Category: Content

Marriage opens the doors to a new life. Maybe money and finances may not be the most romantic topics you want to bring to the dinner table. However, it should not be avoided. Let us be honest. One of life’s most significant expenses is a wedding that binds a couple together and makes lifelong commitments.

Couples who trust their spouses or partners with money matters feel more secure and financially content with gratitude. On the contrary, issues and arguments about money matters harm many relationships. Most couples fight about finances twice as much as they quarrel about their sex life. Issues related to money are the leading cause of stress in relationships. Almost 60% of divorces were finalized due to financial arguments between couples, making financial disputes the primary indicator of divorces. In the long run, planning and putting your heads together regarding money and finances is better.

Be Clear About Your Assets and Liabilities

Couples should opt for bookkeeping their assets and liabilities and controlling their expenditures as soon as they plan to marry each other. The beautiful journey of love and romance puts you in a new financial life. Therefore, it is obligatory to be aware of the upcoming financial dilemma in your life. The complications of possessions, properties, and debts can damage a relationship. So, be clear about all sources of income and earnings, spending habits, financial goals, and budgets with each other. Being honest about finances enhances a couple’s trust. Clarifying such finances also prevents a great deal of shame and fear in the future.

Share Your Family History

Your family background and upbringing demonstrate how you will handle your new financial life upon marriage. Therefore, couples should discuss their family history of finances beforehand: how they spend their allowances, the money etiquette they have learned from their parents, their budgeting priorities, and their spending habits. The more you know about each other and your preferences, the better your understanding of personal and financial matters will ultimately help strengthen the trust among one another.

Joint vs. Separate Accounts

Some couples prefer having open, joint accounts and pooling all their earnings into that account, while others prefer to keep their income discrete. However, it is better if couples set up a joint account for shared expenses such as groceries, utilities, house rent or home mortgage payments, and children’s education. And, if you prefer, you can keep the extra money separate for your expenditures or saving purposes. Again, the more open and honest you are, the more your relationship will be more successful.

Be Flexible in Sharing Expenses

When sharing family expenses, a couple must be flexible with their new financial life and beyond. This is because one spouse may be earning much lower than the other, and by distributing equal expenses, you will be seen as equals in the relationship. Financial stress can spoil a relationship. It is best if it is a shared burden rather than one person struggling to get by.

Sensible Sharing of Expenses via a Joint Account

When one spouse has a habit of overspending money on frivolous purchases, it can cause conflict in your new life together. To ease such tension in a marriage, decide on a monthly figure that each partner can spend freely at their discretion, without being questioned about the expenses. Simply agree to consult each other on significant transactions to avoid further stress. For such a case, $154 is an ideal amount most couples agree to spend without informing one another. Anything over that amount should be discussed before purchasing.

Take an Early Look at Each Other’s Taxes

When a couple has similar earnings, one might owe more tax than the other at the start of their marriage. The opposite can happen when one earns much less than the other. Therefore, sort out tax issues and update your W-2 withholding forms immediately. 

Pay Off Debt Together

Although your new financial life comes with more responsibility, one cannot automatically owe one’s spouse’s debt right from the start of marriage. What they owe will still affect your family budget and life choices. Therefore, aim to tackle such debt together simply as a team and make reducing debt your priority. If there are multiple loans, begin with the obligation carrying the highest interest rate first to reduce the overall interest you both pay.

Team Up to Save

Maintaining household finances as a couple rather than living is much less expensive. Paying less on rent or mortgage is just one of many smart ways a couple can opt to save more. When you sign up together, car insurers, home mortgage companies, and facilities like gyms and clubs usually offer better deals at reasonable costs. In addition, there is no need to have multiple Amazon or Netflix accounts when you have already started your new financial life, the first chapter of your marriage.

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.

Bookkeeping can be a time-consuming chore for business proprietors, but tracking, managing, and optimizing your company’s growth over time is compulsory. Sooner or later, you’ll need to capitalize on a small business accounting software and system to regulate your cash flow and formulate for tax time. From bookkeeping to invoicing to tracking expenses, there are many different things to consider when choosing the right software for your requirements. It is an important choice since it can simplify your small business finances. Below are a few options we recommend when selecting your accounting software for your business.

QuickBooks Online

Intuit QuickBooks Online is the customary small business accounting and bookkeeping software program. It proposes many of the features and bookkeeping functionality that most companies need. QuickBooks makes it easy to select and pay for the features you need for your specific purposes. They include:

• Billing
• Payroll
• Handling bills from retailers and suppliers
• Expenditure tracking
• Inventory tracking

FreshBooks

FreshBooks is a popular billing solution with built-in outlay management, time-tracking features, and the facility to accept client payments. Logically, this makes it great for freelancers, agencies, and other service-based productions with the ability to automate late payment reminders to customers, manage your different clients, and develop pricing based on the number of active customers you have at a time. FreshBooks is recognized for being user-friendly and providing stellar customer support when you need it, and it is an easy choice if you sell services rather than products.

Xero

Xero offers an extensive breadth of accounting tools that comprise everything from bookkeeping to paperless expenditure management and the capability to get paid in over 160 currencies with programmed conversions and exchange rates updated hourly. Xero lets you send proof of purchase and quotes and mechanically reconcile your accounts, as expected from a decent accounting program. However, the attainability of inventory tracking and the ability to make procurement orders to your dealer on affordable plans makes it a good option if you sell products online or offline. 

