Most people don’t think of death in terms of their funeral and the costs associated, and often leave family members unprepared for the costs. Some life insurance policies will include death benefits that can be used towards funeral and final expenses. When choosing a life insurance policy, if you already hold life insurance, ask your agent about adding death benefits to your policy. The main importance is to get something in place now. The burden that a funeral and final expenses can have on the loved ones left behind can be overwhelming.
If you don’t carry or cannot carry life insurance or you want to carry separate insurance for end of life expenses, there are two funeral life insurance policies that are specifically designed to relieve your loved ones of this expense in their time of grief. Burial insurance and preneed funeral insurance. These life insurance types allow you to finance your funeral in advance, but there are some differences between the two you need to understand before deciding on which will best suit you and your family’s needs.
Burial Insurance
Burial insurance is a policy designed to cover your funeral or cremation expenses when you die. Burial insurance policies can vary between companies that offer life insurance, and like other life insurance policies, it comes in both term and whole life. Generally, death benefits for burial insurance are low, ranging anywhere between $5,000 up to $25,000.
Burial life insurance pays the death benefit directly to your beneficiary. It can then be used to finance your funeral and cover other final expenses in any way the beneficiary chooses. If they receive a higher benefit than the funeral cost, it is up to their discretion on how they use the remaining amount. It is often used to pay debts left behind or other final expenses.
Preneed Funeral Insurance
Preneed funeral insurance is also designed to finance your funeral before your death, similar to burial insurance. The main difference is that the funeral costs are predetermined, including services, merchandise, and church and burial services. It can also protect the costs from going up on the funeral expenses. These expenses are a locked-in, negotiated cost at the time of the insurance purchase.
Another difference from burial insurance is that instead of paying your beneficiary benefits when you die, the money goes directly to the funeral service provider of your choosing. This policy is paid in full once the negotiated amount is met through premiums, and the policy remains in effect for the entirety of your life. This policy will relieve your loved ones of the funeral costs and stresses.
Conclusion
The arrangements are premade, which leaves little to deal with for those left behind after your death. However, there is no additional death benefit that can go towards final expenses or unpaid debt.
Both burial and preneed funeral insurance are beneficial to your loved ones after your death. It would be best if you determined which would better benefit them by deciding whether you will leave behind debt or other expenses or not. You also can prepay and plan your funeral directly with the funeral home of your choosing. This option would be similar to preneed funeral insurance. Instead of the funeral home receiving the payment at the time of your death, you will pay the costs in full directly to the funeral home, who will execute your plans once you’ve passed. Whatever option you choose, financing your funeral before your death is a great relief to your loved ones once you are gone.
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 a small business, you should make your business an LLC or Limited Liability Corporation. Creating it as an LLC or Limited Liability Corporation will protect you and your personal assets from being affected should your company have legal issues, including lawsuits or collections.
Outside of making your business a Limited Liability Corporation, you also need to obtain business insurance. Many business owners believe they are completely protected by becoming an LLC. Still, this assumption is incorrect and could be costly or even devastating to a company that does not carry business insurance. Here are three major reasons your small business needs business insurance.
Protecting Your Business Assets
While forming your company into a Limited Liability Corporation protects your personal assets, business insurance is necessary to cover your business assets. Both of these, in combination, will give you complete protection against lawsuits and disasters.
Small businesses often have financial struggles larger businesses don’t experience, and one liability incident could destroy your business. This possible destruction is the main reason every small business needs business insurance without question.
Business insurance will also protect your business assets should one of your employees makes a mistake that puts your business at risk for suit or other liability.
Protecting Your Personal Assets
Even if your business is a Limited Liability Corporations, there are still some circumstances in which you could be held personally liable. These circumstances include if you guaranteed loans with your personal assets or left any of your personal assets attached to the business.
Therefore even under an LLC, your personal assets could be lost if connected to your business, and you don’t have business insurance. Business insurance also covers court costs even if you are not found to be liable.
We live in a litigious society. Even if you or your business have not done anything wrong, if a suit is brought against your business and you are not covered by business insurance, your company could go bankrupt.
