How to Become Wealthy in 2022?

Posted on February 7, 2022February 25, 2022 by Jennifer Brazer

In today’s world, everyone is in a race to earn money and become rich. But not all those in the race get to touch the finishing line. People today do not understand that it takes effort to get rich, and it does not happen overnight.

Due to a deep yearning for people to become rich, they get trapped in frauds and scams. To be clear, no such thing exists in this world that can make an individual the wealthiest person in the world in just a single night. A piece of honest advice to people is not to believe in any schemes that guarantee to make you rich in a blink of an eye.

Those who wish to see their names in the world’s wealthiest people by the end of 2022 are going to have to follow a disciplined plan. This stepwise guide will help individuals carve out a proper plan, which will provide them with a path to become rich by the end of 2021.

Step 1: Set goals and define being rich

The first and foremost step in becoming wealthy is to clarify the term “Being Rich.” If an individual does not have a sorted-out definition of what being wealthy means to them, they will never be able to achieve their goal of being rich. Therefore, individuals need to set a goal for themselves so that when they meet it, they know they have been successful. Else, one will be in constant unsatisfaction because it is human nature.

With goals set and a clear definition of being wealthy, people know exactly what they strive for. Everything they will be doing will have a purpose and, in the end, they will be satisfied with what they have achieved. As many people skip this step and begin their struggle to gather wealth, they end up in the middle of nowhere, and nothing they achieve satisfies them.

Step 2: Track the spending

The next step is tracking all the expenditures. Tracking where the money is being spent helps analyze where one is spending more. If the money one spends more than what is coming into your wallet, things are in bad shape. Tracking is a perfect way to know what is making one spend more. It can be done by using a balance sheet, which makes tracking the money spent easier.

Step 3: Conscious spending

After one has successfully prepared and maintained a balance sheet, the next step is to adopt a common practice among the wealthy people: conscious spending. The concept of mindful spending is not to stop spending on things that make one happy, but it revolves around the idea of spending purposefully. Mindless spending will never make a person rich. Therefore, one must organize the finances first and figure out where they must cut down.

It might be hard to believe, but this is what wealthy people do. They spend very consciously and try to spend money on the most important things.

Step 4: Choose a direction

Now that one has understood conscious spending, one must figure out a way to save. Savings are an integral part of the process of becoming rich. It is one of the essential ingredients; disregarding it will lead individuals nowhere. A person can start saving in many ways, but the best one is through automated savings. A person does not have to transfer a portion of the income manually with automated savings. Manually doing it might make saving inconsistent and irregular. A fixed part of one’s income is automatically transferred into the savings account at fixed time intervals through automatic savings.

Alongside automated savings, people can get indulged in daily saving methods. Negotiating on regular bills, saving the change, and other similar techniques can help people save daily. It is an essential step that must be a prime focus.

Step 5: Initiate a startup and invest

When a proper savings plan has been drawn up, the next move is to design an investment plan. The earlier one invests, the sooner they will be able to enjoy the profits. A wise approach is to invest in low-cost index funds, and one must be consistent while doing that. The more consistent an individual is while investing, the higher are the chances of an excellent return on investment. Another possible way is to benefit from the 401K plan of the employer one works for.

The second thing an individual can do is groom their skills and make money out of them. The trend of startups has gained acceleration, and this is because people have realized how to sell their skills. Think wisely and start small with an online platform, as it will provide one with the momentum required to run a digital business into a huge success, helping one become rich.

This 5-step guide is a perfect start to the journey towards becoming wealthy. Following these steps will give an individual a direction and a clear picture of where they stand and where they must go. The key is to be patient and put in all the efforts one can because wealth does not come easy!

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.

Automation in the Retailing Business

Posted on February 7, 2022February 25, 2022 by Jennifer Brazer

What is retail automation?

Simply put, Retail Automation involves every step of your retail business that can and would benefit from being streamlined and automated using modern technology. In other words, it is the use of technology to run as much of your business as possible, with as little human intervention as possible.

Examples of retail automation

There are many ways to implement automation into a retail business. Listed below are just a few of these ways:

Human resources human labor force is still an essential part of any retail business. Managing a large labor force can be challenging and expensive. Thanks to modern technology, most menial tasks that would otherwise take time away from more essential facets of Human Resources can now be streamlined via automation. Such duties include invoices, work schedules, and payrolls.

Customer support

A retail business cannot be successful without a focus on customer satisfaction. In any retail business, communicating effectively with customers, and taking the necessary means to deal with any complaints and problems they may have, is paramount. Examples of how automation can improve customer service processes include regular automated updates of a customer’s order and customer service bots programmed to answer the most frequently asked questions. Call center service prompts that are designed to pair customers with the best possible customer service representative capable of taking care of the specific issue they may be facing at the time.

Store layout

Automation can allow retailers to analyze shoppers’ buying habits and plan the layout of their stores accordingly. For example, suppose a lot of people are buying bread and meat together. In that case, placing the various selections of bread near the deli aisle will make the shopping experience of so many people more convenient.

Inventory management

Without automation, retail store workers must take on the responsibility of inventory tracking and management. This can lead to human error, causing supply shortages and other issues. Automation can help mitigate such errors, making the inventory management process more efficient, streamlined, and cost-effective.

How does automation benefit a retail business?

