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The financial health of a business corporation is a crucial aspect that reflects the overall well-being of its operations. This indicator is important as it directly influences a company’s profit margins. Profit margins, representing the excess of profits over the costs in revenue generated, are pivotal for a business’s success. Ensuring a company’s financial health is vital for its smooth functioning and long-term prosperity in the market, allowing for higher returns at minimal costs.

Recent research on successful businesses highlights three common attributes among enterprises with high profit margins. These include proactive measures like securing insurance for future concerns, seeking advice from accounting experts for financial leasing, and maintaining efficient transaction management through a dedicated bank account and strategic budgeting.

The following tips are for entrepreneurs and management teams, and they can be implemented to achieve sound financial health for their businesses.

Efficient Budgeting

Budgeting refers to allocating all funds and resources available in an office to generate higher profits. Budgeting is a crucial factor in financial health as it aids in appropriately using resources to conduct an office’s operations. It gives a business certain limitations and requirements to proceed with an office’s working processes. Bookkeeping software is available to support budgeting activities in the financial world.

Bookkeeping is keeping all transaction records to avoid misunderstandings and corruption. This maintains a healthy financial balance in a company. Bookkeeping software such as QuickBooks is available to accurately measure and record the transactions that take place in a business, which, in return, provides vital suggestions for budgeting in future endeavors.

Quick Ratio

A quick ratio is used to determine the economic well-being of a company to determine an enterprise’s capacity to fulfill its short-term liabilities. A simple formula calculates the ratio of assets to a company’s liabilities. The formula states:

Quick Ratio = Current Asset and Inventories/Current Liabilities

The formula above illustrates how to discover a company’s quick ratio to determine the cash flow, which can be beneficial for repaying debts on time. It also ensures a company’s economic and financial well-being by depicting its marginal profits.

Current Ratio

The current ratio refers to the value in monetary terms, which depicts the company’s financial stability concerning its ability to pay short-term and long-term debt or liabilities. The formula of the current ratio is written as follows:

Current Ratio = Current Assets /Current Liabilities

This gives a quick view regarding the comparison of assets with that of liabilities. If the assets exceed the liabilities, a company is financially stable enough to repay short-term and long-term debts.

Conclusion

In summary, the financial health of a business is a critical factor that reflects the overall well-being of its operations and is directly linked to the company’s success. Profit margins, representing the surplus of profits over costs in revenue generation, play a pivotal role in determining a business’s prosperity. Recent research identifies three common attributes among enterprises with high profit margins, emphasizing proactive measures like securing insurance, seeking financial leasing advice, and efficient transaction management. Implementing critical practices is essential for entrepreneurs and management teams aiming to enhance their business’s financial health.

Efficient budgeting is a fundamental aspect, involving allocating funds and resources to generate higher profits and using bookkeeping software like QuickBooks for accurate transaction recording. Additionally, financial ratios such as the quick and current ratios provide insights into a company’s economic well-being and financial stability. The calculation of the quick ratio, obtained by dividing current assets and inventories by current liabilities, assists in comprehending cash flow and facilitating timely debt repayment. On the other hand, the current ratio, comparing assets to liabilities, offers a quick assessment of financial stability. Collectively, these practices contribute to establishing and maintaining robust financial health, positioning businesses for long-term success in the dynamic market landscape.

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.

Starting a new business is an exciting and challenging endeavor that requires careful consideration of several factors. One of the most crucial factors to consider is the industry you choose to enter. Researching the industry’s trends, customer base, competition, and growth potential is essential before investing your time and resources into a new venture.

Choosing a profitable industry is critical to the success of a new business. Some industries are more profitable than others, and thorough research is crucial. For instance, healthcare, finance, technology, and e-commerce industries are traditionally more lucrative than others. These industries have a high demand for their products and services and offer significant potential for growth and profitability.

On the other hand, some industries, such as retail, hospitality, and food services, are less profitable due to high competition, low-profit margins, and high overhead costs. However, with careful planning and execution, businesses in these industries can still succeed.

Choosing an industry that aligns with your interests, skills, and expertise and has the potential for profitability and growth is essential. Conducting thorough research and seeking advice from industry experts can help you make an informed decision and increase your chances of success in starting a new business.

Most Profitable Business Industries

1. Technology: The technology industry is one of the most profitable industries in the world. With the rise of smartphones, tablets, and other electronic devices, there is a high demand for new and innovative technology. Companies like Apple, Google, and Microsoft have become some of the most successful businesses in the world by creating new and innovative products that people can’t live without.
2. Healthcare: The healthcare industry is another highly profitable industry. With an aging population and an increased focus on health and wellness, there is a huge demand for healthcare products and services. This includes everything from pharmaceuticals to medical devices to health insurance.
3. Real Estate: Despite the occasional market downturns, the real estate industry remains one of the most profitable industries in the world. With the world population growing, there is always a need for new homes, commercial buildings, and other types of real estate. Investing in real estate can be a great way to generate passive income and build wealth over time.
4. Finance: The finance industry includes everything from banking and investment to insurance and accounting. With the world economy constantly changing, there is always a need for financial experts who can help people make smart decisions with their money. This industry can be very lucrative for those with the skills and knowledge to succeed.

