Author: Complete Controller

In the span of just a few decades, information technology (IT) has radically transformed the global marketplace, ushering in an era of unprecedented efficiency, innovation, and accessibility. From the way products are designed and produced to how they are marketed and sold, IT has reshaped every facet of the business landscape. This transformation is not just about the digitization of processes but a complete overhaul of business models, consumer behavior, and market dynamics. 

Unveiling Efficiency and Innovation

One of the most significant impacts of IT on the market has been the dramatic increase in operational efficiency. Automated processes, powered by sophisticated software and algorithms, have replaced manual tasks, reducing human error and increasing speed. For instance, Amazon’s use of robots in their warehouses has reportedly cut operating expenses by approximately 20%, according to a report by MWPVL International. This automation streamlines operations and allows businesses to scale rapidly, meeting the demands of a global customer base without a proportional increase in costs.

Moreover, IT has been a catalyst for innovation, fostering an environment where new products and services can be developed and deployed at an unprecedented pace. The rise of cloud computing exemplifies this, enabling startups to access high-powered computing resources without the need for significant capital investment. Consequently, this has democratized the ability to innovate, leading to a surge in tech startups and a more dynamic market. 

Revolutionizing Sales and Marketing

Perhaps nowhere is the impact of IT more visible than in sales and marketing. The advent of e-commerce platforms has fundamentally altered how businesses sell products and how consumers purchase them. In 2020, e-commerce sales accounted for 18% of all retail sales worldwide, a figure that is expected to reach 22% by 2023, according to Statista. This shift to online shopping has forced traditional retailers to adapt, creating a more competitive and diverse marketplace.

Social media and digital marketing have also transformed how companies engage with their customers. With over 4.2 billion social media users worldwide, platforms like Facebook, Instagram, and Twitter have become indispensable marketing tools. These platforms offer unparalleled targeting capabilities, allowing businesses to reach specific demographics precisely. As a result, marketing has become more efficient and effective, with digital ad spending surpassing traditional ad spending for the first time in 2019, according to eMarketer.

Enhancing Customer Experience and Satisfaction

Information technology has also revolutionized the customer experience. Today, consumers expect personalized interactions, seamless transactions, and prompt customer service—expectations that are increasingly being met through IT solutions. For example, chatbots and AI-driven customer service platforms can provide 24/7 support, answering queries and resolving issues in real time. This improves customer satisfaction and builds loyalty, which is critical in today’s competitive market.

Furthermore, big data analytics has given businesses unprecedented insights into customer behavior, preferences, and trends. By analyzing large datasets, companies can tailor their products, services, and marketing strategies to meet their target audience’s needs better. This level of personalization was unimaginable in the pre-digital era and has become a key competitive advantage for businesses leveraging IT effectively.

Bridging the Digital Divide

IT has also played a crucial role in making the marketplace more inclusive. By lowering barriers to entry, technology has enabled small businesses and entrepreneurs worldwide to compete on a global stage. Online marketplaces like Etsy and Alibaba have provided platforms for artisans, manufacturers, and retailers to reach international customers without the need for a physical presence or substantial marketing budgets.

Moreover, e-learning platforms and online resources have democratized access to knowledge and skills training, empowering individuals to participate in the digital economy. This has spurred innovation and contributed to economic growth and job creation, particularly in developing countries.

Looking Ahead: The Future of IT in the Market

As we look to the future, it is clear that information technology’s influence on the market will only continue to grow. Emerging technologies like blockchain, the Internet of Things (IoT), and artificial intelligence (AI) promise to further disrupt traditional business models, creating new opportunities and challenges. For instance, blockchain has the potential to revolutionize supply chain management, offering transparency and security that could significantly reduce fraud and inefficiencies.

In conclusion, information technology’s impact on the market has been profound and multifaceted. By increasing efficiency, driving innovation, transforming sales and marketing, enhancing customer experience, and bridging the digital divide, IT has improved the market. As businesses and consumers continue to navigate this digital landscape, the potential for further transformation remains boundless, promising a future where the marketplace is more dynamic, inclusive, and innovative than ever before.

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

Freelancing is a vast and open field, which means that the term freelancing is not bound to a specific profession or active type. All types of professionals, such as engineers, marketing professionals, chefs, writers, logo designers, graphic designers, copywriters, voiceover actors, and many more, can be freelancers and work part-time at different companies.

