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After COVID-19 - Complete Controller

If you’re the owner of a small business or start-up, chances are you’re facing losses. The world is going through a major crisis ever since COVID-19 changed our lives forever. People are losing their loved ones, economies are being pushed into recession, employees suffer from pay cuts, and daily wagers fight for survival. Amidst all this, we’re sure that knowing there’s still hope will bring some light to your life.

It is important to know what strategies will best suit small businesses once economics moves towards a new normal. Once you have a detailed strategy planned out, it will be easier for you to be up and running when the time comes. Here are six ways you can re-build your small business after COVID-19. Check out America's Best Bookkeepers

Re-evaluate Your Business Model

For starters, your business plan may have been working out perfectly before the Pandemic. However, in the present circumstances, the functioning of industries has changed drastically. While strategies vary between industries, it is a fact that people are looking for products and services that are accessible online, i.e., digitally.

It is safe to say that the E-commerce industry has blown up ever since the pandemic hit, with online shopping and services being the customer’s first choice. Keeping this in mind, it will be very helpful to focus on your company’s online presence. Increasing website traffic, looking for investors to sponsor your content, and making the website as easy to use and understand as possible are some areas to focus on. Check out America's Best Bookkeepers

Calculate the Extent of Loss

A crucial step is to analyze exactly how much damage your business has endured. Take a look at your financial statements (profit/loss/cash flow statements); compare these to the previous year’s numbers and calculate losses. It is also possible that the damage isn’t as serious as you had expected.

In addition to calculating losses, you’ll have to look at other aspects of your budget. For example, did you let go of some of your employees due to profit cuts? Did you cut down on your advertising and marketing budget? You’ll have to keep these factors in mind when you’re re-allocating and re-building.

External Funding Options

Considering the possibility of acquiring funds to go further will be helpful. There are many mediums through which small businesses can secure funding. Government schemes, bank loans, capital financing, and merchant cash advances (MCA) are some options. Before you decide to go for one of these options, it is important to weigh the pros and cons.

Look at the long-term benefits instead of those in the short-term because short-term benefits can turn into losses in the long term. For example, a merchant cash advance advantage is that merchant cash advances don’t require a high credit score, unlike loans. However, a major con is that while merchant cash advantage is a good short-term solution, someone constantly taking away a share of your profits can become a problem after some time. Check out America's Best Bookkeepers

Prioritize Your Options

There may be a list of factors you need to keep in mind when re-building your business; thinking about all of them at once will not help you but confuse you further. There are always some aspects that are more important than others. For example, it is important to re-allocate the budget first and then come to new marketing strategies later.

In such circumstances, it will help you a great deal if you make a timeline and work accordingly. Prioritize and allocate aspects that need immediate attention at the top of the list. Gradually move further and take things step by step. During this process, make sure to monitor your progress, continue with strategies that help your business, and discontinue the ones that aren’t working.

Enable Open Communication

While you’re going through extreme stress because of your business’s losses, it is important to remember how hard-hitting the Pandemic has been for employees. Keep in mind that your employees are also dealing with major changes; it will help them if you allow an atmosphere of empathy. You’ll have to organize training sessions again to explain your new business practices while dealing with COVID-19, and during this phase, keep communication as open as possible between employees and employers.

Have an Emergency Plan

While it seems like the pandemic is a one-time thing that won’t happen again for centuries to come, the truth is that your business can be hit with an emergency at any point in time. It will be helpful to work out a contingency plan to deal with these circumstances in the future. This may include increasing your savings, increasing efficiency to reduce costs, and working to pay off any debt you may be under.

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

Since the pandemic and even before it, people were already looking to start a small business. Many people who are starting a small business already know what they want to do as they dreamt of owning their own business. Others investigate a new endeavor due to circumstances or other business ambitions and have not yet chosen a business to open. It can also be expensive to get financing, so many looking to branch out into their own small businesses are looking for low startup costs. Here are five amazing small businesses most people can start for little to no money. Check out America's Best Bookkeepers

  1. Blogging:

If you are a good writer and have something to say, starting your blog can be quite easy to do for under $100. It can even be done often for under $50, depending on what measures you take when starting the business. There are multiple ways you can earn money being a full-time blogger.