Least Profitable Business Industries

1. Retail: The retail industry has become increasingly competitive in recent years, with many businesses struggling to stay afloat. With the rise of online shopping and the decline of brick-and-mortar stores, it can be difficult for new businesses to succeed.
2. Hospitality: The hospitality industry includes everything from hotels and restaurants to travel and tourism. While this industry can be very profitable for established businesses, it can be difficult for new businesses to break into. With high overhead costs and intense competition, it can be challenging to profit in this industry.
3. Agriculture: While the agriculture industry is essential to feeding the world’s population, it can be difficult for new businesses to succeed. With high equipment costs, unpredictable weather conditions, and the need for large amounts of land, it can be challenging to profit in this industry.
4. Manufacturing: The manufacturing industry has become increasingly competitive in recent years, with many businesses struggling to compete overseas. With high equipment costs and intense competition, it can be challenging to profit in this industry.

Conclusion

In conclusion, starting a new business in any industry can be challenging, but it’s important to choose an industry that has the potential to be profitable. By researching and understanding the risks and rewards associated with each industry, you can make an informed decision that will set you up for success. Whether you enter a highly profitable industry like technology or healthcare or a less profitable industry like retail or agriculture, the key is to stay focused, work hard, and never give up on your dreams.

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.

In today’stoday’s modern world, an accountant needs more than simply a brick-and-mortar office. Accountants must constantly expand their knowledge while keeping up with modern industry advances. They should also be able to share this knowledge with those looking for financial advice. The same stands true for startups as well. To make your business expand financially, you should constantly keep up with the best accounting practices.

The following ten websites for small business owners offer the best accounting advice for those new to the market.

Accounting Coach

This website was initiated in 2003 to allow students, small businesses, and bookkeepers to learn new accounting skills and increase their knowledge. This website aims to make educational material available without the expense of books, tuition, and other costs associated with formal education. The single requirement is that you have a working internet connection. Furthermore, the Accounting Coach also offers a professional program with interactive tests and visual tutorials.

Sleeter

The Sleeter Group was birthed in 1994 in Pleasanton, California. They aim to offer various educational resources to accountants and small business owners. Sleeter has also assembled a group of more than seven hundred accounting professionals who will serve as consultants for the group members and offer implementation services. Sleeter organizes annual conferences and trade shows where the most modern accounting services and software programs are highlighted. Those who are members of the Sleeter Group also have access to webinars, reference guides, and twenty-five QuickBooks assessments. The members also have access to the annual conference as well.  

Skoda Minotti Blog

Founded in 1980, Skoda Minotti has the vision of offering a comprehensive accounting service to help users grow and prosper. They recently expanded the services they provided to cater to their client’s litigation services, business valuation, strategic marketing services, and financial services. The blog has a gamut of information on each one of these topics. Significant changes were made to the accounting industry by permitting non-CPA ownership and investments in the CPA Firms.

The Blunt Bean Counter

Mark Goodfield is this blog’s author, which offers income tax advice. This blog is not just for small businesses or startups. Any individual can benefit from the blog; nevertheless, most of the lectures available on it are relevant to those who own private companies with a high net worth. Goodfield has more than 25 years of accounting and finance experience and is a chartered accountant by profession.

The Economist 

The accounting arena is a dynamic facet of the business world, but it is only one aspect of the vast field of economics. The Economist accounting blog took this brilliant idea and made numerous entries covering world politics, finance, business, and culture to help users.

Evergreen Small Business

Evergreen Small Business is a blog site offering advice to those who own small businesses. A blog section has been dedicated to answering questions regarding management, financial planning, and tax accounting for small business owners. Examples of their expertise can be discovered in recent posts, including “Using the Delphi Method for Small Business Problem Solving” and ” Index Funds and Asset Allocation Even Better for the Wealthy.” Founded by Steve Nelson, who has thirty years of experience and specializes in accounting, the blog is dedicated to helping small business owners flourish. 

Dear Drebit

Accounting professionals now have an active forum that they can use to discuss and find answers to several different accounting and financial issues. Dear Drebit allows all site visitors to submit numerous questions concerning accounting as it applies to business evaluation, healthcare improvement, and other financial topics. Rea and Associates, an Ohio-certified communal accounting firm, produced Dear Drebit. They have been in existence since 1938 and currently have more than eleven offices across the state of Ohio.

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.

It only takes a few Google searches to become overwhelmed by abundant information about entrepreneurial start-ups. Numerous stories exist about how this start-up transitioned into a victorious, reputable business. But, in various cases, you will be left trying to fill in the blanks or still searching for case studies significant to your industry or business model.

There is only one dependable method for taking your industry to the next level. That method involves trusting tried-and-tested methods that other entrepreneurs have used to leapfrog.

Focus on Productivity and Not Only on Activity

Shun the busyness trap and question what you must focus on today or in the future. Plan so that you know what your next steps are. Leadership expert and Coach Leah Wultschik has distinguished that when leaders engage in busyness, the never-ending center to get things done results in decreased creativity. You will constantly be in a reactionary state, unable to make strategic decisions.

Hire the Best Talent Possible

Surround yourself with world-class workers who bring priceless ideas rather than trying to squeeze what you can from second-rate employees. Aislinn Malszecki, who oversees content strategy and community at MaRS, suggests the following steps to be a focus for finding the best talent possible:

• Avoid reactionary hiring: Founders frequently find themselves badly needed for help and may hire without looking for the right fit and skill set.
• Create a buzz for your company: Use your reputation and personal network to draw the right people to your business.
• Tap into your network: In addition to posting jobs on your website and LinkedIn, influence your network as well as the networks of your employees to find like-minded candidates.
• Building your team is not a subject to be taken lightly: Neighboring yourself with the right people can mean the difference between breaking through and remaining stagnant as a business. Work with people who motivate you.

