Author: Complete Controller

We live in an age of technology and possibilities. Corporations were the first to realize this as they jumped on new technologies. Competitors keep new technologies in view to pounce on any new technology that enters the market. However, some businesses need help grasping different technologies and concepts. Product marketing comprises other technologies and methods for promoting businesses worldwide. Here is more on this.

Is There a Difference?

There are similarities and differences between both. On the other hand, content marketing is a specific niche involving promoting businesses, products, and services. One can say that content marketing is a component of product marketing with purposes and targets to meet. Sometimes, companies confuse one for the other as they have difficulty understanding the differences. Keep in mind that there are minimum notable differences. 

Product marketing is more about promoting products to customers. It becomes customer-oriented, and for that, it uses techniques such as paid marketing and direct advertising. Paid marketing and promotion bring desirable results as they promote products just how sellers want them to. 

Also, note that product marketing is urgent, so marketers using this method of promotion may like to start immediately. The reason for this is the high cost that it incurs. Extended use of paid marketing can cost the company dearly in the long run. Companies use product marketing briefly and then move away from it. They then investigate other valuable techniques to promote products. 

On the other hand, content marketing is different in many ways. This type of marketing is different in many ways to the extent that it does the opposite. Content marketing can be fruitful for immediate use as well as extended use. Amazingly, productive, informative, and pertinent content works wonders for a business. Marketing your content using this technique is valuable for promoting your website to the world. Search engine result pages will continue to promote your website more if they find relevant, high-quality content. Of course, there are other ways to promote your website, but improvements will become apparent. 

Content Marketing for Business-to-business

The usefulness of content marketing for business is known to all. It is known to be more impactful for B2B applications. However, it is far from easy, and marketers need to understand how to use it to promote better results. Promoting content using innovative techniques can pave the way for turning your business into a hit. 

This way, more traffic will divert to your site and let you continue your daily practices. Since content marketing works short-term and long-term, it only makes sense to use this type of marketing as it shows promise and proven promotion techniques. 

Effectiveness Compared

Both methods work flawlessly. Using either without planning may not provide the desired results for entrepreneurs. The effectiveness of marketing and promoting your business depends on how you use it. For instance, content marketing does it by putting the type of content you prefer for the company. The results show that a successful content marketing campaign can do wonders for businesses as it has a history of working well for businesses. It is necessary to understand the differences between both types of marketing to know which method to use and when. Campaigns due within a week or two can better use product marketing, while others may put content marketing to good use. 

It is all about understanding business core values and concepts so you know how to utilize either method for maximum ROI better. With content marketing, you will get results eventually, perhaps not immediately. Use both methods when necessary, but distinguish one with another. Ask your marketers to identify ways to capitalize on both and choose the appropriate method for promoting business whenever needed. 

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.

The year 2020 was a disaster and a challenge for us. However, the manufacturing industry has learned valuable lessons that will shape trends and contribute to the success of 2024 despite facing various challenges and unexpected developments. In the new year, manufacturers are on the rebound from the effects of the coronavirus. Last year, the companies had to focus on survival; now, they can recover from the damage. Now, as the operations scale back to the pre-pandemic levels, the manufacturing industry is gradually returning on track, developing new strategies for growth and connecting with workers in brand new ways. 

As a result, digital transformations have allowed frontline workers to improve their processes. Trends in the manufacturing industry and digital connectivity are expected to dominate in 2024. Some of these significant trends include the following.

Employee Health and Safety 

This remains a top priority from the production floor to the board room. Employee health and safety have become a priority of every decision in 2020. We expect that the trend will continue and improve in 2024. It will continue accelerating global regulations and evolve, and the manufacturers will work to build a safer environment for all employees. Like the previous year, the manufacturing industry ranks in the on-job incidents with an average of 40,000 non-fatal injuries yearly. Businesses need innovative equipment and real-time communication technology to ensure employees remain safe. 

Manufacturing Technology 

3D printing, AI, robotics, etc., are all the latest trends in manufacturing technology and will remain operative for quite some time. Robots on manufacturing floors have become increasingly helpful to automate processes and enhance speed. Thanks to the declining costs and increased capabilities, there is a record addition of robotics manufacturing industries this year. We expect that 2024 will be the age of 5G technology. It is estimated that by 2030, the use of 5G will increase to 25%, and manufacturers can make billions in profits and GDP. 

