Author: Complete Controller

Nearly all individuals who want to be an entrepreneur have considered investing in real estate at one time or another. If you are like-minded and considering investing in real estate, first and foremost, understand that there is no perfect time to begin your venture. Real estate investment will never be ideal because there will be problems and roadblocks each time. Even the most profitable investors encounter their share of problems, but their determination and continued hard work help them succeed. For people who are looking to begin investing in real estate, below are a few tips that will help them get things underway:

Join an Investment Club

For a beginner, networking can be overwhelming. According to experts, joining a networking group can benefit a new investor. It is no secret that if a person wants to learn, they must surround themselves with people who have been in that business for years. For a person who wants to learn the dos and don’ts of investing in real estate, joining a networking group is the first step.

Listening to experts will enhance understanding and realistic expectations. The time and the knowledge a person will obtain through these meetings will help them determine the nature of the industry and if they can meet a possible business partner.

Understand Data and Costs

A person who wants to start investing in real estate needs to be able to handle and comprehend data to understand every transaction fully. Closing Costs are the first thing a person needs to learn before entering the real estate business. Even for people with prior experience, there are many factors regarding cost that they need to understand before they start to invest in real estate fully. Many new investors start with a small amount of capital, so they need to be able to utilize these funds appropriately. Having an excellent applicable knowledge of costs, fees, and data will only benefit them as they begin to invest.

Pick a Market

New investors often have a clear vision of the kind of property they want to invest in; however, they may not always be sure about the location. An investor must narrow down the market before they start investing. It requires gathering relevant research regarding the market they want to invest in, knowing the prices and taxes, and paying attention to developing areas and local businesses.
After choosing a market, visiting the neighborhood and surrounding commercial area before investing is essential. Knowing every detail about a particular market will enable an investor to make better offers and sound business decisions.

Assemble a Team

Most people need to realize that real estate is a team business. Even agents who work alone need a support staff at times. One of the most important initial steps of investing in real estate is to get in touch with an agent. Find a reliable real estate agent and reach out to them regarding your concerns and questions because they will know more about the market in a prospective area than almost anyone. Also, a great way to find a reliable contractor is to look in a networking group or ask a real estate agent. It is essential to develop a team where each person specializes in an area of real estate so you can leverage their expertise and maximize your investment.

According to experts, a person should first start by making small offers. Have a reliable team in place and consult with them before making an offer. In real estate, some risk is involved, but make sure that Rick is worth the profit. Fortunately, a person considering real estate investment does not readily need money or even a license to get started. Anyone willing to follow the steps mentioned above and learn can invest in real estate and be successful.

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.

When a person, group of people, or company decides to begin a new startup or expand an existing business, they are usually faced with several problems that they must immediately solve. It is not enough to have a good idea and demonstrate its feasibility; a person must be able to implement it.

Therefore, financing becomes a fundamental issue for these new ideas. Unfortunately, people who decide to undertake a new venture face numerous problems when obtaining sources of financing, including:   

1. Inaccurate estimates or financial plans for realistic project costs.
2. Naiveté of current market possibilities and limitations.
3. Inherent investment risks that generate uncertainty in front of third parties.
4. Scarce resources are initially available.

Challenges in Securing Financing for Startups and Business Expansion

An entrepreneur’s options when financing a startup project may be limited, so it is essential to know what options are available and clearly define the financial needs of the prospective business. It is necessary for an accurate and realistic budget to be created and reflected in the volume of the investment so as to absorb any unexpected costs.

Similarly, the business plan must detail those financial needs to start the project. Currently, there is no single financing model as the size of the company, the sector, and even the country can impact any company’s financing structure, causing the investment amount to vary. In general, there are two financing options: personal resources and third-party resources.

Navigating Financing Options

Personal resources or partner contributions are scarce, and the cost of maintaining them is high. It is a common misunderstanding that personal finances are the best option, but that can be a mistake. Depleting private equity or investing personal funds can significantly impact one’s livelihood, and if the venture fails, the entrepreneur could be in dire financial stress.