Partner with an Agency

The opportunity cost of doing the whole thing alone can add up fast. Work with an agency. The up-front cost of outsourced work will eventually be less costly than trying to do it all yourself. Patrick Woods, director of customer success at Keen IO, notes the particular challenges of working with an agency. To overcome these hurdles, he suggests:

• Build a relationship with the agency: Take time to get to know the people you’ll be working with. Determine fit as well as expectations.
• Communicate: As start-ups tend to move fast, converse regularly and clearly with the agency to ensure you’re on the same page.
• Understand what the agency can do for you: Elucidate its staffers’ core strengths and competencies. Establish what tasks you’d like them to take over and which you want to handle in-house.

Beware of Negativity

A lack of enthusiasm can poison the waters of your entire company. On the other hand, being confident will instill a sense of confidence in your employees. They will follow you more eagerly. Best-selling author and keynote speaker Jon Gordon has pointed out that negativity can affect your team’s morale, presentation, and output.

Negativity can also lead to decreased energy and increased stress. When creating a positive work environment, the responsibility lies with the leader. You need to set the tone for your team to draw the best out of them.

Avoid Burnout

James Schramko of SuperFastBusiness advocates getting more rest and sleep. He points out that good rest can help you boost your performance. The cost of losing sleep is essential and can include depression, a weaker immune system, memory issues, obesity, and more.

The cost of burnout can be exceptionally high if you make yourself incapable of working for an extended period. Consider the costs before letting yourself get to that point.

Prioritize

You will not be able to do it all. No one has more than twenty-four hours in their day, and we are all busy. Derek Sivers, the founder of CD Baby, has said that he lives by the “Hell, yeah!” or “No” philosophy. He explains that saying no to most things leaves room in your life for the few things that get you excited.

If you find yourself wavering between a “yes” and a “no,” he suggests choosing “no.” Only say “yes” to opportunities that you cannot pass up.

Conclusion

Transitioning from a start-up to an established business can take time. Take your time with the process. When all the right pieces are in place, you can shift quickly from one stage to another. If you try to force the issue, you may have more troubles than you bargained for.

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

Understanding the utilization ratio is crucial for businesses seeking effective cost management and enhanced workforce productivity. This essential ratio allows companies to charge clients efficiently, reflecting billing effectiveness and overall productivity. Businesses calculate indirect and direct labor expense utilization ratios, employing two distinct methods in bookkeeping.

These ratios are pivotal in evaluating workforce performance and guiding leaders to make informed decisions about productivity and staffing. This article delves into the significance of labor utilization ratios, detailing methods to calculate and interpret direct and indirect labor utilization, offering insights for businesses aiming at optimal cost control and workforce management.

What is the Utilization Ratio?

The utilization rate is an essential ratio companies can use to charge their clients. The ratios are used to maximize the productivity time for employees. It can reflect the billing effectiveness and the company’s overall productivity. Two methods are used in bookkeeping to calculate indirect and direct labor expense utilization ratios.

Method One

The first method calculates the total billable hours divided by the number of hours recorded in a particular period. For example, if the total hours are 60 but the hours billable are 30, then the utilization rate would be 30/60 = 50%. Using this utilization ratio, if the company is willing to cease recording its non-billable time, the ratio will always be equal to 100%.

Method Two

The second method for calculating the labor utilization rate uses the billable total hours divided by a fixed number of weekly hours. An example will help elaborate this formula. If 22 billable hours are recorded in a predetermined 40 hours per week, then the utilization ratio will be calculated as 22/40 = 55%.

Why are Labor Utilization Ratios Important?

Company leaders rely on utilization ratios to identify how much of the company’s workforce is currently employed and productive. The ratio provides information on how the current workforce is performing and the required performance from current employees. If the ratio indicates overproduction, then the company must hire more people to improve and balance productivity based on utilization rates.

Direct Labor Utilization

A company’s payroll is considered the most significant organizational expense. Companies want to make sure that their payroll costs are generating sufficient income. The direct labor utilization ratio indicates how much a company spends each year on direct labor.

The remainder of payroll-associated costs is considered indirect labor costs. Examples of indirect labor costs are:

• Amount spent on training employees
• Administrative expenses
• Marketing expenses
• Paid vacations
• Taxes

How to Calculate Direct Labor Utilization Ratio

The calculation needed for the direct labor utilization ratio includes dividing the total payroll amount associated with direct labor by the total payroll cost for that specific period, giving the direct utilization ratio. For example, suppose your company is spending $4,000 on the payroll for a specific pay period and pays an additional $3,000 in direct labor expenses. In that case, the utilization ratio for direct labor is 75%. (3,000/4,000 = 75%)

On average, the direct labor utilization ratio must be around 65%. A value higher than 65% will indicate that the company is utilizing its labor force efficiently. Companies with fewer paid vacations and paid training will have a lower utilization cost.

Indirect Labor Utilization

Overhead costs are also called indirect labor costs. Labor overhead costs are directly associated with the different materials used for direct labor. Calculating indirect labor utilization is different, and here’s what we need:

• The number of hours an employee has worked: if the employee worked for 52 weeks per year * 40 hours per week, they worked for almost 2,080 hours.
• Deduct the total time spent on holidays per year: 45 days or 360 hours (including sick leaves, public holidays, training, and seminars) 360 – 2,080 =1,720 hours.

Hence, the 1,720 hours are our total hours spent by one employee as indirect labor utilization.

Conclusion

Utilization ratios are vital when calculating labor costs. Most business accountants know how to use these ratios to manage a business’s labor costs, so hiring a professional business accountant is the ideal way to handle these calculations.