More than fifty-seven million Americans freelanced in 2019, and now, more than 50% of Gen Z are deciding to work as freelancers. In 2020, after the rise in unemployment due to the pandemic, many people switched to the freelancing field.

In this age, even businesses are getting comfortable with the trend of hiring freelancers. It is an advantage for companies to hire freelancers as they don’t need to provide them with the health and other benefits they provide to their full-time employees. The most significant advantage for people to freelance is that there is no tax deduction on freelancers’ pay, and they get the total compensation themselves.

Other benefits include being independent over their working hours, choosing their clients, and controlling how much they want to work and how much workload they can bear. Freelancers also outsource their tasks from different regions, which means that even non-Americans can work for American companies, and their way of communication is usually the Internet.

The fifty-nine million Americans who freelance generate $1.2 trillion in annual earnings, making more than $20 thousand per year on average for each freelancer.

Due to no tax deductions, some freelancers believe that their freelance accounting is not complicated. They pay little to no attention to it, which is wrong as freelance accounting involves many different little things. Freelancers or self-employed people need to create a proper accounting system for their business and keep track of the income and expenditure they are receiving and paying. The basic accounting all freelancers and self-employed should know and follow are:

• Keep your personal and professional accounts separate. It is advisable to keep these two accounts separate strictly. You can track your income and expenses, which are not confidential, and calculate the self-employment tax to ensure that you have that money at the time of the scheduled tax payment. Make sure that you open a separate business account when you start freelancing.
• Stay organized. Save all the receipts and invoices to avoid being overcharged in taxes. You can also introduce a digital system in your business, allowing you to keep digital copies of receipts instead of stacking a pile of paper receipts.
• Pay attention to the necessary financial documents.

Financial records are slightly different for freelancers; they include Form W-9, Schedule C and SE (Form 1040), Form 1040-ES, and 1099 Forms.

Form W-9 is a form that freelancers provide to the clients they are currently working with, including your Social Security number or Taxpayer Identification Number, to inform the IRS of their payments to you.
Schedule C is a form for self-employed people that includes the profits and losses your business makes for your tax paying. To fill out this form, freelancers need to calculate the cost of goods, gross profits, and expenses—Schedule SE in the form of self-employment tax.

Freelancers are only required to fill out Form 1040-ES to generate over a thousand dollars of tax. These types of taxpayers are supposed to pay taxes four times a year instead of once.

There are two types of 1099 Forms, 1099-MISC and 1099-K. Your clients use these forms to report the total amount you collect during the tax year. Clients send freelancers or self-employed the 1099-MISC form when they deliver $600 or more in a single year. They file this form with the IRS and then send it to you. The 1099-K form is for freelancers or self-employed who accept credit card payments. But freelancers only receive this form if they have taken more than twenty-thousand dollars and have made over two hundred transactions. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Accounting is the backbone of your investments, transactions, business, and trades. Two types of accounting exist in the world of: digits and money. One is accrual, and the other is the cash accounting method. Both are just a bit different from one another. You might be wondering what exactly is meant by both terms. Let’s clarify it.

Accrual Accounting

The accrual method of accounting is beneficial as it provides a complete picture of the company’s incoming and outgoing cash. Regardless, investors use these methods to solidify the business’s existence much longer than cash accounting. A few pros and cons of accrual accounting that can help you along your trading journey are listed below:

1. Pros of accrual accounting

We have listed some advantages that might help you to choose between accrual and cash accounting methods for your business:

• It makes business planning simple

We are all equally knowledgeable about the wisdom that business is not an easy task to begin and handle. Accrual bookkeeping methods can help you get through more efficiently. You can maintain secure data about revenues, profits, and expenses in a brief period. Storing your financial data according to the accrual method will help your business be organized.

• Allows you to save money more and more

Once you start pinning your credit score and financial statements according to accrual accounting, you will see a visible decrease in the over-spending habits you once owned. It will amazingly increase your savings, decreasing your spending.

• Investors’ prior accrual accounting

Technically speaking, business accounts under the umbrella of accrual accounting are unsurprisingly more organized and strengthened than cash accounting methods.

2. Cons of accrual accounting

Every technique, way, and thing has some drawbacks as well. The disadvantages of the accrual method of accounting are aligned below:

• Demands monthly audits

As the accrual method is convenient for firms operating on a large scale, its precise auditing cycle requires a month to complete on a minimum scale. However, the transaction detailing reports are filed frequently to ensure that no credit details skip the records.

