Author: Complete Controller

Any business needs to increase its productivity and grow in the medium and long term to avoid losses and possible loss of the business. Business growth is the key to any successful business, no matter the size it is. Here are seven keys to increasing your business growth.

Use hook products

In the digital environment, the hook product captures a user’s attention who browses the Internet and stumbles upon what you are offering. If it’s interesting, it might catch your eye and stop you. To access the product, you will have to leave your data, and from there, a relationship of trust will be established through the various communication channels.

The hook product is a strategy widely used by online and offline businesses. Still, it is not always effective because of its acceptance. The hook product has to be free – or much cheaper than regular products – and of great quality for it to work.

Lower the cost

Lowering costs is an objective that we must always keep on the horizon since it brings several advantages to the company: it optimizes production processes and allocates resources more rationally. It helps to offer a better price than the competition.

Increase traffic

This point is especially relevant in companies that depend on the online channel to make sales, which today occurs in almost any company. The idea is that the web pages related to the business, its social networks, and its promotional videos are visited.

The more traffic goes through our channels, the more chances there are that the conversion will materialize. It is the logic of the physical merchant. If nobody steps into my store, it is difficult for them to sell any product. One of the most recommended strategies is content marketing, providing value that goes beyond the simple sales claim to increase traffic.

Omnichannel

In addition to increasing traffic on our Landing page, it is also important to adopt an omnichannel: managing all possible sales channels. The more options for the customer, the better; in this way, trust with the client will be generated, which will be key to the business’s good health. The essential idea is to turn the sales process –online and offline– into an experience; if that experience remains in a single channel, it will not be completely complete.

In the section of the sale itself, it is important to offer as many options as possible: eBay, Amazon, Shopify, etc., as for commercial platforms, or debit/credit cards and Paypal in the case of payment methods.

Take advantage of the sales

Regardless of the sector in which we operate, the sales season can be a good alternative to boost sales. It no longer works only in clothing but has become a cross-business strategy for all markets. A clear example is Black Friday, which is becoming increasingly popular in the technology sector.

The sales seasons or days are used to reach consumers who, in normal season, are not so absorbent. They allow the sale of certain products and increase the rotation of the stock. Also, a good marketing strategy in these days of high consumption can help position us for the rest of the season.

Flexible pricing

Product prices are constantly changing, so you should not be reluctant to play with the prices you offer to adjust to market demands. An immediate price increase will generate income and profit if that increase does not hurt sales. By contrast, a price reduction will stimulate sales and steal customers from the competition.

Changing prices serve to shake things up a bit, break the market status, and gain or move up positions in the list of companies offering similar products/services. Another interesting strategy for increasing turnover is to periodically raise prices, as customers rarely protest against slight increases.

Understand the customer

Customers are the foundation of your business. Without clients, there is nothing. Categorize customers based on the income they generate for your business. Once you have done this process, focus a large part of your customers on keeping these types of customers at ease, providing them with offers and customized products.

A good strategy for attracting customers is creating a Referral System since we are always more receptive to something that a close person recommends.

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

Know the Market:

One of the difficulties of selling abroad is building a solid network of distributors or representatives. If it is already difficult to find the right companies or professionals in Spain, how can you do it in a country where you do not know the market and its components? This search can be complicated and expensive if done in person, frustrating if you try cold-calling, and devastating if done by email.  This is where LinkedIn starts to be useful. 

In a network with more than 500 million users, we can find the right companies and professionals in each country, all from your computer or phone.

LinkedIn is especially useful for Small and Medium Enterprises (SMEs) that need to open to foreign markets but do not have the financial capacity to maintain a department or staff dedicated exclusively to this objective. It guarantees the location of the companies that interest us and employees who can make a decision in reference to our product.  This allows us to establish “personal” contact with them and generate a climate of trust.

Most digital commercial companies know these techniques and try to use them, although they use them individually and according to their particular criteria. However, there are already companies specialized in offering this type of service externally and provide method, continuity, and measurement of results.

