detailed financial projections, negotiated payment terms with suppliers, consistent collection policies, and maintaining adequate cash reserves. Professional bookkeeping services provide real-time visibility and early warning systems for potential issues[12][5].
What strategies help small businesses compete for talent against larger companies?
Small businesses can attract talent by emphasizing meaningful work contributions, offering flexible schedules, creating strong team cultures, providing personalized growth opportunities, and highlighting direct access to leadership. Focus on work-life balance and purpose-driven careers rather than competing solely on salary[7][8].
Why are small businesses particularly vulnerable to cyberattacks?
Small businesses attract cybercriminals because they typically have fewer security protections, limited IT budgets, and valuable customer data. With 47% allocating nothing to cybersecurity and only 17% carrying cyber insurance, they present easy targets compared to well-defended enterprises[6].
How should small business owners approach strategic planning during economic uncertainty?
Strategic planning during uncertainty requires flexible approaches including detailed financial projections, diversified revenue streams, strong supplier relationships, cost management without sacrificing quality, and regular plan reviews. Building contingency reserves and partnering with financial professionals provides stability during volatile periods[9][13].
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“7 Common Small Business Problems and Their Solutions.” Guidant Financial, 2025.
“The 5 Biggest Challenges Small Businesses Face Today.” Workday Blog, 2025.
“Top 5 Challenges Small Business Owners Face.” Walden University, 2025.
“Top 10 Small Business Challenges & How to Overcome Them.” OneHubPOS, 2025.
“11 Common Business Problems and How You Can Solve Them.” Indeed, 2025.
“Reasons Why Small Businesses Fail and How to Avoid Them.” US Chamber, 2025.
“10 Common Small Business Mistakes and How to Avoid Them.” The Hartford, 2025.
“Findings from a Survey of Small Business Resource Organizations.” Fed Small Business, 2025.
“The Most Common Small-Business Problems (and Solutions).” Mason Online, 2025.
“5 Small Business Trends for 2025.” SBA, 2025.
“2025 Small Business Trends.” Guidant Financial, 2025.
“50+ Small Business Statistics for 2025.” BizPlanr.ai, 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.
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.
There is an astonishing amount of people in the world who have no idea what their credit score is or how it even impacts their financial health. Even if you never need a loan or credit card, your credit score is used for many reasons that can negativelyaffect your life if your score is low.
To determine your insurance rates and premiums
To be able to rent a home, apartment, or car
Down payments to get cable, internet, or phone service
To make purchases with payment plans
To determine if a company will hire you
Knowing that your credit score can affect so many aspects of your life, you must know how to get and keep a good, if not great, credit score. Here are six simple strategies to help you get and keep a good credit score.
Pay Your Bills on Time
Paying your bills on time should be a given when it comes to your financial health, but you would be surprised how many don’t realize that some of your payments hit your credit every time you’re late. While it is not suggested that you be late on any bill payments, sometimes life is difficult, and you have to shuffle some things around to make ends meet. Make sure you pay those bills that will affect your credit on time or before they are late work with the creditor on a payment plan that won’t damage your credit.
Experian Boost
Experian has begun a program to help anyone who wants to boost their credit to do it. One of the three major credit reporting entities did something brilliant. They are allowing bills that typically are not considered on your credit that you likely pay on time every month to be considered in your credit score. You can add your utility bills and your cell phone bills into the mix of payments that will boost your credit if paid on time and see a jump in your credit score by about forty points in 90 days! Hopefully, the other two entities follow suit as this could change the face of credit if you pay these bills on time but had some credit issues that lowered your score.
Deal with Debt NOW
Debt should be the most important concern you have financially outside of necessities. If you are spending on luxuries when you are carrying debt, you make a huge financial mistake. Start with making the largest payments towards those debts that carry the highest interest rates. If you have any revolving credit such as a credit card, do not use it until all debt is paid down, or you will be back in the same boat quickly. You need to stop this debt leak. That said, do not close unused credit cards as this adversely affects your credit. Keep them open and pay any fees they have but don’t spend on them.