Zoho Books

Zoho Books is part of the Zoho collection of corporate software that also includes a CRM, help desk, and, in this case, accounting applications. If you currently use or plan to use other Zoho tools, particularly their CRM, it might also make sense to use their business finance software. You get most of the features you had come to expect from bookkeeping software, plus time-tracking and other features that are perfect for selling amenities rather than products.

Accounting Apps for your Shopify Store

If you are a Shopify dealer, you might manually copy sales and customer data from your store to bookkeeping software or a spreadsheet. But some apps can systematize the flow of data, give you access to essential inventory and financial and purchaser data, and free up time you can devote to growing your industry.

Connector Apps

Getting your numerous software solutions to “speak” to one another can save time and help you systematize data transfer. That is where “connectors” or integration apps come in. Connector apps let you faultlessly export product, payment, tax, and customer data with a single click.

SimplyCost

SimplyCost is a simple and reasonably priced Shopify app that lets you produce profit-based reports founded on the cost of properties sold. 

Profiteer

Profiteer is another Shopify app that can help trail the COGS of your products and variants. It does not assimilate with accounting software directly. It can transfer a CSV report showing your inventory’s total cost or even profits within a certain time frame.

Conclusion

Factors such as the size of your business, your industry, your employees, and whether you sell products or services or both are important to consider when choosing an accounting system that works for your business and your budget.

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.

Visual merchandising is an essential aspect of retail marketing that requires creativity and attention to detail in designing captivating product displays that attract and engage customers. Numerous tools are available to retailers to enhance their sales through visual merchandising. Furthermore, this article will provide valuable insights into visual merchandising and how retailers can leverage it to boost their sales and customer satisfaction. Get ready to discover the power of visual merchandising and how it can transform your retail business!

What is Visual Merchandising?

Visual merchandising is a marketing strategy that involves using creative and eye-catching displays to showcase products in a way that is visually appealing and engaging for customers. However, this can include everything from product placement, lighting, and color schemes to store layouts and signage.

Visual merchandising aims to create an aesthetically pleasing but also compelling shopping experience. By utilizing visual merchandising techniques, retailers can help customers make purchasing decisions by showcasing products that appeal to their senses and emotions.

The Benefits of Visual Merchandising

There are numerous benefits to using visual merchandising in retail stores. One key benefit is increased sales. By creating an engaging and visually appealing shopping experience, retailers can entice customers to spend more time in the store and make more purchases.

Visual merchandising can also build brand awareness and loyalty. By creating a consistent and recognizable brand image, retailers can establish a strong brand identity that customers will remember and associate with their products.

In addition, visual merchandising can help to differentiate a store from its competitors. By creating a unique and memorable shopping experience, retailers can stand out and attract new customers.

Tools for Boosting Sales with Visual Merchandising

There are several tools that retailers can use to boost their sales with visual merchandising. These include:

Product placement

One of the most critical aspects of visual merchandising is product placement. Retailers should strategically place products in a visually appealing way that is easy for customers to find. Moreover, this can include grouping similar products, placing high-margin items at eye level, and using color blocking to create visually stunning displays.

Lighting

Lighting is another essential tool for visual merchandising. Retailers should use lighting to create a warm and inviting atmosphere in the store. Furthermore, it can include using spotlights to highlight certain products, mood lighting to create a specific ambiance, and natural light to create a bright and airy feel.

Color schemes

Color schemes are an essential aspect of visual merchandising. Retailers should use colors to create a consistent and recognizable brand image. Furthermore, this can include using the store’s logo colors in displays, color blocking to create visually stunning displays, and complementary colors to create a cohesive look.

Store layout

The store layout is another critical tool for visual merchandising. Retailers should create a design that is easy for customers to navigate and that showcases products in a visually appealing way. However, this can include using focal points to draw customers’ attention, creating clear pathways to follow, and using signage to guide customers through the store.

Signage

Signage is vital for guiding customers through the store and highlighting essential products. Retailers should use signage to create a clear and easy-to-follow path through the store. It can include using directional signs to guide customers to specific store areas, product signs to highlight essential products, and sale signs to draw customers’ attention to special promotions.

Summary

In conclusion, visual merchandising is a powerful marketing tool that can help retailers boost their sales and create a memorable shopping experience for customers. By utilizing specific tools such as product placement, lighting, color schemes, store layout, and signage, retailers can create an engaging and visually appealing shopping environment that entices customers to purchase and build strong brand loyalty. 

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.

Your taxes can be complicated, and finding affordable and comprehensive ways to e-file and prepare for tax reporting is equally challenging. We can easily become preoccupied and forget to focus on minor details when preparing tax returns, which can incur an audit, so you must keep your yearly financial history. If you need help filing your taxes, especially if you have multiple businesses, hiring an accountant to do your bookkeeping is best since it will save you when filing your returns. Below are affordable ways to e-file your taxes.

TurboTax

TurboTax is a convenient software where you can file your taxes easily. You can download the mobile app to access TurboTax from your computer and phone. The filing process is simple and easy to understand; just follow the instructions. If you receive the regular W-2 form, you can use TurboTax at little or no cost, and users can access a free, live online chat and seek advice from an expert. Similarly, based on the information provided, TurboTax can tell you if there is an audit risk on the return.

If you are filing 1040A or 1040EZ and fulfill the following requirements, you can qualify for the free edition:

• Do not own a home
• Income less than $100,000
• No pending medical bills

TurboTax also offers more advanced services for a fee. One of those services is SmartLook, which allows you to live with a Certified Personal Accountant (CPA) through video chat.