You can earn money advertising and selling digital products such as E-books. You can also earn money using affiliate links on your block site and cross-linking to other monetized sites. Generally, the main cost for blogs to get started is purchasing your domain name and setting up web hosting through a professional. There can also be costs involved if you need help building your website. However, many websites offer free templates to build your blogsite. Check out America's Best Bookkeepers

  1. Consulting:

Consulting is also a business that can easily be started almost immediately. Many people have been in the workforce for many years. During this time, they have often received formal education as well as gained experience over the years. These years of experience can build towards becoming an expert in a product, service, or work field. This expertise can lend itself to a very successful consulting business.

Your consulting business will also require you to get a domain and build a website. It would be best if you kept this as low cost as possible to stay under $100. You will also need to invest in your appearance, including your clothing and your business card. Consultants often do a lot of networking in person; therefore, your appearance and great-looking business cards will be important when networking. So you may have to invest a bit in your wardrobe and having cards created for you. However, that cost can still be low if you are thrifty.

  1. Freelance Writer:

If you are an excellent writer, you can start a business for well under $100 as a freelance writer almost immediately. In the case of a freelance writer, it is unnecessary to have a website for people to go to; however, it could help the future as you build your business. The most important thing for the freelance writer is to get themselves out there for hire periods. There are multiple websites you can sign up on as a freelance writer offering your writing services. You can also run ads on websites such as Craigslist. Many sites where you can run these ads have zero costs, or if they do have some cost involved, it will be minimal and well under $100. Check out America's Best Bookkeepers

  1. Event planner:

Event planning is another business that is easy to start for little to no money. Most event planners can start their business by planning events for friends and family and expanding by word of mouth. While it is ideal that an event planner has a website eventually, it is not necessary to start the business. Because all of the event’s costs will fall on the shoulders of the person the event is planned for, there is little to no overhead.

  1. Professional Organizer:

Becoming a professional organizer can be lucrative and cost little to no money to start. People frequently need help cleaning and organizing their home or office due to a shortage of time or energy to get it accomplished. If you are good at organizing, you will need to run advertisements, which can be done for free of charge or modest cost, and use social media. You can also make flyers to use in your vicinity to inform people of your services.

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

It is evident that small businesses are transforming their marketing strategies, and they prefer to use social media rather than traditional media when marketing. However, it is true that without the combination of social media marketing and traditional media marketing, businesses cannot succeed. Several factors contribute to the decision to use social media platforms as opposed to traditional marketing.

Marketers are adopting social media platforms due to social media marketing’s unique features, as the extensive use of social media has transformed the connection speed to potential customers. Social media is widely accepted among marketers due to its ability to offer two-way communication with customers. It allows businesses to have communication with customers without having face-to-face meetings. Check out America's Best Bookkeepers

Information sharing is another factor that facilitates social media use; through this technique, businesses can engage their existing customers and attract new customers. Quick image building, brand recognition, brand awareness, and sales generation are some of the other factors that contribute to businesses adopting social media marketing.

Social media platforms for small businesses help those businesses in doing cost-beneficial analysis and devise future strategic development strategies. The analysis objective is to understand marketers’ use of social media marketing and its impact on the return on investment (ROI). The research concluded that small businesses adopt social media marketing because of its value compared to other marketing methods. However, most small businesses do not measure the return on investment (ROI) or Return on Equity (ROE). Check out America's Best Bookkeepers

Role of Social Media Marketing

Social media marketing has a pivotal role in improving the performance of small businesses. Social media is customer-generated or created media that have significantly changed the communication strategies and tools to improve communication with customers. For the development of small businesses, social media is a friendly tool, and social media is formidable for the success of the business. Marketing contributes to the price of the product and improvement in technologies reducing the cost of mobile systems. Hence, social media marketing is a cost-effective tool for marketers. This cost savings then contributes to the business reducing operational costs and passing that savings to customers. This price reduction can improve their competitive advantage that ultimately enhances the profitability of the business.

According to research, cost-benefit is one of the top reasons small businesses adopt social media networks and marketing. The research showed that social media plays an important role in promoting small businesses. It is effective to use social media to market because it enhances the direct interaction between customers and the business.

The influence of social media marketing on the performance of small businesses is strong. Many businesses understand the importance of social media marketing. Social media marketing enables businesses to expand their brand exposure through interacting with other businesses. Through engaging others, social media makes the businesses visible to their target audience. Check out America's Best Bookkeepers Social media contributes to small businesses’ overall performance and productivity by having immediate customer interaction and feedback.