However, if you don’t have the budget to hire a professional accountant, understanding utilization ratios and calculating labor costs will be vital to your business accounting plan.

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.

A budget can be a challenge for new and small business owners. It is a critical part of any business, whether small or large. In the budget, plans on how much will be spent on each business operation, when to spend, and when to save are all laid out meticulously. New small business owners often make a few crucial mistakes while budgeting due to a lack of experience.

Research and advice can help avoid these mistakes. Most importantly, when a budgeting mistake occurs, it must be corrected appropriately. It is important to identify all expenses, whether small or large, and insert them into the budget. If you fail to make an actual estimate of all expenses, you may be left with no money at the end of the month to pay for debts and other expenses.

No Business Plan or Strategy

New small business owners often don’t have experience with precise budgeting and running a business. They often make the budget without a strategy and solid business plan. Small and long-term financial plans are a crucial part of a budget. New small business owners are frequently excited to jump into their start-ups without a detailed business plan and goals. If you want success, you must plan for it.

Selling at Low Prices

Once a new small business owner enters the market, they are often enticed to sell their product or service at a lower price than their competitors. This strategy is adopted to attract customers, and it makes sense. But in theory, you are losing your money. Remember, Less is the profit margin. More is the loss.

Sometimes, they decrease the operating expenses for producing low-quality products to compensate for this loss. But remember that the customer will only purchase it if it is of good quality. Again, you are at a loss. Under-pricing cannot be a solution to enhance sales.

Spending More than the Projected Budget

The initial few years of start-ups are very crucial for business success. The mistake often seen is that new small business owners start overspending when revenues start receiving. The most common budgeting mistake is that they overspend on advertising. A common assumption about advertising is that it will immediately enhance sales. At least a quarter is needed to see the impact of advertising on sales. Overestimation of revenue leads to a glaring budget deficit.

Our budget is not healthy when we do not track our expenditures through bookkeeping or accounting software. When we do not identify what we have spent, we cannot tell when we have reached our limit. Once we track our spending, we can start following our budget as planned.

Underestimating Uncle Sam

Every business has to pay a heavy amount to the government through taxes. There’s no getting around that one. If you underestimate the taxes you are liable to pay, it will drastically affect your budget. When making your budget, sit with your last year’s bookkeeping record to know the details of all transactions.

Your bookkeeper will tell you the exact amount of taxes you paid last year. Considering this data, estimate the precise amount of taxes you will owe for this year. Many business owners underestimate taxes, which leads to budget failure. Overestimating taxes is much better than underestimating.

Loss of Revenue Due to Mismanagement

A small business owner has a busy schedule, no doubt. They have a long list of things they need to accomplish each day. Unfortunately, many fail to manage and organize their business cycle optimally. This disorganization can lead to extra expenses and less profit margin.

Your cash flow is an indicator of a healthy business. If your cash flow is poor and you have many pending payments, consider it. Poor cash flow indicates that money coming in payments and profits is less than money going out. Money going out is in items such as operating costs, marketing, and advertising campaigns.

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.

HUD stands for The Department of Housing and Urban Development. HUD offers housing properties in various forms, including rental houses, high-rise apartments, and condominiums. According to research, around 12 million families lived in HUD housing units in 2012. Due to the large number of houses accommodated in HUD, it is scarce to see a unit managed by HUD.

HUD housing offers federal funding for around 3,000 local agencies in the USA. HUD provides the required funds to plan, build, and manage all public housing units.

How do You Qualify for HUD Housing?

To qualify for HUD housing, individuals must meet specific conditions, including being elderly, having a disability, and maintaining a low income. These criteria are in place to ensure that housing assistance is directed toward those who need it most, prioritizing vulnerable populations and those facing financial constraints.

Different Types of Low-Income Housing Facilities

The two main types of low-income facilities are public housing and the Section 8 program (HUD). Both are types overseen by HUD, which helps cover both types. Local housing authorities manage public housing units, which then offer rent at lower rates for families with low incomes.

The Section 8 program offers vouchers for low-income families to compensate for the difference between the maximum rent calculated by HUD and the amount they can afford.

Income Limits are Specified to Location

HUD facilitates access to affordable housing for low-income families by offering properties at various percentage levels of the median figure. These housing options are categorized to cater to different income levels, including houses for low-income families, very low-income families, and families with meager incomes. This tiered approach addresses the diverse financial needs of individuals and families seeking suitable accommodation.

Proof of Income Documentation

To complete the qualification procedure for HUD housing, an individual needs to verify where their income is coming from. IRS tax returns and receipts for recently spent money can be used to clarify. To maintain eligibility, HUD checks an individual’s income documents on an annual basis once they qualify for Section 8 or public housing. HUD agencies maintain bookkeeping records to check on all clients who have opted to work with them.

Families can qualify for HUD housing when their overall income is low. Agencies dealing with HUD housing have specific income limits for people who can qualify for their schemes. Individuals are likely eligible if their income exceeds 80% of the city and state’s general income.

Housing agencies provide at least 75% of the funding to applicants and around 30% of an area’s median income. The housing choice vouchers program provides renters financial assistance to secure a house in the private rental market. If an individual falls under the HUD housing eligibility criteria, he/she must first contact the public housing agency (PHA).

How to Apply for HUD Housing?

Individuals must submit a comprehensive application to their local housing agencies to initiate the HUD housing application process. The application includes current contact details for the applicant, details about the family’s circumstances, including income, contact information for previous landlords, and an income estimation for the next 12 months. After receiving the application, housing agencies frequently conduct home visits to assess the current residence’s condition and maintenance. This thorough evaluation ensures a holistic understanding of the applicant’s eligibility for HUD housing.