Digital Connectivity

In 2020, the impact of the coronavirus pandemic was heavy on the manufacturing industry due to the lack of interconnected systems. It was difficult to remain flexible amid the pandemic, from closed facilities to strict communication channels. As a result, over 95% of the companies suffered disruptions in their supply chain and operations. In 2024, digital connectivity will be one of the most dominating trends in manufacturing. Businesses will begin to rely heavily on the internet to connect and digitize as many aspects of the production process as possible. It will help in staying ahead of any future disruptions. The idea of the Internet of Things is multiplying, with billions of manufacturing devices connecting and communicating.

Going Green

Today, the manufacturing industry represents almost 54% of the world’s energy consumption and global emissions. It comes as no surprise that there is a growing need for the manufacturing industry to go green. Going green has various benefits, including recovering and repurposing materials, switching to renewable energy sources, and reducing wastage. All sectors and subsectors are looking for a significant push towards sustainability. 

Centralizing Communication

During the pandemic, the workforce was split into different directions, while many administrative teams worked remotely. Many frontline workers came to work but had to maintain distance from other employees. In-person meetings were also complicated. 

To increase and maintain productivity, companies must find a new way to connect with everyone and bring them at the same pace. New ways to connect are significant for time-sensitive operations. Mobile productivity tools will create a centralized data and communication hub for companies to connect quickly and safely with everyone. 

Establishing a Resilient Supply Chain Network

Many manufacturers had to halt their operations because of the inability to procure the materials needed to operate optimally. Supply chain systems worldwide became broken and overburdened, leaving manufacturing companies without materials for production. As the production processes pick up steam, companies established more resilient supply chain methods to avoid future crises.

Final Word

The trends of transformation and digitalization in the manufacturing industry continue to grow. Last year was a disaster due to the unavailability of communication and digital channels. This year, the push is towards integrating methods that present clear communication and increase productivity for the industry. 

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.

Decisions on the innovation strategy use information about markets, customers, competitors, technologies, and framework conditions. The company must recognize trends and forecasts made. That presupposes the correct methods of obtaining information.

Information as the Basis for Strategy Decisions

You need information to make a good decision about the right innovation strategy. To do this, you need to tap suitable sources of information and collect and evaluate information. It would be best to distinguish between secondary research and primary research according to how data is collected. Secondary research deals with acquiring, compiling, and evaluating existing data.

Secondary Research

Secondary research usually leads to results faster and is cheaper than primary research. With every form of secondary research, the data is evaluated accordingly. A distinction is made here between internal information sources and external information sources. Secondary research is the starting point for primary research. Therefore, the following rule applies: First, evaluate secondary material, then conduct primary research.

Typical examples of internal information sources:

• Accounting and bookkeeping data
• Sales statistics
• Reports with tasks
• Correspondence with customers and suppliers
• Previous market studies
• Files about customers or prospects
• Personal experience of the employees
• Own product descriptions, brochures, pricelists
• Company documentation Typical examples of external information sources:
• Official national statistics
• Foreign statistics
• Information from associations
• Business information services
• (Market research) institutes and consulting companies
• Banks
• Trade press, publications
• Address publishers and address manuals
• Fairs and exhibitions
• Company documents

Primary Research

Secondary sources are insufficient for tasks to satisfy specific market research information needs and justify business decisions. It can be tailored to a particular problem and requires thorough preparation and planning. Research also helps you understand clients’ behavior and how your competitors lead their businesses in the market. Primary research includes the following methods:

Observation

Observation is the visual or instrumental gathering of information. Observation forms are open or covert, participating (active/passive) or non-participating observation, under laboratory conditions (as an experiment) or field conditions.

Typical fields of application for observation:

• The point of sale
• Trade fairs
• In customer contacts
• When customers perceive advertising
• Advertising formats and promotions from competitors
• Location analysis and site observations
• For participants in group discussions, technical tools for observation are:
• Microphone
• Video camera
• Electronic counting and measuring devices
• Scanner
• Gaze recorders
• Telemeter

Survey

The survey is of the most significant importance for innovation marketing. It also serves primarily to ascertain the facts. The selection procedures for the survey are random and quota.

