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Adult man with beard and tattoo working in carpenter workshop using power tools
An Independent Contractor is a person in business who provides services to another person or a business, but is not an employee of the business firm. The independent contractor may also be called a freelancer. Independent contractors can be consultants, agents, professionals or technical staff.

When a business-oriented person or firm provides services to other individuals or companies, this is called a contractor business. It can be a short-term contract between the two parties or this contractor business can be made on longer terms, growing and long-lasting. The contracting entity is called a contractor.

Benefits of a contractor business:

Contractor businesses are a necessity, not only in the economy, but also to many offices and homes.

Building a contractor business is a great career opportunity. It is important to establish a formal business unit that will grow your business before getting clients. With a firm plan in place, you will be able to focus on providing services, not covered up with concerning legal issues. 

Strategies for a long-lasting contractor business:

  • There should be a well-managed system in place for managing business operations, bookkeeping and all business activities. If there is no effective system in place, then important tasks can be overlooked. If there is a well-established system, you can focus on growing your contractor business.
  • Once the business is established, start working on internal assessments. Carry out regular business operations. Carry out, from internal business assessment programs to reaching out to customers and knowing their satisfaction levels about your business. Work on getting a high rating for your business.
  • Social media websites and tools are an easy way to assess customers’ expectations and demands. Surveys can be conducted to know the rating of your business.  It’s also a great way to market your services.
  • Take the time to talk to your employees as well as customers. A proper liaison ensures better outcomes in the long run.
  • Always respond to your customers. Take time to response, if needed, but make sure to respond as much as possible. Responding doesn’t have to mean being on the phone all day. There can be various other ways such as complaint boxes, email accounts, social media activities, and personal meetings with the clients.
  • Clients that give a huge margin must be dealt with personally to ensure their satisfaction with your services.  Treat them well and they will keep coming back for more of your services.
  • Promote your services with marketing techniques. It does attract more and new customers. However, it also attracts and sustains your current customers.
  • Facebook is an easy and inexpensive way to reach customers by creating a registered Facebook page. Facebook is used by billions of people around the world. Using the tools on Facebook can allow your marketing post to reach millions.
  • Attract more financing. Business financing can be found through personal funding, debts, investors and other options. As an entrepreneur, it is your duty to decide which option is best for you. 
  • New entrepreneurs always need assistance throughout their year-round business operations. Take advice and study their pros and cons. Sometimes you will need to hire a consultant on such matters such as bookkeeping.
  • Hire people who are capable and interested in your contractor business.
  • Keep a close eye on your business bookkeeping. Your finances must never get out of hand. Expenses must be supervised and rationalized.
  • Even though you are a contractor business, you should be audit-ready which means an up to date accounting system.
  • Outsource the business. Make contracts with other firms to grow your business. For example, contract with another accounting firm for all of your accounting and tax filing.
  • Always know the actual costs of your services and make your profits accordingly. Prices that are too high can make your customers turn away and prices that are too low will make the business go into a loss. The prices must be profit yielding but services must be according to customer’s demands.

Conclusion

A contractor business is a great opportunity, not only for the individual entrepreneur, but also for the economy as a whole. Entrepreneurs/large corporations continually take advantage of contractor businesses as their needs expand. For running a growing and long lasting contractor business, entrepreneurs must be aware of the best business practices. You can adopt strategies to keep growing your contractor business and ensure that it will take you well into the future.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Compliance concept. Stack of books on wooden desk
Business Funding
/Financing is the course through which entrepreneurs arrange money for investment for business purposes. A investment can be used for starting a new business or to finance current activity in a business that’s already well on it’s way.  

There are 3 main purposes of financing:

  • Funding a business startup
  • Financing for growth and expansion of a business
  • Dealing with unforeseen financial encounters

Sources of Business Financing

  • Self-Funding
  • Giving up Equity
  • Debt
  • Business credit card use
  • Small Business Administration loans
  • Foreign investors
  • Crowdfunding /Selling shares of the business

Are Business Funding Rules Good or Bad?