In today’s economy, automation is necessary for any retail business, and there are plenty of advantages in doing so. These advantages include:

Cost-effectiveness

Automation immediately reduces the strain of human capital that retail businesses have traditionally suffered. Doing so saves the business money, not only because you no longer need to pay large labor forces but also because machines can perform the jobs of multiple people faster and more efficiently than ever before.

Reducing margins of error

Machines do not just do the same job humans can; they do it better. Brands looking to scale upward usually find themselves heavily reliant on data management across several channels; they must manage a growing labor force, increasing cash flow, and partnerships with more producers and other businesses. It can be incredibly difficult for a human to manage all this information accurately on a day-to-day basis. On the other hand, a computerized data system can compile such data and even use it to make reasonable predictions about the business’s future and growth trajectory.

Safeguarding against fraud

As retail businesses scale up in size and scope, fraud becomes a greater possibility. Examples of fraud include credit card scams, fake money scams, product exchange scams, discount coupon scams, food stamp scams, etc.

Automation and modern technology can help protect a business against such fraud. For example, systems can be put in place to detect fake money with far better accuracy than a human is capable of. An automated detection system for online retail can even track known scammers’ IP addresses and credit card numbers, preventing them from making future purchases.

Retailers can even rank orders based on risk assessment, considering various factors such as where the order is coming from, the value of the order, etc. With this data, they can potentially detect attempted fraud and stop it before it can be carried out.

The future of automation

Automation is far from a new concept, but it takes on a new form thanks to modern technology. There are many recent examples of how retail businesses are taking advantage of such technology, from artificial intelligence to virtual reality and augmented reality.

One such example is IKEA. Ikea’s app lets you use AR to simulate a 3D model of any piece of furniture they sell. You can then use your phone to see how the model fits into any room in your room. This completely automates the customer experience of visiting a retail store and trying out a piece of furniture in person before you buy it.

As technology continues to evolve faster and faster every year and the needs and demands of the consumer market shift, it is impossible to say just how the retail industry will look shortly. The Covid-19 pandemic certainly threw a wrench in things, but it is still fascinating to think about where technology will go from here as we return to a semblance of normalcy.

Post Coronavirus: A New Dawn For National Economies

Posted on February 6, 2022February 22, 2022 by Jennifer Brazer

The global pandemic of coronavirus has had a massive impact on our routine lives. People face challenges in every aspect of life that they have never encountered before. But amid all that chaos, governments are persistent in finding ways to recover from all the loss. Nations are making efforts, to begin with, a new economic start once this crisis is over.

Around the globe, life, as we probably are aware, has changed. Worldwide leaders and a vast number of residents are confronting a challenging test. The COVID-19 pandemic is compromising, not just healthcare systems. It is compromising the jobs of residents and the steadiness of economies. As our partners wrote in “Safeguarding our lives and our livelihoods,” the stun to our lives and occupations from the infection, concealment endeavors could be the greatest of the previous 100 years.

Lives and jobs; both are important. When will these restrictions be softened?

The danger of COVID-19 to lives and employments will completely resolve when enough individuals are invulnerable to the infection to dull transmission, either from an antibody or direct introduction. To that point, governments that need to restart their economies must have public-health systems that are sufficient to identify and react to cases. Leaders ought to perceive that areas may vary fundamentally in their status to restart their economies.

The first and most clear factor in deciding preparation is the number of new cases in each zone. Districts with huge progress in transmission ought to expect that financial restructuring will lead to more transmission. Case numbers and, more critically, hospitalizations should be sufficiently low for a health system to oversee exclusively instead of through mass measures.

A subsequent factor in considering this is the quality of the frameworks set up for distinguishing, overseeing, and forestalling new cases. Components of these frameworks incorporate the accompanying:

Sufficient clinical limit, particularly of intensive care units (ICUs), for those with extreme infection
Capacity to play out an analytic test for COVID-19 with a quick turnaround time.
Systems for successfully recognizing and segregating cases and contacts, including digital apparatuses for real-time sharing of basic information (in any case, unique frameworks will be suitable for various nations also, settings)
Sufficient clinical assets, including prepared specialists, beds, and individual defensive gear.
State-funded training educated by the best scientific proof accessible.

Reaction leaders can plot subnational districts (states, provinces, urban areas, medical clinic affected zones, etc.) on this grid to assess when each can restart some proportion of economic activity. Regions with solid public-health systems also, few or no cases, where following and disengagement of transmission chains are yet doable, might act uniquely in contrast to locales with more vulnerable public-health systems that are further along on the pestilence bend. In many developing business sector nations, remembering a few for Latin America, numerous components are significant, yet the fundamental obstruction is the ICU limit. Accomplishing the important limit requires exceptionally planned endeavors and a detailed management system.

Positions on the network will not be static; districts will move upward as case numbers fall and better control components are set up, and to one side as public-health systems reinforce. The network does not offer outright rules, be that as it may, it might be a helpful apparatus to help dynamic. Governments can refresh the framework consistently, utilizing continuous information. A robust management-information system can assist nations with using their information to tailor their reaction to real neighborhood factors. In time, other logical discoveries could likewise change this dynamic—a compelling antibody, an exact counteracting agent test, huge new medicines for COVID-19—expecting they are accessible at scale, what is more, sent generally. This article does not play a role in this effect.