Considerations

The individuals looking forward to opting for HUD should be legal immigrants or residents of the United States. Housing agencies may also check with previous landlords to ensure that the individual has no negative history of being an unreliable tenant.

HUD housing agencies can deny any applications of individuals with a negative history as they risk having a bad effect on the household offered by the housing agency. Income limits vary according to location and family, so it is not absolute that if an individual does not qualify for one agency, he will not qualify with another.

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.

Like all other generations, millennials have to face a unique set of challenges in their transitional journey into adulthood. Entering into “the real world” has been challenging for the current young generation because of uncertain economic times and the burden of student loans. Money management has to be a top priority if they want to succeed through these tricky times.

Budgeting is vital for everyone. However, it is crucial for individuals in their 20s and 30s because it will eventually decide their quality of life. Keeping track of your financials ensures you do not make imprudent money decisions and practice healthy spending habits early.

Budgeting Tips for Millennials

Look at the Bigger Picture

Before you get into any budgeting details, you must draw an exclusive overview of your income streams and how you currently manage them. If you believe you are not earning enough money to make ends meet, it’s probably time to look for another job or cut your expenses.

One way to advance in your current job is to give 100% to even the most insignificant tasks. This extra effort might incline your boss to notice your sense of responsibility, leading to a raise or promotion. Having a clear picture of your savings and investment options is also a part of budgeting.

Millennials have to be ready for times that are coming up ahead. Invest in a retirement account as soon as possible because this will allow you to start contributing to it. There should also be some emergency funds that can be used for unforeseen circumstances. It would help to look at the bigger picture when making your budget rather than focusing on short-term goals.

Form a Budget

The ultimate purpose is to allow you to live comfortably within your means and save enough money for your future. The essential ingredient of a budget is data. All of your income, expenses, debts, and any other financial affiliations will be presented in numbers or data. Add up all income from whatever sources there are to begin your budget.

Once you have accounted for income, try detailing your expenses along with their category, such as living expenses, bills, loan payments, rent, and others. Millennials often tend to let go of small expenses that they consider unimportant. However, these small amounts tend to grow significantly with time. Therefore, they must be catered to from the start. 

Subtract the income from expenses to have a clear overview of what you must work with each month. The next action plan can be decided based on the data in front of you. It all depends on what you plan to spend and then saving the remaining balance, which will make all the difference in the end.

Refine the Budgeting Strategy

Because of our fast-paced world, millennials often have to deal with unforeseeable situations. They encounter various instances that may require spending outside of their budget. You should keep enough space in your allocated budget to manage such unforeseen circumstances. Allocate some amount to expenses that may occur without any prior warning.

This allocation is also the time to refine your budgeting strategy, as most basic elements are in place now. As portrayed in the above scenario, everything might not turn out how we planned. Therefore, a refined strategy caters to all anomalies affecting your budget.

Seek Help from Technology

As we see, the advanced solution to almost every problem is technology. Millennials can similarly seek technological solutions for their budgeting needs. Some apps can help you:

• Track cash flows
• Optimize investments
• Set up a detailed budget
• Receive alerts
• Provide updated balance details

Keeping track of all these activities in one place is an extremely useful way to manage your budgeting needs. Every millennial must implement it to stay afloat in today’s society.

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

Crafting the Perfect Sales and Marketing Plan for Success

A sales and marketing plan is a strategic roadmap that aligns your business objectives with targeted customer outreach, combining sales tactics and marketing strategies to drive revenue growth and market share. This comprehensive document integrates audience analysis, competitive positioning, channel selection, budget allocation, and performance metrics to create a unified approach that converts prospects into loyal customers.

Leading a cloud-based financial services company for over two decades has given me a front-row seat to what separates thriving businesses from those that struggle. I’ve worked with companies across every industry imaginable, and the pattern is clear: businesses with integrated sales and marketing plans consistently outperform those operating in silos. This guide breaks down the exact framework my most successful clients use, combining proven strategies with cutting-edge approaches that adapt to today’s buyer behaviors. You’ll discover how to align your teams, leverage data-driven insights, and build a scalable system that generates predictable revenue growth.

What is a sales and marketing plan, and how does it drive growth?

• A sales and marketing plan is a documented strategy that integrates objectives, tactics, and metrics to achieve business growth
• Sales components focus on lead conversion, pipeline management, and revenue generation
• Marketing elements address brand awareness, lead generation, and customer engagement
• Integration creates consistent messaging and efficient resource allocation
• Success requires continuous monitoring and adaptation based on performance data

Understanding the Importance of Integration

Sales and marketing alignment represents one of the most critical success factors in modern business growth. According to recent data, just 37% of B2C marketers have a formal content strategy, while 36% rely on informal plans, highlighting the widespread challenge of coordinated efforts.

The consequences of poor integration extend beyond missed opportunities. Disconnected teams create confusing customer experiences, duplicate efforts, and waste resources. When marketing generates leads without understanding sales qualification criteria, conversion rates plummet. When sales teams lack marketing insights about customer pain points, they miss crucial selling opportunities.

Why integration matters

Successful integration starts with shared objectives and unified messaging. Companies that align their teams around common goals see dramatic improvements in efficiency and results. A unified approach eliminates the traditional friction between departments, creating a seamless customer journey from first touchpoint to closed deal.

Data sharing between teams enables predictive strategies and proactive customer engagement. Marketing gains insights into which messages resonate during sales conversations, while sales teams understand the content and campaigns driving qualified leads. This bidirectional flow of information creates a feedback loop that continuously improves both functions.