If you ever turn to economics, accounting or managing the books in a business, there will probably be rules everywhere. Following rules in business are good for running a successful and growing business.

But, experience and personal forecasting and judgment matter quite a bit in making decisions for running a successful business and producing result oriented business operations.

If you ever ask a successful entrepreneur if he is a strict rule follower, the answer will be no. From a study conducted on a course of 30 years and on 12,686 Americans sample size, “Study finds successful entrepreneurs have brains and a history of risky behavior in their teens

7 Business Funding ‘Rules’ to break:


1.  
Think out of the shell. Be rebellious in nature. Being rebellious in business does not mean risking conflict in legal matters. It means to think out of the box. If the market is going down and the overall economy is falling, even then there is nothing bad in taking risks and facing challenges. But, be prepared and get ready before falling into any kind of new challenge. Introducing a product with better taste as demanded by customers in the previous survey can be risky but those who do not try new ventures, do not get new experiences and/or better outcomes.

2.  Be risky in business. If your current growth rate of business is not up to the mark, there is no harm in being risky and going over new horizons in business. Those who do not take risks do not reach to the skies. The large corporations that we now see often started with the least capital investment and a small sized business. Invest money in new ventures and put your efforts in fully. Even if the business goes into recession, it might rise again after using effective strategies.

3.  If you think your previous business history must be spotless in financial bookkeeping, then it is a wrong assumption. Investors are often not interested in previous failures, but they are interested in your new ideas and new business plans.

4.  It is not true that 100% of online lenders are spams or scams. Though many can be, not all are. There are registered tools to find and meet online lenders. Go for suitable interest rates and look at the time in which the loan has to be paid back.

5.  You must always have a confirmed and high-profit yielding business plan to meet lenders. This is again a wrong assumption. It can be true to some lender’s point of view. But, many are just available to lend money and receive it back with some interest.

6.  Do not go for too much loan just to show you need a huge investment capital for the business. This is not the right thing to do. Lenders often have no concern with how large your business is. They are lending money just to get more.

7.  Fail harder. There is no one in the world who never failed in his/her lifetime. Never fear failures. You fall and you rise again. That is the real success.

CONCLUSION

When studying business and financing, we are told thousands of rules during our whole coursework. Accounting consultants and economists are always explaining the rules to run a successful business with an upsurge growth. However, how to fund your business is not always by a perfectly rule-abiding procedure. Use skills, be risky, gather experience from the past, and be  ready to take challenges to ensure a successful business funding and growth.

Sometimes breaking the business funding rules ensures a better entrepreneurship than sticking to the rules as told by books.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

Young smiling black businesswoman at the wall with stickers communicating with her colleagues. Mixed team of entrepreneurs
Following are 7 ways that you can ensure the success of your business:

1. Write Down a Business Plan

The first step is to write down a plan. Without a written plan you cannot dream of success. The written plan should not be long. It should focus on a few critical points. These points include budgeting, long term and short term financial plans, objectives and goals, sales and marketing strategies, and the source of finances to run the business. 

Your time can be turned into money by initiating a written plan. When and how you achieve your goals is defined by this plan. Your daily step by step actions determine the progress of your business. Depending on the progress, you can make required changes into the written plan.

2. Adjust the Plan and Triumph

The written plan does not have to be written in stone. Think of this, if even a successful military general can burn their plan and go with the flow, then why can’t a business owner? Review the progress and achievement of your goals as planned and make necessary adjustments if satisfactory results were not earned. Don’t ever marry your written plan. Adjust and win the game. What particular market statistics and market value will be helpful in adjustments?  Be flexible, take critical notes, and make any changes necessary to your written plan.

3. Take Bits of Advice

Egos can wreck havoc over you if you prefer them to other valuable things. This is true for business life as well. A business owner should listen to advisers and other team members. They may have better ideas than you. Your weaknesses may destroy your business if you take them personally and don’t work upon them. When and if you’ve made an error, admit it and carry on.