For Example:

This is the case of Internet business consultancy 3dids.com, which works to locate and contact potential clients or partners for Spanish SMEs looking to sell their products in Europe. These are industrial companies, shoe manufacturers, and even technology companies. According to its CEO Andrés de España, “The results of the social selling to a prospect, clients, are surprising, but also the contacts are of high quality and the commercial ones, when they sit down with the possible client, do it before a person who knows the product and is interested in our proposals.”

How Long Does It Take?

According to an analysis conducted by 3did.com, obtaining a base of 3,000 possible customers through social networks that result in up to 200 business meetings can be achieved in a period of 3-4 months. Comparatively, 3,000 cold calls would not generate more than 15 contacts of interest, while e-mailing those contacts would be reduced to 7 or 8.

The Method

The first task is defining the company profile and appropriate position for each commercial proposal with the client. Once defined, the LinkedIn search engine will help us locate them efficiently.

The second step is to contact those profiles and ask them to be members of our network. It is essential that a person makes the requests and that they are upper management. When establishing contact, you should try to be as personal as possible; consider the language, be educated, show that you are interested in the work, and offer a brief explanation of why you want to have them in our network.

When faced with a request for professional personal contact, educated and argued, 70% of people respond positively, which allows us to create a qualified database. Once contact is established, you must keep it alive and build trust. To do this, you must have a conversation in which you will try to know the company’s characteristics, needs, position in the market, and even ask how the product is good for the new country or sector. LinkedIn is a professional network; therefore, any interaction in this field is usually accepted willingly, provided it is not blatantly commercial. An adequate content marketing strategy helps build trust.

To be successful, it is necessary to maintain the conversation and follow a strategy that allows you to discard profiles when not interested or not appropriate. You will also detect those cases in which the proposal can solve a potential client’s need or be a win-win for our contact. Only at that moment should a call be made or even a meeting arranged by the commercial department.

With this technique, you will have achieved 3 objectives: 1) Locate the right people and get in touch with them in any country in Europe or another continent 2) Know if their characteristics, situation, and circumstances place you as a potential goal for a relationship win-win and 3) Get a business meeting without the rejection that usually comes from a cold call.

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

It is effortless that we spend a lot of money to go out with friends or with our partners, but we must be clear that this will take its toll at some point and more if it is the money that our parents give us. That is why we are considering some of the best tips to save money, even for youngsters. They will help you manage your finances better, opening you the possibility of kneading the capital that can become your fortune in a few years.

The six best tips to save money young people

1. Open a savings account or fixed-term account

This type of service, offered by banks so that young people allocate a portion of their income to it, and so, you will always have money to buy something you need at some time. That’s why it is the best tip for youngsters. You should follow it from your childhood. If you have a habit of saving money from that age, it will be difficult for you to save money.

You will not need to pay interest if you have a saving account. However, you will pay interest as per your wish. Bank charge from your resources according to the fixed terms of your accounts for a specific time. In this way, you will also pay a specific amount of money in interest.

2. Save 30% of your income

If you are very young, or even if you have already begun your path to independence, you must allocate an excellent economic item to saving. Experts recommend a saving amount of around 30 percent. It is the amount that you spend without purpose. If you want to save a specific amount from your monthly income, you have to sacrifice unnecessary activities and expenses. As a result, you can save your financial status on rainy days.

3. Avoid getting into debt

If you don’t need to do it, don’t do it! Plan your expenses well. As a result, you will not need to borrow money from anyone. If you don’t work for it, it will cause discomfort and affect your monthly income. Remember, you must pay your debts.

4. Save the change and any extra income you have

It is one of our best tips to save money, young people that will help us to have something in our account.

The change you have leftover from the things you buy is essential. You can store it in your savings account for future expenses.

5. If you live alone, cook your food and do not spend on street food

If you are a person who lives alone, try to save by buying food at the supermarket and prepare them yourself. If you do not know how to cook, it is time to learn so you do not have to spend on fast food, which can be very cheap, but it adds a lot of money in the long run.