Each business idea originates from an individual and hopefully results in the formation of the business. It does not matter whether the business is selling a product or providing a service. However, when it boils down to communicating or establishing public relations with the masses, social media marketing, and its platforms prove to be a positive and less expensive marketing option.

One does not require a full marketing department in a small business to spearhead promotions or campaign strategies. Small businesses can take control of communication rather than outsourcing them to another business. Nevertheless, it is not a bad idea to understand social media marketing from marketing professionals. They are often more informed about consumer traffic and the kind of social media platform for the best marketing strategies.

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

No matter the size, every small business needs to apply for small business credit at one time or another. The exceptions are when the owner has the capital to run the small business until it is self-sustained or if an investor buys a stake in the company, eliminating the need to take out loans or other credit lines for start-up or operations.

When applying for small business credit, you need to ensure you are separating your private finances from the small business’s finances. It is expected that you will use some of your savings in the small business, but you should still treat that investment as though you were an outside investor. If you keep your private funds and small business funds mixed, it can lead to confusion and liability issues. Once you have separated your private finances from your small business finances, you can apply for or use different small business credit types to finance your small business. Here are four common types of small business credit and how they work. Check out America's Best Bookkeepers

Charge Cards

A charge card is comparable to a credit card; however, the main distinction is that you cannot make minimum payments each month. They also have no pre-set spending limit. Each charge is accepted or disapproved based on a few factors. Your small business credit score, current financials, recent spending patterns, and account history will decide if your purchase will be approved. Charge cards are excellent for purchases you need immediately but can pay off immediately since the entire balance is due the following billing cycle. Check out America's Best Bookkeepers

Installment Accounts

Installment accounts, also known as commercial repayment accounts, are an all-fixed amount process. The amounts don’t vary according to interest or other sliding factors. The lender will agree to loan you a fixed amount, you will concur on the final fixed amount you will pay back, then decide a fixed amount you will pay each month to pay it back. In some cases, the loaned amount is the same as the payoff amount, for instance, if you borrow from a friend or family member who doesn’t want interest. The advantage is all parties interested are clear on the amounts.

Revolving Credit Accounts

Revolving credit is money you borrow that has a pre-set credit threshold, and you can charge all you want up to your credit limit as many times as you need. The two types of rotating credit are small business credit cards and a small business line of credit. Both will have a pre-set limit. You charge or borrow any amount under the limit. Then you pay it back with interest.  As long as you pay down the balance and keep your account in good standing, you can charge up to your limit an unlimited number of times. The advantage of a revolving credit savings account is that you don’t have to pay the balance all at once; however, keep in mind they will have interest connected, so make full payments when possible. Check out America's Best Bookkeepers

Vendor Accounts

Vendor accounts are when a small business receives products or services and pays the vendor over a set period. Most vendor accounts will expect the net amount back within 30 days; this is also known as a net-30 account. Other vendors may have longer or smaller accounts. Some will also negotiate with a small business that is loyal and in good standing. Most of these vendor accounts do not carry interest. The vendor account is exceptional for products and services and for building vendor trust and relationships. Another plus to a vendor account is that it is reported to business credit bureaus and can build your financial status as a small business.

Conclusion

When you have a small business, it is best not to use your money to fund the small business unless you treat it as an investment and pay yourself as a stakeholder from profits. Using small business credit is a reliable way to take care of small business needs until it is self-sustained. You should cautiously ponder all the options and use what makes sense for you and your business. You can use more than one type of small business credit; be sure you keep in good standing, or your small business could suffer financially.

 

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

If you are a small business owner, you probably focus your efforts on the day-to-day tasks to keep it going. You may not have thought about retirement, even if it is fast approaching. Don’t worry, and you are not alone. More than three-quarters of small business owners do not have a retirement plan, either for themselves or for their employees.

While some workers benefit from a pension plan or a supplemental pension plan, this is not the case for most small business owners. It is you who must plan your future and determine how you will finance your retirement. Here are four questions to help you plan for your retirement. Check out America's Best Bookkeepers

How soon would you like to retire?

It is a good starting point for planning your future. Even if you have only a vague idea of ​​when you will retire, the important thing is to have a goal to achieve. This will help you think about the number of years you want to continue working, what you would like to do after retirement, and how much you can save by then.