Advisers are always beneficial to your business. They are the people who assess your progress and work. They highlight your mistakes and make you accountable. Listen to them, they will push you towards greater achievements. Be honest with yourself and keep your ego in the pocket. Your business is more valuable than your ego. Be calm and react rationally to criticism. Learn a lesson and stick to your commitments. This way, no one can stop your business in succeeding.

4. Manage and Organize your Team Effectively

Know all of the employees of your team and clearly define their goals in writing. Assess their progress daily and train them to achieve their goals with consistency. Make decisions according to the daily performance of all team members. Your team is an asset for you.  By utilizing this resource, you can succeed.

5. Effective Organizational Structure

The organizational structure of your business is critical for success. Some business owners try to control each and every function of their employee themselves. Avoid the trap of micro-managing.  This style of management decreases the efficiency of the employee. By doing this, your employees won’t take ownership in their work and they will also never learn. But when you delegate to employees, the results are overwhelmingly excellent. Provide all employees the goals designed for them in writing and train them sufficiently for achieving these goals effectively. Your employee will then feel free to work in his/her own way and will get involved fully in tasks assigned to them. 

Review achievements of each employee and reward them accordingly. Reward systems keep employees motivated and this management style leads to success.

6. Use Technology

Create social media pages to attract customers. Social media has proven very cost effective in marketing. Few skills and training are required to use this media for efficient marketing and progress in the business.

7. Reinvent Business

Separate yourself from your past history and create a new competitive advantage, be it a focused niche or super service, but not by discounting.  Research the ways of successful businesses and take that, along with your own creativity, to introduce a unique business that will attract new consumers.

Conclusion

By using the above mentioned suggestions, your business can succeed. The sensible and logical way will always work, along with a little creativity and hard work.


Check out America's Best Bookkeepers


About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Business man launches a new profitable project.
The secret to making a business profitable lies in bookkeeping and accounting because this is where you can set yourself apart and position your business to be on the right track. The right tools of the trade, coupled with advanced bookkeeping approaches and techniques can help ensure a profitable business. People often chase their business dreams with obsolete tools and practices that kick them out of the competitive race. But, little do they know, the secret to a successful business actually lies in bookkeeping. Accurate bookkeeping records play an integral role in defining the success of a company. You need to realize its significance as early as possible to give your company a positive start.

A close interaction with your bookkeeper can help build a much stronger relationship that will cultivate a culture of continuous prosperity. Sometimes, we would rather look around to find the answers to multifaceted aspects of the business. We often forget that the secret to a successful, yet profitable business actually lies in a simple and more comprehensive system that revolves around bookkeeping and accounting. The right bookkeeper can serve the needs of a business and, if they are somewhat creative and loyal to their profession, they can devise a system through which effective recording and tracking can be done.

Hire a Bookkeeper Who Is Sincere With Your Business

Building a strong connection and communication with your bookkeeper is very important. Why? Because you can only expect to get accurate results if you are willing to work in a positive environment. The sincerity is reflected by the amount and level of work your bookkeeper does and this must be kept in mind when hiring a bookkeeper for your business. In simplest terms, businesses can only grow and make sensible accounting and financial decisions if their bookkeeping records are accurate and the bookkeeper is sincere and loyal to your business.

Formulate Effective Business Strategies In Lieu Of Bookkeeping Records

Turning a business into a profitable business may seem hard at first glance. However, when you get down to it, you will be able to formulate effective business strategies in lieu of bookkeeping records that will put your business on the right track and make your business profitable. According to studies, competent staff can ensure both short and long-term success. Therefore, you need to hire an individual as your bookkeeper who will help you come up with an effective plan that will create a positive platform for you to grow.

Hire a Bookkeeper Who Has the Proper Knowledge and Experience

There are a countless bookkeepers and accounting professionals who are ready to serve you with the proper bookkeeping knowledge, skills, and experience. All that you need to do is hire the right individual to get the job done. Although some argue that a bookkeeper’s job is easy and anyone can fulfill the bookkeeper’s responsibilities, that is not at all true and this perception needs to change once and for all. A bookkeeper’s job is not only to record day-to-day financial transactions, but they are also responsible for maintaining a track of vendor’s receipts and payments, customer’s receipts and payments, calculating and clearing wages, payroll and much more. This indicates that they need to be professional and should know the art of turning things around for the business, especially in a crisis situation. By finding the right person for the job, you can turn your business into a profitable business.