Methods of the survey are:

• Written survey (e.g., questionnaire by post or on the Internet)
• Oral survey (e.g., interview, in person or by phone)

Survey Tactics:

• Standardized or structured
• Directly or indirectly
• Open or closed
• Free conversation

Experiments or Tests

A test is an empirical study to assess hypotheses, that is, statements about objective facts. The essence of an experiment is an attempt to show the effect on other quantities by changing the impact of one or more portions. The experiments aim to check whether there is a causal link between at least two factors. Investigations can take different forms.

Trend Research

Another insightful instrument of primary research is trend research or trend scouting. Experienced trend scouts are here to discover and describe future developments, opportunities, and market potential. They bustle with customers at trade fairs in trendy shops or simply on the street; they watch TV series and commercials to see what the target group is up to and admire at a suitable time.

The special competence of trend scouts is that they must differentiate between mayflies and curiosities on the one hand and sustainable trends from which successful products can be derived. You need to know today what is “in” tomorrow. With the gift of an ethnologist’s observation and an entrepreneur’s flair, they discover innovation potential.

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.

Process management and process optimization measures usually start with the customer. These can be external customers who buy the company’s products and services. However, they can also be internal customers, i.e., departments within the company that depend on the results of a process step for their work. Every process in the company must focus on the relevant customer. Process management focuses on the following process features.

Process Management Features 

In process management, the focus revolves around various vital elements. The process customer, whether external or internal, relies on the results. The process output is the expected product tailored to customer specifications. Implementation involves a range of actions, such as processing, checking, planning, and more.

Process input encompasses all resources essential for correct execution, spanning materials, energy, employees, and information. Lastly, the process supplier, internal or external, plays a crucial role in providing necessary inputs for the process. This comprehensive approach ensures a holistic understanding and management of organizational processes.

Visualize and Describe Processes

In process management, these process characteristics and the activities for process implementation are described, represented, and visualized in diagrams.

Process Management Applications

Since processes usually only work if operated and conducted for a while, they should not be permanently changed or optimized. Every process change is associated with far-reaching tasks and behavior changes in the process of employees. The following occasions can be to review and examine a process and, if necessary, to change it.

Introduction of IT System or Automation

It is crucial when information technologies will support processes in the company or even replace employees. Only if the processes concerned are analyzed, described, and defined very precisely can they be translated into IT-supported processes. Methods are the basis for the technical support of the operations. They are also the specification of the requirements for technology and software.

Cost Reduction and Process Cost Accounting

When controlling and management determine that the costs in one area are exceedingly high. They are the basis for cost-saving programs. It is often about overhead in one place. They can increase and become opaque over the years because nobody knows the processes involved. Controllers then want to find out how to allocate the costs to those responsible better and correctly. You must look closely at your processes to know what a product or service costs or why it costs more than the competition.

Change Management

The general conditions for the company or individual specialist areas change repeatedly:

• Customers have different requirements.
• New products are developed and launched on the market, as are innovative technologies.
• New legal conditions or companies apply.
• Their areas are reorganized in organizational terms.

In each of these cases, you must check the processes and, if necessary, redesign them.

Anyone who then critically examines and changes his processes fundamentally intervenes in the life of a company. He must deal with organizational development and change management and all its obstacles and difficulties. It applies to the individual employees in the process. They must be qualified and align their activities and actions with the new strategies.

Specific Responsibilities

Budgeting and forecasting

The process analysis and planning teams are rising, working on developing a rolling forecast. No matter whether this process is in parallel with the traditional budget or altogether as a replacement.

Decision support

It is process analysis and planning team report predictions and changes. Also, they use their research-based data to advise management on decision-making, such as boosting performance, minimizing perils, or getting new chances. The company and the external environment give all these suggestions.

Memorable projects

They include potential acquisition, purchase-side support, integration, process optimization (it boosts workflow efficiency), market research, and capital allocation.

Conclusion

In conclusion, effective process management and optimization begin with a customer-centric focus, whether external customers purchase products and services or internal departments rely on process outcomes. Critical elements in process management include the process customer, output, implementation actions, input resources, and the process supplier, ensuring a comprehensive understanding and management of organizational processes. Visualization and description of processes through diagrams are essential in process management applications.