• Reporting and racking require an entire team

Accrual accounting can be challenging for small businesses as recording and tracking it requires an entire crew. Small business owners might not be able to afford it, so cash accounting would be much more suitable for them.

• Pay taxes on unreceived cash

It can be the most sedate drawback in some cases. You are required to clear your tax dues on the payment that has not been received or is still pending. Make sure you take measures to urge the customer to release your payment on time or even before time.

 

Cash Accounting

The dealings and receiving confined with the in-hand cash are cash accounting. Cash is the pawn that can be a checkmate for you and your business. There are no second thoughts about the fact that, along with plenty of benefits, cash accounting also has a bit of drawbacks that can startle your business foundation.

1. Pros of cash accounting

Cash accounting methods are used mainly by businesses that operate on a relatively small scale. Some of the aces of cash accounting are listed below:

• Shows the on-hand cash of your business

Cash is the head of business, and the cash flow is crucial to maintaining it. One of the most measurable benefits of cash accounting is that it helps you interpret how much cash you have saved and spent in a specific time.

• It prevents you from making predictive business decisions

Cash accounting methods can save you from making decisions that can be risky for your mature and established business. The plan of action you align for your trade is more practical, with minimum chances of potential financial loss. 

• Easy to record

The financial data, transaction details, and credit scores are simple to understand and record with the cash accounting method; the method uses expenses paid out and revenues earned. Also, you do not need to hire professional financial experts to align the record of whatever you debit or credit.

2. Cons of cash accounting

Cash accounting also has some downsides that can be a bit challenging for the business you run.

• Debts slip out of mind

In some cases, you might miss out on one or maybe two customers who have not cleared their payments. Remember to write down each detail to avoid financial losses.

• Over-spending becomes more frequent

When businesses fail to track liabilities closely, you assume that you have much more money to spend than you have. Such unconsciousness can cause significant damage to you and your business.

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

After listening to many entrepreneurs present their business projects, I have seen specific errors committed with an exaggerated frequency. Unfortunately, good ideas do not survive bad presentations. As Aristotle said 2,300 years ago, “Knowing how to express an idea is as important as the idea itself.” No matter how good your project is, it will go unnoticed if you do not know how to sell it.

Next, I share the errors that I have identified with a more significant potential to blow up your presentation. Avoiding them does not imply the success of your production, much less. On the other hand, incurring any of them will lead your presentation to the most resounding failure.

You Have Not Yet Heard Who Your Audience Is

Throughout your business venture, you will speak to at least three different audiences: potential clients, partners, or investors. Although you always have the same project, you do not always emphasize the same aspects.

You will usually get the opportunity to speak to a single investor or a small group briefly. You must investigate them thoroughly to know their attitudes on social networks or collaboration platforms, personal investment preferences, industry knowledge, and investment profiles. If you talk to the wrong investor, you will both waste your time.

You Do Not Listen to the Investor

Investors will look for and find flaws in your project. Even if it is viable, your project may not be viable, the business model may still be immature, your growth estimates may be unfounded, or your business may lack scalability. They will help you discover holes in your business and improve it.

Pay special attention to investors’ questions. Many are logical clues or concerns that allow the presentation to pivot toward your needs. Do not act as if you are breaking your speech or trying to break free quickly. Please take advantage of their questions to build on them. Talk, do not just look to finish your pitch.

You are Not Clear About Your Goal

Do not confuse the investor with a user. You do not have to explain the inner workings of your project to exhaustion. Your goal is not to make a client but to get investment. And you will not get it in the first encounter.

In the first presentation, your goal is not to get funding to move forward with your project but to arouse enough interest in the investor to arrange a second appointment. It is not about telling everything but about awakening the desire for more. A presentation to investors is an act of seduction.

You Talk More About Your Product or Service than About the Business Model

You’re so passionate about your idea that you talk more about it than how you will make money. Remember that the investor looks to multiply his investment and a good exit, not how to use your technology.

Please speak to the investor in his language: money. Explain how your $100,000 will grow by X amount throughout four years. Most investor questions will aim to clarify your business model. The simpler the explanation of your business model and the better meditated you take it, the more attractive it will be to the investor.

Do Not Tell the Investor What he Wants to Hear

Professional investors want you to tell them clearly and simply at least ten things:

1. What needs do you solve (problem)?
2. Who suffers and would be willing to pay to satisfy it (market)?
3. What is your solution, and how are you doing it already (project in progress)?
4. Who is already serving that market (competition)?
5. Why you are the right one to solve that problem and better than your competition (team).
6. How do you plan to earn money, and what will your costs be (business model)?
7. How will you get them to know about your existence and see you as the best service provider for that group (marketing and advertising)?
8. What have you done so far? What is your current situation, and what are the prospects for the near future (roadmap)?
9. What do you need to move forward (investment)?
10. How will the investor recover his money multiplied (exit)?