Liability Goes Beyond What We Can Imagine
There are so many hidden issues we can involve ourselves in as a business that could open us up to potential financial devastation without business insurance. Professional liability insurance covers accidents that happen on your property, it also covers libel issues, and it covers third party mistakes made by your employees or subcontractors.
There are many scenarios where you and your business could be liable beyond what you can imagine that business insurance would cover. Those small businesses that go without business insurance may believe they are low risk due to the nature of their business. Still, many unforeseen issues can cost you greatly if you are not covered by business insurance.
Examples of Unforeseen Scenarios
An employee is delivering something and accidentally breaks a $125,000 vase. Without business insurance, your company would have to pay the client $125,000 or risk court where the client could win more than just the vase’s cost. If you carry business insurance, it would cover the vase’s cost and protect you and your assets.
The classic slip and fall can potentially wipe a business out depending on the physical damage the falling victim incurs. You would be liable for not only the medical cost but potentially for loss of income and future medical costs if the issue is permanent or long-term.
Conclusion
Small businesses have many expenses that are a challenge to pay at times, and often small business owners will cut out business insurance to save the premiums. These reasons laid out above explain why you need business insurance and should make paying the monthly premiums a priority.
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.
Bad debt expenses in business are those accounts receivables that have gone into severe default and are considered a loss. For businesses that operate cash only or payment upon service or purchase don’t have issues with bad debt expenses. However, some businesses, to some degree, feel they need to operate by extending some credit.
If your business accounting shows your bad debt expenses to be high, you need to consider reassessing your accounts receivables. Here are five ways to lower or eliminate bad debt expenses and increase your company’s revenue.
Review of Credit Policies
You should be reviewing your accounts receivables monthly and noting what customers are late or possibly going to become completely default. If you have some customers who consistently pay late or default, you may consider changing them to cash-only or payment on receipt.
If you have multiple customers paying late or not, you may want to contemplate eliminating accounts receivables. You have to make tough financial decisions that have the best interest of your company in mind. While you want to be accommodating to your customers, it should never be at the expense of your business.
Eliminate Terms
Any credit terms, whether 30, 60, or 90 days puts your business at risk. Giving long terms of payment can cause your bill to be forgotten or ignored. You may need to consider eliminating these payment terms or only offering these types of payments to specific customers on a case-by-case basis.
Early Payment Discount
If you continue to offer 30, 60, or 90-day payment terms, you can offer various early payment discounts. Many companies that offer early payment discounts will give a significant discount if paid on the day of purchase or service. You can also offer lower discounts if paid earlier than the due date.
This discount will allow you to offer payment terms and give your customers the incentive to pay when the products or services are received earlier than the due date. Despite the discounts, if every customer is paying on time or early, your company revenue will increase because you will be clearing your accounts receivables.
Collection Policy
If you opt to continue allowing your customers to make payments or buy now and pay later, you will need to put a collection policy in place. This collection effort will be a regular interval at which you will send reminders and follow up with phone calls.
You must set a collection policy that will make sense to the due dates and provide the customer with reminders while not overwhelming them. Customers have often forgotten the payment, and gentle reminders will encourage them to pay without alienating them. It is suggested that you have three reminders. One reminder sent at the 30-day late mark, then another at the 14 days from the first reminder, then a final phone call seven days after the previous reminder.
Collection Agency
A collection agency would be the last resort but may become necessary to recover at least a percentage of the receivable from your defaulted customer. After your final phone reminder, you should give them seven days then look to turn the debt over to a collection agency.
A collection agency will buy the debt for a percentage of the total account and attempt to collect the full amount or even the full amount with penalties from profiting from the purchased debt.
Conclusion
While your customers are important, and you want to retain as many as possible for your business, you have to take steps to eliminate or lessen bad debt expenses. Your business has to make a profit to survive, and the more bad debt expenses you have, the lower your profits. Some businesses get into trouble when these bad debt expenses exceed profits; therefore, you must consider some or all of the ideas on this list to help eliminate 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.
Many people come to a point in their life where they decide they would like to start their own business. Maybe you are feeling underappreciated or that your talents are being wasted working for someone else. There could be many reasons you have decided to strike out on your own, and you need a business idea.