A package of rice or pasta can last a week. It is a half cost that same as a hamburger on the street for a day. So seriously, consider changing your habits if you are used to eating in the street.

6. Be more aware of night departures

Youth comes with the motivation to go out at night to dance or drink and share with friends. Try not to make this a practice every weekend.

You can entirely be social and go out, but taking into account that you cannot spend too much, since you would disorganize your accounts for the other things you need per month.

7. Avoid expensive purchase and try alternatives 

Young people usually fond of purchasing vehicles or houses as they make savings for several years. But they failed due to a struggling period. That’s why they have to survive on rent and public transportation on their way to the workplace. Through online exchanges and apps, they buy used or refurbished items that are expensive. If you still want to make big purchases, you will have extra money for savings, including emergency funds or retirement savings.

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

There are successful women in the world who balance their personal and professional life together like a pro, and if you have been struggling to get your balance, here are a few tips you ought to consider stepping into the world of entrepreneurship.

Work Hard

Being a mom is tough, and starting a venture with it is mentally draining. Now that you have decided that you are taking this entrepreneurial game for real, striving harder is mandatory. Truth be told, if you do not work hard, chances are you will only put your efforts to waste. As you will be taking care of your child, you will have to put extra effort into your work. From time management to making yourself disciplined ought to be your priority.

Do not Despair!

 If things do not go as expected, try again, the point is that you do not lose that business vision you have always had in your mind. There will be times when your work will not reap your expected profits in the first few tries. And that is when you can lose hope because with all the effort you put in, your position might go down the drain. Yet, if you do not give in to your hopes and dreams today, tomorrow is just a step away.

Ask for Help

 If you have doubts about your business, turn to people experienced in the subject. Ask for help, go out in the world, and look for experts in your field. Chances are you will find something to learn from them.

Prepare a Business Plan

Organizing your work and plans is a great way to start your venture. Prepare a business plan and see where you stand as per your resources. With a business plan, your ideas and vision will be aligned, and you will mission will be sorted, making your work more comfortable in a lot of ways.

Find Your Balance

Striking a balance is all you need when you start an entrepreneurial venture while having a child. Balancing your work and relationships can take a toll on your mental health, and chances are you might want to leave everything. However, with time, once you will get everything sorted, the profits and the income you will generate will make all your efforts worth the struggle.

Get Informed Today

Now that there are several advanced ways to get yourself aware of various subjects, ignorance will only lead you to severe repercussions. Find what you want to do and learn about all the nitty-gritty involved in your field. And, even if your venture does not turn out as planned, your knowledge will come back to you someday.

For some women, life revolves around their children and partner. While there is nothing wrong with that, still, you have a lot more to give to this world than just living a privileged life. How about you decide on making your dreams come to life and put all your effort and energy into them? Chances are you might succeed, and your aspirations come to life.

Maximize the Use of Your Capital

For a stay home mother, or a working lady starting on her first entrepreneurial venture, its capital has its utmost importance. You cannot set your business unless you are low on your resources. The maximum utilization of money is a problem most entrepreneurs overlook. You can have all the resources in the world, but if you do not utilize your capital to its full potential, all your efforts will be of no use.

Summing Up

If you are a mother and have been planning on starting an entrepreneurial venture, now is the chance to start one. Choose a subject, pick on a niche, gather your resources, and get on with your work. Chances are, you could be just a step away from making your dream come to 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Technology is transforming people’s lives and has impacted different sectors of the economy, including the financial system. In this sector, specifically, technology has played an important role in transforming relations with users and in the progressive disappearance of cash.

The use of new technologies in the financial system demonstrates that this progress is already a reality. These are the main digital trends that are modifying the financial sector:

Big data and analytics:

A large amount of information, the speed with which it arrives, and the complexity and diversity have given rise to the term Big Data. The important thing about Big Data is the collection of all this information and what is done with it. Today, financial institutions use Big Data and the analysis that comes out of this information to make transcendental decisions for companies.