The biggest mistake is going to the presentation without a transparent business model.

You’re Not Going to the Point

Typically, you will have very little time to talk to investors, at most 15 minutes. Eliminate unnecessary details and focus on what the investor wants to hear. Do not talk about what interests you but what interests your audience.

Enter the ten points above in your presentation and count them briefly and concisely. Do not overwhelm the audience with neat and unnecessary details. Remember that your goal is to get the second appointment—an account only helps understand your project and awakens interest.

You Think Your Idea is the Most Important

Ideas are worth nothing. You are the worthy one. Investors often invest in people more than in the specifics of a project. The investor trusts a team capable of carrying out a business idea, not the concept itself. He wants to verify your capacity to develop the idea and execute it.

To inspire confidence in your abilities, do not limit yourself to showing off your chevrons (bachelor’s degrees, master’s degrees, doctorates) and trophies (Founder and CEO in startup X, advisor in startup Y). Make clear what your bet is and what you have already done. Come with a project in progress; do not go with a PowerPoint.

You Lie More than You Speak

The investors seek reasons not to invest during your presentation. Please do not give them any. Do not even think of saying things like: “We have no competition,” “We are going to buy Google,” “Nobody has done anything like this before,” or “We are the best team,” and do not mention the Chinese!

It is essential to reflect passion and believe in your project, but not at any price. Do not make fancy growth forecasts or projections that nobody believes. They will detract credibility from you and your entire project. The monthly data to date, such as users, traffic, sales, etc., are much more credible than your forecasts and are the best way to show that your product is in demand. It transmits intelligent optimism.

Your Slides are a Disaster

Some PowerPoints look like Excel spreadsheets on the screen: transparent slides full of text, tiny tables, indecipherable graphics, lack of structure and organization, etc. Others look like multimedia encyclopedias: they pretend to tell everything, force you to read the transparent slides while looking at the screen instead of the faces of your audience, abuse PowerPoint with colorful but tiresome effects, and perform unnecessary demos.

Do not overwhelm or bore the investor with such PowerPoints. They may not interrupt you out of politeness, but they will have stopped listening to you long before you finish speaking. Put less weight on your transparency and more on talking with the investor. PowerPoint is an aid for communicating the fundamental ideas of your project and, from there, starting an enriching dialogue.

You Lack Passion and Conviction in Your Project

The investor wants to see a person involved in his project. You will not invest in part-time entrepreneurs who work in a bank in the morning and undertake in the afternoons, waiting for the investment to jump into the pool.

Your proverbial language (tone of voice, volume, rhythm, phrases, pauses) and body language (gestures, look, posture, movement) communicate as much as your words. Maybe your ideas were clear, and your words conveyed confidence, while the second conversation (non-verbal) conveyed insecurity and nervousness. Both messages, transmitted through verbal and non-verbal exchanges, must be consistent. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Many businesses, huge companies, and corporations use Microsoft Excel and its spreadsheets. One of the most common uses of the Excel spreadsheet is in a company’s accounting system.

Without any doubt, it is a fact that Microsoft Excel has become the most crucial computer program in workplaces worldwide. Businesses use Excel in their accounting systems because they can perform complex modeling in minutes with Excel. The usage of Excel spreadsheets in accounting is widespread. You can find evidence of this at any business where there are proper and large accounting systems. Large firms use Excel to create budgets, forecasts, and plans for the company. Some accountants also take short courses or classes to learn about Excel and its advanced features to make it work with accounting and financial systems.

Excel allows users to do basic mathematics, and if you pair it with advanced functions such as VLOOKUP, INDEX-MATCH-MATCH, and pivot tables, you can do many complicated tasks and calculations. This is why many businesses and accountants believe that using Excel for a company’s accounting system is beneficial and should be used in all industries, large firms, and corporations.

Though it may seem like a good idea for large businesses to use Excel in their accounting systems, it is not always an excellent idea for small businesses to adopt the practice of using Excel from large companies. The most significant disadvantage of using Excel today is that you always need manual help to record the financial data in Excel, and it takes up a lot of time and manual work, which will increase your costs. The best source of recording and analyzing data for small businesses is suitable and tailored accounting tools for their accounting systems.