Before you start the process of choosing a business idea, make sure you are well-rested and ready to open your mind to the possibilities. Here are five steps to take to help you find your business idea.
You Don’t Have to be Original
Don’t apply too much pressure on yourself to come up with the next new thing. Search business ideas others have already successfully launched and maintained. There are so many business types, from the smallest home-based businesses to owning and operating a franchise business with major corporations’ branding.
Look for those businesses that tap into some level of desire or passion and explore them to narrow down the type of business you want to start. Once you have narrowed down the business type, look at ways to be unique or tap into a niche market. You don’t have to deviate much from the original business idea to add your brand.
Brainstorm with Someone
There is nothing that says you have to do this alone. Though the contemplation is for you to have sole ownership of the business, getting another person or, better yet, a team of people to help you brainstorm ideas can be productive.
Gather together, and if possible, have a whiteboard or drawing pad and express that no idea is a bad idea. If you are having difficulty connecting with someone to brainstorm, there are many online sources of articles or forums with multitudes of ideas you could add to your possibilities.
Turn Your Talent into an Idea
Everyone has gifts and talents often paired with untapped potential. Now is the best time to identify your talents and skills to their fullest extent and look for business ideas that use those talents and skills. This time is also where you can discover your passion.
So many times we get into long-term jobs or careers, we started of necessity and suppressed our passion and leave our talents to gather dust. Now that you decided to start your own business, it’s time to dust off your talent, gear up your skills, and ignite your passion.
Solve a Problem
Many businesses that exist today that have great success are those that solve a problem. Please make a list of problems that people face. Make sure it is a problem that most people or at least a group of people face. If you choose to solve a problem, only a few have, you will not sustain a business.
Even if there are already solutions out there for a problem you would like to solve, you can own a business in the market and still succeed.
Look Around for Inspiration
Open yourself up to look for inspiration everywhere. You can look at businesses that exist in your community or look online. Also, look for Inspiration that has nothing to do with the business. Inspiration and ideas can come from anywhere, and seeking inspiration will guarantee you find it.
Artists have muses or use nature or their surroundings. Those same sparks can inspire business ideas. You have to be open to the possibilities.
Conclusion
The ideas don’t have to come out of your mind, fully formed and perfect. Keep the thought that no idea is a bad idea and throw them out and narrow down to the ones that you feel a pull towards. Once you have narrowed it to one idea you have a passion for, it will be time to start planning.
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 person owns a multi-billion dollar company or works as a small-time freelancer, many of these business owners use the same account for personal and business, which is a mistake. Even though having more than one bank account can be inconvenient, a person should not use their personal account for business purposes as it can lead to legal liability.
According to business experts, the first step towards a successful business is to open a fresh business bank account. Cost is not an issue as most banks offer free business checking accounts, making it even easier for new business starters to open a separate account. Here are six reasons to have a business account for your small business.
Legal Protection
Every time a person wants to set up a corporation or a business, a primary benefit of doing so is the legal protection from liabilities that comes along with it. This is because the law looks at a corporation separately from the person who owns it. Therefore, if a party wants to sue a company, they can’t sue the owner as an individual. However, in the case of a financial association, a court can order an investigation regarding the owner.
Tax Advantages
Regardless of the nature of a business, having separate accounts has many advantages, including tax advantages. It does not matter whether a person sets up a Corporation, an LLC, or a Partnership. Sustaining a proper yet separate bank account will help them avoid pointless difficulties that may occur for your business.
Also, the IRS has strict rules for working as freelancers or from home about what they can deduct as business expenses. If a person uses their personal account for their business, the IRS may audit those deductions, regardless of whether they are legit expenses or not.
Credibility
If you use your personal account to cover accounts payable, the vendors or other entities you are making payments may question your business status. Using a separate bank account will make your business look more professional. A professional business account check will increase your credibility and legitimize you as a business.
Convenience
Having a separate business account and debit and credit cards specifically for your business will be convenient as you won’t have to figure out how to separate those expenses from your personal ones. Reporting of expenses can be very intimidating and hectic, especially for smaller businesses. When monitoring business expenses, having a credit card or bank statement specifically for the business can prove to be beneficial. Using a card will also provide business with a credit line that won’t be an option with traditional banks.