Don’t Complicate the Simple Things

Sometimes, things are not that hard as they may seem. Instead of over-imagining, you need to give more focus to your business and work on how to get things right—the first time. No one is a born genius; your attitude and commitment is what yields intended outcomes. Keeping things simple and straight forward is more effective than complicating things, and that’s where the actual success of a business lies. In order to turn your business into a profitable business, you need to be on your toes at all times and hire a bookkeeping and accounting professional who can ensure continuous growth and profit.


Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Handshake of two big successful investors
In business, it is important to establish a good working relationships with your vendors. A business must keep track of their payments by keeping accurate and punctual bookkeeping and maintaining their accounting records. Establishing and maintaining good and successful vendor relationships is important and is the key to cost-effective operations. The success of your business can easily depend upon effective vendor management. Every business needs to know how to have exceptional vendor management as well as the success tips behind this idea.

Today, many companies want to know how to have effective vendor management. Many companies and managers share their experiences regarding vendor management and how to effectively deal with them on a number of issues. They offer tips on establishing a proactive dialogue and two-way proactive communication with them. This eventually leads towards building strong relations with vendors and maintaining flexibility through successful vendor management tips. This further ensures successful outcomes for your business.

Vendor Management

There is a wide variation that exists among business owners and vendors regarding procurement processes, logistics, autonomy and payment processes. Business owners must take various approaches to ensure that their vendor management is performed effectively and efficiently. To maintain a good relationship with your vendors, there are a number of success tips that have emerged through effective vendor management techniques.

Successful Tips

Vendor management should be an integral part of your business and, for that reason, here are some vendor management success tips that you, as a manager or business owner, should know about.

  • Clearly define your vendor management processes up front to all stakeholders and employees involved. Effective vendor management involves service level agreements, processes, documentation, etc. All of these are completed before contractual execution which is effectively taken into account.
  • Effective vendor management also involves building a solid base foundation with an explicit framework. It further involves striving for collaboration and partnership with vendors and then practicing it efficiently.
  • It is important to document each and every interaction with the vendor, from contractual terms or payment negotiations to logistic support documents. By documenting each and every process with the vendor on the front end, it further improves upon the relationship and maintains all of the necessary legal documentation as well.
  • It is necessary to continue upon the vendor relationship properly by creating contractual amendments and pricing adjustments based on a mutual consensus and an agreement that can benefit both parties. You should allow vendors to bring in solutions and innovative ideas as your vendor knows their market situation better than anyone. This also involves you making sound judgments based upon your analysis and research.

 

Further Strengthening Vendor Relationships 

To ensure proper vendor management, it is necessary for both parties to be fully aware of the expectations, processes and all legalities before agreeing to contractual terms. To ensure alignment of the vendor and business processes, all of the needs and requirements of both parties should be explained clearly. The vendor should also clearly define all deliverables and how they shall be held accountable to manage those outcomes.

Proper terms and conditions should be clearly defined in the contract to hold both parties accountable. All of the processes, including the tasks, responsibilities and key deliverables, must be defined in a concise manner for both parties. This further ensures top vendor management and also allows collaboration and give-and-take for both sides of the relationship. Careful documentation not only protects each side when any legal problems arise, but also provides clarity to the vendor and owner about their needs and expectations.