Virtual banking:

Large banks have leaped into the digital world, creating platforms that allow transactions, payments, purchases, and paperwork at any time and from a mobile device. The Financial Superintendence affirmed that in 2018, more money was moved in digital financial services than in bank offices for the first time in Colombia. More than 6 billion operations were recorded through digital channels.

Blockchain:

The Blockchain, or blockchain, is a technology that structures data and encrypts information to secure digital money, facilitates information retrieval, stores files, among other functions. At first, it was born to protect virtual currencies. However, the financial system is being obliged to incorporate this technology into its operations, facilitating negotiations, collaboration, and trust between the different actors.

Artificial intelligence:

Artificial intelligence is responsible for designing tools that emulate the physical and reasoning capabilities of the human being. These tools recreate human procedures, such as learning and reasoning. One of the uses that the financial sector gives to artificial intelligence aims to personalize the services of customers.

Cognitive technology:

Artificial intelligence helps financial service businesses in covering all their diverse aspects. It can best and helpful cases in the industry. Financial businesses already have high computing and cognitive abilities. They manage risks, identify data patterns, and detect fraud with the help of artificial intelligence. In this way, they make decisions with the least human intervention. Also, AI helps customers perform budget analysis, get a saving suggestion, realize the best mobile banking experiences and digital payment.  

Conversational chatbots

Chatbots were useful technology but lost their value as they can’t deliver experiences like humans. The integration of AI in Chatbots rebuilt their charm and usefulness. By the end of 2020, AI-powered Chatbots can handle 85% of interactions among businesses and customers. Financial services businesses use conventional AI solutions to send humanized experiences to clients. Database and current interactions help in growing and learning AI-based chatbots. In this way, financial service providers bespoke replies to client queries, perform beyond expectations and give relevant suggestions.

Online perils and financial crimes

Complex and sophisticated financial crimes are unsafe from traditional prevention techniques. That’s why financial companies need advanced technologies for strict protection. Analytics and Artificial intelligence are best to improve detected fraud and threat visibility effectively. Eight out of ten financial service providers believe that embracing new security-related technologies is faster than the previous ones. American banking sectors can lose their $350 value due to cybercrimes in the next five years.

Cloud computing 

Mobile banking meets all demands, online insurance transactions are going on, and tech-savvy clients are fond of digital wallets. Financial service providers got access to such proceedings. Now, financial businesses can get all of these facilities by cloud computing technology seamlessly.

The digital-powered sharing economy never sleeps as their clients want to connect smart devices, communicate, and 24 hours transactions. That’s why cloud computing encourages mobility in a true sense. As financial businesses have many expectations from cloud computing technology, it helps them keep up with the digital-born client pace. It has instant access to data and offers on-demand computer resource availability without direct management via the user.

These trends demonstrate the change the financial system is experiencing. The new digital generations are increasingly visiting bank offices. The step towards digital is a reality, and the financial system is moving towards the virtual world.

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

Obtaining funds for a startup is vital to sustaining the project. This makes it possible to recruit competent people, buy the necessary tools for the company to function properly, and increase the credibility of the brand.  Funding is important when we consider 8 out of 10 startups go bankrupt because of financing problems.

The biggest challenge for a startup is to finance quickly and efficiently. This is a complicated step as investors want to ensure a return on their investment and are reluctant to lend money to a newly created company.

How to finance a startup

There are several ways to raise funds. Some are faster than others but can recover less money. Therefore, it is important to understand financing steps and choose the right source of funding so that you do not lose time and can increase your chances of success.

It should also be considered that some funding sources are only possible once your business has reached an advanced stage. So, here are some possible financing options.

Self-financing

When we have an idea in mind, we must try to realize it quickly, even if the product or service is not yet finalized. This allows you to quickly test the idea on the market and avoid wasting time developing a product that does not work with the public. To launch your idea, you will probably need to use your own funds and self-finance at first.

So, be prepared to self-fund, especially at the beginning. If your company has several co-founders, each one will generally bring money up to his stake in the capital of the company.

Love Money

When you have a draft product or service, you can then try to recover money from relationships (your family, your friends). This is called Love Money. If your relations require no repayment, you can still offer parts of your startup at a preferential price.