These business credits and debit cards also offer many other benefits like travel discounts, higher credit limits, and a more streamlined billing process along with better interest rates. With that, many cards also give rewards like cash back on office supplies and other business expenses.
Processing Credit Card Payments for Business
Thanks to online shopping, customers rarely carry cash. So what does a person do when a customer shows up in your business with just a debit or credit card? Under these circumstances, a business account will be essential. A business account will make it possible to accept debit and credit cards connected to the account. The two types of merchant accounts that connect received payments to your business account.
Transitional merchant accounts transmit card payments using a card machine
Your business accounting and bookkeeping system need to be in place from day one of your business. If you don’t have your personal and business accounts separated, this can be an unnecessary challenge for your accountant or bookkeeper. If you are handling your accounting through accounting and bookkeeping software yourself, this can simplify the accounting process.
Conclusion
No matter the size of your business, having a separate business account is essential. Whether it is to avoid liability or confusion, it should be your immediate priority from day one of your business or before.
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.
Anyone in business this day and age understands that the face of business is vastly different than it was even a decade ago. One of the largest advancements when it comes to business has been the internet and social media platforms.
When it comes to marketing your small business, you must use every avenue available to you, and having a heavy online and social media presence is the key. However, there are some mistakes that small business owners make when using social media. Here are the five biggest mistakes small business owners make on social media and how to avoid them.
Posting Too Much or Too Little
No matter the content of your posts on social media, you can post too much or too little. It would be best to find the balance between staying connected to your customers and followers and not over or under posting.
Bombarding your feed with business-related posts will flood your followers feeds, and because they are only getting eye-fulls of your content and nothing else, they may decide to unfollow or mute you. If this is the case, when they need your product or service, they may not remember that you offer what they are looking for, or worse, they remember that you were annoying with your posts and decide to give their business to someone else.
On the other hand, many business owners get off to a great start by setting up social media and gaining followers and interacting a bit, then go completely silent or post too little to make an impact. You are using your social media to connect with your customers, but it is an essential part of your branding. Social media platforms are where people get to know you, your staff, and your business, so you need to post often while holding back from posting too much.
Aggressive Sales Strategies
Aggressive or pushy sales strategies can backfire and often have the opposite effect on your sales and the desire to use your products and services when a need arises. If you ask most people how they feel about having a pushy salesperson approach them when they walk into a store or on a lot, they will tell you it makes them uncomfortable. The same can be said about using similar tactics when using your social media.
When representing a product or service of another company, those companies will push you to be pushy and center all their sales tactics around an aggressive approach. These people often get unfollowed when they are doing nothing but trying to push their products and services on you.
To avoid this, use soft sales approaches. Make videos that add value to someone’s life and connect them to you as a salesperson but don’t necessarily have to do with the product. This approach will make it easier for potential customers to approach you about what you offer. Or even if you approach them, they will be more receptive to what you are selling.
Bad Customer Service
It is no secret that many people use social media platforms to speak their opinion. Hiding behind a keyboard makes it far easier to say things we might not say if we were face-to-face with someone. Having said that, if a person gives a negative review or speaks of a poor experience with your company, you can use it as a customer service moment.
No matter the tone the customer is taking, you should always respond with kindness, understanding, and professionalism.
Not Engaging Followers
Your followers are not only those who have chosen to connect to you on social media. They are potential customers or future business associates. Many business owners who use social media fail to engage with their followers, leaving them feeling unconnected, and eventually, they will stop following you.
Find ways to engage them, whether it be by following back and commenting on their posts or acknowledging comments they make on your posts. Also, making your posts fun and engaging can positively affect your followers and potential customers or partners.
Poor Grammar
Having well-written posts representing your business should be a no-brainer, but it is astonishing how many don’t take the time to check before posting. Since everything you post to your business followers represents you and your business, make sure you check, then double-check, and triple-check for spelling and grammar. A few spelling and grammar checkers can be turned on within your chosen browser and used every time you post or comment.
Conclusion
There is no reason a business owner or marketer for your small business should make any of these mistakes now that you are aware of them and how to avoid them. Just keep in mind, as much as your social media presence can boost your business, if misused, it can also do damage.
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.
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.
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.