Multiple Lines of Credit
Even if you pay every credit card and loan on time, it will still lower your credit score if you have many lines of credit. A potential creditor will not want to see that their bill will be one among many you will struggle to pay if you fall upon hard times. While if you are paying them on time, it will help your score but not enough to overcome the hit your credit took by having too many credit lines.
Stop Applying for Credit
Just because that department store will give you a 20% discount on your current purchase for just applying for their in-store credit card doesn’t mean you should do it. Every single time there is a hard inquiry on your credit score, it lowers it. Simply put, stop doing it. Hit sales or go second-hand shopping if you want to get great deals, don’t apply for every store you shop in’s line of credit.
Dispute Your Credit Report
Many credit checking apps and websites do soft inquiries on your credit score, which doesn’t adversely affect your score even if you check it every day, multiple times a day. You need to be checking your score as regularly as possible because if there are ever any inaccuracies if you catch them and dispute them immediately, they will be removed quickly.
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.
Though every financially responsible adult knows that they need to budget and save, many don’t know there are some financial strategies to add to their financial plans. These plans could make a huge difference in financial freedom, the ability to make large purchases like buying a home, and having an amazing retirement instead of one full of financial struggles like so many who count on social security.
Whether you have a financial planner or don’t have a penny saved, there are financial strategies you can start implementing today that will give you the boost you need in your savings and on your path to financial freedom. Here are five easy financial strategies that work!
Vehicle Purchase Strategy
While a vehicle can say a lot about us, the truth is that if you are looking for financial freedom, your vehicle purchase can make a significant difference in obtaining it or not if you are anyone other than a person who can own a car to match any outfit. Realistically, your vehicle purchase should be well within your means, as doing anything outside of that can be disastrous for your financial health and credit.
Never buy payments. You need to know the price they are charging you, the final and the total. A common sales strategy of recent years is to find out what payment amount you can afford and sell you a car with those payments over a period that, when added up, will, in some cases, be up to three times the value of the car. Also, know the interest rate you are being charged.
Pay as large of a down payment as you can handle. If you are in a dire situation where you need to purchase the car immediately, then it is understandable that you don’t have a large down payment at the ready. However, if you have time, take that time to save to pay as much down as possible.
Do your research on the vehicle you intend to purchase and know its value. Figure out the basic payments, know your credit, run your own numbers, and be armed with them before you walk onto the lot.
Insurance Strategy
Insurance is an unfortunate necessity in every person’s life, and in some cases having insurance is the law. However, just because it is a must does not mean you have to accept what you get. It would be best if you exhausted every money-saving strategy at your disposal.
Shop, shop, and then shop some more. With healthcare, vehicles, homeowners, and other insurance that you may need, there is a lot of competition. Therefore if you are a savvy buyer, you can save hundreds a year in insurance. And don’t use those sites that say they will impartially compare. You do the research. You do the comparisons. This strategy will save you so much money.
Also, take healthy preventative precautions or driver’s education classes to lower your health and car insurance rates. Insurance doesn’t have to break your bank to be good and affordable.
10/10/80 Strategy
There are a few percentage financial strategies out there, but the 10/10/80 is among the most popular and easy to apply. This strategy says to give 10%, save 10%, and spend 80% of your income. This strategy is excellent and simple, but at some point, you will need to readjust those percentages if you want to make a more significant impact on your financial future.
50/30/20 Strategy
50/30/20 is another money allocation type of strategy with a similar formula to 10/10/80. The significant difference is that this strategy has savings built-in, but only after debt is paid. This strategy wants you to be at zero when it comes to debt before even thinking about saving. It breaks down as follows 50% goes to bills and necessities. There is no exception to this allocation. 30% towards paying down debt, and once your debt is zero. This percentage would go to savings. 20% goes to wants. This would be anything you pay for outside of bills and necessities or debt relief and savings. This is the lowest percentage on purpose. It would be best if you never were spending on wants and missing bills or leaving debt hanging over your head.
Down Payment Strategy
The down payment strategy was already touched on a bit when discussing vehicle purchases. It doesn’t take a mathematician to understand that your payments and interest rates will be lower if you put more money down on large purchases. It is suggested that you put down at least a 20% down payment, which is a great suggestion. When implementing the down payment strategy, the most important thing is that you put something down. This strategy can pay off big in the end.
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.
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.