Business Angels

Business Angels are often the first people that you will contact to obtain financing after your loved ones have contributed. They are individuals who invest in your personal business to make a profit if your startup takes off. They are generally able to invest between $150,000-$500,000.

Venture Capital

These are investment funds that contribute to unlisted companies that are still young. They invest the money entrusted to them by others whom they have convinced beforehand.

First employees

The first employees can be paid by accepting a lower salary but by obtaining shares in the startup in return. They are counting on the success of your business.

Investment Banks

At this point, the investment banks can then act and make an IPO (Initial Public Offering) of your company.

The Public

Following the IPO, the general public can buy and sell shares in your company. It is also easier for the founder of the company to sell his shares.

Develop a Business Plan

A business plan is a document that must be created in the initial stages of a business venture. It contains all the information about your future business and aims to appeal to investors. Presentation of the team, product, market analysis, competition, and financial forecasts is highlighted in this document.

It is very important to present a perfect business plan to investors to demonstrate the seriousness of your project. Without a strong and well-crafted business plan, it is almost impossible to raise funds.

If your forecasts are utopian and unworkable, or you have no way of distinguishing yourself from a competition already in place, there is a good chance your investment request will not be successful.

It is also helpful to read your business plan to your loved ones, see what they think, and determine how to make them understand what you need financially. Indeed, the business plan helps develop an idea. Having this document read may give you further insights into the project and save you from making a big mistake.

Do not neglect the business plan. It is a central element to obtaining financing for your startup and is an important element to evaluate the potential of your idea.

Networking

Your network is important! You must never stop expanding and deepening it. Indeed, it is easier to set up a business when you have good contacts.

Lawyers, accountants, business leaders, executives, employees, freelancers, bankers, investors are all profiles that can be useful to develop your business.

Through advice or services at preferential or free rates, you will be able to easily manage your business. Be careful, though; networking works both ways; you must give to be able to receive help in your network.

Keep building your network over time. The more your company gains visibility and credibility, the more you will meet competent and influential people. Feel free to help when you have the capacity, and your network will be more stable and trusting.

Conclusion

Financing a startup is not the simplest step, but it is important. Without money, it is difficult to advance at a suitable pace and to obtain resources.

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

Individuals involved in selling as real estate investors do not pay careful attention to the importance of their house being presentable. Having a clean and decorated house increases the chances of buyers prioritizing your house.

The US, real estate market has many homes for sale, and a buyer might have visited multiple houses during the search before arriving at a conclusive decision. As a real estate investor, you must make your home stand out among all those options, and to make that happen, cleaning and decorating your house are the first steps.

Often, first-time home sellers list their homes at times of the year that are not considered ideal for selling. The demand for homes at certain points of the year in the US (east coast and west coast states) is remarkably high during spring and fall. At these times of the year, you can get a great price for your home that is relatively much higher than what you will get in the winters.

It is the instinct of a human to remember things that may appear different in a pragmatic way. It is your responsibility as a seller to offer potential buyers that point of differentiation. Real estate investors are not generally aware of the red tape processes and lose time and money on the deal just because they did not pay attention to the maintenance needs of the house. Here are three hot tips to help you get top dollar as a real estate investor.

Give Your Agent Chances to Show the House

Most investors do not give their real estate agents much time to show potential buyers around the house. Buyers need to look thoroughly around the house. Let the buyer observe the most intricate details before they make a purchase. Real estate investors must go through a lot of trouble to make them realize the importance of open houses. Just two hours once a week of open houses are as good as nothing when you want the house to sell fast and at a good price.

Give your realtors the time and space they need to convince potential buyers that the house is the best choice they will make. It is only possible if the realtors can show the buyers around the house multiple times a week for a few hours. It will help the buyers make up their mind and finally “give you an offer you cannot refuse.”

Have the Most Breath-Taking Listing Pictures

The home’s listing pictures are the first thing that any buyer will notice about the house. It is always a good idea to invest in a professional photographer to do the listing photography. You do not want the first outlook of your house to a potential buyer to be scrappy and be unprofessional that do not catch their eye at all.

