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Businesses, no matter how large or small, at one time or another, have to take out loans or utilize other business credit types to start and operate their business. This is especially true for small businesses. Small businesses often have struggled financially, which causes them to use tools to provide capital until the business can pay down debts and profit. If you are a small business owner, it is essential to consider the types of business credit you can get and how they work to make sound financial decisions that will make funding stress-free. Here are four of the most common types of business credit and how they work.

Business Charge Cards

Business charge cards are similar to credit cards with some primary differences. Though you can charge the same things on a charge card as a credit card, charge cards are expected to be paid in full each month. They also rarely have a spending limit nor interest since they do not have a revolving payment over time. A business would use a charge card to make a significant purchase that needs to be made quickly that would take the rest of the month to save for so you can pay the balance in full as expected. Charge cards are good to have on hand for emergencies and large purchases, but it is recommended that you use them as little as possible, as paying it in full can be difficult.

Installment Accounts

Installment accounts are generally loans at a fixed amount with installment payments. These accounts will have interest, but it will be figured into the overall cost, and the loan payments will be a fixed amount the lender agrees to upon approving the loan. The entire amount is determined over a specific timeframe then a fixed amount is pulled from that total. These loans are generally obtained from a banking institution or friends and family members that don’t charge interest but work with you to pay the loan back in manageable payments.

Revolving Credit Accounts

Revolving credit in the simplest terms is credit that has limits, but as long as you make payments on time and keep your charges under the limits, you can charge as often as you want or need to charge. This type of credit can be useful, but with interest, it can be expensive and is not recommended to be a primary business credit source. Business debt is generally already problematic for the small business owner, so taking on an extra debt can quickly overwhelm a business owner and cause debt that threatens the business.

Vendor Accounts

Vendor accounts can be a lifesaver for the small business owner. These accounts are just as the name implies, accounts established with vendors that the business uses for materials, products, services, and other business needs that the business cannot fulfill. Generally, business account balances will have anywhere from thirty to ninety days to pay the balance. The other advantage of a vendor account is that it carries no interest. Also, because vendors and the businesses they serve usually have a positive relationship, if something happens and you can’t make the payment, vendors will generally work with you on a payment plan until you get on your feet without withholding what the vendor offers.

Conclusion

When you are the owner of a small business, it is better not to use personal money to fund the business unless you act as though it is an investment and are a stakeholder paid from profits. Business credit is a reliable way to take care of the business’s needs until the company is self-sustained. You should carefully consider all the options and use what makes sense for you and your company. You can use more than one type of business credit; be sure you keep in good standing, or your business could suffer financially.

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.

Time management is likely the number one thing any person will say they have difficulty with when it comes to their personal life or business. Managing time is essential, but setting realistic goals, deadlines, and productivity quotas are equally crucial. As a small business owner, it is easy to bite off more than you can chew and have time management get away from you. If this is the case consistently with both you and your employees, you need to look at ways to keep everyone productive and able to meet deadlines and quotas without causing burnout. Here are some steps you can take within your business to keep time management under control.

The Value of Timesheets and Production Reports

While it is common for employees to have timesheets to get paid,  timesheets and production reports can also show productivity and goals. It can identify potential issues. Timesheets and production reports can be as general or detailed as deemed necessary to show where time is spent and what work is productive and what is not. It can also identify an imbalance in workloads between employees. Even the business owner must keep a record of production to identify areas of delegation. It is common for a business owner to take on the bulk of the work, especially if it is new or struggling.

Scheduling and Production

Scheduling of employees is a common way to make sure there is coverage, but it can also help balance time management tasks. Schedules don’t only have to cover the hours a person works, but there can be a regular schedule of specific checklists or tasks to ensure production is not only optimal but accomplished at the same time every day. The scheduling of the task can be the scheduling of the employee who will take on the task. Production is essential to every business’s success, and focusing the scheduling to have optimal production daily will contribute to all goals being met.