Nations may likewise need to pick satisfactory measurements to quantify infection spread. The ideal measurement would be the pace of transmission. However, this requests a huge testing limit that may not be accessible to a few nations. Elective measurements may incorporate the case development rate and the aggregate of cases.

A subtle approach to resuming the regional economy

With a comprehension of every locale’s financial structure, governments can rapidly distinguish places where the economy can be restarted. To do that, governments can evaluate both the danger of transmission and the relative economic significance of every area.

When areas begin to return to work, leaders must organization health and conduct conventions to bring down the potential for additional transmission. Undoubtedly, the appropriation of these conventions, what is more, others can vigorously impact an area’s position on the matrix. Occupations can be reclassified in manners that make them more secure to restart.

Endnote

Nations need to present an extra level of granularity to their endeavors to ensure lives and vocations. Our methodology requires constant reinforcing of the healthcare system through such factors as the limit regarding across-the-board testing, expanded limit of nearby ICUs, and the capacity to screen and isolate chains of transmission. Innovation will assume a significant job in “permitting” individuals to come back to work; however, every nation will need to consider security issues in presenting such systems.

Understanding The Communication Strategy

Posted on February 6, 2022February 22, 2022 by Jennifer Brazer

Above all, the concept of communication strategy needs to be defined. The communication strategy is simply how a company prepares and coordinates its communication. It is a question for a company manager to determine in advance what his lines of communication are and with his customers as his partners and employees.

Contrary to popular belief, corporate communication will not be limited to a flyer or an advertisement. Like a real person, a company has a personality and a way of communicating. This is the communication strategy that will help an entrepreneur to focus his messages. By faithfully following his communication plan, the entrepreneur will give his company a real personality, which can only be positive for its reputation and reputation.

Where is communication going?

An effective communication plan must necessarily be as complete as possible. The communication strategy will therefore encompass the different communication targets. In business, professional communication is not unidirectional, i.e., it is not only between the company and the customer. On the contrary, the communicator must think of all the targets to be reached by the company communication:

All entrepreneurs think of the customer for brand communication. Indeed, advertising and information for the customer allow a company to increase its turnover and make itself known. Therefore, part of the communication strategy will focus on the company’s target and how to present the products and services. In addition to advertising, an entrepreneur must also think about institutional communication and think about how he wants to present the company to his customers.

The partner

Because another part of the company communication will concern the partners (suppliers, shareholders), more involved than customers without belonging to the company, partners must also be informed and receive a consistent image of the company. Knowing how to exchange correctly with its partners will also allow development opportunities.

Employees

Finally, while the two previous targets represent external communication, a business leader must never neglect internal communication, just as crucial for the proper functioning of his business. This time, it is about thinking about how employees view the company and how they communicate with each other. Being able to circulate information between the different services and spread a uniform message regardless of who the interlocutor is part of the communication strategy.

Understanding the complexity of corporate communication helps to better prepare your communication strategy. You must never forget the different communication targets when designing your communication plan. The main challenge is to deliver a consistent message and circulate information internally and externally.

Having a thoughtful communication strategy will notably make it possible to effectively train all employees so that they become ambassadors of the company. But is this the only benefit of a communication plan?

How important is a good communication strategy?

Now that we have looked in more detail at corporate communication and the importance of its targets, we should note the benefits of an effective communication strategy. If you are still skeptical about the usefulness of a communication plan, this should interest you.

If the benefits of corporate communication are numerous, we can focus on the three main ones:

Create the desire to buy

The primary goal of business communication and marketing is obviously to increase sales. Controlled external communication will highlight the company’s products and services to the right target. Mastering one’s communication strategy means offering the right image to the right target and thus generating sales.

Establish a corporate culture

Less obvious for a beginner communicator, the communication plan will help define the image of the company and create a personality. Thinking about how to present the company, both internally and externally, will help convey the company’s values, its symbols, and history. If this may seem incidental, it is not so! The corporate culture will indeed allow the customer, the partners, and the employees to appropriate the latter and to feel closer. Thanks to your communication strategy, you will strengthen your brand image and differentiate yourself from the competition.

Optimize relationships

Finally, your communication plan will allow you to optimize all your professional relationships. Taking control of your communication does not miss any opportunity and being closer to its customers and its partners. Internally, communication helps to strengthen team spirit and ownership. Externally, communication will strengthen relationships with partners and contact customers more.

Traditional Budgeting Techniques Guide

Posted on February 6, 2022October 6, 2025 by Jennifer Brazer

Unlock Financial Clarity:
Explore Traditional Budgeting Techniques

Traditional budgeting techniques are time-tested financial management methods that provide structure and clarity by categorizing income and expenses through proven frameworks like incremental budgeting, zero-based budgeting, and percentage-based allocation systems. These foundational approaches have guided individuals and businesses toward financial stability for decades through their emphasis on systematic planning, regular monitoring, and disciplined resource allocation.

After two decades of helping businesses streamline their finances at Complete Controller, I’ve witnessed countless entrepreneurs struggle with complex budgeting software only to find success by returning to fundamental traditional methods. In fact, only 51% of American adults spend less than their income each month, according to the Federal Reserve’s 2024 Survey—a statistic that underscores why systematic budgeting remains crucial for financial health. This comprehensive guide explores the most effective traditional budgeting techniques, their practical applications, and how modern businesses can leverage these time-honored approaches for sustainable financial growth.