Critical occasions for process review and potential changes include introducing IT systems or automation, cost reduction initiatives, and adjustments due to changes in external conditions. Change management becomes pivotal when addressing shifts in customer requirements, new product developments, legal situations, and organizational reorganization, requiring a careful examination and redesign of processes. Specific responsibilities, budgeting, forecasting, decision support, and managing memorable projects play crucial roles in improving and adapting processes to meet evolving business needs.

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.

Maintain Offer List and Monitor Offer Success

Keep an eye on all offers for your potential customers with an Excel template. It can show you which offer you made and when and how much the offer is. It allows you to see the success of your suggestions when the customer orders. In this way, you optimize your success rate (hit rate).

Importance of Bid Tracking

Writing an offer is a critical milestone in the sales process. With the offer, you tell your (potential) customer what services you want to provide, under what conditions, and for what price. With offer tracking, you can check how successful your offers are. It would be best if you had a constant overview of:

• Offers that you have created and submitted
• Status in which the offer is
• Order or order that the customer has placed for your offer
• Comparison of your offer with the customer’s order in terms of scope and price

You must always monitor your offer’s success. Does the order match what you have offered, or has the price been reduced, for example? You also need to know which offers are successful and which have led to the order. The ratio of successful offers to all submitted offers corresponds to the hit rate in sales.

Finally, it would help if you kept an eye on whether there are differences in the success of offers within your company. It would be best to recognize which departments are successful and which are less successful. To keep this overview, you must do the following steps as part of the offer tracking using the Excel template presented here.

Departments and cost centers have a number, a name, and a person responsible. The customers also have a number and a reputation as well as a contact person at the customer. This information is stored.

Record and Track Offer

In the acquisition phase, offers should become orders and, thus, projects. Each offer has a number assigned to a customer from the customer table in the offer tracking table. Then, it is recorded for each offer:

• Status: in progress, submitted, in negotiation, hanging, granted, rejected
• Offer date
• Sum of the offer (price at which your company offered the project)
• Order amount
• Order date
• Order number

Monitoring Offer Success

Use the different reports in the Excel template to monitor your success with your offers. Check which departments or people in your company are particularly successful and which are less: Offers by department and offers by cost center. Also, monitor which customers have submitted which or how many offers. You can filter and check:

• Time or period of submission of the offer
• Offer status
• Offer amount (potential sales in the sales funnel)
• Order amount (shows whether the offer matched the customer request or which discounts were granted)
• Deviations

Offer to Track

Use the following Excel template to manage your list of offers and check the success of your submissions. Enter the master data and the relevant offer data and evaluate the reports.

If you successfully accept your offer and the customer places the order, your project can start processing the order. Then it depends on the project management: You always must check up-to-date and keep an eye on whether the schedule and the budget are met. You can also monitor this with the Excel tool. You can read how to do this in the following section of this manual chapter.

Core Project Management Software

Selecting the best project management software is quite challenging. It helps you to drive a smooth and better accounting company. Let us have a look at customer-friendly task management software.

• Asana
• Basecamp
• Zoho Projects
• ClickUp
• Monday.com 
• Wrike
• Trello 
• Jetpack Workflow

Conclusion

In conclusion, effective offer tracking through an organized Excel template is crucial for optimizing the success rate in the sales process. It facilitates comprehensive record-keeping of offers, their status, and subsequent orders, offering valuable insights into departmental and cost center performance. Bid tracking is a critical milestone, enabling businesses to adjust strategies based on offer success. 

The reports allow granular analysis, comparing success by department, cost center, and customer, providing a data-driven approach for future sales strategies. Beyond offer tracking, the importance of core project management software is emphasized for smooth project execution, schedule adherence, and effective budget management, contributing to overall business success.

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.

The restaurant business uses two fundamental principles: Great Food and Great Service! Most restaurateurs fail to plan their ultimate goals, services, and proper financial plan to improve the business.  

When a business starts going off track, sales go down, which affects customer reviews. Business owners need to understand that they cannot find a quick solution to overcome significant problems. Restaurateurs take a long-term commitment and work hard to maintain hospitality with their staff.

This article is about restaurant owners’ considerations in improving hospitality and customer representative staff.

Well Trained Staff

Having an excellent and courteous staff can make the restaurant shine. The team should maintain their tone, attitude, and body language while taking orders. So, to increase customer footfall, it is essential to have a well-trained staff.