Setting Milestones and Long-Term Goals

Setting long-term goals is a given within any business; however, it is also essential to set up milestones. Though the owner has overall control of a company’s long or short-term goals, every employee must help control time management by being involved in goal setting and agreement on milestones. Having smaller milestones to meet when there is a larger long-term goal will keep production moving forward. Breaking it down in smaller increments will prevent any employee or owner from becoming overwhelmed. It also helps to keep the time manageable, which is essential for productivity towards goals.

Time Management Can Be Taught

While overall time management of the business is the owner’s responsibility, it is also the responsibility of the employees to manage their own time wisely. There should be coaching and training and opportunities for improvement for those with issues with managing their time. This will ensure that everyone is on the same page regarding time management, productivity, and the best interest of the business. Those employees struggling with managing time or productivity may need to temporarily lessen the workload or tasks while they train and improve.

Conclusion

While time is the most precious thing in a business, it can also be a killer if it is not managed correctly. To ensure the overall business has excellent time management, each employee and the owner will need to work together to optimize their time and production. Using timesheets and productivity reports, scheduling and production, and setting goals and milestones and training as needed will ensure that any business is thriving and has the time to be highly productive.

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.

While the word risk might be considered scary to most, when it comes to the entrepreneur or small business owner, they knew they were taking on when they started the business. Though there is an awareness of risk, it is essential as a small business owner to know and understand the types of risks you will take on as a business owner. Here are four of the most common risks that small business owners need to be aware of to be prepared to overcome them.

Financial Risk

While every business could be considered a financial risk for its shareholders, it is the highest risk at startup and initial investment. It has no financial track record to show returns. Financial risks can range from the products or services the company offers risking a disconnect or failure with customers, to unforeseen disasters that can devastate a business in the beginning stages of operations. The financial risks a small or startup business faces are many, but the rewards can be significant even beyond profits if the risks are managed.

Reputation Risk

When owning a small business, you automatically take on risk to your reputation. These risks extend once you start the business to its reputation separated from you as the owner. Understanding that you and your business reputation can affect the success or failure of the company is essential. The management of the risks on your reputation is made more difficult in our digital world where feedback, both positive and negative, can be given within minutes of experience. Social media has made information and the sharing of it instant and, in some cases, viral. As a small business owner, this is another risk that has high satisfaction reward if you take it on and understand that you can minimize this risk by awareness and being proactive.

Security risk

Anyone that is on the internet taking a security risk. This risk is particularly daunting for the small or startup business owner. A single cyber-attack could potentially destroy a company in a fell swoop. Understanding security risks for both the brick and mortar business and online business gives you an advantage when it comes to protecting against them. If you are unsure how to protect against cyber-attacks through software and protocols, it would be prudent to hire someone to safeguard your professional system. Some professionals deal with security at the brick and mortar business front as well. While security risks are common, they can also be minimized by taking proactive measures.

Investment Risk

Risks in investments made by the business are the same as individual risks made in investments. If the business makes investments in stocks or other businesses, it is the business that takes the hit if there is a failure or downturn. Before making investments in the business name, you as the business owner must understand the risks versus the rewards and make investment decisions based on the business’s tolerance to take a hit. Most of the business risks should be in the business itself rather than outside investments until it is profitable and productive.

Conclusion

A small or startup business owner needs to be prepared to deal with all types of business risks and challenges. While these risks may seem overwhelming or even too risky, if you are informed of the risks and understand them and how to manage them, they should not hinder you from having your dream of owning and operating your own business.  Every business owner has to face risks in life and finances. Managing risks and using your understanding will guide you in making sound financial decisions that will help you succeed in business and life.

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.

Debt is an unfortunate part of life that almost every person has to deal with at one time or another. When it comes to small businesses, there is no exception. Virtually all new or established small business owners have to take on and deal with business debt. While likely, this debt does not have to cause a financial burden on you or your business if you follow these six easy ways to reduce your business debt.