There are many factors to consider, such as your physical and financial health, to determine the date that is best for you, your family, or anyone else you plan to retire with.

What lifestyle do you want to have in retirement?

It is important to consider the lifestyle you want to have in retirement when determining the amount you will need to take full advantage of it. Consider how often you would like to travel and ask yourself if you would like to volunteer or stay home. Retiring does not mean that you have to stop working completely. You could delegate certain responsibilities, work part-time, or act as a consultant while your successor becomes familiar with the business’s inner workings. Check out America's Best Bookkeepers

How will you finance your retirement?

The good news is that you can choose from several options to finance your retirement. Government programs such as the Pension Plans, the Old Age Security Pension Plan can provide you with basic income. And during your working years, you can take advantage of the tax benefits offered by the registered retirement savings plan, and the tax-free savings account to save for retirement.

The individual pension plan and the retirement agreement are also options available to business owners who finance their retirement themselves.

If some owners count on their business’s sale to finance their retirement, this strategy is not without risks, the unknowns being numerous. An important question is whether someone will be ready to buy your business when you put it up for sale. It would help if you also had it appraised to find out its fair market value before you start looking for potential buyers.

Financing your retirement involves many important decisions. It would help if you spoke to your advisor about what to do to diversify your retirement income sources. Check out America's Best Bookkeepers

What future do you want for your business?

Every owner has to leave his business sooner or later. However, to be in good financial health at retirement and protect your assets, establishing a succession plan is essential.

Here are some scenarios to consider:

  • Transfer or sell the business to a family member
  • Sell ​​to a partner or employee
  • Sell ​​to a third party

Even if you know who will take over your business, it will take time – perhaps a few years – to help them prepare to take over. Your successor may need to acquire certain skills and build relationships beforehand, in addition to having to become familiar with all aspects of the business.

It would help if you did not answer all these questions alone: ​​your advisor, accountant, and a lawyer can help you with your planning, be it estate planning, tax-efficient investments, or retirement savings plans.

Knowing that you are ready for various situations can save you a lot of worries and allow you to focus on your business. Even if retirement is still far away, having a plan means that you can cope with any eventuality. It is simply a good business strategy.

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

In the world of startups, the failure of a business is considered as a learning opportunity. Identifying the reason for failure and converting it into a success is one of the biggest achievements that an owner embraces. According to research, nearly 51% of businesses often fail initially. If businesses want to innovate and put their best foot forward, they need to accept that there is always a risk involved in every entrepreneurial venture.

Reasons for failing startups Check out America's Best Bookkeepers

  • Lack of Brand awareness

Many startups focus more on making exquisite offices rather than marketing the products or services they provide. One business expert noted that “Initially, no customer was interested in our business model because of the lack of brand awareness.” New businesses fail when they are not taking care of market issues. To make a business successful, it is essential to cater to all marketing-related issues and create brand awareness among potential customers. 

  • Running out of money

Proper time and money allocation is the key to a successful business. However, the question arises on the best way to allocate a budget and often remains a challenge. Research has found that inappropriate allocation of money is the most common reason for business failure. Startup businesses usually run out of money due to careless and unplanned spending.

  • Mismanaged team

The diverse team is one of the most important factors of a successful business startup. Team diversity is frequently referred to as one of the main ingredients for organizational achievements. Finding the best team is the biggest challenge for the businessperson, and the startup requires strong recruiting consults which can bring the best team for future growth. Check out America's Best Bookkeepers

  • Customer Ignorance

Ignoring consumer needs and inappropriate marketing sometimes leads a startup towards producing goods that are unsafe and unsustainable for the environment and customers. Ignoring the need of potential customers is the main reason for the startup’s failure. It is a fatal mistake that a startup usually makes when not collecting consumer’s feedback and surveys before launching a product.

  • Unplanned product launch

It is important for a business startup to analyze the correct time and the need for a product before launch.  The company should not launch a product too early without creating a need for that product. Without tapping the target market first, the product will not be able to create a brand image in customers’ minds, and if a company launches a product late, it may miss the first-mover advantage.

  • Poor product quality

The startup business can go down on its very first day if they ignore the quality of the product. It should be the primary focus of the business to provide better quality at a premium cost. The low-quality product can easily ruin the company’s image. The poor quality product can increase a company’s expense and hinder the long-term growth if not improved on time. Check out America's Best Bookkeepers

  • Losing focus

It takes a lot of time, money, effort, and focus on initiating a business. Startup businesses usually fail if they get distracted easily and lose focus on their target goals. Success is not achieved overnight; however, to make a business successful, a company must focus on its target and perform its task with dedication.