Give Back

Marketing can be done in many ways. Therefore, restaurants can make their image as a socially responsible corporation. They can do this by hosting a charity dinner and participating in events for a worthy cause. Sponsoring youth activities and league teams can also be a good option for restaurants.

Good Hygiene

No matter the socioeconomic level of the food business, hygiene should be significant for a restaurateur and his employees. Few locals dare to let customers see their kitchens or enter them while touring. Therefore, cleaning all the details inside the kitchen and general room, like bathrooms, is essential. Remember that poor hygiene talks very severely about your business. Would you dare to show your customers the cuisine of your place? If your answer is no, it’s better to eat at another restaurant that does.

Prices Attract or Scare Customers

The owner of every store must be fully aware of what he is charging. The meaning of this is straightforward. Nobody is going to have trouble paying a high price for something worthwhile. Remember that many people ignore costs. Instead, they justify them. If it’s expensive, it’s because of “something,” they think. Now, if you can achieve quality at a low price, you have assured an essential percentage of success in your business.

Be a Kid-friendly Restaurant

Parents will likely come back if a restaurant makes the dining system easier with their kids. Families should get a separate space or large tables so that the kids can roam around and play. Many restaurants offer some play stuff to kids, like play areas, toys, and painting to keep children busy while the family can enjoy their meal peacefully.

Invite Bloggers and Influencers

Connect with bloggers to share the affordability and exceptional offerings of your restaurant. Emphasize the attractive pricing and excellent value it provides. Highlight the impact customers can have on your business, underscoring their ability to leave positive comments that elevate your restaurant above competitors. Remember, customer satisfaction can make or break any business.

Website and Basic SEO

The website must leave a significant impact and be simple so that users can see what they need without clicking too many options. Try to place the reservation form insight from when the web is loaded. Identify all aspects that differentiate the restaurant from the competition, like organic food, free Wi-Fi, pet-friendly, and discounts.

The images on the web must be attractive to the public. The restaurant must search for professional photographers to make dishes irresistible to those visiting the website. Use tools such as Google Analytics, Google Places, and Google + that will improve the organic positioning of the restaurant.

Conclusion

In conclusion, successful navigation of the restaurant business requires a holistic approach encompassing great food, excellent service, and strategic planning. Recognizing the long-term commitment needed to overcome challenges, restaurateurs should focus on critical considerations for improvement.

A well-trained staff that maintains a positive demeanor and efficient service is crucial for creating a stellar dining experience. Engaging in philanthropic activities, such as charity dinners and sponsorships, builds a socially responsible image and contributes to marketing efforts.

Maintaining impeccable hygiene levels, both in the kitchen and public areas, is non-negotiable, as it directly impacts the perception of the business. Pricing strategies should align with the perceived value, ensuring customers find justification for the costs incurred.

Being a kid-friendly restaurant enhances the overall family dining experience, encouraging repeat visits. Leveraging the influence of bloggers and influencers can amplify positive reviews, emphasizing affordability and value. Establishing a user-friendly website with essential SEO elements is pivotal for online visibility and attracting potential customers.

In essence, a comprehensive approach that addresses staff training, social responsibility, hygiene standards, pricing strategies, family-friendly initiatives, and effective online presence contributes to the sustained success of a restaurant in a competitive market.

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.

An Existing Userbase

An estimated 113 million people currently own iPhones. Developing an app for your business will give you access to these 113 million people and those who discover your app on the app store. Every year or so, Apple produces at least one new model of their iPhone. Every year, the number of people accessing your app will grow, bringing more attention to your business.

A Secure Platform

As one of the leading technology companies globally, thanks to their strict rules and regulations, you can rest assured that Apple’s app store is a secure platform for your app to exist on. Apple values the safety and privacy of not just its customers but its partners as well.

A business that conducts financial transactions via an app could save a lot of money if its app is compromised. On Apple’s platform, this is next to impossible.

An Existing Revenue Model

The app store features various built-in revenue models, including directly purchasable apps, smaller in-app purchases at each user’s discretion, and even subscription services. Businesses that put their apps on Apple’s app store have all these monetization options, creating multiple revenue possibilities that appeal to different demographics in the market.

Moreover, services like PayPal and Cashapp have integrated with apps on platforms such as Apple’s App Store, making it easier than ever for your customers to spend money on the goods and services provided by your business on the app.