Reduce Expenses

While reducing expenses may sound like a no-brainer, many business owners and staff allow expenses to get out of hand. Reducing business expenses is no different than what you might do to reduce expenses in your finances. As with any budget, you have to take a close look at where all your income goes. While there may be significant differences in what the company spends and what an individual might spend personally, how you handle your finances should be the same for reducing spending. If your budget is tight, consider cutting expenses that bring no value to the company operations.

Rework Your Budget

While having a budget is and should be a vital part of your company’s business plan, it is not something that you can prepare and leave. It needs to be reworked regularly when the business grows or finds shortfalls when it comes to spending versus profits. Revising your budget doesn’t have to be an overwhelming chore. It can be as simple as adding or removing line items or ensuring that expenses you eliminated are depicted on the current budget plan. It may help to look at your budget as a living, breathing thing to stress the importance of reworking as changes occur.

Pay with Cash on Hand

Just as with personal debt, business debt can often trace back to loans, the use of credit cards, and other sources of business finance that include long or short term payment plans and interest. If you find that your business is becoming buried in this type of debt, you should choose a period that you only use cash and profits on hand to cover expenses and payroll. Taking on more debt to pay debt can cause a cycle of debt that cannot be overcome.

Creditor Communication

While it is common for the small business owner to have financing that creates debt and creditors, some owners may not know the advantages of communicating with those who hold their debt. If your business is doing well and the debt you carry is under control and paid down quickly and steadily, nothing needs to be done when it comes to your creditors. However, suppose your business debt becomes overwhelming and seemingly insurmountable. In that case, many owners don’t know that by merely communicating with your creditors, you can get your debt reduced or, in some cases, even eliminated.

Consolidate

Debt consolidation is commonly used in both personal and business finances. It is a simple yet effective way to get debt under control or eliminated quickly. While it is not suggested to take on yet another loan, if your business credit is in good standing, you may qualify to get one lower interest rate loan to pay off all your debts, thus leaving you with one monthly, more controllable payment. If you don’t qualify for such a loan, you may be able to restructure a current loan to pay off other debts, or if you have a credit card with a lower interest rate and a limit that will cover your debt, you can create the single payment yourself. If attainable, debt consolidation is one of the most effective ways to get your business out of the red and into the black quickly.

Hire a Professional

Some professionals and firms were explicitly created to help individuals and businesses deal with debt consolidation or elimination. When choosing a professional, it is best to use an individual or firm with an excellent reputation. While hiring a professional will come with a fee, in some cases, the fee is a small price to pay to get your business out of debt.

Conclusion

Business debt is not uncommon and is nothing to be ashamed of or a cause for worry. However, if your business debt cannot be overcome by reducing expenses, reworking your budget, communication, and consolidation, or hiring a professional, there are other options you can consider, such as downsizing or selling your business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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.

When starting or maintaining a small business, your business finances are essential to ensure smooth financial operations. To do this, your business accounting and bookkeeping practices must be reliable and accurate. A business owner should take steps when contemplating the business’s financial needs alongside personal financial needs.

Accounting and bookkeeping are essential tools for keeping business finances in order, but first, there are other issues you need to address as a business owner. One of the most important first steps to your business’s financial stability is to separate your finances from your business finances. It is a common and understandable mistake for the business owner to co-mingle their personal and business finances. While when you are first starting your business, combining the finances may not be significant. Once a business starts growing, separating business and personal finances should be a priority.

Once your business and personal finances are separated, there are other steps to keep your business finances in order. Here are five accounting tips to get and keep your business finances in order.

Focus on Accounting and Bookkeeping

Whether your business is large or small, accounting and bookkeeping is an essential focus for your business. Larger businesses may need an entire accounting and bookkeeping department, while a small business may use accounting and bookkeeping software to keep up with the business finances. All businesses of any size have in common that they need to focus on the business’s accounting and bookkeeping. This focus will ensure that your business finances are organized and easily kept in control.