What are traditional budgeting techniques and how do they work?

Traditional budgeting techniques are systematic approaches to financial planning that use established frameworks to allocate income across expenses, savings, and financial goals
These methods emphasize incremental planning, percentage-based allocation, and systematic tracking to maintain financial discipline and clarity
The most effective traditional techniques include incremental budgeting, zero-based budgeting, the 50/30/20 rule, and envelope systems for expense management
They work by creating predictable frameworks that reduce decision fatigue while ensuring comprehensive coverage of financial obligations
Success depends on consistent implementation, regular review cycles, and adaptation to changing financial circumstances while maintaining core methodological principles

The Foundation of Traditional Budgeting Methods

Traditional budgeting methods emerged from decades of financial planning wisdom, rooted in the fundamental principle that every dollar should have a designated purpose. These approaches developed during an era when financial tracking required manual calculation and physical record-keeping, creating inherently disciplined systems that modern technology has enhanced rather than replaced. The core strength of traditional budgeting lies in its systematic approach to financial decision-making, removing emotional spending triggers through predetermined allocation frameworks.

Understanding incremental budgeting fundamentals

Incremental budgeting, often called the “traditional” budgeting method, builds upon previous financial periods by making systematic adjustments to existing budget categories. This approach uses historical spending data as the foundation, typically adding or subtracting percentage-based changes to account for inflation, income growth, or changing circumstances. The method’s strength lies in its predictability and ease of implementation, making it particularly valuable for individuals and businesses with stable financial patterns.

The incremental approach works by taking last year’s budget as the baseline and adjusting each category based on anticipated changes. For example, if grocery expenses averaged $500 monthly last year, an incremental budget might allocate $550 for the current year to account for inflation and family growth. This systematic approach reduces the complexity of starting from scratch while maintaining realistic expectations based on proven spending patterns.

Historical development of budget planning strategies

Traditional budgeting techniques developed through practical necessity during the mid-20th century when financial management required manual calculation and physical tracking systems. The incremental method gained popularity in corporate environments during the 1950s and 1960s, when businesses needed reliable forecasting methods without access to sophisticated analytical tools. These early systems emphasized simplicity and consistency, principles that remain valuable in today’s complex financial landscape.

The evolution of personal budget planning followed similar patterns, with families adopting systematic approaches to manage household finances during periods of economic uncertainty. The Great Depression era particularly influenced the development of conservative, methodical budgeting practices that prioritized essential expenses and systematic savings accumulation. These historical influences shaped the foundational principles that continue to guide effective traditional budgeting today.

Core Traditional Budgeting Strategies for Financial Success

The most effective traditional budgeting strategies center on proven allocation methods that have demonstrated consistent results across diverse financial situations. These approaches provide structured frameworks for managing income while maintaining flexibility for life’s inevitable changes and opportunities. Understanding each method’s strengths enables individuals and businesses to select approaches that align with their financial complexity, discipline level, and long-term objectives.

Zero-based budget implementation techniques

Zero-based budgeting represents one of the most disciplined traditional approaches, requiring every dollar of income to receive specific allocation before the budgeting period begins. This method ensures maximum efficiency by eliminating unassigned funds that might otherwise be spent impulsively or ineffectively. The zero-based approach starts fresh each budgeting cycle, examining every expense category to justify its inclusion and amount rather than relying on previous spending patterns.

Implementation begins with calculating total monthly income, then systematically assigning funds to essential expenses, savings goals, and discretionary spending until the remaining balance reaches zero. This process forces deliberate decision-making about financial priorities while preventing accidental overspending. The method particularly benefits individuals who prefer detailed control over their finances and those working to maximize limited income through strategic allocation.

The zero-based budget excels in variable income situations because it adapts to actual earnings rather than projected amounts. When income fluctuates, users can adjust category allocations while maintaining the core principle of complete dollar assignment. This flexibility makes zero-based budgeting valuable for entrepreneurs, commission-based workers, and anyone experiencing income variability while maintaining systematic financial management.

The 50/30/20 rule for personal budget planning

The 50/30/20 budget rule provides a simplified traditional framework that allocates income across three broad categories: 50% for necessities, 30% for wants, and 20% for savings and debt repayment. This percentage-based approach offers structure without requiring detailed expense tracking, making it accessible for budgeting beginners or those who prefer streamlined financial management. The method’s popularity stems from its balance between financial responsibility and lifestyle flexibility.

Necessities (50%): Housing, utilities, groceries, transportation, insurance, minimum debt payments
Wants (30%): Entertainment, dining out, hobbies, non-essential purchases
Savings & Debt (20%): Emergency funds, retirement contributions, accelerated debt elimination

The rule’s effectiveness lies in its automatic prioritization of financial health while acknowledging the importance of discretionary spending for life satisfaction. By allocating 20% to savings and debt repayment before addressing wants, individuals build financial resilience while maintaining spending flexibility. This approach particularly benefits those who struggle with saving discipline, as the percentage system makes savings contributions feel like fixed expenses rather than optional activities.

Cash flow forecasting through envelope systems

The envelope system, also known as cash stuffing, represents one of the most tactile traditional budgeting approaches, using physical cash allocation to control spending across predetermined categories. This method involves placing specific cash amounts into labeled envelopes for different expense categories, creating visual and physical boundaries that prevent overspending. The system’s power lies in its immediate feedback mechanism—when an envelope is empty, spending in that category must stop until the next budgeting period.