Top vendor management success tips involve a vendor evaluation process. Extra responsibility should be assigned to the vendor which can further ensure successful engagement. The business owner or manager should maintain their strong presence, as relationships can be complex to maintain. Vendor management should be given priority and full attention, when required, to ensure smooth running processes.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

Businessman looking down at the falling red arrow destroying a concrete barrier. Collapse and drop. Fall and depreciation. Regression and deterioration. Crisis.
Small and medium-sized enterprises (SMEs) have an essential role in the private division of each country. Furthermore, as globalization has risen, they began to have a very significant role of opening the local products/services to the global markets, as well as contending with multinational opponents in the local markets. In the process of internalization, there appear to be numerous pros and cons for SMEs in the global market. The advantages of size, flexibility, and rapid response to changes allow SMEs to prosper. On the other hand, the disadvantages of size may provide SMEs different paths in the globalization phase. The features that will provide SMEs through internalization differ from one country to another based on the economic, geographical, and cultural variances.

The crippling outcome of poor cash flow on SMEs has been identified as one of the most critical issues facing companies today, according to business groups including the Federation of Small Businesses (FSB). Even profitable companies with proper bookkeeping can, at times, suffer liquidity difficulties that cause them to be unable to invest in growth and development. Slow-moving growth for small businesses in recent years is one of the reasons why the UK’s economy remains stagnant and there are a few signs that significant national growth is coming any time soon.

Top 10 Causes of Failure in SMEs 

Cash flow issues

Small companies that should have no liquidity concerns can find themselves struggling due to poor cash flow management.

Lack of knowledge about the marketplace

Small business holders get carried away with their desires and fail to stop to do the suitable research about their challenges, demands, customers, and the market.

Lack of liquidity

Lack of wealth can reduce choices as far as expansion is concerned. The lack of liquidity and bookkeeping caused by bad debt and failure to collect accounts receivable can eat into the day-to-day operations and flow of cash that is used to run the enterprise and allows it to trade.

Faulty people

If the industry takes on an individual who’s morals are not in line with the purposes of the business, this can thwart growth and stunt productivity. When considering taking on someone new, try to find a way of cooperating with them before formalizing problems into something more concrete.

Lack of financial understanding

Often people and small groups are obsessive about their idea but lack the necessary financial understanding along with bookkeeping needed to entirely appreciate where the business stands financially at any given point.

Not having a plan B

Making substitute preparations and having countermeasures in place should anything go wrong will mean that you are well prepared to handle anything unanticipated. Yet, many small business fail to do this.

Money is king

Emergency budgets and placing profit back into your business can help to finance any unforeseen costs and allow tractability as well as subsidiary plans for steady growth. Small commercial owners usually fail to see the prominence of doing this.

Failure to react to change

The slightest changes to the market, opponent’s activities, and sometimes influences which seem completely unrelated can cause changes in demand. If companies fail to react to these changes, this could harm repute, cost time and money.

Incorrect pricing

Whether you under or over estimate the cost of your merchandise, incorrect pricing or bookkeeping is a sure way to not gain the most out of your company.

Unrealistic anticipation of cash flow

If you give a client 30 days to pay and then plan around them paying within 10, this is impractical. The more honest you are with yourself about your cash flow, the less likely you are to find yourself in hot water.

Conclusion

Market liquidity risk is an imperative driver of security prices, risk management, and the speed of arbitrage. Funding circuits for small businesses stay largely local, imitating proximity effects between small businesses and their investor base. Liquidity crisis evolves through liquidity spirals in which losses, increasing limits, tightened risk management, and amplified instability feed on each other.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

American businessman holding a suitcase while flying with clouds shaped upward arrow
Growing your business is a tough job. You have to look for appropriate ads, content, UX, conversion, email capture, newsletters, SEO and social media. It can all become a huge, disordered heap of growth strategies that leave you confused with no end goal in sight. A growth strategy includes more than simply foreseeing long-term success. If you don’t have a perceptible plan, you’re truly losing business or you’re increasing the chance of losing business to contenders.

The key to any growth strategy is to be deliberate. Figure out the rate-limiting step in your growth and pour as much fuel on the fire as possible. For this to be advantageous, you need to take the following steps:

1. Institute a Value Proposition

For your business to withstand long-term growth, you must understand what sets it apart from the opposition. Ascertain why customers come to you for a product or service. What makes you relevant, distinguished, and credible? Use your answer to explain to other customers why they should do business with you.