Enhanced User Experience

Apple has always prided itself on making its products and services as user-friendly as possible. This philosophy is at the heart of what drives its constant technological innovation; it’s always looking to make its products and services work faster and better.

If you decide to put your app on their platform, this optimization and innovation will translate to how your audiences perceive their experience, not just with your app but with your brand.

Advertising

These days, people stay glued to their phones. By having your app on the App Store, you have a portal to advertise new products and services to the people who already have your app downloaded on their phones. The app could go a long way in saving you large sums of money by cutting advertising costs.

Brand Image

Today, 94% of retailers in the USA have their dedicated app. As industries progress toward complete digitalization, customers and investors want to know that businesses can thrive in a modern ecosystem. Your app can allow your company to stay in touch with the times and future. Without an app, investors and customers might feel that your business is outdated and living in the past.

Customer Engagement

Not long ago, communication between businesses and customers was a one-way street; brands would advertise to companies, and that was it. The emergence of social media and smartphone apps completely changed that. Now, customers value the ability to communicate directly with brands they support. By featuring your app on the App Store, you can give your customers a means to communicate with the business, voicing their concerns and compliments. This benefit is that your customers will feel heard, significantly improving their customer service experience. Another advantage is that it’ll give you a deeper look into your customer base, allowing you to gauge shifts in market demand and plan your business accordingly.

Return on Investment

Apps are usually expensive to develop, making business owners hesitant to take risks. Publishing your app on Apple’s App Store dramatically improves your chances of success, resulting in a profitable return on your investment sooner rather than later.

To Conclude

Investing in the development of an app is usually expensive. It would be best if you took the time to understand what you’re getting into. Conduct ample market research, determine whether an app would benefit the nature of your business, and what the long-term benefits of having an app are. What are the costs? These are just some of the questions you’ll need to answer to decide if an app is right for your business.

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

Most businesses usually operate on credit lines. If not credit, many business owners resort to loans and investment plans to conduct needed business expansions or pull the company out of debt. However, lenders must consider a lot of things to approve business loans. 

One essential factor lenders, independent investors, or banks must consider is the creditworthiness of the business owner applying for the loan. Creditworthiness refers to the financial standing, history, collateral, and liquid value of the individual or business owner applying for a loan.

Several factors determine the creditworthiness of an individual. While there are no internationally or legally set standards for assessing the creditworthiness of an individual, banks and investors resort to the 5Cs of credit analysis to gauge whether a business is worth taking the risk. The 5Cs include

• Capacity
• Capital
• Condition
• Character
• Collateral 

Here is a brief overview of these five elements which decide the creditworthiness of a business owner.

Cash Flow Situation

The capacity accounts for the cash flow statements of the business. For an investor to approve loans, there must be cash-flow statements from the past and present and those based on future projections. These cash flow statements provide a clear insight into the business performance in recent history, areas of strength and weaknesses, and the potential for growth in the coming years. 

Investors and lenders usually require a cash-flow projection of at least three years to lend money to the business. It is imperative to have updated financial statements, including cash flow, income, and balance sheets, to convince lenders of your business’ capacity. 

Total Invested Business Capital

This accounts for the total amount of personal investment, earnings retained, and any other controlled assets under the business owner’s name. Capital is primarily viewed as an alternate source of making money, either by liquidating these assets if necessary or using them as guarantees. Usually, banks measure capital as a percentage of the total investment cost. It is more of the lender’s security: the higher the capital, the higher the chances for banks to sanction the loan. 

Economic Conditions and Loan Settlement Points

These refer to the loan’s requirements. They account for economic fluctuation, change in currency rates, deflation and inflation, and other factors contributing to the loan deal’s monetary aspects. In addition to these economically dependent conditions, lenders also consider interest rates, repayment schedules, and span, as well as principal amounts. Once the loan is approved, the requirements are made a formal part of the agreement. 

Business Owner’s History and History of Previous Repayments

This accounts for the borrower’s previous credit history and record with loans, debts, and payments. The character reflects the borrower’s reputation in financial dealings and speaks for reliability and honesty. This assessment can be both qualitative and quantitative. In quantitative measures, the character can conveniently be judged by the repayment schedule as promised in previous credit records and credit history score through third-party analysis.