Modern envelope system implementation extends beyond physical cash to include digital envelope applications and multiple account systems that replicate the same principles. The core concept remains consistent: pre-allocate specific amounts for each spending category and maintain strict boundaries to prevent category overflow. This approach particularly benefits visual learners and those who struggle with credit card overspending, as the physical or digital barriers create clear spending limits.

Routine Budget Assessment and Optimization Strategies

Systematic budget assessment forms the cornerstone of effective traditional budgeting, transforming static allocation plans into dynamic financial management systems that evolve with changing circumstances. Regular assessment enables early identification of variance patterns, optimization opportunities, and adjustment needs before they become significant problems. The assessment process itself reinforces budgeting discipline while providing objective feedback about financial progress and system effectiveness.

Monthly variance analysis provides immediate feedback about category performance, highlighting areas where actual spending consistently differs from planned amounts. However, advanced monitoring examines these variances for seasonal patterns, trending changes, and correlation with external factors like economic conditions or life changes. This analysis enables proactive adjustments that maintain budget accuracy while adapting to evolving circumstances.

Performance optimization requires balancing strict adherence to budget categories with practical flexibility for unexpected opportunities or challenges. Traditional methods provide the framework for this balance through regular review cycles that evaluate both individual category performance and overall financial progress. The goal is continuous improvement rather than perfection, recognizing that effective budgeting evolves with experience and changing life circumstances.

Final Thoughts

Traditional budgeting techniques remain powerful tools for achieving financial clarity and control in our increasingly complex economic landscape. Whether implementing incremental budgeting for stable income situations, zero-based approaches for maximum control, or the 50/30/20 rule for simplified management, these time-tested methods provide proven frameworks for financial success. The key lies in selecting methods that align with your specific circumstances while maintaining the discipline to implement them consistently.

As CEO of Complete Controller, I’ve seen firsthand how returning to these fundamental approaches transforms financial chaos into clarity. The statistics speak volumes—with research showing that half of small businesses skip formal budgeting entirely, those who embrace traditional methods gain significant competitive advantages. Your financial journey deserves the same systematic attention these methods provide.

Ready to transform your financial management with proven traditional budgeting techniques? Contact the experts at Complete Controller for personalized guidance on implementing these strategies in your business. Our team specializes in helping entrepreneurs break free from financial confusion and build sustainable systems for long-term success.

Frequently Asked Questions About Traditional Budgeting Techniques

What is the main difference between incremental and zero-based budgeting?

Incremental budgeting uses previous periods as baselines and makes adjustments for the new period, while zero-based budgeting starts from scratch each cycle, requiring justification for every expense. Incremental budgeting works best for stable situations, while zero-based offers more control and flexibility for changing circumstances.

How do I choose between the 50/30/20 rule and envelope budgeting?

The 50/30/20 rule works best for those seeking simplified percentage-based allocation with minimal tracking, while envelope budgeting suits people who need tangible spending limits and struggle with overspending. Consider your spending habits and how much detail you prefer in financial tracking.

Can traditional budgeting methods work for irregular income?

Yes, traditional methods like zero-based budgeting excel with irregular income because they adapt to actual earnings each period. The key is budgeting based on your lowest expected income month and treating extra earnings as bonus allocations for savings or debt reduction.

How often should I review and adjust my traditional budget?

Monthly reviews are ideal for tracking variances and making minor adjustments, with comprehensive quarterly assessments for major category changes. Annual reviews should evaluate overall budgeting method effectiveness and consider switching approaches if your financial situation has significantly changed.

What’s the biggest mistake people make with traditional budgeting?

The most common mistake is creating overly restrictive budgets that don’t account for real-life flexibility needs. Successful traditional budgeting balances discipline with practical allowances for unexpected expenses and occasional indulgences, preventing budget abandonment due to unrealistic expectations.

Sources

Fed Communities. (2024). “Economic Well-Being of US Households in 2024.” Federal Reserve.
FINRA Investor Education Foundation. (2015). “American Budgeting and Saving Behavior.” National Financial Capability Study.
Clutch.co. (2020). “How Small Businesses Budget.”
QuickBooks. (2023). “Small Business Budgeting Practices Analysis.” Intuit.
Chicago Booth Review. (2023). “Consumer Budgeting Insights and Behaviors.”
Complete Controller. (2023). “5 Money Management Tips to Help Avoid a Deficit.”
Complete Controller. (2023). “Small Business Bookkeeping: 9 Tips and Tricks.”
Complete Controller. (2023). “Importance of Reconciling Your Accounting Statements Regularly.”
Criterion Global. (2019). “From ‘Bloody’ Cuts to Strategic Gains: 3 Zero Based Budgeting Examples.”
Consumer Financial Protection Bureau. (2024). “How to Create a Budget Plan.”
Investopedia. (2024). “Zero-Based Budgeting.”
Investopedia. (2024). “The Right Way to Budgeting.”
Flesher, Tonka K. (1950). “Short History Of Budgeting.” The Woman CPA.
Branding Strategy Insider. (2019). “Kraft Heinz: A Case Of Brand Mismanagement And Value Destruction.”

Jennifer Brazer Founder/CEO

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

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Is Sole Proprietorship Better For Small Businesses?