The first impression of the house should catch the buyer’s attention such that it intrigues them rather than disappointing them. Find yourself a good photographer and have them do what they do best rather than limiting the house’s marketability just because you want to save a few dollars. Please do not consider this money as expenditure but deem it as an investment that will pay off by giving you a good price for your home in a short amount of time.

Knowing What Your Rights and Obligations Are

Selling the house for the first time is not a simple process. There are clauses in the sales contract that most people do not know the importance of. It is of elemental significance in the US to be aware of all your rights and obligations related to the deal. There are disclosures that you need to make, inspection and regulatory compliances, and other such things that can get you in trouble.

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

Multinational companies are growing day by day. With the developing economy, the need for foreign investment is necessary. Multinational companies bring the required investment to countries that are in the development process and help them progress. However, multinational companies have become harmful to developing countries.

The reason is we usually don’t look beyond our shores to analyze the greedy human behavior, previously or in the present.

Multinational businesses are large corporations with operations in many countries worldwide. For instance, Ford, Apple, coca-cola, Microsoft, and Google all have operations in the U.S. and other lesser developed countries simultaneously. Their turnover and size can be higher than the total GDP of many growing economies. There are some benefits and disadvantages of multinational companies, as discussed below.

Benefits

Employment

Multinational companies help to create employment opportunities and worldwide. Inward investments by MNC build much-needed foreign currencies for growing and developing economies. They also generate employment opportunities and help raise the expectation of what is possible in lesser developed countries.

Ensure minimum standard

The main reason for multinational companies’ success is that customers like to purchase products and services to meet minimum service standards. For example, if you visit any country, you will know the star bucks coffee offers something you already familiar with. It might not be the best coffee in the area, but it won’t be nasty or worst. People like the safety of knowing what to expect.

Foreign investment

Multinational organizations engage in FDI (foreign direct investment) and operate in more than one country. They have better control over market knowledge, research activities, management, and financial resources since they have insights into every economy they are operating in.

For example, Unilever is one MNC that owns over 400 brands whose products are available in more than 190 countries with billions of dollars in annual sales. MNCs have been strengthening global transfers, ensuring global economic development, and deepening globalization on a massive scale.

MNCs have played their part in developing ties and building strong relationships with all the economic stakeholders, government institutions, corporate legal advisors, corporate workforce, customers, etc.

Outsourcing of production

Outsourcing of production via MNC allows lower prices. This lower price point grows disposable income in developed countries and will enable them to purchase more products and services. Building new sources of jobs to offset the lost jobs from outsourcing manufacturing works.

Promotes competition

 When various MNC’s are present in one economy, competition is flashed along with more investment keen into developing a firm’s good, regardless of whether it enhances its efficiency or quality of the manufacturing process. Ultimately, the economy will develop.

Competition boosts the international competitiveness and performance of the business area and helps economic growth—generally, MNCs advantage well from decreasing and deregulation tax rates. An increase in regulations stops man business from maximizing their full possible while hindering competitors’ free entrance.

Deregulation helps economic contribution, inciting competition. Companies can only grow their incomes to increase efficiency, cut wages of workers, or increase the price of products. In the U.S, deregulation has lessened the price by 30%-75% in various vital sectors imposing those businesses to reorganize to become more effective. Without competition or rivals, the companies’ status and position won’t be endangered. None will be prepared to risk capital to recover.

Disadvantages

Human rights Abuse

One of the most general norms modes regarding companies in economics is that companies purpose to maximize income. In reality, companies do that by cutting production charges, the most direct method to lessen the cost of workers’ wages.

Though in developed countries, they are already set on minimal salaries, and the salaries can difficult to go further down on a specific point, relying on which economy. This phenomenon, called strictly wages, was discovered by John Maynard, one of the most dominant economists ever.

Companies will move their factories to countries that will pay lower wages, such as Pakistan and China. In both countries, the number of workers is more than the demand for work, permitting companies to lessen their wages still attracting the same number of laborers.