Step 1: Conduct a Thorough Market and Competitor Analysis

Market analysis forms the foundation of any successful sales and marketing plan. Before crafting strategies or selecting tactics, you must understand your competitive landscape, customer needs, and market dynamics.

SWOT analysis

A comprehensive SWOT analysis reveals both internal capabilities and external opportunities. Start by honestly assessing your organization’s strengths—perhaps you offer superior customer service, proprietary technology, or deep industry expertise. Next, identify weaknesses that could hinder growth, such as limited brand recognition or outdated marketing infrastructure.

Opportunities might include emerging market segments, partnership possibilities, or seasonal trends your competitors haven’t capitalized on. Threats could range from new market entrants to regulatory changes affecting your industry. This analysis provides the strategic context for all subsequent planning decisions.

Competitor benchmarking

Direct competitor analysis involves examining pricing strategies, product features, marketing messages, and customer feedback. Study their websites, social media presence, and advertising campaigns to understand their positioning and value propositions. Tools like SEMrush or Ahrefs reveal their digital marketing strategies, including keyword targets and content gaps you can exploit.

Indirect competitors—alternative solutions your prospects might consider—deserve equal attention. A project management software company competes not just with other software providers but also with consultants, internal solutions, and even spreadsheet templates. Understanding this broader competitive set helps position your offering more effectively.

Buyer personas

Detailed buyer personas transform abstract market data into actionable customer profiles. Demographics provide the foundation, but psychographics reveal the motivations driving purchase decisions. For B2B markets, include organizational factors like company size, industry, and typical buying processes.

Create personas that capture real customer challenges and goals. Sarah, a marketing director at a mid-sized SaaS company, struggles with long sales cycles and inefficient CRM workflows. She values case studies, attends webinars, and actively engages on LinkedIn. This level of detail guides content creation, channel selection, and sales messaging.

Step 2: Define Your Strategic Goals and Objectives

Clear objectives transform good intentions into measurable outcomes. Only 29% of marketers with documented strategies rate them as extremely effective, often due to unclear goals and lack of data-driven insights.

SMART goal framework

Specific goals eliminate ambiguity and create accountability. Rather than “increase sales,” target “increase enterprise software sales by 15% through targeted LinkedIn outreach campaigns.” Measurable components include specific metrics like lead volume, conversion rates, and average deal size.

Achievable goals stretch your team without setting them up for failure. Consider current resources, market conditions, and historical performance when setting targets. Relevant objectives align with broader business strategy—pursuing Instagram engagement makes little sense for B2B industrial equipment manufacturers. Time-bound deadlines create urgency and enable progress tracking through quarterly reviews and annual assessments.

Aligning sales and marketing objectives

Marketing objectives typically focus on top-of-funnel metrics: brand awareness, website traffic, and lead generation volume. Sales objectives emphasize bottom-of-funnel results: conversion rates, average deal size, and customer lifetime value. The key lies in connecting these metrics through shared KPIs.

When marketing commits to delivering 200 qualified leads monthly, sales must define what “qualified” means and commit to specific follow-up timelines. This mutual accountability ensures both teams work toward common goals rather than optimizing isolated metrics.

Step 3: Design a Revenue-Centric Sales Strategy

Modern sales strategies balance relationship building with efficiency, leveraging technology while maintaining human connection. The most effective approaches align with buyer preferences and purchasing patterns.

Core sales methodologies

Account-Based Marketing (ABM) concentrates resources on high-value prospects, creating personalized campaigns for specific accounts. This approach works particularly well for enterprise sales with longer cycles and multiple stakeholders. Product-led growth strategies let the product demonstrate value through free trials or freemium models, reducing sales friction for buyers who prefer self-service options.

Social selling leverages platforms like LinkedIn to build relationships before formal sales engagement begins. Sales representatives share valuable content, engage in industry discussions, and establish credibility as trusted advisors rather than aggressive pitchers.

Sales funnel optimization

Each funnel stage requires distinct strategies and content types. Awareness-stage prospects need educational content addressing broad industry challenges. Blog posts, industry reports, and webinars attract these early-stage buyers without heavy-handed promotion.

Consideration-stage leads seek specific solutions to defined problems. Case studies, product comparisons, and detailed guides help them evaluate options. Decision-stage prospects need reassurance and logistics—testimonials, ROI calculators, and implementation guides address final concerns. Post-purchase retention strategies, including onboarding programs, success metrics, and expansion opportunities, maximize customer lifetime value.

Step 4: Build a Channel-Agnostic Marketing Mix

Successful marketing strategies blend multiple channels based on audience behavior and content preferences. Recent data shows 72% of marketers credit content marketing with increased engagement and traffic, while 76% report improved lead generation.

Digital marketing foundations

Search engine optimization targets buyers actively seeking solutions. Focus on long-tail keywords matching specific buyer intent rather than broad, competitive terms. Content marketing establishes thought leadership through in-depth guides, industry insights, and practical resources. Quality trumps quantity—83% of marketers now prioritize creating fewer, better pieces over volume-based approaches.

Paid advertising accelerates visibility for high-intent keywords and enables precise retargeting. Google Ads capture demand for specific solutions, while social media advertising builds awareness and nurtures consideration. Email marketing remains highly effective for lead nurturing, with automated sequences delivering targeted content based on subscriber behavior and interests.