2. Identify your Ideal Customer

You got into business to solve a problem for a certain audience. Who is that audience? Is that audience your ideal client? If not, who are you attending to? Pin down your ideal purchaser and relapse back to this audience as you adjust the business to arouse growth.

3. Define your Key Indicators

Alterations must be quantifiable. If you’re unable to measure a change, you have no way of knowing whether it’s operative. Identify which key pointers affect the growth of your business and then dedicate time and money to those zones.

4. Verify your Revenue Streams

Once you identify the probable for new revenue streams, ask yourself if they’re sustainable in the long run. Some great thoughts or cool products don’t necessarily have revenue streams attached. Be careful to isolate and understand the modification.

5. Look to your Competition

No matter your business, your opposition is likely excelling at something that your company is struggling with. Look toward similar companies that are growing in new, innovative ways to inform your growth strategy. Don’t be afraid to ask for advice. Ask yourself why your contenders have made alternate choices.

6. Focus on your Strengths

Occasionally, concentrating on your strengths rather than trying to improve your weaknesses can help you establish growth strategies. Reorient the playing field to suit your strengths and build upon them to grow your business.

7. Invest in Talent

Your employees have direct interaction with your customers, so you need to hire people who are motivated and inspired by your establishment’s value proposition. Be cheap with office furniture, marketing budgets, and holiday parties. Hire few workers, but pay them well. The quality ones will usually stick around if you need to cut back their compensation during a slow period.

8. High-ROI Acquisition Growth Strategies

An acquisition is the most significant yet most expensive aspect of your growth, in terms of both budget and time. Ads aren’t cheap and ad platforms are abundant. Targeting the right audience in the right place with the right budget seems like an impossible task to start with, much less actually designing the ad.

Conclusion

You need to adapt your plan to smooth out your business’s inefficiencies, improve its strengths, and better suit your customers. Your company’s data should lend itself to all of your strategic decisions. Specifically, you can use the data from your key indicators and revenue streams to create a personalized growth plan. That way, you’ll better understand your business and your customers’ nuances, which will naturally lead to growth. A one-size-fits-all strategy implies vague indicators. But a specific plan is a successful plan. When you shape your growth strategy to your business and customers, you’ll keep your customers happy and fulfill their wants and needs, which will keep them coming back.

Developing a growth strategy isn’t a one-size-fits-all process. In fact, due to changing market conditions, making strategic decisions based on someone else’s successes would be foolish. That’s not to say that you can’t learn from another company, but blindly implementing a cookie-cutter plan won’t create sustainable growth.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

Business team discussing interface of new mobile application
A fine financial management structure depicts how an entrepreneurship business is doing and why. A well-organized system for bookkeeping is critical to establish procedures to manage and control finances. Financial management is the system to place digits to work for a successful business. Financial management is used to formulate the decision that improves business operations and make it more successful.

Advantages of Financial Management

Financial management makes you a better macro manager. These are the advantages gained if you ace financial management:

  1. Turning your business with proactive management.
  2. Debts for business are easily approved.
  3. Quick formulation of an efficient financial plan for sharing with investors.
  4. Accessibility to good tools for making critical financial decisions.
  5. Investing money on fixed assets wisely.
  6. Efficiently maintain inventory and accounts receivable, develop working capital for short-terms.
  7. Clear knowledge of growth orientation and setting goals for sales.
  8. Improvement in margin of gross profit by effective pricing of your services and cutting the effective costs of direct labor, supplier prices. All of these measures affect costs of products.
  9. Cutting down of administrative expenses and general costs plus a more efficient business management.
  10. Planning for taxes.
  11. Planning in advance for worker settlement.
  12. Executing sensitivity analysis with the diverse fiscal variables involved.

Developing a System for Financial Management

The first step is to create the financial statements. For proactive management, you need a plan in which a monthly generation of financial statements is done. This statement needs to include:

  • Income statement
  • Balance sheet
  • Cash flow statement

All of this information can be extracted from bookkeeping, invoices, bank statements, and invoice receipts.