H&R Block

H&R Block offers free tax filing using phone, email, and one-on-one consultations at any 12,000 branches. If you have a student loan, own a property, or have complicated finances, then H&R Block is the right choice for you as it supports more forms, including 1040. H&R Block also helps you file federal and state returns.

 TaxAct

TaxAct is considered one of the best options when compared to its competitors. It is easy to use and has features including email, resources, and guides to help you when filing your tax return. If your tax return requires more advanced support, you can purchase its “Freelancer” version for approximately $82.00 for state and federal tax returns, whereas TurboTax costs around $40.00. TaxAct does not offer a free desktop version, but you can still get the software for only $15.00. TaxAct is one of the cheapest software options that you can use when filing your returns.

eSmart Tax

eSmart Tax allows you to file basic federal returns for free. It offers free live support and audit support from a CPA. If you have used any other software previously and want to migrate your tax information to eSmart, you can do that conveniently and for free. It is important to note that filing state taxes can be done using eSmart Tax but will cost approximately $30.00.

IRS Free File (IRS.gov)

Many counties in the United States offer free electronic filing for income tax returns, although they have some requirements. If you qualify, they will file the return for you and suggest how to get more money back. For example, Big Bend volunteers are Internal Revenue Service (IRS) certified and offer free preparation for income tax returns in Leon County, Tallahassee, Florida.

Conclusion

Preparing tax returns can be hassle-free with the right choice of tax software. A basic version will suffice; however, finding the software that best meets your needs is essential, and many companies offer free e-filing software to their employees. If your annual income is more than $200,000, these options might not be best for you. You should hire a CPA who can prepare your taxes and help you get the best results.

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.

Spend Time Carefully

A common concept is that money is the asset for small business owners, but time is the real asset. If you lose money for any reason, it will come to you one day if you work hard. What cannot come back is the time you have once wasted. So, spend your valuable time carefully on activities that make a difference for your business.

Many small business owners spend a lot of time at trade shows and exhibitions to increase exposure and sales. They collect hundreds of cards from people who seem to be interested in your product. After the trade show, you contact them to get a purchase order from them, but they are not interested in your products. Your goal is not to waste time on such dead ends.

Identify potential customers and spend time with them. Answer their queries about quality, price, return policies, and customer service in detail, making them happy and satisfied clients. These customers will not only purchase your product but refer others to you. This referral will increase the sales of your small business like no other.

Listen to the Customer’s Problem

In today’s world, everyone is interested in their problems. The same rule applies to your customers. They are interested in their problems and seeking help to resolve them. As a small business owner, asking customers about their problems is your foremost strategy to ask customers about their problems. Ask them what their needs are and what products they are searching for.

When you ask customers about their problems, they feel heard and important. They happily tell their problem in detail. After listening to them completely, start discussing the solution that your product will provide them. It may be possible that the seventh feature of your product is the solution, but while describing your product to this customer, tell them that seventh characteristic first. After finding a solution, the customer feels relaxed and will listen to the rest of your sales pitch discussion happily and attentively.

The customer who finds a solution in your product will likely buy it, and this small business strategy will increase sales.

Contact Prospective Customers Yourself

When a customer does not respond to your email, reply to your email instead of sending a new email. Replying to your email serves two purposes. One is that the client will see the original email. Secondly, you come to know whether or not the first email was received. If, after the second email, the client says that they are not interested in your product, they did not respond to the first. Stop wasting your valuable time and end up contacting them.

Often, the customer says they are interested but cannot respond to the first email for some reason. Accept them. However, if there is no response to the second email, send the third email after a few days. Ask the client directly whether you should stop contacting them. This email has a positive effect. An interested client will send a correspondence email as early as possible, and the other will refuse. After knowing the exact status, proceed accordingly.

Personal Communication

Personal communication can increase the sales of a small business. This strategy proves extremely useful because, after personal contact, the customer does not consider your email just an automated response. In a personal message, discuss the customer’s experience with your product. Ask them if they have any questions or concerns. In personal correspondence, the client should know you are trying to write them a personal message despite your busy schedule. By valuing your prospective customers, sales can be increased tenfold.

Build an Energetic Team

Build a positive attitude of teamwork within your sales workforce. Do not do things to divide them. The best sales team is the one that works together. They can communicate frequently and freely by building positive dynamics within a team. Sales are increased by utilizing information shared within the team. Teamwork increases sales in the long run, independent of the size of the sales.

Conclusion

An increase in sales can be achieved by following a few simple strategies. These strategies revolve around the customer always. As they say, the customer is always right.

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.

As a corporate word, leverage refers to debt or borrowing funds to finance the acquisition of inventory, equipment, and other company assets. Business possessors can use either debit or equity to finance or buy the company’s possessions. Using liability or leverage increases the company’s possibility of bankruptcy. It also increases the business’s returns, specifically its return on equity.

With debt funding, whether the interest charges are from a loan or line of credit, the interest expenses are tax-deductible. In addition, by making well-timed payments, a business will inaugurate a positive payment history and credit rating. Stakeholders in a company prefer the industry to use debt financing, but only to a degree. Beyond a certain point, financers get nervous about too much leverage, which drives up the business’s default risk.

Types of leverage

Operating leverage

Break-even analysis shows that there are fundamentally two types of costs in a corporation’s cost structure, i.e., fixed and variable costs. Operating leverage states the ratio of fixed costs that an enterprise has. Operating leverage is the proportion of fixed costs to variable costs. If a corporate firm has a lot of fixed costs compared to variable costs, then the company is said to have high operating leverage.