Qualitatively, this includes the borrower’s connections and reputation among the business circles. Banks put a lot of weight on the previous credit history and character. If, by any chance, the borrower has filed for bankruptcy or was unable to make repayments as per the schedule, he is less likely to get the loan sanctioned from the bank. 

Additional Guarantees & Collaterals 

This includes any personal warranties or assets nominated by the borrower in the deal. Deposits can consist of savings or other investments for individuals. For businesses, collateral includes any equipment or assets owned within the premises and any receivable payments in the business accounts. The ease of liquidation by banks usually measures collateral.  

Conclusion

In conclusion, the creditworthiness of a business owner plays a pivotal role in the approval of loans and investments. The 5Cs of credit analysis—capacity, capital, condition, character, and collateral—serve as essential benchmarks for lenders and investors to evaluate the risk associated with providing financial support. The cash flow situation, reflecting the business’s past, present, and future performance, is a crucial determinant of capacity. Total invested business capital is a security measure for lenders, with higher capital increasing the likelihood of loan approval.

Economic conditions and loan settlement points consider external factors affecting the monetary aspects of the deal, emphasizing interest rates, repayment schedules, and economic fluctuations. The business owner’s history and history of previous repayments, encapsulating credit history, and character assessment are crucial factors. A positive reputation and a track record of timely repayments enhance the likelihood of loan approval.

Additional guarantees and collaterals, including personal warranties and business assets, further contribute to the assessment. Banks scrutinize the ease of liquidation of collateral in the event of non-repayment. Ultimately, a thorough evaluation of these factors collectively shapes the decision-making process for lenders and investors, influencing the success of business loan applications and investment plans.

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.

What is Augmented Reality (AR)?

Augmented reality has accelerated the marketing game for brands like never before. When the pandemic hit, brands became even more conscious and inclined to use augmented reality to provide their customers with an experience like never. When social distancing and a lack of real-time emotions are the new standards, brands can use this technological innovation to provide a customer experience like never. 

The use of augmented and virtual reality is revolutionizing how brands market their position in the industry. We are not going to lie; we are also fascinated with the way the market has emerged. The possibilities are endless, and brands have turned every stone so far to prove they are in the game for the long run. Over the past few years, artificial intelligence and machine learning have helped multiple industries evolve from their traditional marketing methods. 

The Benefits of Using Augmented Reality

Augmented reality offers endless solutions and creativity. Brands can communicate with their audiences now regarding a specific offering they have launched, or they can raise awareness impactfully, successfully leaving their competition behind. The sky is the limit! 

The part about augmented reality that tops everything off is that you do not need expensive equipment to be part of the AR world. Just a smartphone is enough for you to be able to jump on the bandwagon. Augmented reality uses presentations, sales pitches, and even the travel industry to help customers experience a full-blown trip from the comfort of their couches!

Augment reality has also transformed the retail sector by allowing customers to indulge in the look and feel of the product before making their purchase. IKEA has launched an AR app where you can try different pieces of furniture for a specific spot in your house by drawing up a 3D rendition of the merchandise on your phone’s screen. Pretty cool, right? 

The gaming industry has also yet to hold back when using augmented reality. Remember Pokémon Go? The game manufacturers carefully transformed our beloved cartoon into a real-time adventure thanks to advances in technology leading to the invention of AR. 

Additionally, mobile applications like City Guide Tour offer an in-house experience for travelers exploring countries beyond closed borders. You can learn about famous landmarks such as libraries, parks, and galleries. You can benefit from advanced features and take photos like a tourist physically present in different countries worldwide. 

AR is slowly moving from being a luxury feature for brands and big companies to a necessary aspect of business marketing. AR has evolved rapidly since its introduction to the masses not too long ago. Immersive technology envelops its consumers, making them part of the whole experience. It is also a great customer touchpoint that can earn brands brownie points when consumers contact augmented reality-amplified content. 

Using Augmented Reality in Content Marketing

Brands like Google, Snapchat, IKEA, Disney, and so many others have used the benefits of augmented reality to create a two-way communication path for brands with their customers. Marketeers leave the room with the content they put out to be completed by the brand’s consumers. In essence, they are accommodating the creativity of their audiences, trying to reach them beyond logos, filters, and static content. 

USA Today uses in-app features that help consumers interact with immersive news and articles. Publishers can now articulate their content with visuals, which ought to come in handy when working with less-exciting news and topics.