Master Financial Business Management with these 6 Tips from the Best Entrepreneurs

1. Profit Doesn’t Characterize Success

In financial management for entrepreneurs, profitability doesn’t indicate success. Rather, growth indicates that a business is excelling and on the right path. Profit is the ultimate goal for sound entrepreneurs but growth of the business is critical to determine how the business is doing.

2. Identify what Metrics Affect the Business

Identify the financial metrics which are universal and applicable to every business. Closely look into your specific business and identify specific metrics that affect your particular company. The universal metrics are revenue, operating expense, money on hand, gross margins, etc.

3. Don’t Drop Capital on Dumb Mistake

Efficient bookkeeping will help you in assessing your mistakes and where you are losing money. Identify all of the areas where money wastage is avoidable because early profits are more worthy in entrepreneurship.

4. Carry Out a Cost Review

An audit of the business should be done because you cannot monitor all of your employees all of the time. This should be done at least quarterly to have a close look on your expenses and how to justify them.  Audits also reduce the risk of fraud.

5. Make your Time Count

Entrepreneurs have to do many tasks themselves due to small budgets. They have to maintain bookkeeping, run payrolls, etc. Entrepreneurs do things themselves to save money but, in reality, this time should be spent in growth of their business. Use technology to save your time.

The monthly financial statement can be generated through the latest automated software package especially designed for accounting. These are to be used with your manual bookkeeping system. To save your time, you can also employ internal or external bookkeepers to provide you with monthly financial statements.

6. Build a Method to Track Success with Time

Every entrepreneur must have a system to assess success over time. This system is used to validate the financial management system and to reset goals, if needed.

Conclusion

To grow a successful business as a sound entrepreneur, you must have a deeper understanding of your financial management system. Sabrina Parsons, CEO of Live Plan, believes “budgeting, forecasting, and planning are not just for start-ups. If you do this for an ongoing business, you’re going to grow 30 percent faster, you’re going to be more successful and your numbers are going to mean more.”

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

A Satisfied Customer Is The Best Business Strategy of All sign
The customer is an asset to the business. Business can only grow if you have customers. Without customers: no profit, no business. The customer should be the focused and central point of a business plan because he/she is the individual who is going to purchase your product or avail your services. 

The customer is the most valuable and central point of every business who must be focused upon while formulating strategies to improve the business success rate. Establishing and maintaining excellent customer services is the critical step in a successful business plan. Customer services require that all customers are equally valuable and you have to understand the expectations of customers. Your products and services should fulfill the needs and wishes of customers. All customers should be dealt with respect and attention. Communication with customers should be effective and business owners should listen to them whenever they need your help.

Issues of customers should be resolved promptly and they should always be asked for feedback. Everybody believes that their opinion is valuable. When you ask customers for opinions or suggestions, they feel themselves valuable and privileged to be customers of such a high standard company. Take their opinion as advice for improvement and make adjustments. In case of any loss or damage, a compensation policy should be there for customers.

Happy customers are assets of a successful business and should be tracked by using CRM software. This software is used to track sales.  Respond to all emails from customers immediately.

The two steps to excellent customer service are as follows:

1. Training the Team for Outstanding Customer Service Delivery

The first step is training of the whole team to deliver excellent customer services. This training should emphasize the following points:

  • The value of customer service for the business.
  • Expectations of the customers.
  • How should these expectations be fulfilled?
  • Ways to satisfy and make customers happy.
  • What are the roles of each employee in delivering excellent customer service?

This training is an ongoing process. All new employees should be trained step by step while refresher training should be scheduled for seasoned employees periodically.

Train employees in such a manner that they show commitment to deliver customer service at their best. The more you emphasize wonderful, committed customer service, the more satisfied your customer will be.

2. Consistent Emphasis on Expectations of Customer Service

Once the entire team is well trained, begin reinforcing the value of customer service expectations. The more you emphasize your expectations of customer service, the more committed the employee will be in delivering excellent customer services. Bookkeeping data will help you trace the value and size of transactions made by various customers and how each customer’s buying is affecting your business. Use CRM software to track satisfied customers. Providing them great services ultimately increases the growth of the business.