Integrated traditional tactics

Digital dominance doesn’t eliminate traditional marketing value. Industry events, trade shows, and executive networking create face-to-face connections that accelerate trust building. Webinars blend digital convenience with interactive engagement, particularly effective for complex B2B solutions requiring detailed explanation.

Referral programs leverage satisfied customers as brand advocates. Happy clients provide the most credible endorsements, and structured referral incentives encourage active participation. Print materials, direct mail, and even radio spots might effectively reach specific demographics or geographic markets where digital penetration remains limited.

Step 5: Align Teams with Shared Tools and Feedback Loops

Technology enables collaboration, but success requires cultural alignment and consistent communication. Shared tools provide the infrastructure, while regular interaction builds understanding and trust.

Essential collaboration systems

Customer Relationship Management (CRM) platforms like Salesforce or HubSpot create a single source of truth for customer interactions. Marketing sees which content influences deals, while sales understands campaign performance. Marketing automation platforms trigger timely follow-ups and score leads based on engagement, ensuring sales receives warm, qualified prospects.

Regular cross-functional meetings prevent silos from reforming. Weekly pipeline reviews include both teams, discussing lead quality, conversion challenges, and upcoming campaigns. Sales provides real-world feedback about customer objections and competitor tactics, while marketing shares insights about content performance and market trends.

Performance measurement and optimization

Key metrics span the entire customer journey. Customer Acquisition Cost (CAC) and Lifetime Value (LTV) ratios indicate sustainable growth. Lead velocity, conversion rates by stage, and sales cycle length reveal process efficiency. Marketing-attributed revenue demonstrates campaign ROI beyond vanity metrics.

A/B testing refines tactics continuously. Test email subject lines, ad creative, landing page layouts, and sales scripts. Small improvements compound over time—a 2% increase in conversion rates might translate to millions in additional revenue. Quarterly business reviews assess overall strategy effectiveness, eliminating underperforming tactics and doubling down on winners.

Step 6: Leverage Technology for Scalability

Modern sales and marketing technology multiplies human effort and provides unprecedented customer insights. A recent case study demonstrates this impact: an e-commerce company implemented AI-powered chatbots, reducing response time from 2 hours 15 minutes to just 5 minutes, resulting in 100% higher conversion rates and 300% revenue growth.

Critical technology stack

CRM systems track every customer interaction, providing complete visibility into relationship history and enabling accurate pipeline forecasting. Marketing automation handles repetitive tasks like email sequences, lead scoring, and campaign tracking, freeing teams for strategic work. Analytics platforms reveal customer behavior patterns, content performance, and attribution data essential for optimization.

Integration between systems maximizes value. When your CRM connects with marketing automation, chatbots, and analytics tools, data flows seamlessly between platforms. This connectivity enables sophisticated strategies like predictive lead scoring, automated lead routing, and real-time personalization based on customer behavior.

Final Thoughts

Building an effective sales and marketing plan requires commitment to integration, data-driven decision making, and continuous refinement. The businesses I’ve watched transform their growth trajectories all share common traits: aligned teams, clear objectives, and willingness to adapt based on results.

Success comes from treating your plan as a living document rather than a static strategy. Markets shift, competitors evolve, and customer expectations change. Your plan must evolve accordingly, incorporating new channels, testing innovative approaches, and always focusing on delivering customer value. Start with the fundamentals outlined here, but remain flexible enough to seize unexpected opportunities.

The expertise required to build and execute these strategies effectively often exceeds internal capabilities, especially for growing businesses juggling multiple priorities. If you’re ready to accelerate your growth with proven sales and marketing strategies backed by comprehensive financial insight, connect with our team at Complete Controller to discuss how we can support your business objectives.

Frequently Asked Questions About Sales and Marketing Plans

How much budget should I allocate to digital vs. traditional marketing?

Budget allocation depends entirely on where your audience engages. B2B technology companies typically invest 70-80% in digital channels, while local service businesses might split 50/50 between digital and community-based marketing. Start by analyzing where your current customers find you, then test small budgets in new channels before making major shifts.

Should sales and marketing teams have separate KPIs?

Both teams need shared accountability metrics alongside role-specific KPIs. Shared metrics might include qualified lead volume, conversion rates, and revenue attribution. Marketing also tracks engagement and brand metrics, while sales monitors individual quotas and pipeline velocity. The key is ensuring individual metrics support shared objectives.

What’s the ideal balance between nurturing and pushing leads?

Early-stage leads need 80% education and 20% promotion—focus on building trust through valuable content. As leads progress, gradually shift the balance. By decision stage, leads expect and appreciate direct sales engagement. Monitor engagement rates and unsubscribe data to gauge if you’re pushing too hard too soon.

How do I handle a shrinking marketing budget?

Focus resources on highest-ROI activities. Email marketing, content repurposing, and organic social typically deliver strong returns with minimal spend. Cut broad awareness campaigns and expensive tradeshows unless they directly generate qualified leads. Leverage marketing automation to do more with less human effort.

What role does customer feedback play in plan adjustments?

Customer feedback drives strategic evolution. Incorporate Net Promoter Scores, reviews, and support ticket themes into quarterly planning sessions. When multiple customers mention the same pain point or request similar features, adjust your messaging and potentially your product roadmap. Their voice matters more than internal assumptions.