Is Augmented Reality Flawless?

As all things work, augmented reality is not flawless, and neither is its use. Users need to have smartphones to make use of the technology entirely. Additionally, because AR is still growing daily, it is not unusual to find any glitches with the system, such as the screen freezing or the app crashing at times. However, manufacturers and technicians are still working to provide fewer faulty solutions. 

AR apps also need access to user’s private information with all smartphone and regular application users. AR has raised some concerns with the audience. App manufacturers have also addressed it using encryption and other security measures. If you are privacy-conscious, you should review the privacy policy apps before using them. 

With the industry’s burst of technology and innovation, brands constantly push boundaries and think outside the box to provide their audiences with solutions. Using augmented reality has helped brands connect with their consumers and understand their level of creativity by giving them a chance to tell their stories. Given the scale of global changes and their rapid pace, brands must constantly keep working to enhance customer experience by reaching new heights regarding creativity and innovation. 

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.

Practical communication skills solve most of our problems. When it comes to venturing as an online business in the already crowded digital world, the correct information-sharing patterns of the company save you from several inconveniences. Poor communication in the business environment does you more harm than you can think of.

The outcomes can be unfavorable if you don’t share information with your target audience using the right tools, from leading you to make wrong decisions to bringing you poor results. Therefore, your company must make the most of communication-sharing platforms when communicating its next big moves. On the contrary, one of the worst things an organization can do to hamper its growth is carrying out its operations in Siloes. 

The organization operating in a silo is more like a locked-up cave that existed years and years ago. At that time, people would continue their routine lives without knowing about the outside world, and the world would not know anything about them. Companies operating in environments like this are called siloed! And of course, there are positives and negatives attached to this – however, the negatives most times supersede the positives. 

Let’s find out why sharing information benefits the growth of online businesses.  

Information Sharing for Promotional Campaigns

With a gazillion substitutes available, promotional campaigns and marketing have become one strategy that varies from one brand to the other. Brands invest more than life in their marketing campaigns to stand out. For such campaigns, they choose to add transparency to their content. Whether it is their web content, web copies, blogs, articles, or infographics, they decided to add the most relevant information in their range that their target audience comes creeping in. 

If your brand comes across a scandal, the transparency in your information sharing will help you a truckload. That is, your audience will know about the products and services you offer – the more your audience is involved in your brand, the more they’ll stand with you in your tough times – especially for a solely digital startup. The point to be noted here is that, for brands operating on a small scale, a good reputation helps them in ways you might not realize. It establishes trust between you and your audience, and they start to promote you with their word-of-mouth. Word of mouth is one of those marketing strategies that marketers make the most out of without investing substantial amounts. 

Establishes Your Brand’s Credibility 

Establishing a brand’s credibility is what marketers go for once they start with their marketing tactics. Making the most of information-sharing platforms is how they achieve this. It helps them earn the confidence of their audience as they become more supportive of your brand and its offerings. 

One good strategy to achieve this could be to ensure the quality of your information source. For instance, you can outline essential questions and confirm the information. How is it coming, and why is it coming? Who provides the data, and why should you share such information? All such questions will help you understand the technicality of sharing information about your brand. Bias mainly influences word-of-mouth, so you, as a marketer, need to exploit such beneficial marketing tactics. 

It is imperative to exercise caution in determining the information to be shared with your audience. Specific details require confidentiality, while others are suitable for public disclosure. Not everything should be divulged to the world, especially critical information that competitors could exploit to your detriment. To navigate this delicate balance, consider enlisting the expertise of seasoned marketers. These professionals excel in formulating tailored strategies, spanning the design of impactful campaigns to meticulous content planning, all aimed at fostering and solidifying a robust digital presence for your brand.

Lessen Inter-departmental Synergy

Once you know how to utilize information-sharing platforms efficiently, you get to promote synergy in different business units of your company. One way to put it is that when companies manage information efficiently, they lessen the friction among other operational units. Inter-departments help the employees work in a team without any negativity influencing them. As a result, they meet their targets on time, feeling motivated, passionate, and inspired to perform better in the long run.

Conclusion

There you have it, a guide telling you why sharing information can benefit an online business. Be sure to consider these tips the next time you need clarification, as chances are the results will take you by surprise.

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.