  • Untested product

Testing and pivoting the product before launching it decides the product’s life. It takes a lot of time and money to build a business, so it is imperative to test the idea before injecting the product into the market. A startup usually fails because they do not take the beta test before developing a product.

Above are some reasons that cause startup failure, but a company can outshine and achieve a maximum market share by realizing these mistakes.

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

If your goal is to transform your small business into a world-renown brand, you will need to have an organized business plan. All successful companies develop a business model that includes goals, marketing strategies, and sales techniques specific to their business. Below are 6 valuable methods formulated specifically for the small business striving to boost sales and achieve success.   Check out America's Best Bookkeepers

Build A Strong Sales Team

Having a great sales team is a powerful asset in your business.  It is essential to hire qualified staff who are experienced, educated, and who have the right attitude for the position. When adding a new sales associate to your team, consider their educational background and training and their current knowledge of the industry.  In an interview, make sure to evaluate their skill set and look for someone who is reliable, confident, and enthusiastic. They will need strong communication and public speaking skills; you want your sales associates to attract new customers and to connect with your existing employees. Check that they have a proven track record of meeting and exceeding sales goals and a history of closing the deal. 

Offer Something New and Different

Running your small business like a big box store is not the solution. These businesses focus strictly on the majority and do not allow room for something different and unique. For example, if you walk into the supermarket, it is difficult to find quality fruits and vegetables or specific products for food intolerances. The same is true in fashion, where major department stores tend to focus on a young, thin audience.

Take advantage of the big corporation’s shortcomings by offering something different and specific. Check out America's Best Bookkeepers

Offer Innovative Services

Don’t ever settle or become complacent in your small business effort to attract another uncaptured group of consumers. To attract potential customers such as the younger audience or the residents of a new neighborhood close by, you must be ambitious and creative. Remember to not only offer a new and unique product but an innovative and imaginative service or experience as well. Examples include delivery by bike at home or a concert at your place of business.  

Keep Up with Marketing Trends

To establish a successful brand, you cannot rely solely on word of mouth to bring in business. To survive and thrive in a competitive market, you must be able to keep up with the latest marketing trends.  You want to develop a strong offline and online presence that is attractive to this generation of consumers. Utilize the most appropriate social media platforms and most cost-effective advertising tools to tell your brand’s story. Make sure to balance marketing efforts for both attracting new customers and maintaining your current customer base. Check out America's Best Bookkeepers

Create an Online Store

An excellent option for increasing sales is to create an online store. This gives you the ability to offer your products and resourceful information to both new and existing customers. You can also use this space to experiment with selling something completely different and have an additional source of income.  

Soon the entire world will move to the internet. The majority already has as the internet is no longer considered a luxury but a necessity. Do not be the last to jump on board the e-commerce train.

Get Involved in The Community

Make sure that your store or business is connected to the community. Join the merchant’s association of your neighborhood or chamber of commerce and work hand in hand with other businesses to revitalize small businesses. The results not only develop a good reputation for you and your business but joining efforts and resources is a powerful way to increase customer satisfaction, service, and ultimately revenue!

We recommend you devote time to these six key business methods if you are wanting to increase revenue and grow your small business. Plan for success, take action, and enjoy the results!

GOOD LUCK!

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Entrepreneur COVID-19 - Complete Controller

Covid-19 did not only disrupt the business world, but it has also opened the doors for several entrepreneurs to capitalize on this stagnant time by pursuing their passions. Due to many day-to-day operations being halted, many companies have either gone bankrupt or stopped functioning.

Covid-19 has drastically affected many large businesses while also shifting the masses to virtual markets and social media platforms that cater to their customer’s day-to-day needs. Many online business platforms have attained an unprecedented escalation during covid-19. Check out America's Best Bookkeepers

The idea is that most consumers have shifted towards making their purchases online now that most stores are closed. As a result, having a successful online store and a strong digital presence has become many company’s top priorities. This way, even though many doors closed due to COVID-19, the chance to become an entrepreneur lives on. It is true that there always is a light at the end of the tunnel. Consider starting your entrepreneurial venture with these incredible tips.