Sources

• Foundr. “How to Create a Marketing Plan In 2025.” March 2025. https://foundr.com/marketing-plan
• Smartsheet. “Marketing Plan Templates.” April 2023. https://smartsheet.com/marketing-templates
• BDC. “How to Write a Marketing Plan.” May 2025. https://bdc.ca/marketing-plan
• HubSpot & Aircall. “Sales Plan Template.” 2024. https://hubspot.com/sales-template
• Shopify. “Marketing Plan Template.” 2024. https://shopify.com/marketing-template
• Pipedrive. “Sales Plan Guide.” July 2025. https://pipedrive.com/sales-guide
• American Marketing Association. “What Is a Marketing Plan?” March 2024. https://ama.org/marketing-plan
• Highspot. “Sales and Marketing Plan Integration.” 2025. https://highspot.com/integration-guide
• TemplateLab. “Sales Plan Templates.” April 2023. https://templatelab.com/sales-templates
• Content Marketing Institute. “57+ Content Marketing Statistics To Help You Succeed in 2025.” April 7, 2025. https://contentmarketinginstitute.com
• Adam Connell. “71 Eye-Opening Content Marketing Statistics (2025 Guide).” January 14, 2025. https://adamconnell.me
• SuperAGI. “Revolutionizing Lead Response: How AI-Powered Chatbots Boost Conversions.” June 20, 2025. https://superagi.com
• Colorwhistle. “Content Marketing Statistics for 2025 and Beyond.” January 27, 2025. https://colorwhistle.com
• Supermetrics. “The 2025 Marketing Data Report: Trends, Challenges, and Opportunities.” February 24, 2025. https://supermetrics.com
• SBA. “Marketing and Sales Guide.” May 2025. https://sba.gov/marketing-guide
• HubSpot. “Marketing Plan Examples.” April 2025. https://hubspot.com/marketing-examples
• StartupWithFeras. “Key Sales & Marketing Plan Elements.” 2023. https://startupwithferas.com
• Global Advisory Experts. “Integrated Plans for Success.” June 2025. https://globaladvisoryexperts.com
• Wikipedia. “Sales Strategy.” https://en.wikipedia.org/wiki/Sales_strategy
• Investopedia. “SWOT Analysis.” https://www.investopedia.com/terms/s/swot.asp
• Wikipedia. “Customer Acquisition.” https://en.wikipedia.org/wiki/Customer_acquisition

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.

Many organizations and business owners face fraud yearly due to their employees or business partners. New entrepreneurial start-ups and small businesses are more vulnerable. The risk of fraud has increased due to the advancement of technology and the progressive development of the world into a global village. The increased awareness of technological development and complex organizational structure requires corporations to incorporate internal anti-fraud approaches to combat fraud.

According to research, organizations face a 5 % loss due to fraud each year, in which internal employees commit 85% of severe fraud cases. Organizations should develop multi-layered fraud prevention strategies while keeping these statistics in view.

Following are the warning signs to detect fraud and stealing by an accountant.

Change in Habits and Behavior

A good manager should know their employees. They manage their time to have frequent conversations with each other. Good managers are concerned and aware of any problems they face professionally or personally. The basic information about your employee’s family, life, and habits will help detect any change in an employee’s habits.

The first sign that your accountant is stealing from you is a change in their habits. Suddenly becoming more proactive in your business, becoming disobedient towards you, or being on the phone more frequently are all signs that could be a red flag. Also, if they are suddenly working when no supervisor is present, keeping an eye on their activities is essential.  

Accountant in Bad Waters

Sometimes, an accountant under financial stress can commit fraud to fulfill their needs. The financial crisis could be due to the following circumstances: 

Unexpected Debt

Sudden debt, such as from gambling, drinking, or divorce, may be a reason for an accountant’s fraudulent behavior. An accountant in financial strain may be a potential risk to your business. Financial burdens act as the trigger for theft.

Spending More than Earning

If an accountant is spending more than they are earning, it could be a warning sign. Excessive spending on cars, shopping, homes, or loans can lead to financial strain, and the accountant may think the only way out of this is by committing fraud.

Loose Internal Controls

A company’s loose internal controls provide an opportunity for theft. Easy access to assets, checkbooks, or signed stamps makes it easy for the embezzler to steal.

How to Prevent Fraud

Fraud deterrence is essential for all organizations. The bigger the organization, the more likely fraud is.Fraud is as old as human history and can happen to any company or business, despite the organizational structure and the number of workers. Small business managers tend to trust their workers more than bigger organizations.

There may be weak internal controls. Fraud affects the company’s finances, image, and morale. All these factors decline after a fraudulent case occurs. Most organizations adopt shortcuts for fraud prevention, which largely decrease the opportunity for fraud.

Internal Controls

The internal controls of a system and organization define the plans to prevent the company and its assets from fraud and theft. This system should be revised frequently to analyze its effectiveness. It should be regularly updated according to the company’s new needs, developments, and advancements. Internal controls should clearly define the accountability and compliance of its employees.

Documentation is an integral part of an internal control system and the most crucial tactic for fraud prevention. All procedures and transactions should be documented to minimize fraud. Every expense should be approved and countersigned by a managerial-level employee to ensure the validity of receipts and expenditures. Restrict all physical and technical approaches to documents and information.

Segregation of Duties

Clear segregation of duties is crucial for internal control. Distributing bookkeeping and payments among two or more accountants or bookkeepers helps prevent fraud.

Outsource Accountant

One of the best ways to prevent fraud is to outsource accounting and bookkeeping functions to a third party.

Be Systematic

Use accounting software to prevent fraud. QuickBooks handles all the key accounting processes and prevents fraud. Assign limited rights to all employees according to their job descriptions and responsibilities. Don’t share passwords and logins.

Conclusion

Fraud in business can result in significant financial loss, time wastage, and a ruined reputation. Implementing multi-layered fraud risk strategies can protect a successful business from fraud and theft.

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.