Fixed and Variable Expenses

Fixed and variable expenses exist in any business. Fixed expenses are those business expenses that are the same and expected every month. These expenses could be rent or mortgage, utilities, or long-term loan payments. Variable expenses are those expenditures that vary monthly. They can be recurring but vary in amount or when they are due. Variable expenses include production supplies or materials, salary payouts, and commissions, or various fees. To keep your business finances in order knowing what these expenses are and the differences will help in your business accounting.

Billing Strategy

A common issue in businesses of all sizes is billing challenges. While large businesses can cover the deficits they may suffer because of billing issues, invoices not being paid can deeply impact small businesses. No matter the billing issue’s size or depth, a business must come up with a billing strategy. There are a few ways you can structure billing to maximize your accounts receivable and company bottom line.

• Shorter Payment Window
• Early Payment Incentives
• Discounts for Full Payments Upfront
• Automated Payments

Bookkeeping Strategy

Whether using a professional bookkeeper or using bookkeeping software, you must keep on top of your books daily, weekly, or monthly. If you only concern yourself with your books and business finances sporadically, you may not be prepared to handle them properly if there are financial issues. If you are keeping up with what is in your books regularly, there should be no surprises in business finances or accounting issues. If you are handling your business’s accounting or bookkeeping yourself, make all entries immediately to ensure nothing gets missed. It is vital that your bookkeeping be a priority.

Practice Good Financial Habits

As with personal finances, business finances require you to have good financial habits. Being aware of your books and bookkeeping practices is just one aspect of your business finances. You need a budget and to stick to the budget just as you do in your household. Every expense should be accounted for to be aware of areas where you need to improve your financial habits.

Conclusion

Keeping your business finances in order is easy if you follow a few steps. Separating your personal and business finances, having billing and bookkeeping strategies, understanding essential aspects of accounting and bookkeeping, and practicing good financial habits will ensure your business finances will stay organized and in order and never out of hand.

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.

There may come a time in life for the financially responsible adult where you need to increase your income. You may need more income to make a large purchase, save for emergencies or retirement, or due to unforeseen financial hardships, making it challenging to make ends meet. Whatever the reason, you may be contemplating asking for a raise to increase your income. For some, asking for a raise is easy, and it is difficult for others to do it for others. Here are five tips to help make asking for a raise easy so you can increase your income without having to get a second job.

Protocol Awareness

The first thing you need to be aware of is the company protocol on asking for a raise. Some companies may not have a specific protocol, while others may have salary increase procedures to follow if you are looking for a raise. In the past, employees would set a meeting with the boss and ask for a raise and lay out the reasons for a simple verbal presentation. In today’s corporate world, some offices have channels that are gone through to gain approval and increase income. Make sure you are aware of the protocol before you approach anyone about a raise.

Timing is Everything

Figuring out the right time to ask is similar to protocol awareness. In some companies, they only consider increases in salary during yearly evaluations. They consider it for all employees and will award increases according to job performance and employee evaluation. You may not have to wait for a specific time of year at other companies and can set the time to when it makes the most sense to you. If you can choose when to ask for a raise, make sure you set the appointment with the decision-maker when it is right for them, and with plenty of notice. This attention to the timing can make a difference between getting the raise or having it rejected.

Be Realistic

While you should be aware of your worth and how that translates into being paid what you are worth, you also have to consider that asking for a raise is a business transaction. Suppose you ask for too much of an increase in your income that either the company can’t afford or is out of proportion to your progression, instead of the company negotiating. In that case, they may reject it altogether. At the same time, it is not unrealistic to ask for a little more than you want to give some negotiation space.

Be Prepared

Asking for a raise in some smaller businesses may be as simple as walking up to your boss and asking, requiring no preparation. However, in most companies, when asking for a salary increase, you have to be prepared to make a presentation as to why you deserve the raise. You should be able to show your value, what you bring to the table, and why this value deserves an increase in your income. If you are a hard worker, often the decision-maker knows your value. However, in some cases, your hard work is taken for granted, so if you are prepared with well thought out arguments of why you should get what you are asking for, your chances of securing a raise are increased.