Posted on February 5, 2022February 22, 2022 by Jennifer Brazer

The sole proprietorship is an unincorporated business owned and run by one person – with zero distinction between the owner and the business. The sole proprietor enjoys all the profits and is personally responsible for all business liabilities, losses, and debts. A sole proprietorship is one of the latest expensive business structures to start.

Think about it, just one person, owning a business all by himself, the legal requirements are as basic as it can get, and all the profit that the business offers. Similarly, if things go south, just that one person gets to take care of all the mess. But a sole proprietorship is a well-intentioned model for small business owners who don’t intend initially to derive large profits. In short, it is great if you are thinking about operating a small business.

Sole proprietorship and small businesses

Most people consider the sole proprietorship and its owner identical. A sole proprietorship can be defined as a small business when it comes to succeeding for small business health insurance. Still, if you have no workforce but yourself, your sole proprietorship will most likely not qualify for a group plan.

Sole proprietors can hire people, just like any other small business owner. According to the IRS, any time a sole proprietor employs someone other than an independent contractor.

Although being a sole proprietorship is the simplest form to structure any small business, you may be a little unsure of how being one affects the health insurance options. If a sole proprietorship has a few employees, it might qualify for group health insurance.

Let us take a look at the defining characteristics of a sole proprietorship:

No corporate entity exists
Ownership by one self-employed individual
The owner remains responsible for liabilities and business assets
The owner is an extension of its business

A good business practice

As the owner in a sole proprietorship, you get to make all the decisions and call all shots. You have no partners to consult with or some board of directors to discuss with either. You will also have personal liability protection. Just like that, there are multiple benefits of a sole proprietorship; let us discuss:

Complete ownership

Believe it or not, at some point, sharing business ownership can be very difficult, even if you think that you get along with your co-owner pretty well. When you are the only one managing and making all the decisions, you are not responsible for other people’s mistakes. It’s like a one-person show – you have the spotlight, and you get to do whatever you feel like.

You get to choose how many days your business will operate and which times to come in; plus, you are held responsible for your work by yourself and the clients. With complete ownership comes a complete hold of profits. You get to enjoy all the profit you make, and it is your decision where you use it.

A simple process to kickstart

Typically, a business owner’s job when forming a sole proprietorship is to register with the local office and obtain necessary licenses. A sole proprietorship does not need legal counsel to build a business, which helps reduce costs. As a sole proprietorship, you can file a business name but don’t have to do it. Business owners who operate a sole proprietorship can visit their local business and start working, which is simpler than any other business structure.

Most businesses are built because one person comes up with a great idea and takes the initiative right away. To start a sole proprietorship business in the United States is a huge advantage to the business owner because of the ease of starting one.

Simplistic ideas

You are already connected with your business when you are the only person dealing with all business matters, which is why you don’t have to file business taxes separate from your income taxes. The business income is your income, so a personal tax return and a tax form (Schedule C) allow one to report income and losses to the IRS using the SSN. In addition to all your business-related expenses, they are tax-deductible, including the cost of travel, goods, expenses, and more. The tax rates are lower for sole proprietors than corporations and partnerships.

All in all

Sole proprietorship allows people to open their businesses with complete ownership and responsibility for their success and failures. However, it’s essential to remember that starting and then operating a business can be equally stressful and hard as it is rewarding.

Even if you believe that sole proprietorship is the best option for you, surround yourself with positive energy and great support from other business owners; local business centers can also help you thrive in operating and growing the business.

Is It Possible To Take Out Online Insurance?

Posted on February 5, 2022February 22, 2022 by Jennifer Brazer

You can purchase accident coverage online pretty much as effectively as you can purchase whatever else. Like different internet businesses, vehicle protection shopping lets you rapidly analyze contributions and costs from numerous sellers. It makes it simple for you to determine highlights you need—and channel out those you needn’t bother with.

Looking for collision protection online beats different types of internet shopping in one essential manner: You can generally finish your buy and get inclusion immediately. In any case, there are a couple of ways purchasing vehicle protection online is more chaotic than normal e-shopping, so here are a couple of things to remember.

Except if you’ve figured out how to close out all business media, advertisements have likely made you mindful of, at any rate, a couple of vehicle insurance agencies that work in selling on the web. Numerous conventional auto guarantors are additionally direct businesses on the web. If you have a favored seller, you can begin with them or type “online collision protection” into your preferred web index. You’ll probably discover heaps of individual guarantors, in addition to a couple of destinations that let you analyze offers from different organizations.

While value cites help contrast organizations’ relative costs, remember that they are gauges and liable to change dependent on the last check of your driving history and, regularly, your FICO assessment. Getting the last statement expects you to enter extra close-to-home data into the online web structure, conceivably including your driver’s permit number or Social Security number. On the off chance that you were to blame for ongoing fender benders, or if your financial assessment is not exactly uncommon, your last statement could be fundamentally higher than the assessed one.

If your last value quote is significantly higher than the gauge, attempt an alternate backup plan, yet remember that whatever variables caused a superior bounce with one organization will probably cause similar climbs in the last statements from others. At any rate, consider getting the last statements from the organizations that gave you your three most reduced evaluations. It’s conceivable that your least last statement won’t be from the one with the most minimal gauge.

In an environment of maximum digitalization, where we hire all services through the internet, insurance could not be otherwise. However, it is not yet a very common operation since we tend to compare and go to the insurer to hire it. But why take out online insurance?