The incentive of shoddy labor and better income attracts many foreign companies. One of them being Primark, who has been suspected of paying children some amount for few days. These labor children’s working conditions appeared as poor, where they are forced to work for long hours without having a proper break.

Environmental pollution

MNC frequently contributes to pollution and utilizes non-renewable resources underlaying the environment at risk to search for more revenue. For instance, some multinational companies criticizing or point out outsourcing pollution and environmental degradation to emerging economies where pollution values are low.

Conclusion

Multinational companies are beneficial for the economies of developing countries. On the other hand, it can have some harmful effects on the industry. It is important to understand the benefits and disadvantages of running a multinational company if you consider taking your company internationally. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Business relationships depend on human relationships. They require communication, patience, common sense, and knowing how to conduct oneself. No business is capable of subsisting on its own and depends on suppliers, customers, and buyers. However, in this chain, not everyone interprets its role well, which causes debts and defaults. 

The default is an indebtedness that occurs when a natural or legal person does not fulfill its obligation to satisfy a payment in a period based on established conditions. This individual or organization is commonly known as a defaulter. To be recognized as a defaulter, a document must be established that is legally recognized by both parties where the debtor is obliged to make payments.  Common agreements include credit agreements, telephone service contracts, mortgage deeds, etc.

Many companies resort to giving generic answers for all the defaults. This can cause a slowdown of the processes, and bad practices can lead to uncomfortable and irreversible situations. Therefore, we must bear in mind these fundamental principles:

• Every default is different. It should address issues such as the customer, the sector, the age of the debt, etc.
• Any non-payment carries information that may be useful for the future of the company. How we handle the defaulter will determine the financial situation tomorrow.
• We must remember that the objective is not to collect the debt as to collect it effectively. That is, do it in the shortest time and with the least cost.
• To keep in mind that the legitimate right to collect the debt must not clash with the fundamental and basic rights of the debtor.

There are multiple types of payments, as many as customers, but the vast majority could be classified into five large groups. Here are the characteristics of each group and the most appropriate way to handle them:

Impact technical: is one that occurs as a result of a technical error, either in the payment channel, data, and order information or a change in the company that invoices. This implies that the debtor knows the debt and is willing to pay it, but that error asks for it. The lack of bank loyalty caused by the economic crisis and the emergence of different forms of online payment have generalized this type of default.

The best form of action is to inform the debtor that the default has occurred. Notification of attempted recovery by any means of communication could jeopardize the relationship between the company and the client.

Immerse: it is a consequence of a commercial disagreement. There is no reception of the product, or it is defective, poorly invoiced, etc. In principle, if it is not an alibi, the debtor has the funds to face the debt.

The most advisable measure is to suspend all activities related to the current payment until the resolution of the conflict. Likewise, it is not advisable to classify the client as delinquent or to the process as unpaid, but as a pending dispute. This will avoid damaging the relations with the client and the performance of the recovery department.

Temporary or definite specific insolvency: this non-payment occurs when the debtor, in agreement with the products and services received and aware of the date of payment, goes through an economic and financial situation that prevents him from facing the debt temporarily or definitively.

The way of action is the collection of the debt, either through an internal recovery department or an external company, always trying to cause the least possible damage and minimum costs. For this, it is convenient to find out as soon as possible the opportunities of future payment, to individualize each case according to the characteristics of the client. If it is considered convenient, discounts can be applied in time and form that allow payment. First of all, it is necessary to weigh the cost of the recovery and resort to the legal aspect as a last resort.

Global Insolvency: serves the same reasons as the previous type of default, but in this case, it is determined by a higher instance that has to provide funds and release the payment, or by the socio-economic situation of the sector or country. This occurs mainly in the Public Sector, whose release of funds depends on higher instances.

In this case, the best measure is prevention. It is convenient to choose the clients well. In addition to the recovery, other measures such as factoring can alleviate the consequences of the debt. Likewise, it is possible to resort to claims of interest for late payment.