Problems small businesses might face while using Excel are:

• You cannot predict cash flows using spreadsheets. One of the most significant aspects of any financial system is the cash flow statements, forecasts, and the proper skills to manage and balance it. Unfortunately, you cannot rely on Excel to predict cash flows, making the calculations complicated.
• It creates considerable confusion and mistakes in your documents’ records. Unlike accounting tools and other software, Excel sheets cannot connect with other sources, such as emails and different sources that receive invoices and other data. Human error is possible, and anyone can miss one transaction in the records, which will result in a lot of messy problems.
• It is not as convenient as it seems. Excel is worthy as long as you want to store your simple data somewhere. Still, when it comes to recording transactions in the general ledger and compiling financial statements like balance sheets, income statements, and cash flow statements, you will have trouble keeping up with them in the Excel sheets. Suppose you are trying to focus on a specific category in your data. In that case, you will not expand that particular category, as Excel only consists of rows and columns. It does not store any extra data within the rows or columns accessed when clicking the type.
• It takes up too much of your time. Crunching numbers manually in the Excel spreadsheet takes up a lot of unnecessary time. Considering accounting software can manage these tasks much quicker, it is just a waste of time. Usually, businesses follow the double-entry transaction system, meaning your staff will have to record the same data in Excel not once but twice.

Small businesses are not advised to use Excel sheets for their accounting systems as they are far more complicated than an Excel sheet can be calculated or analyzed. Accounting tools and software are the best sources for performing all your financial and accounting activities. You can still use Excel for other uses, such as managing the data of your employees, reporting performance, HR planning, project management, and administrative and managerial duties. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Technology and innovation are crucial to the growth and success of any business. Operating a business takes drive, intelligence, and the use of every tool available to you. Therefore, innovation has to be part of your business from the beginning.

Innovation has been a part of the world since the beginning of time. Every modern convenience we have comes from someone innovating. When owning and operating a business, whether you or someone in a similar industry, taking on innovation will ensure that your business will thrive. Here are three innovations that will help your business become successful.

Product Innovation

Product innovation can involve the invention of a new product or advancements in an existing product. Innovation must be central to a business based on a product or multiple products.

Innovation can be driven by consumer demand, industry advances, or the fulfillment of a need. Necessity is considered the mother of invention. However, it is the mother of advancements, improvements, and new products for product innovation.

Business owners can’t shy away from updating their products when it comes to growth. However, in some cases, the original product may not need advancement or change, so you also have to understand when to keep a product as is. In those cases, innovation will need to come through new products that maintain the brand’s integrity.

Process Innovation

Process innovation is the advancement of processes used in a business’s operation. Operations could include production, administration, sales, or marketing. Changes in the equipment and technologies used in production (including applications used in product design and development) and improvements in the tools can improve productivity and increase revenue.

Also, updates to software systems used to assist in the supply chain and logistics system, changes in the tools used to market and manage your product, and approaches used for accounting and customer care are more examples of process advancement.

While innovation and changes to the process will benefit the customer, the difference is internal and will make overall business operations easier for the entire business staff.

Business Model Innovation

Business model innovation is the most difficult because it provides a company with significant improvement criteria. Sometimes, the skills or systems that have been optimized to make a business competitive and sustainable become the priorities for restructuring.

These shifts will threaten aspects of the company’s branding and clash with market values or commitments in certain circumstances. Product and process progress may be gradual, while business model innovation is disruptive, risky, and revolutionary.

Businesses such as Uber, Airbnb, and Spotify used business model innovation to break the mold of how business models were expected to work. They are excellent examples of fast-moving businesses that were able to challenge age-old markets (taxi service, hotel stays, and music) by tweaking or upending their industry’s traditional business model.

Both existing businesses and startups can modify their business models when developing an initial concept. These innovations can result in more significant revenue and overall success in well-established industries.

Historic Innovation Examples

Coca-Cola implemented innovation in its product in 1985 during an epic taste battle with Pepsi. This change to their creation was an epic failure, resulting in the release of the original formula, Coca-Cola Classic. Eventually, this lapse in judgment was wholly erased when “New Coke” was phased out, and the original Coke product was back in its rightful place.

Henry Ford’s invention of the world’s first successful assembly line is one of the most prominent and pioneering examples of process innovation. This process streamlined vehicle assembly and reduced the time required to manufacture a single vehicle from 12 hours to 90 minutes.