Why buy insurance online?

Some of the reasons that would lead us to say that it is an excellent option to take out insurance online are the following:

Comfort: you can access it anytime and anywhere without having to travel to the office. You have freedom of schedules since you do not depend on customer service hours.
Speed: in a very short time, you can have a list of the cheapest insurance thanks to the large number of comparators that are available today. That is, you save time by not having to leave home.
Easy to consult information: all insurers have updated their website with all the insurance information, conditions, and coverage.
Price of insurance: we can get a cheaper price online in many cases, as insurers eliminate costs of both the rental of the premises and personnel. You will save money because, normally, insurance prices are cheaper by hiring it through the web due to the offers they are launching.
New companies: when searching and comparing on the internet, we may find a few known insurers, but they offer us insurance that adapts to what we are looking for at a better price.

Also, when hiring insurance online, we have assisted in the form of chat on the websites of insurers. And above all, we eliminate the pressure of the agents, since online, we take out insurance based on what you need.

And once I have it, how do I manage my insurance online?

Once we have decided and we have contracted our insurance online, another question may arise, and now what? How do I manage my insurance? Most insurers are already prepared so that their clients can manage their insurance online and do not have to worry about the times when your insurer can assist you.

How to Choose The Best Property to Invest In?

Posted on February 5, 2022February 23, 2022 by Jennifer Brazer

To take full advantage of an investment in real estate, you need to know how to do it right. And that choice is crucial so that you benefit from the whole process. Some steps to the perfect choice include:

Assess your financial situation

Remember that investing in a particular property should not jeopardize your financial health. It means that it is not exactly advantageous to make debts to acquire a property, since that way, the investment already gets compromised when it should be a way to improve your financial situation. So start by making this assessment to find the real value that you can apply in this endeavor to get comfortable with the investment.

Study the market well

Even facing a troubled time, the real estate market generally presents some trends. Depending on where you buy your property, a commercial property may be far more profitable than a residential unit – or the other way around. Therefore, it is worth knowing the local market very well to understand which type of property pays the most, possibly generating better results shortly.

Do an objective analysis

Forget preferences and personal criteria when thinking about real estate investment! Unless the good is really for one’s use (which is hardly the case when one intends to invest), one must think in a very focused and objective manner. So, considering the market analysis, evaluate whether the real estate considered is the most recommended for such a situation. Getting carried away by emotion at this point will probably cause you to lose money and waste the opportunity to take advantage of better profitability in the future.

Prepare for investment

It’s not because you found the one that looks like a good business opportunity that you should cling to without thinking twice, okay? To make a good investment, you must, first of all, know. So you will need to understand very well both the real estate market and the context in which you are (or want to insert yourself) to know what works and what does not. Without this kind of preparation, you run the risk of investing now, and then you come across an option that would have been more advantageous if you knew exactly what to look for.

Define the investment objective

And speaking of what to look for, setting the investment objective is essential. Think about it: a property for seasonal rentals requires a more privileged location. In contrast, property for long-term rental should be more versatile, as well as a new property or with the possibility of reform and appreciation works best for resale. Exactly why, before allocating your resources, you must define the main objective of the investment, seeking from there a property with the right characteristics to fulfill such function in the desired way.

Property-related hiccups and difficulties can make untold pressure, stress, and anguish, which accomplish the contrary result to what effective contributing is about. To assist you with pushing ahead on your venture.

Capital development is a huge factor in property speculation, so consistently be watching out for regions that are growing as far as population, the economy, and neighborhood foundation. It is why CBDs and their encompasses are in such appeal as speculation areas.

It doesn’t mean you ought to put resources into your terrace; rather, it implies you ought to become acquainted with your potential venture area just as you most likely are aware of your home neighborhood. Become a specialist in investigating the region, from opening rates and socioeconomics to gathering spending and capital development rates.

Particularly for those whose income is tight, it’s critical to purchase where you won’t go into the red. While markets like Sydney have been extraordinary for capital development, they are costly to get tied up with and similarly as costly to hold. Make sure to watch out for rental yield patterns when settling on a speculation property.

Account-Based Marketing Explained Briefly

Posted on February 4, 2022March 7, 2023 by Jennifer Brazer

Account-Based Marketing (ABM) is the highly targeted approach of named potential corporate customers in the B2B marketing and sales approach. Here you can read what is behind it.

With Account-Based Marketing (ABM), the costs are significantly lower due to the targeted targeting, and the conversion rates are often five times as high as with traditional B2B marketing. Special B2B marketing automation tools can support this.

ABM automates both online and classic offline channels and is aimed at both marketing and sales managers.

Sales and Marketing work hand in hand

The target group of many B2B companies is so narrow that traditional marketing for these companies in the past hardly seemed to make sense. Marketing often only played a supporting role here. Account managers and business developers with a strong sales DNA have always kept a list of target companies, so-called named target accounts.

Results-oriented CMOs and CSOs work together on a central list – for example, in CRM. This is where Account-Based Marketing comes in. All marketing measures are tailored to these companies and perfectly individualized for each account.

Change of Direction

ABM is often referred to as flipping the sales funnel (flip the funnel). What is meant here is that, unlike traditional marketing, a broad target group of people is not addressed, and the proper accounts are only filtered out afterward. Instead, the approach to the ABM is already targeted to named accounts. The measures then ideally lead to contact with several decision-makers in the buying committee.