Financial leverage

Financial leverage refers to the amount of debt in the capital structure of the business firm. In layman’s terms, financial leverage refers to the right-hand side of the balance sheet. Operating leverage refers to the left-hand side of the balance sheet – the plant and equipment side. Operating leverage determines the mix of fixed assets or plant and equipment the business firm uses. 


Financial leverage refers to how the business pays for it and finances the operation using bookkeeping strategies. One of the financial ratios used to calculate the volume of financial leverage in a business firm is the debt/equity ratio. The debt/equity ratio shows the proportion of debt in a business firm to equity.

Combined or total leverage

Combined or total leverage is the total risk facing a business firm. So, we can also say that we can use the total amount of leverage to magnify the returns from our enterprise. Operating leverage magnifies the returns from our plant and equipment or fixed assets.
Financial leverage magnifies the returns from our debt financing. Combined leverage is the total of these two types of leverage or the total magnification of returns. This is looking at leverage from a balanced bookkeeping sheet viewpoint.

Risk factors associated with leverage:

1. Investment risk: In leveraging, you must invest the income of borrowed money. Leveraging does not avert you from justly making a bad investment decision.
2. Magnification of losses: Using leverage to trade or purchase larger than you otherwise could magnify your losses. Be smart with your leverage. 
3. Interest rate risk: Several factors affect your total return, such as tax, investment return, and loan cost. The key to efficacious leveraging is to have your after-tax investment return exceed your after-tax interest cost.
4. Cash flow risk: Increasing interest rates have a ripple effect on your cash flow. If you will leverage, you must sustain the interest payments on the loan.
5. Tax risk: Remember that success in leveraging requires that your after-tax returns exceed your after-tax cost on the interest. Variations in tax rules could potentially hurt your leveraging program.
6. Emotional risk: Fear and greed can wreak havoc on any investment plan. Keeping a level head and direct resolutions using logic instead of emotions is even more imperative.

Conclusion

The bottom line is that leveraging is a tremendous tool to build wealth. Before you jump in with both feet, take the time to understand the risks. Consult your financial adviser to see if leveraging and well-planned bookkeeping make sense for you.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

KPIs, also known as Key Performance Indicators, are essential metrics that allow you to monitor and track your business performance. These metrics help you navigate your way to success and growth, which is crucial when exploiting new opportunities and tapping into new markets. Unfortunately, most companies get their crucial performance indicators completely wrong by copying others’ metrics, which may be ideal for them but not for you. This often results in a business losing its competitive advantage or a significant market share, ultimately removing it from the competitive race.

Follow Your KPIs

Although your inclinations matter and often yield prominent results, this outdated strategy does not accurately define your company’s success. Running a business is no easy feat, as it requires a thorough analysis of financial results. Business owners adept at examining and evaluating their finances tend to succeed and survive in the market for long durations. According to a study, “Business metrics or KPIs display a measurable value that shows the progress of a company’s goals.”

To evaluate the health of your business, specific KPIs suitable to your industry provide an ideal snapshot of where your firm is going— and whether it is going in the right direction. Every business is unique to some degree, and companies cannot simply copy similar metrics used by others in your industry.

Measure Success

Profit is not the only measure of success for your business. Although it can define your company’s financial health, it is not the only thing contributing to its success. Companies have short and long-term goals, and KPIs can help you make more confident decisions regarding your company’s growth and development. Profit and KPIs play an integral role in defining your company’s success as a whole. Since every business has a unique business model, companies must customize the KPIs that best fit their needs and purposes.

Well-Known KPIs

You can follow various KPIs to track and monitor your company’s performance, but core KPIs can provide the insight you seek.

To effectively gauge and comprehend various aspects of your business, it’s essential to utilize specific Key Performance Indicators (KPIs) tailored to different areas. For understanding customer behavior and satisfaction, KPIs such as customer retention rate, conversion rate, relative market share, customer profitability score, and net promoter score are crucial.

For evaluating financial performance, KPIs like net profit, revenue growth rate, net profit margin, gross profit margin, operating profit margin, return on investment (ROI), and cash conversion cycle provide valuable insights. Additionally, internal processes can be assessed using KPIs such as the order fulfillment cycle, project schedule variance, project cost variance, capacity utilization ratio, bookkeeping accuracy level, quality index, and process downtime level.

Furthermore, KPIs like staff advocacy score, employee engagement, absenteeism level, human capital value, and 360-degree feedback score help in understanding and optimizing employee productivity and satisfaction within the organization.

Basic Level KPIs

Small businesses usually have human resources, capital, and finances to evaluate their performance against all the KPIs above. Therefore, they typically go with the basic yet most effective KPIs, which include the following:

1. Revenue: Small or large businesses track their revenue to ensure that their income maintains a steady pace. When the revenue trend shows a downward slope, the company needs a new marketing strategy to boost its revenue. Similarly, when revenue shows an upward trend, the business’s revenue increases, which is when businesses need to maintain the trend.
2. Expenses: When businesses evaluate expenses as a KPI, they consider spending trends. Reducing expenses is healthy for a business because fewer expenses mean a stronger income statement.
3. Gross Profit Margin: Gross profit margin is the percentage of each dollar you earn after subtracting direct expenses. It reveals how well you are doing to balance your income and expenses.

Conclusion

In conclusion, Key Performance Indicators (KPIs) are vital for monitoring business performance and guiding growth. While profit is significant, it’s not the sole measure of success. You can make more informed decisions and steer your company toward long-term success by customizing KPIs to fit your business needs and focusing on essential metrics like revenue, expenses, and gross profit margin.

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.