Any flaw or weakness in customer service is the failure of business planning. It has many reasons. Either all employees didn’t get enough and appropriate training to deliver services according to customer expectations or employees are not well aware of the value of customer service due to lack of emphasis and reinforcement by the trainer. Another reason is that the company doesn’t have the proper well-established system for customer service monitoring related queries and feedback. Also, any employee that failed to deliver customer services efficiently that have not been fired by management is a failure in business planning. Analyze shortcomings and overcome all to flourish your business.

Any errors related to customer service can be forgotten and forgiven if the customers you have see that you have improved your systems and processes.

Develop Standards

Classification or grading of customer service cannot be done without having standards. Develop standards and train employees accordingly. Unsatisfied or grieved customers often leave your business without complaining. This is the real loss of your business. The satisfied customer will remain your customer for a longer duration and refer others to you. This is the key to success of the business.

Conclusion

Customer service should be excellent to win the loyalty and trust of the happy customers. This is crucial for the growth of the business.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Businessman plan growth and increase of positive indicators on dark background
Business growth and profit increase can be achieved by implementing four simple and effective strategies.

1. Professional Growth

Professional development or professional growth is one of the main strategies a businessperson should adopt to ensure a high business success rate. Professional development refers to the setting of goals and strategies for a company and then measuring outcomes based on those goals. It requires continually motivating staff and staying focused on business success.

Professional development is crucial for all types of businesses. A businessperson should spare time to research and learn their field of business. What is required by the customers? How can the best product can be sold to your valuable customers? This study will help a lot in the future by making customers rely on your products. You will win the trust and loyalty of your customers. They will not only come again for purchasing your products or availing your services, but also refer others to your company.  Referrals from satisfied customers are key to earn steady money and grow your business.

These strategies will ultimately lead to increase in profit graph and the rate of business success.

2. Top Notch Quality Products at Competitive Prices

Selling top notch quality products or services at competitive prices is also significantly beneficial for business. A high quality in products and services is required by all customers but, at the same time, most customers wish to buy them at the same prices as those of others in the competition. 

Quality requires intensive research, homework, and management. Take time to analyze the market trends and what other competitors are providing. While making strategies for selling high-quality products at competitive prices, study your bookkeeping records thoroughly. Bookkeeping will help you with profit margin analysis.

Profit margin means that the revenue from sales is more than the expenses/costs of the product. Research and study the methods to decrease the cost of products without compromising the quality. In this, you don’t need to raise the price of the product to increase the profit margin. Ultimately, you will win the war against products of the same quality but with the higher prices.

3.  Establish and Maintain Excellent Customer Service

The customer is the most valuable and central point of every business who must be focused upon while formulating strategies to improve the business success rate. Establishing and maintaining excellent customer service is a critical step of a successful business plan. Customer services require that all customers are equally valuable and you have to understand the expectations of customers. Your products and services should fulfill the needs and wishes of customers. All customers should be dealt with respect and attention. Communication with customers should be effective and available when they need your assistance.

A customer’s issues should be resolved promptly and feedback should be asked for. Everyone should feel that their opinion is valuable. When you ask customers for their opinions or suggestions, they feel valuable and privileged to be customers of such a high standard company. Take their opinion as advice for improvement and make adjustments. In the case of any loss or damage, a compensation policy should be there for customers.

Happy customers are assets of a successful business and should be tracked by using CRM software. This software is used to track sales and transactions with customers.

4. Use of Technology – Key to Success

Use of technology in all fields has increased intensively. Young generations specifically adhere to this innovation. Wise business owners are using this tool to succeed in their field. 

Create Facebook and Instagram pages to share your new product and updates for easy and prompt promotion. The content of your website should be updated and informative. Catchy content and graphics will pull visitors which may become your potential customers after getting regular updates from your social media platforms.

Conclusion

Continuous efforts to implement the above-mentioned strategies will increase profit and ensure business success.


Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.