Amount

Some may argue that you should ask for the exact amount you would like to make when asking for a salary increase. In some cases, this direct and specific approach will be successful. However, it is suggested that you give the decision maker a range of amounts. Some may believe this means the company would probably offer the lowest amount of salary in your provided range. First, if you make the lower end, what you are willing to take, or if it is an amount you were hoping for, you will increase your chances of getting the raise you want. Second, you could get more than you wanted if you give them this range of choices. Another strategy is to ask for a percentage or range of percentages of your current income increase.

Conclusion

Asking for a raise can be challenging unless it is built into your company’s performance reviews done yearly. Even though asking for a raise might make you nervous, the truth is, 100% of employees that don’t ask for a raise don’t get one. However, studies show that 70% of those employees ask for a raise to get one if a person uses these tips.

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.

Savings and investments are essential for an individual to grow their net worth. Though many have difficulty or even fear when it comes to investing and saving, being educated on types of investments can help drive away from the anxiety and promote healthy saving and investing habits. Here are stable financial investments that every financially responsible adult should be aware of to help them make educated decisions on where and how to invest.

Stock Funds

Stock funds are great long-term investments that are mutual funds and perfect for investors who do not have time to study individual stocks. Stock funds feature diversification that pulls in various company’s not necessarily in the same industry. This pulling from different industries protects most of the funds if one of the industries is experiencing a downturn. Stock funds are lower risk than from other types of stocks because they are a diversified mutual fund. They are not totally without risks, but they are extremely low. 

Growth Stocks

Growth stocks are investments in companies that show potential for large or high growth. This growth also offers high investment returns. These stocks were specifically developed with the idea that the dividends would be invested back in the company rather than directly paid out to investors. Investors still receive dividends but not as often as other stocks. Dividends generally come once the growth starts to slow down, so if you are in for the long-term and have patience, this type of stock can pay off big over time. Growth stocks have continually been the best stock performers overall because of long-term growth.

These stocks are considered high-risk because they can be vulnerable to market fluctuations. However, if you hold on to the stock’s long-term and ride out the storms, this stock is what a savvy investor needs to do to get a long-term pay-out on their investment.

Bond Funds

Bond funds are when a company or the government issues a bond. The government or company then pays the bondholder a fixed amount of interest each year. At the end of the term for the bond, the bond issuer’s initial principal investment is paid back. These funds are an excellent long-term investment due to their diversity and relatively low risk. While an excellent long-term investment has a lower pay off, if you are looking for higher return rates, they may not be where you want to place all your investment dollars.

Dividend stocks

A dividend stock is a stock that has a regular cash pay-out. These are popular stocks because dividend stocks produce a steady income. Dividend stocks also are the best stocks to grow dividends over time. Like all stocks, they are at higher risk because they are not diversified and are vulnerable to market fluctuations. However, these stocks are a great source of passive income when they are doing well as the dividends are paid quarterly. 

Real Estate Investments

Real estate can be a highly rewarding investment due to the passive income over time as a rental property or a fix and flip. Real estate is a great long-term and short-term financial investment because of the control as the property can be sold at any time. Real estate investments can be highly rewarding and, in some cases, a more significant risk than the investor can tolerate. 

Small-cap Stocks

Small-cap stocks are like growth stocks, the difference being that the companies are small. Small-cap stocks have a payoff that can be significant if the company you bought stock in grows substantially, and you are patient for the long-term. 

IRA CD

An IRA CD is a good option if you are risk-averse and want a guaranteed income without any chance of loss. Like the name says, this investment is just a CD inside an IRA. And inside a tax-friendly IRA, you will avoid taxes on the interest you accrue if you stick to the plan’s rules.

Conclusion

Wherever you decide to invest, you must do so and have savings to grow your net worth. The above investments carry varying degrees of risk and reward. Still, if researched and done through a professional investment planner, these investments will offer the investor great options to have money for a strong financial future.