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

Businesses Leadership Essentials: Key Strategies for Success

Leadership essentials form the foundation of business success, encompassing critical competencies like integrity, vision, communication, and performance management. These core skills enable leaders to guide teams effectively, drive sustainable growth, and navigate increasingly complex market conditions.

I’ve spent over two decades as CEO of Complete Controller working with businesses across every sector imaginable. One truth remains constant: companies with strong leadership consistently outperform their competitors. In this article, I’ll share the proven leadership strategies that separate thriving organizations from struggling ones. You’ll gain practical insights on developing your leadership style, building high-performing teams, and implementing systems that scale with your business growth.

What are business leadership essentials and why do they matter?

• Business leadership essentials are the fundamental skills, qualities, and practices that enable effective organizational guidance, including integrity, vision, communication, and emotional intelligence
• Strong leadership directly impacts employee retention, with 75% of employees who quit citing poor management as their primary reason for leaving
• Effective leadership creates psychological safety, which Google’s Project Aristotle identified as the top predictor of high-performing teams
• Leadership development yields measurable ROI, with studies showing an average $7 return for every $1 invested in leadership training
• Small business leaders who master these essentials experience improved operational efficiency, higher team engagement, and stronger financial performance

Core Leadership Essentials Defined

Effective leadership isn’t an accident or simply a personality trait—it’s a deliberate practice built on fundamental principles. The most successful business leaders consistently demonstrate mastery of several core competencies that form the foundation of their success.

Integrity serves as the bedrock upon which all other leadership qualities stand. Without a consistent moral compass, leaders cannot build lasting trust with employees, customers, or stakeholders. When team members witness their leader making difficult but principled decisions, they develop confidence in the organization’s direction and purpose.

Communication represents another critical leadership pillar. Beyond simply conveying information, effective leaders create two-way channels that encourage feedback, collaboration, and innovation. They adjust their messaging style based on their audience while maintaining consistency in core values.

Vision provides the North Star that guides organizational direction. Strong leaders paint a clear picture of future success that inspires action. This forward-thinking approach helps teams understand not just what they’re doing but why their work matters in the broader context.

Performance management completes the foundation by establishing accountability frameworks. Leaders who set clear expectations, provide consistent feedback, and recognize achievements create environments where excellence becomes the standard. By integrating these four elements—integrity, communication, vision, and performance management—leaders establish the essential infrastructure for organizational success.

Essential Leadership Skills for Modern Business

Today’s business environment demands a more sophisticated leadership toolkit than ever before. Leaders must master both traditional fundamentals and emerging competencies to navigate increasing complexity.

Strategic thinking and execution

Modern leaders balance big-picture vision with practical implementation. They identify market opportunities, anticipate challenges, and align organizational resources accordingly. At Complete Controller, I’ve found that leaders who excel at strategic thinking maintain both short-term agility and long-term focus, allowing them to pivot when necessary without losing sight of core objectives.

Strategic execution requires breaking down complex initiatives into manageable components with clear ownership and timelines. Effective leaders create accountability structures that track progress while avoiding micromanagement that stifles creativity.

Emotional intelligence in leadership

Emotional intelligence—the ability to recognize, understand, and manage emotions in yourself and others—has emerged as a critical leadership skill. Leaders with high emotional intelligence demonstrate several key behaviors:

• Self-awareness about their strengths, weaknesses, and emotional triggers
• Empathy that helps them understand team members’ perspectives
• Social skills that build rapport and trust across diverse groups
• Self-regulation that prevents impulsive decisions during stressful situations

According to Google’s Project Aristotle research, teams with emotionally intelligent leaders experience higher psychological safety, which directly correlates with innovation and performance. When team members feel safe to take risks without fear of punishment, creativity flourishes.

Delegation and empowerment

Many leaders struggle with delegation, either by micromanaging or by abdicating responsibility entirely. Effective delegation involves:

1. Matching tasks to team members’ strengths and development needs
2. Providing clear expectations about outcomes
3. Granting appropriate authority to make decisions
4. Establishing check-in points that balance oversight with autonomy
5. Offering feedback that focuses on growth rather than criticism

Leaders who master delegation create force multipliers within their organizations, simultaneously developing their teams while increasing their own capacity to focus on strategic priorities.

Leadership Development Strategies

Developing leadership capabilities requires intentional effort and structured approaches. The most effective leaders view their development as an ongoing journey rather than a destination.

Self-assessment and feedback

Leadership development begins with honest self-assessment. Tools like 360-degree feedback assessments provide valuable insights into how others perceive your leadership style and effectiveness. When I implemented regular feedback cycles at Complete Controller, we saw dramatic improvements in management effectiveness and team satisfaction.

Effective self-assessment includes:

• Identifying your natural leadership tendencies
• Recognizing situations where your default approach may not be optimal
• Soliciting specific feedback about improvement areas
• Creating accountability for applying insights

The data shows organizations investing in leadership assessment see tangible returns. Companies that invested in leadership development programs saw an average $7 return for every $1 spent, according to Training Industry research.

Continuous learning and skill-building

Leadership development requires ongoing education through multiple channels. Formal training programs provide structured skill-building opportunities, while mentoring relationships offer personalized guidance. The most effective leadership development programs combine different learning modalities:

• Formal training (workshops, courses, certifications)
• Experiential learning (stretch assignments, cross-functional projects)
• Mentoring and coaching relationships
• Peer learning communities
• Self-directed study (books, podcasts, articles)

Training investment trends show significant evolution. In 1993, Australian employers spent approximately $192 per employee on training, while by 2024, U.S. companies averaged $774 per employee. Interestingly, large firms reduced their overall training budgets from $16.1 million to $13.3 million, while midsize companies increased spending to $1.7 million, suggesting a shift toward more targeted development approaches.