Fraud or fraud: It is conscious concealment of information by the debtor. He is fully aware of his insolvency and the default he causes.

Here there are only two ways of acting. On the one hand, prevention, by previously informing about everything related to the client, and on the other, judicial or criminal course of action, once the default has been committed. It is important to weigh the economic and image or reputational costs involved in opening a legal process.

There are many ways to deal with defaults and debt collections. The main course of action is prevention. All the necessary information must be collected before undertaking commercial and economic relations with a client. If a default occurs, the most important thing is good communication to preserve that relationship and the reputation of the company.  Of course, respect and follow all legal avenues available.

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

Real business leaders are not born; real leadership talent comes from experience and commitment to learning. Although some people are God-gifted with some traits that make them good suited to management roles, everybody can become the best leader. If you are unsure how to grow leadership skills, completing an MBA or Master of Business Administration degree proposes a practical solution to increasing the vital qualities for development chances.

Once undertaking a Master of Business Administration degree, you will learn many leadership skills and incorporate and develop them into your future career. Here are eight ways an MBA can enhance your leadership skills.

Challenge your view

You will be provided business information and practices built to challenge your views all over your MBA degree. Various office leaders have difficulties showcasing their views and opinions, resulting in making the worst business decisions because they have not taken all the teams’ thoughts and ideas into account. Challenging your view is considers a good point and helps to improve your leadership skills.

Communication

When learning for an online MBA, you will advance strong communication skills imperative for leadership success. Simultaneously, there are no exact areas of an online MBA that mainly focus on communication. The whole degree’s experience will empower you to connect and communicate with the peers and work on projects and tasks together. You will efficiently communicate solutions between your lecturer ad peers all over your study, serving build on your communication skills. When you have developed these skills, you will be able to maintain them with you in your workplace.

Marketing plans

When you are starting a business, you must have leadership skills. MBA marketing provides you leadership exposure to your business’s market, which helps reach the general audience, and provides success to your business which is the primary leadership factor.

Teamwork

While working as a team can feel primarily daunting, the more projects and tasks you do, the more confident you will feel. Collaborative and teamwork drive you into circumstances that might be out of your comfort zone. However, the more you communicate with your peers, the more comfortable and relaxed you will become. Once you work in a team, listen to all points of view as some are probably to differ from your own. Having everyone’s issues and thoughts into account will put you in better stead and provide you excellent leadership skills.

Problem-solving

Additional significant quality to have as an efficient leader is evaluating a situation and solving issues under pressure. All over your MBA degree, you will face problems that will involve working under pressure, which will help you become a good leader in the office or workplace. Solving the issue will assist you in making the right decision on a task or project.

Passion for development

When you have completed your MBA degree, your desire for development should not end. Actual leaders are always determining success and thinking of how they can better themselves to improve their market value or professional career. Make sure that you choose an MBA program that fulfills your needs. With a wide variety of MBA benefits, choose the top-rank MBA program to ensure that you are getting the best education level.

Integrity 

A real leader must prove integrity, build trust in their workers and establish themselves as expert figures. During your MBA degree, you have learned from experience career coaches and advisors who will work with you on an individual level through one-on-one career and leadership sessions. Those experiences will provide you with feedback and insights that will allow you to develop leadership skills in a way that relates to your future goals.

Focus on organizational change

The business sector is varying rapidly, though there are different ways to avoid being left behind. MBA  spots the significance of dealing with change in the office, giving aspiring leaders an understanding of new techniques to financial productivity goals and social effects during the disruption.

McKinsey estimates that 70% of the exchange programs last with the failure to accomplish their worker resistance goals. Through treating the ability to navigate companies’ change as a core leadership skill.  An MBA can make you a responsible leader and change management skills. Because of an exchange program’s current failure rate, proposing real change management techniques will help you stand out from the large audience.

Conclusion

An MBA provides different skills like communication skills, time and team management skills, problem-solving, passion for development, and man more. Altogether, it gives a leadership skill, which opens different opportunities for the skill full degree holders.

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