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.

Whether a business is large or small, it will need hiring employees at some point unless it is and always will be a sole proprietorship business. With the advancement of technology and the high use of social media and other online platforms, businesses need to shift their focus to their online presence and its impact on positive recruitment for their business. You need to know the following things as a business owner trying to seek out and hire quality employees.

Social Media Presence

In today’s world of advanced technology and constant use, many businesses, large and small, are utilizing multiple types of social recruiting to find qualified and hirable employees. Using your online presence and social media is done by employee referrals and using different social network platforms. There are several advantages that social recruitment gives to small businesses. Some of these advantages are defined in understanding a candidate’s personality, employee engagement, and brand promotion.

Business recruitment is entirely dependent on how the business engages with existing and potential employees and well-established social media strategy. Your business needs to post multiple high-quality and engaging updates regularly with ongoing interaction, specifically with the focus of interacting with your social media followers. It is shown that employees in today’s world will not take their well-developed skills and abilities to a company that doesn’t have a strong online presence.

Social media platforms can be used by current employees to help your company attract potential strong candidates among their followers and friends. Incentivizing the usage of their social media platforms such as paying referral bonuses for employees hired through their efforts and retained for a certain length of time can help encourage employees to bring quality employees to your door.

Job Description and the Recruit

An excellent and detailed job description is essential, no matter what platform you use to promote your job opportunity. Ensure the business objectives are clear and make concise but strong bullet points that layout the job description and requirements. It is proven that those businesses that use detailed job descriptions, whether a large corporation or small business, have attracted more qualified potential candidates because they were clear on the job, and they connected to it.

Those who will be involved in the company’s hiring process need to be involved in developing the job description.

Selection

Social media can also be used to screen applicants in addition to is advertising the company’s vacancy. Whenever assessing an application, the company’s hiring manager must review the applicant’s skills, personal qualities, and previous job experience. This approach will require social media to assess behavioral values and make social media a valuable hiring tool. Many employers have hiring employees that specifically review a potential candidate’s public profiles on social media, including Instagram, LinkedIn, Facebook, and Twitter. This social media review will help your business know more about the candidate to ensure you are hiring a person with integrity and other positive qualities need within your company. 

A Larger Talent Pool

This use of social media opens up your business to a world of potential candidates by expanding your talent pool. This expansion of the talent pool is incredibly helpful to the small business that cannot afford a large recruiting budget. A strong social media presence doesn’t have a high cost, and it is not dependent on the business size and budget. Any business can attract or find great candidates and have a larger talent pool from which to select. Most small businesses cannot attract high-quality candidates without great expense to compete with larger businesses, so social media levels the playing field.

Conclusion

Small businesses should be able to hire the best candidates regardless of their size. To be competitive with larger businesses for the best employees without astronomical costs, small businesses must use social media recruitment. These tips will help your small business thrive with top talent staff to support it.

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.

A business logo is a mixture of text and visual images that serves two purposes. First, it carries your company’s name to potential customers, and secondly, it creates a visual symbol that signifies your business. Choosing the perfect business logo is essential, as logos are proven to be a vital marketing tool.

When you have your brand, you usually want to represent your image in a certain way or communicate positive energy and a particular ideal. Whether widely known or associated with a small business, every brand should have a logo as it is a great marketing tool in itself. Even if some brands have similar value proposals, the public’s image can be completely different. Therefore, this aspect of branding is crucial to your business and promotes the products or services you offer.

The Influence of The Logo

When you understand that your logo plays a significant role, your logo may have little to do with people’s accurate assessment of the nature of the business you provide and the experience that individuals have with the brand. But it does have a significant influence on consumer’s first impressions. This impact is easily overlooked. That’s because the inspiration for visual design plays at the next and more profound level; it’s something that customers unconsciously and immediately course when they see your brand. This way, it has a more significant influence on your first impression.

With your logo, you can immediately show the public what type of brand you are. Luxury brands practice using specific letter fonts and sizes, a particular look and feel to attract customers. They usually have minimalistic yet artistic, professional, and constricted looking logos.