Live Your Dream

Social distancing has forced us to stay locked inside our house as if the world had burnt down. We all worked hard, hoping to achieve our milestones before COVID-19 took us by surprise. However, with our world taking a full 360* turn, most of us are wary about the days that are yet to come.

That said, if you are passionate about achieving bigger things in life, you can still pursue your dreams in times of coronavirus. Whether you are an artist or a businessperson, you can use your creativity to your benefit. In case you didn’t know, here’s how! Check out America's Best Bookkeepers

Be Creative

Your creativity and skills are what make you, you. These aspects shape and polish your personality like no other, preparing you for the challenges ahead. All you must do is devise the right strategy suitable to your goals. The chances are that your creativity will unlock many doors and assist you in achieving your dreams.

Use the Right Tools

One of the worst things you can be is oblivious to the many innovations being made in the world. Advancements are taking over, and you should use them to your advantage. For example, starting your entrepreneurial venture is no walk in the park, especially with coronavirus at hand. There is no way you can survive as an entrepreneur if you don’t use the proper tools.

One good strategy to become a successful entrepreneur is by using social media. You can promote and establish an online e-commerce business on your own without having any restrictions placed on your venture.

Adapt

If you do not adapt to the latest trends, you may be leading your venture down the drain. However, in times of coronavirus, you must adapt to this change if you wish to achieve success as an entrepreneur. This will help you to penetrate your offerings into the market without much hassle. Next time you find yourself skeptical and worried about the consequences COVID-19 has caused, be sure to adapt to the different settings to fit your needs. Chances are, you will find your brand expanding past horizon after horizon in all-new ways. Check out America's Best Bookkeepers

Be Optimistic

Your venture will not bring you larger-than-life returns the day it begins. Success takes time, and chances are some days you will be on edge.

Considering the gloom COVID-19 has brought with it, it is easy to become depressed and negative. However, it is crucial to try to remain optimistic. Believe that things will get better and that your end goal is near.

Bottom Line – Generate Substantial Returns

Once you have devised the right strategies to start your venture as an entrepreneur, use them to your advantage. You will be surprised a few months down the line when your business generates returns. Your career as an entrepreneur will grow, achieving milestone after milestone. However, ensure to take a subtle approach and remain humble while on your way towards success in times of COVID-19. The chances are that the results will take you by surprise.

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

No matter the business’s size, accounting and bookkeeping are considered the most important aspects of business operations after-sales and revenue generation. Larger corporations have entire departments dedicated to accounting and bookkeeping tasks. However, small businesses cannot afford to hire accountants or bookkeepers and become reliant on accounting and bookkeeping software. There are many excellent choices for accounting and bookkeeping software for small businesses. It is a matter of you researching them to assess which one will work best for you and your business. It isn’t easy to know what kind of software to get when it comes to business operations, especially bookkeeping and accounting. Here are five of the best accounting and bookkeeping software packages and some features and descriptions to help you decide what you need before purchasing.   Check out America's Best Bookkeepers

GnuCash:

GnuCash is considered an extremely simple and user-friendly bookkeeping software. Here are three of the best features of GnuCash:

  • Handles multiple currencies
  • Flexible software and user friendly
  • Attractive payroll features

GnuCash is an alternative accounting software to Intuit’s Quicken, specifically to provide efficient accounting services to individuals and corporations. It is also open-source software and can be operated over different operating systems, including Linux, OpenBSD, macOS, Windows, and GNU. The GnuCash is mainly used to provide credit notes, invoices, accounts payable and receivable, payroll, and employee expenses. Check out America's Best Bookkeepers

TurboCASH:

TurboCASH is the perfect accounting tool to manage financial activities specifically for small and medium businesses. Also, this application helps to provide the following best features:

  • Handle accounting application of multiple corporations at a time
  • A huge online community
  • Easy to understand features

TurboCASH is an open-source accounting application mainly used to provide financial management services to debtors, purchase orders, creditors, VAT, and financial businesses. These accounting and financial services are also provided to several users and home business organizations; therefore, it has a large online community that provides support.