Mentorship and coaching

Structured mentoring and coaching accelerate leadership development by providing personalized guidance. Mentors share experience-based wisdom and help mentees navigate organizational complexities, while coaches focus on developing specific skills or addressing performance challenges.

Effective mentoring programs typically include:

• Clear matching processes based on development needs
• Structured conversation frameworks
• Regular meeting cadences
• Defined goals and progress measures
• Accountability mechanisms

Organizations implementing structured mentoring programs report higher retention rates, improved succession readiness, and stronger leadership pipelines.

Practical Implementation for SMBs

Small and medium businesses face unique leadership challenges, often operating with limited resources while competing against larger organizations. Implementing leadership essentials in this context requires practical, scalable approaches.

Right-sized leadership systems

SMB leaders need frameworks that provide structure without bureaucracy. Right-sized systems might include:

• Simplified strategic planning processes focused on 3-5 key priorities
• Streamlined performance management that emphasizes regular conversations over complex documentation
• Cross-training programs that build bench strength without specialized L&D departments
• Peer mentoring circles that leverage internal expertise

One construction company I worked with implemented a “leadership huddle” system—15-minute daily check-ins focused on priorities, roadblocks, and collaboration opportunities. This simple practice dramatically improved communication and alignment without requiring significant time investment.

Case study: Financial leadership in service businesses

The PHCC Business Leadership Essentials program demonstrates how industry-specific leadership development drives results. Plumbing and HVAC business owners participating in the program implemented financial mastery principles that improved profitability by an average of 12% while reducing operational inefficiencies.

Key takeaways included:

• Implementing job costing systems that accurately tracked profitability
• Developing pricing strategies aligned with value delivery
• Creating performance metrics that balanced customer satisfaction with financial outcomes
• Building compensation structures that incentivized desired behaviors

These leadership essentials for new managers directly translated to improved financial performance, demonstrating the tangible impact of leadership development in specialized industry contexts.

Budget-conscious development approaches

Resource constraints needn’t limit leadership development. Cost-effective approaches include:

• Industry association programs offering specialized training
• Peer mentoring circles that leverage existing expertise
• Online learning platforms with self-paced content
• Cross-company learning exchanges with non-competing businesses
• Book clubs focused on leadership topics

One small manufacturing client established a “leadership library” with key books and created discussion groups around core concepts. This approach cost less than $1,000 annually but created a shared leadership language and framework that improved collaboration across departments.

Building a Leadership Culture

Individual leadership skills matter, but creating a leadership culture multiplies their impact throughout an organization. A leadership culture exists when leadership behaviors become embedded in day-to-day operations at all levels.

Distributed leadership models

Traditional leadership hierarchies often create bottlenecks where decisions await executive approval. Distributed leadership models push decision-making authority closer to the point of impact, creating more responsive organizations.

Elements of effective distributed leadership include:

• Clear decision boundaries that define autonomy limits
• Information transparency that enables informed decisions
• Skill development at all organizational levels
• Recognition systems that reward initiative and problem-solving
• Feedback mechanisms that accelerate learning

Organizations implementing distributed leadership report higher innovation rates, faster response times, and improved employee engagement. This approach creates what management expert Peter Senge calls a “learning organization”—one that continuously adapts to changing conditions through collective intelligence.

Transformative leadership requires systematically embedding leadership principles throughout organizational structures. This includes integrating leadership criteria into:

• Hiring processes that identify leadership potential
• Onboarding programs that communicate leadership expectations
• Performance management systems that evaluate leadership behaviors
• Promotion criteria that reward effective leadership
• Recognition programs that celebrate leadership excellence

Microsoft’s transformation under Satya Nadella illustrates how leadership culture drives results. By shifting focus toward empathy and growth mindset, Nadella created a culture of psychological safety and innovation. This cultural transformation contributed to Microsoft’s stock tripling in value, driven by cloud and AI innovation. While critics noted workforce reductions during this period, the company’s long-term performance validated Nadella’s leadership approach.

Overcoming Leadership Challenges

Even the most skilled leaders face obstacles that test their capabilities. Recognizing common challenges and developing strategies to address them separates resilient leaders from those who struggle during difficult periods.

Managing through uncertainty

The ability to lead confidently amid ambiguity has become increasingly valuable. Effective uncertainty management includes:

• Transparent communication about what is known and unknown
• Scenario planning that prepares for multiple outcomes
• Decision frameworks that balance speed with accuracy
• Psychological safety that encourages honest dialogue about challenges
• Focus on controllable factors while acknowledging external uncertainties

Leaders who maintain composure during uncertain periods build team confidence and organizational resilience. They balance optimism with realism, acknowledging challenges while maintaining confidence in the team’s ability to navigate them.

Preventing leadership burnout

Leadership positions create unique stressors that can lead to burnout without proper self-management. Sustainable leadership practices include:

• Establishing clear work boundaries
• Developing recovery rituals between intensive work periods
• Building support networks for sharing challenges
• Practicing stress management techniques
• Modeling healthy work habits for the team

The data underscores why preventing burnout matters—Gallup research shows 75% of employees who quit do so because of poor managers, not company policies or compensation. Leaders who neglect self-care eventually create toxic environments that drive talent away and reduce productivity.