Differential recently created a smartphone distribution dashboard for Grupo Bimbo. The baking corporation has 65 assembly facilities and 2.5 million distribution outlets spread over 22 countries and three continents. 

Because of this worldwide spread of facilities, the mobile sales dashboard provides the team with easy access to sales statistics and other key performance indicators (KPIs) for each region, channel, and brand, eliminating guesswork in sales decisions and minimizing meeting times.

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

Many experienced individuals have stated and witnessed that paying off debt should be of utmost priority before you go on to building reserves for a retirement fund. Generally, the amount of interest the person is earning is higher than the interest rate that the individual gains. In the end, the individual loses in accumulating wealth.

If the person wants to expand the financial plans, one must attempt to make more money through other ancillary income streams. Of course, foregoing debt is not a prudent choice for any individual as it is bound to have an adverse impact on the credit score. Saving extra will help you turn dreams into reality, where the individual lives a debt-free life.

Suppose the person finds it challenging to make debt payments or cannot oblige financial payments. In that case, the answer is pure and straightforward before the individual plans to save and pay the debts off, including your mortgage finance facility. Uncertainty: many people have more obligations than their owned assets and accumulated wealth. Even if they spend all the money to pay off their debts, they will still leave behind some debt. It can be in the shape of the principal amount or the interest amount.

Therefore, paying off debts using savings is inherent to eliminating the highest-interest debts. Here are a few recommendations to help the person decide whether to pay debts first or save money.

What is the Perfect Time to Pay Off Debt?

If the individual has a high-interest rate debt of any finance facility, paying it down first and fast is essential. Ultimately, it will lead you to serenity and let you off from any financial problems. After cutting down all the interest payments, the person will get a guaranteed “return.” It is the same as earning more flipping houses than the savings amount in a bank account. As a business owner, one needs to identify the irrepressible income stream, formulate a budget per the income, and proportionate a specific part of your income in servicing the debt. It has been proven that paying conventional loans, such as student loans or mortgages, helps reduce interest costs.

Should One Save First or Pay Later?

Several reasons support the concept of “to save first and pay later,” but the topmost reason is to re-generate your emergency fund (after retirement). For instance, financial debt has a low interest rate, and saving first makes sense instead of paying off debt. However, if the individual does not have any savings, one needs to focus on paying debt first. In case of any emergency approach, “borrowing again” may become a turning point. Through employment or business, the person can access a retirement savings plan. While compounding interest payments, small individual contributions towards the retirement plan can increase savings.

Many people have more financial goals rather than having the money to spend. Therefore, choosing whether to pay off the debts or save that amount becomes tough. Nevertheless, if the person has insufficient savings, it will put the same person in a position of being pulled more into the sand of debt. However, the actual case is that the individual requires both things simultaneously. Therefore, the best possible solution could be to maintain a balance between paying off debt and savings. In addition, having enough savings amounts provides peace of mind. Many people find it easy to deal with any strategy, no matter how complex the financial situation is. They ensure they have maintained a proper balance between savings and paying off debts.

Whether to pay off debts or save for retirement depends on one’s financial condition. Nevertheless, balancing debt and savings will help one live a peaceful and stress-free life.

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

Generating income is no walk in the park. It would be best to work smartly and efficiently while having a knack for working even in the deadliest hours. Let’s face it: Our lives are trekking at a fast pace, and there’s no wonder people are confused and skeptical. In case you didn’t know already, there exist innumerable ways to generate income. However, it would help if you went out of your way to achieve that.

While you may think billionaires today only take the wrong route to earn passively, the idea is only orthodox and has lost its mark. Honestly, with the digital realm taking the world by storm, things have changed to quite an extent. People are soaring higher in returns and generating substantial income on even pea-sized investments. So, if you think you cannot earn passively without hopping in the wrong, you are probably mistaken. The sky is the limit, and you only have to widen your sights to see the opportunities available in disguise.

Go Digital with Your Services

The digital realm is no joke. It is taking the world by surprise and may only improve. If you think going digital with your services may not provide you with any benefits, you are mistaken. The truth is that the digital world is expanding, and from marketers to financial analysts, novel techniques help in all the right ways. So, you may as well hop on the bandwagon and see which domain works the best for you. You may even start a YouTube channel if you haven’t already figured out where your destination is. Chances are the outcomes might only work for you as a YouTube channel with all your right marketing tactics; the passive income may only take you by surprise.   