NCH Express Invoice:

The NCH express invoice software is used to generate quotes, invoices, orders, and forms in just seconds. It is used mainly to provide the following best features:

  • Generate different sets of reports
  • Provide support to a wide range of platforms
  • Generates invoices quickly Check out America's Best Bookkeepers

Wave:

Wave is an accounting application integrated to run home business bookkeeping and is mainly used to provide cloud-based services specifically to cater to accounting activities. This accounting application is used to manage the finances of small and medium businesses. Also, it is best known for having a user-friendly design and is used by several users due to the following best features:

  • High –quality service
  • User-friendly interface
  • Delivers basic functionality for the small and medium-sized businesses

Wave is declared the most efficient accounting software that is free to deliver top-quality services, including accounting, receipts, and invoicing. But if a person needs some technical support, that individual needs to pay some amount to avail of the services.

Money Manager Ex:

It is designed to manage accounts and finances of household and small businesses efficiently and effectively. Use of Money Manager Ex will provide the following best features to the user:

  • Accounting Features
  • User-friendly interface
  • Can be used via USB port

Money Manager Ex is an open-source tool designed particularly to deliver the best accounting services. It is because several great features are integrated to help the user by providing potential accounting features. It is an application with a user-friendly interface, making it easier for the user to understand the application. Furthermore, transactions are conducted and managed within a short period. It is a portable accounting application used specifically to save users’ time using a USB stick without even undergoing the installation phase. To help users manage accounts better, an android application is also provided to run financial activities.

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

There are mistakes that many people make when starting a small business. These mistakes can even occur when the business is up and running but can generally be avoided. Some of these mistakes can be unique to the business type or the individual owner, but many small businesses’ mistakes are quite common. When opening a small business and even in later stages of operations, there are missteps you want to avoid to have a lucrative business. Here are eight common mistakes small business owners make and how to avoid them. Check out America's Best Bookkeepers

No Business Plan

Business plans are essential to every business, whether large or small, or whether it is just beginning or has been around for many years. While writing a business plan can be a challenge, it will pay off if you have a well thought out business plan to utilize for investors, new staff, or even for you to refer to through the year to keep you on track. You must understand what your business plan needs for your specific business.

No Market Research

Researching the market you are in is of the utmost importance and should also be included in your business plan. It should also be something you constantly research as time goes on to remain competitive in your chosen market. It is also used to determine your target customer and should be done as often as you need to reassess your business to maximize profits and a competitive edge. You should also need to do research anytime there is a shift in your business.

Building the Wrong Team

A small business’s success will be dependent on not on your products or services, but it will also revolve around your staff. When employing staff, you must make selections that will work well in the business dynamic and with other staff members. It is also important that the team members have talents to serve your business the greatest and fill different positions needed for your company. Check out America's Best Bookkeepers

No Website

In today’s primarily digital world, not having a website for your business can be a serious mistake. Every business must be searchable by individuals who don’t know about your business but may launch a search that will bring them to you. Most small businesses don’t have a site because it is thought that the cost will be too expensive. However, having a website created is not as costly as you think, and there are even sites that you can develop your site for not a lot to free. However, you make it happen; creating a business website from the start is crucial.

No Financing

Many small business owners don’t get the right financing in place before starting. This lack of financing can trigger problems that become impossible swiftly and destroy the business. The way to prevent this mistake is to go back to the business plan. It should contain a detailed financial outline of your business, let you know how much capital you will need, and give investors an idea of your financial plan.

Mispricing Your Products or Services

Some small business owners have trouble coming up with the value of products and services. The fear is that people will not give you what you sell is priced too high. Your first step is to do research and set a price comparable to the market to face this issue. Another rule to follow is to figure out what the bare minimum is you need to make to pay bills and staff and do what needs to be done in the business and set your prices to match this need. Check out America's Best Bookkeepers

Failing to Invest in Marketing

In today’s digital world, marketing is not as expensive as it used to be. In many cases, marketing is free when using social media platforms to market. If you have the solid foundation of a business plan, marketing, and costs are built into the plan, there would be no surprises regarding planning and costs.

Ignoring Accounting and Bookkeeping

There are a lot of reasons accounting and bookkeeping needs focus. The main reason you need to focus on accounting and bookkeeping is to be aware of your business’s financial health. Whether you use a professional (recommended) or use a bookkeeping or accounting software and do it yourself, it is essential to control your business’s accounting and bookkeeping.

Conclusion

Starting and running a successful small business is not for the faint of heart. It requires dedication and intelligence. These are common mistakes, new or small business owners make. If you know what they are and have a plan, you can avoid these mistakes for your business’s lifespan.

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