Conflict resolution and difficult conversations

Conflict avoidance cripples many leadership teams. Effective leaders develop skills for addressing tensions productively through:

• Direct communication focused on issues rather than personalities
• Active listening that seeks understanding before solutions
• Collaborative problem-solving that involves affected parties
• Clear agreements about path forward
• Follow-up processes that ensure resolution

Organizations with strong conflict resolution capabilities make better decisions by surfacing diverse perspectives and addressing concerns directly. Google’s research on team management strategies found that teams who successfully navigate conflict outperform those who avoid difficult conversations.

Final Thoughts: Your Leadership Journey

Leadership development isn’t a destination but a continuous journey of growth and refinement. The most effective leaders maintain perpetual curiosity, constantly seeking new insights and approaches to enhance their impact.

I’ve watched countless business owners transform their organizations by embracing these leadership essentials. The common thread among success stories isn’t industry knowledge or technical expertise—though those certainly matter—but rather the consistent application of foundational leadership principles adapted to specific contexts.

Your leadership journey requires both patience and urgency: patience with the developmental process while maintaining urgency about implementing what you learn. Start with honest self-assessment, prioritize development in areas that will create the greatest impact, and build systems that reinforce leadership behaviors throughout your organization.

If you’d like personalized guidance on implementing financial leadership principles in your business, the team at Complete Controller stands ready to help. Our specialized services help business owners develop the financial clarity that supports confident leadership decisions. Contact us today to explore how we can support your leadership journey.

FAQ

What are the most important leadership qualities for small business owners?

Small business owners should prioritize integrity, clear communication, financial acumen, adaptability, and emotional intelligence. These qualities enable leaders to build trust with stakeholders, effectively convey vision and expectations, make sound financial decisions, navigate market changes, and manage relationships productively. Unlike corporate executives with specialized teams, small business owners must develop competency across multiple leadership dimensions while maintaining authentic connections with employees and customers.

How can I develop leadership skills if I don’t have a formal management position?

You can develop leadership skills regardless of title by volunteering for cross-functional projects, mentoring colleagues, suggesting process improvements, taking initiative during team challenges, participating in industry associations, and pursuing self-directed learning through books, courses, and workshops. Leadership development doesn’t require formal authority—it involves demonstrating value-adding behaviors that improve team performance and organizational outcomes.

What’s the difference between management and leadership?

Management focuses on coordinating resources, implementing processes, and achieving operational goals, while leadership involves inspiring vision, driving change, and developing people. Managers maintain systems; leaders transform them. Effective executives typically combine both skill sets, managing day-to-day operations while leading strategic initiatives. The best organizations develop managers who can lead and leaders who understand management fundamentals.

How can emotional intelligence improve my leadership effectiveness?

Emotional intelligence enhances leadership by improving decision-making through balanced emotional responses, strengthening relationships through empathy and understanding, reducing team conflict through perceptive intervention, increasing adaptability during change, and modeling healthy emotional management for team members. Leaders with high emotional intelligence typically experience lower turnover rates and higher team engagement because they create psychologically safe environments where people feel valued and understood.

What leadership style works best in crisis situations?

Crisis situations typically require a situational leadership approach that adapts to circumstances. Initial crisis phases often benefit from directive leadership that provides clear guidance and decisive action. As the crisis stabilizes, participative leadership that incorporates team input becomes more effective. The most successful crisis leaders demonstrate transparency about challenges, maintain calm under pressure, communicate consistently, focus on immediate priorities while considering long-term implications, and adjust their approach as conditions evolve.

Sources

• APA.org. “Understanding Emotional Intelligence.” American Psychological Association. https://www.apa.org/topics/emotional-intelligence
• Aristotle Performance. “Google’s Data-Driven Insights on High-Performing Teams.” 2023.
• Australian Bureau of Statistics. “Training Expenditure Report.” 1993.
• Complete Controller. “The Leadership Style Best to Run an Organization.” https://www.completecontroller.com/the-leadership-style-best-to-run-an-organization/
• Complete Controller. “Small Business Bookkeeping: 9 Tips and Tricks.” https://www.completecontroller.com/small-business-bookkeeping-9-tips-and-tricks/
• Complete Controller. “How to Use Content to Set Yourself Up as a Thought Leader.” https://www.completecontroller.com/how-to-use-content-to-set-yourself-up-as-a-thought-leader/
• HBS Online. “6 Leadership Skills Needed for Business Success.” Harvard Business School. 2021.
• IMD. “The Key Leadership Essentials to Becoming a Great Leader.” 2023.
• Keep Thinking Big. “4 Leadership Strategies to Unlock Your Team’s Potential.” 2024.
• LMA Consulting Group. “The 4 Leadership Essentials Required for Long-Term Success.” 2024.
• MindTools. “Team Management Strategies.” https://www.mindtools.com/pages/article/newLDR_81.htm
• PHCC Academy. “Business Leadership Essentials.” 2025.
• RSIS International. “Leadership Strategies of Satya Nadella.” 2023.
• Sewells. “Employees Don’t Leave Companies, They Leave Managers.” 2023.
• TrainingIndustry. “Proving Leadership Training ROI.” 2024.
• TrainingMag. “2024 Training Industry Report.” 2024.
• Wikipedia. “Leadership.” Wikimedia Foundation. https://en.wikipedia.org/wiki/Leadership

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.