Invest in the Real Estate Market

Investing in real estate has its benefits. You always have innumerable options, from providing you with a means to earn monthly income through rentals to generating passive income by selling a property. You may choose one and see the outcomes of having you rejoice through and through. Also, the opportunities are endless, with real estate taking a digital route. However, you may research your markets vigilantly and thoroughly. Study the nitty-gritty while ensuring you are not leaving any details to avoid all future challenges.

Expand Your Horizons

Let’s face it: if you don’t have the right attitude, not even your most impeccable strategies may work for you. In all honesty, you must hone your perspective, change your outlook on life, and create ways for yourself even in the most threatening hours of your day. Also, you may consider changing your mindset if you have noticed negative thoughts taking over you a lot lately. You can’t expect to grow if you are not limiting your emotions to yourself. I.e., Ensure your strategies don’t fall into your emotional biases. Instead, it should open doors for new opportunities for your professional career.

Adapt to the Latest Tools

Your adaptability to the latest tools opens new horizons for you. Your motivation expands, and you get to enjoy the substantial income you earn. In case you are still confused, let’s put it this way. If you have a knack for digital marketing, you may consider taking the digital route, i.e., you may start promoting your brand utilizing all the different digital platforms. From YouTube to Facebook, you may create suitable marketing campaigns for your brand and see what works for you. Also, with your strategic wisdom and knack for creativity, you may as well hop into marketing programs. The chances are that the outcomes might only take you by surprise.

Push Past Your Fears

Sure, we all have fears within ourselves. We are all scared, tired, and exhausted. If anything, we wish to walk beyond our comfort zones. However, because we are all skeptical about plunging into new domains, our days are mostly spent fretting over everything else.

Consequently, if you wish to generate robust income, you may ensure your fears are not keeping you reluctant at all! The results you will find to be a lot better than before. And if not anything, you may even find relief to your anxieties.

Bottom Line

Our world is changing, and so are the ways to function better. Growth has been quite vivid over the years, and while people are rejoicing, the pros and cons are keeping them concerned and worried. However, if you think you are not going in the right, even with all your potential, you may take on an opportunistic approach. Chances are you will be surprised by the fantastic results. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

In today’s fast-paced and ever-evolving business landscape, organizations face the daunting challenge of implementing strategic changes that can drive growth and adaptability. Navigating this complex terrain requires a structured approach that addresses the logistical aspects of change and engages the organization’s human elements. John Kotter’s 8-Step Process for Leading Change provides a comprehensive framework that guides leaders and teams through this transformation journey.

By emphasizing the importance of urgency, support, vision, communication, empowerment, and celebration of achievements, this model offers valuable insights into fostering a culture of resilience and innovation. As organizations strive to align their goals with the demands of the modern marketplace, leveraging such strategic change models becomes essential for ensuring lasting success and operational efficiency.

The eight steps involved in the transformation journey are:

Create a Sense of Urgency

This foundational step is crucial for igniting motivation among the managers tasked with spearheading the change initiative. It highlights the importance of recognizing and articulating the pressing need for transformation, inspiring action and commitment at all levels.

Build Support and Guidance

Establishing a coalition of influential individuals who are willing to endorse and actively participate in the change process is vital. This coalition communicates effectively to rally support and ensure that the organization understands and embraces the change agenda.

Form a Strategic Vision and Initiatives

Crafting a clear and inspiring vision that acknowledges past missteps while outlining a brighter future is essential. The initiatives developed must align tightly with this vision, providing a roadmap that guides the organization toward its goals.

Communicate the Vision

Transparency is key; sharing the meticulously crafted vision with team members fosters trust and collective ownership. Detailing the specific initiatives that will be executed is essential, ensuring that everyone is informed and engaged in the transformation process.

Empower Employees to Act on the Vision

To truly foster a culture of innovation, outdated processes must be removed, and employees must be empowered to implement the new vision. By doing so, organizations encourage creativity and active participation in the transition.

Generate Short-Term Wins

Dividing the overarching change process into manageable short-term and long-term goals can create opportunities for early success. Celebrating these wins motivates teams and reinforces a culture of recognition and accomplishment.

Align New Developments with Current Changes

It is imperative to continuously evaluate ongoing modifications and ensure that new initiatives are in harmony with the organization’s refreshed goals and capabilities. This alignment guarantees that all efforts are cohesive and directed toward shared objectives.

Develop New Approaches and Institutionalize Change

To sustain change over the long term, new behaviors must be intertwined with the organization’s success. This connection will help embed the change into the organizational fabric, ensuring that it becomes a fundamental part of the culture.