Exactly defined Goals

As in any other area, marketing also benefits from the possibilities of digitization. What is meant here is not simply online marketing but the automation and personalization of large parts of marketing – certainly also in offline channels.

The main Steps in ABM include

· The selection of the target accounts (Account Selection),

· The intelligent personalization of the address as well

· The control of suitable marketing measures.

Martech and ABM markets are still very Heterogeneous

The Martech branch (Marketing Technology) has brought a whole range of innovative companies through the market maturity of artificial intelligence. Especially in the United States, some players have established themselves that support marketing and sales managers with various ABM approach when approaching customers. However, full-service providers are expensive, and the start is overly complex.

Therefore, developing a phased strategy for account-based marketing is advisable. This includes carefully examining which features promise the greatest benefits during implementation and starting with them. The following features should be introduced one after the other, and the effects should be checked and optimized.

Warning: not all US providers are compatible with the General Data Protection Regulation (GDPR).

Use of machine learning for Account selection

Modern software providers for account-based marketing automatically collect many signals from freely available and commercial sources, which could be used as indicators of projects and purchase intentions at the target company. In addition to company data such as size in sales and employees, industry, or headquarters (Firmographics), data on the use of certain technologies can also be included in the target account (so-called Technographics), especially for providers from the IT industry.

The larger and better the amount of data available, the more targeted customers can be identified.

Artificial Intelligence (AI) and Machine Learning (ML) are used to evaluate many of these so-called intent signals. In addition to prioritization, other target accounts can be suggested by searching for statistical twins.

Individualization on a Large scale

The personalization is ideally based on data about the company, the role of the individual in the buying committee, and the status along the customer journey. For example, an IT service provider could convince the CIO with technical arguments and the buyer with commercial and data protection officers with the appropriate arguments.

A complimentary service could now be the right offer if the potential customer with service is still in a contractual relationship with a competitor.

On a few Accounts, but across all Channels

Online and offline channels can be controlled: The website is dynamically adapted to visitors. If it cannot be identified via a cookie, the IP address can provide information about the company.

Online advertisement is played IP-based, geo-based, or via retargeting.

Even individualized post mailings are experiencing a renaissance. Good ABM tools connect to the relevant CRMs and the social networks used in sales, such as LinkedIn. This means that the sales department can also access the information, contact the potential customer at the appropriate time, and make him the customer.

Everything You Need to Know About Private Annuity

Posted on February 4, 2022February 19, 2022 by Jennifer Brazer

What is a private annuity?

A private annuity is an estate planning strategy that involves the signing of an agreement between an annuitant, the entity who is the beneficiary of the annuity/pension, and an obligor, also known as the debtor. This agreement includes the transference of the annuitant’s property to the obligor, in return for which an obligor promises regular payments throughout the lifespan of the annuitant. The property transferred is removed from the obligor’s estate, but the payments received in exchange for the property are a part of the estate. The strategy of private annuity works perfectly in a scenario where a person possesses a low basis property.

The condition on which this agreement is signed is that none of the parties involved in annuity selling business, such as an employee of an insurance company. Also, if a person’s life expectancy is less than a year, they cannot be a part of a private annuity.

Benefits of the private annuity:

There are significant benefits of a private annuity, and that is why many people choose to make this a part of their estate plan.

(i) No gift tax:

Estate property is exchanged with a beneficiary in return for an unsecured promise of annual payments. It is termed as private because no commercial party is involved. This exchange of property, if carried out correctly, may be treated as a sale rather than a gift. No gift tax is imposed on this transaction if the sum of total annuities paid equals the property’s present value in the market.

(ii) Non-Income property provides income:

Another benefit of incorporating this strategy into an estate plan is that a non-income property is converted into an income-producing property.

(iii) Continuous source of income:

It also provides a continuous stream of income throughout the lifespan of an obligor. In addition to this, if a person does not live to the expected age, their family will get a significant number of payments.

Risks involved in a private annuity:

Even though this estate planning strategy boasts excellent benefits to the obligor and its family, it also involves some risks that cannot be ignored.

(i) Reverse mortality risk:

Unlike other estate planning strategies, a private annuity has a reverse mortality risk. If the obligor lives for more than the expected years, the payments of an annuity will surpass the property’s market value. As a result of this, it will cause the obligor’s family to overpay for the property that was transferred, increasing the taxable estate’s size.

To cope with this risk, a deferred private annuity must be considered. This leads to a delay in the annuity payments, thus, reducing the reverse mortality risk.

(ii) Annuitant unable to make annuity payments:

The chances of a transferee being unable to make the annuity payments are high. As this agreement is based upon unsecured obligation, there are many possibilities that this might happen. In such a case, the Internal Revenue Service will label this arrangement as a gift, imposing the gift tax on it.

Role of life expectancy:

The role of life expectancy in a private annuity cannot be neglected. It is on this factor the whole agreement depends upon. Even the value of the annuity payments depends upon life expectancy. If a person has a higher life expectancy, the annuity payments will be of a lower value. In comparison, a person with a lower life expectancy will be subjected to higher annuity payments. Also, if a person is extremely ill and the life expectancy is less than a year, they cannot opt for a private annuity! It is best to take legal advice before jumping right into the agreement, as there is much to understand!