Inventory management is a vital aspect of retail and manufacturing businesses. Inventory is traditionally defined as everything that needs to be sold for your company to make a profit. Some might think that inventory should always be stocked, regardless of demand, because it is not good to disappoint customers. However, many costs are associated with holding inventory that may not sell, proving that over-stocking inventory is not prudent. Furthermore, inventory costs are directly related to the income tax you must pay at the year-end. Purchasing and storing inventory is considered your cost of doing business, which must be accounted for in your income statement.

Depending on your method of stating your inventory, the costs may vary.

Inventory Management and Taxable Income

Before calculating taxable income, you need to determine the costs of acquiring the inventory. Inventory costs commonly include the purchase price, freight charges, and amount of sales tax paid. All these expenses and the cost of goods sold must be included in your income statement. The cost of goods needs to be calculated separately and reduce your gross income, reducing the income tax that needs to be paid. When your cost of goods sold is higher, it will reduce your net taxable income and decrease the tax paid.

There are four approved methods of recording your inventory. The two most common are FIFO (First In, First Out) and LIFO (Last In, First Out).

Inventory Management Using FIFO

As the name suggests, the inventory rotates chronologically in and out of storage. All the inventory items that are bought first are sold first. Because inflation directly relates to the inventory cost, you must use cheap units first. Similarly, because your cost of goods sold is low, your net income increases, leading to increased income tax that must be paid.

Inventory Management Using LIFO

LIFO is quite the opposite of FIFO, as you use your new inventory first and then move on to the oldest. Inflation always raises the prices of products; therefore, more expensive units are sold first. This, in return, increases the cost of goods sold dramatically and reduces your net income. A reduced net income means you must pay a lower income tax at the end of the year.

Conclusion

Both methods of inventory management have advantages and disadvantages. Your current needs and product demands will often help you determine which method is best. Companies typically prefer to use LIFO more often, but this method requires permission from the IRS by filling out Form 970. You can also be liable for tax liability if you change your business’s industry. The difference between FIFO and LIFO will be calculated, and you must pay the tax on the balance.

Large tax payments concern large corporations as their earnings can top billions of dollars. Their primary concern is to save each dollar possible, especially when they can avoid needlessly paying that money in taxes. Small businesses may not have to worry about these issues at the outset. Still, as the business grows, owners and stakeholders will need to examine processes and formulate a solid plan for inventory management. As a business owner, you must account for every dollar spent acquiring and holding the inventory. If you fail to track and calculate inventory and accompanying costs accurately, these funds can come back and hurt you in the form of a significant income tax bill.

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.

Due to the rise in high-deductible plans, patients have been faced with expensive medical bills, and in numerous cases, these patients are not prepared to pay their medical bills. Discovering new ways to improve medical billing collections should be a priority for medical practices and clinics.

When patients do not pay the amount due for a procedure or service, your practice’s revenue cycle is at risk. Patient co-pays make up approximately 20% of a medical professional’s revenue. However, according to a 2010 study conducted by the Medical Group Management Association, most doctors only collect 60% of their patients’ co-pays.

Once doctors realize their medical billing is insufficient, they understand they cannot afford additional revenue loss due to ICD-10 coding errors and meaningful use requirements. This is especially true for practices with a small operating budget.

Unfortunately, the over-arching issue of patient payment will not likely be resolved soon, so patients will either have larger co-pays for each office visit or be forced to spend more out of pocket due to their policy choice and accompanying higher deductibles. As a result, medical professionals need to assess their current procedures and determine the most effective way to collect patient co-pays.

Train Your Staff To Collect The Money

Collections begin with your office’s front desk; therefore, it is essential to have your staff trained to collect payment before a medical professional sees the patient. Ensure the payment policy is clearly stated using numerous signs around the waiting room. Likewise, when any staff member calls the patient to confirm the appointment, they should also mention the balance due.

Furthermore, available payment options should be provided and discussed with patients. Your staff should clarify that patients are expected to pay the balance before their next appointment or when they arrive for their next appointment.

Be Transparent About the Prices

One of the foremost reasons service providers have difficulty handling medical bill collections is that patients are uninformed about the cost and have not budgeted for this expense. You must be transparent about the prices and the procedure costs, so patients have the appropriate information to determine if they can afford the treatment. Furthermore, have staff request insurance information and check the patient’s plan covers that service before the appointment is confirmed.

Use Medical Billing Software

To avoid further collection issues, ensure your medical billing software can meet your needs. Medical billing software can help streamline your fund’s collecting process and track all past bills and payments. 

Provide Payment Options

Undoubtedly, many patients would like to pay for their services outright; however, they do not have the financial means to do so. When you offer various payment options to outstanding invoice patients, you can slowly pay the bills in installments. Giving your patients options to alleviate their financial stress and help guarantee full repayment for your services is beneficial.

Provide Easy Payment Methods

If you want patients to pay their bills promptly, you must make the payment process easy. For example, if you let patients pay using a debit or credit card, the funding you receive will increase, as most people prefer paying using their cards, and this method is nearly immediate. However, customers who pay with a check may experience issues regarding timing, and keeping cash on hand can be risky. Similarly, accepting and processing payments like Health Flex Accounts or medical credit cards may make your practice more marketable to a broader patient base. 

Easy payment methods ensure you receive payment and leave a few outstanding patient bills.

Incentives for the Billing Staff

Recognize that collecting past due payments is not a pleasant activity, and it can become frustrating and tiring for staff. Offering incentives and keeping your staff motivated to collect outstanding payments is vital to ensure they are satisfied and are willing to perform the task efficiently.

Track and Manage the Results

You cannot improve billing conditions without tracking the results and reacting appropriately. It is essential to make reviewing billing and collections a habit each month to see which methods, software, and processes are effective.

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.