This comprehensive model is a vital cornerstone for various individual change models and has evolved significantly over the past decade. It focuses on creating awareness of the need for change, fostering a desire to engage in the transition, enabling the practical implementation of changes, and establishing mechanisms for ensuring the persistence of these changes within the organization. The interactions between strategic processes and systems changes reflect the collective achievements of individuals working within the change management framework.

Achieving meaningful change within an organization relies heavily on building consensus between management and employees. The role of consultants is to bridge the gap, facilitating collaboration between top management and employees to work toward a shared, inspiring vision. The joint effort to arrive at mutually beneficial agreements is essential for harnessing the collective energy and expertise of both leaders and team members, thus propelling the organization toward its goals.

The strategic change model plays a pivotal role in cultivating a positive team spirit and promoting an environment where cooperative and constructive activities can flourish. Leadership styles are crucial in shaping decisions; for instance, the autocratic leadership style relies solely on the leader’s judgment, often bypassing team input.

This approach is typically observed in hierarchical organizations where top leaders bear the full responsibility for decision-making. Conversely, the participative leadership style fosters a collaborative atmosphere, strengthening the relationship between leaders and team members. This model makes decisions collectively, empowering employees and encouraging open communication, which ultimately enhances morale and commitment to the organization’s vision. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Data is becoming easily accessible and is easily distributed, making it harder to protect your intellectual property (IP) or product notions from theft and replication. Many startups do not prioritize the protection of intellectual property, and if it is compromised, it would not be easy to compensate for it. Whether you’re a multinational company or a startup, safeguarding your intellectual property should be one of your top priorities for your business.

What is Intellectual Property?

Intellectual property (IP) is all around you. You can’t see or touch it, but you likely own it if you own a business. Everyone talking about intellectual property, but what precisely does the term comprehend? Fundamentally, IP is any product or work that results from innovative thought. It’s a special kind of protection a business needs depending on what they want to protect.  Examples are designs, artwork, manuscripts, website content, articles, blog posts, inventions, product names, business names, courses or online programs, or other original and personal info that aids your business.

If you come up with a fantastic idea, product, or design, you must ensure that no one else has access to it or the right to use it without your consent. The good news is that several federal and state laws secure IP.

How to Protect My Intellectual Property?

Follow some vital steps to guard your production’s valuable content, ideas, and products. These steps will lower your chances of dealing with intellectual property theft and give you protection even if someone steals your IP.

It is vital to secure your company’s intellectual property (IP). Those who have not tried to defend their intellectual property because they feel complicated and expensive lose intellectual property rights by ignoring to guard their designs and inventions. There are several different ways to secure it, including patent, trademark, copyright, industrial design, etc.

Keep Your Business Ideas a Secret

Until you have sufficiently protected your intellectual property, avoid discussing it with others unless they have signed a non-disclosure agreement. You must be careful with whom you trust. Never promote your idea in public, especially when working with partners. Sign a personalized non-disclosure contract and speak with a lawyer.

It is essential to know who you trust. You cannot trust everyone around you. Business ideas are a sensitive topic that you can’t share with everyone. People can either misuse that information or use it for themselves and their businesses.

Apply for a Trademark

As soon as you finalize your business name and logo for your project, register those trademarks immediately. Trademarks are mainly used to distinguish a business’s products and services from those of its competitors. They include a slogan, logo, jingle, sound, and shape.

Companies occasionally believe that patent protection is the only way to guard and protect themselves. Technology startups commonly ignore the worth of non-patent intellectual property. Though patents can be extremely valuable, it does not ensure that a firm’s product is the right product and will sell. Trade secrets, copyrights, cybersecurity policies, and trademarks can all be forms of IP that you can protect.

Invest

Remember, until and unless you have officially protected your intellectual property, anyone can take your idea and create it for themselves. Still, your chances of beating content and idea raids are so much higher if your intellectual property is secured.

Furthermore, you must secure your intellectual property in case of identity theft. Intellectual property is a sensitive topic, and you must share your business only with your close friends and people you can trust.

Summary

In conclusion, you probably have much more IP than you know. Protecting your intellectual property privilege does include finding a competent advocate to help you discover and register it, but making that investment now will pay off handsomely when building your Intellectual Property portfolio. It will help protect what is lawfully yours if any matters arise in the future. Thus, it is crucial to protect your intellectual property as it can be a source of many disputes, even at the governmental level. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.