A lesser-known brand with lower pricing or smaller business can benefit from using a logo too by designing and utilizing a basic logo that is not too artistic or over the top. These are all things that consumers immediately notice when they see a logo, and therefore this is a great tool to help your brand represent itself well to the people. Your business logo is also a useful marketing tool and can draw business and enhance recognition, and your business grows.

The Benefits of a Business Logo Design

Hiring a professional logo designer is worth the investment. Particularly when it comes to using the basic logo as the centerpiece of your overall graphic design, it gives consumers a clear image of what kind of brand you are. It can carry a good business image or message that says something about your brand’s philosophy.

The business logo design is often the first thing customers experience when they come to your business or find your business online. A logo is much more than just a text with a graphic or picture; it portrays your business image and is a short introduction to what you are and what you offer. A well-designed logo is an easy way to get potential customers to notice you and bring their dollars to your business.

Conclusion

Depending on your business, your logo is not only your brand identification, but it can also be used on business cards, wearables, merchandise, and products. When getting it designed, it is important that it is striking and tells a story.

Businesses, both large and small, have to be mindful of marketing and how the public and potential future customers receive their business. While having an online presence, social media, and advertising are essential for any business to be successful, having a well-designed business logo can go a long way in brand recognition. In some cases, this logo can drive traffic to your business as studies have shown brand loyalty is boosted if the business logo is striking and easily recognized. This is the reason your business logo should be well-thought-out and executed.

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.

Becoming independent and starting a freelance business can be a scary endeavor. However, it can also be one of the most rewarding things a person can do. Though you will have clients who dictate their terms and needs, you are your boss, and you can pick and choose the clients and jobs you take. Starting a freelance business has become more common in this economy, requiring people to have a primary job and some side gigs to help them make ends meet. Here are six things any freelance needs to know to start their freelance business.

Who is Your Client

Knowing the client, you will serve extremely important to the freelancer. This will determine how you conduct your business and how you market it. Marketing will be wholly focused on your pre-determined target audience, and this is why you need to be familiar with who your client is. Some freelancers have skills in multiple areas; however, they will need to determine each client type separately and focus ads and marketing individually to get business.

Your Niche

While as a freelancer, you can do multiple types of work, be careful not to try to do anything and everything, and try to focus the bulk of your freelance career on one niche. When you focus on only one or a few freelancing types, you can build your business to success. There is still a place for the multi-talented freelancer. While you don’t want to divide your focus, you need to balance it with what will provide you with the steadiest income. So it is highly recommended you stick to one niche for the most significant results.

Services

Determining what services you offer is dependent on deciding your niche. The services you offer are essentially sub-categories of your main niche. If you are unsure of what type of services you may have, find freelancers in the same niche and see what services they offer. Also, base them on your skills and experience.

Keep Your Main Job

While freelancing can be gratifying due to the freedom it gives you in the work you take and the hours you work, it is also sporadic in the income you earn. Unless you can take the loss of income, it is suggested that you keep your primary source of income until your freelance income covers at least 50 to 75% of your primary job income. Once you get to that level, when you quit your job and have more time to dedicate to your freelance work you will quickly make up the last percentage.

Keep Up Your Skills

Continuing to build your skills can give you a significant advantage in the competitive freelance world. Also, the higher your skill levels are, the higher the pay. You can take on small and quick tasks that gain your skills even though they don’t pay as much. This skill gain will pay off and make up the difference in your earnings in the long-term.

Pricing

Many freelancers have difficulty pricing their work, and websites that help freelancers attract clients generally take a fee from your payout. Hence, you have to compensate by charging more considerable fees. When setting prices for your work, you should consider skill level, experience, abilities, and the market. Also, it would help if you built your business and reputation before raising your rates. You can’t be just starting and charging high rates. You have to develop it over time. How much time depends on how much work you take on and how quickly you build your skills and reputation.

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.