Exploring Third-Party Resources

Conversely, third-party resources have limitations, and the periodic interest payment reflects the cost of utilizing them. Loans are the most common products, but other financial tools, such as leasing, should also be considered to finance fixed assets and production.

Another funding source is subsidies, a type of financial aid whose access can be cumbersome because of the requirements necessary to obtain them. Subsidies should be utilized as a secondary financing option, and a startup or expansion should not be considered if it depends solely on this type of aid.

Venture Capital and Global Trends

If personal resources do not allow an entrepreneur to implement a structure of healthy financing, it may be necessary to consider introducing new partners, either industrial (or sector) or financial. Financial partners can vary, although it is worth highlighting that venture capital companies are developing in major economic powers, including Spain, compared to the rest of the European Union, especially the United States.
Venture capitalist firms specialize in investing capital in companies during a specified, limited time and with a minority participation. They act as a partner in rights and obligations since they directly participate in the company’s share capital and, therefore, can contribute economic resources, experience, and knowledge to the company’s management. Generally, before investment, these firms will ensure there is an option to abandon the project as they will seek to maximize their profitability and protect any remaining resources.

Strategic Capital Planning

Finally, it is essential to emphasize the need for an entrepreneur or company to understand and define investment needs and capital planning clearly. They must consider deadlines, obtain excess capital to avoid unexpected costs and study the market for potential economic fluctuations. When these factors are carefully considered and monitored, a balanced financial investment structure can be developed to obtain financing through personal or third-party resources.  

Conclusion

Launching a startup or expanding a business necessitates careful financial planning and strategic decision-making. Challenges in securing financing, such as inaccurate estimates and investment risks, highlight the need to navigate available options wisely.

Successful financing demands a solid understanding of options and a proactive, adaptable approach to the dynamic entrepreneurial landscape

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.

If an entrepreneur wants to set up a restaurant, they first need to evaluate the potential success of the business. It is unwise to begin a restaurant venture without carefully considering its success, and most companies fail because they do not validate the idea’s viability. As such, an entrepreneur must consider the hospitality industry’s characteristics and, above all, the investment necessary to finance the business.

Buy or Rent the Space?

Creating a business plan at least a year in advance will help you establish the items needed to start the process and eventually break even. The purchase or rental of the premises will be the initial expense and require the most significant investment. A well-known tax advisor remembers that “in case of acquiring the premises, the investment will rise considerably, depending on the area and size.”

According to this source, in case of having sufficient resources, it is preferable to acquire the premises than to pay an income. On the other hand, another legal adviser encourages renting “so as not to run out of treasury that allows other expenses to be met.” In short, the decision will depend on the possibilities and the risks you are willing to take. If you decide to rent, evaluate renovations that you will have to make by asking for several quotes and determine if it allows you to develop the idea you had in mind.

Necessary Purchases

Another vital expense to face is the purchase of machinery. You will need industrial items, such as cold rooms, a kitchen, a freezer, an oven, kitchen utensils, a coffee maker, a register, etc.

In addition to the referrals in the business plan, you must consider other expenses, such as the constitution of the company and agency, acquisition of furniture, purchase of stock, personnel and employment expenses, and all taxes. These factors will impact income and the time it takes to profit. Therefore, to the initial investment, you should add at least 20% to expenses to cover unforeseen events.

Also consider

Once expenses are determined, you must estimate the benefits you will obtain to calculate business profitability. A restaurant is profitable if it earns an income that doubles the expense invested in the products necessary for cooking.
To calculate the required provisions, you must determine the number of tables in the room, the food shifts, if you will offer restaurant or cafeteria service, the number of hours they have open the business, etc.

The Provisions

The daily supply of products is essential, so you should see what is consumed daily to replace it. However, some products can be kept in stock because they are not perishable. Some experts recommend purchasing bulk stock of products used the most, such as alcoholic beverages, for cheaper prices.

The Space

Industry professionals advise that the dimensions of the premises should be between 175 and 200 square feet. However, smaller premises have been licensed, and new business models have emerged that make it possible to reduce space. Traditionally, to make the initial investment profitable, a person needs at least five tables of four people each, doubling at lunch and dinner.

Business Features

Opening a restaurant that only offers meals or a mixed business cafeteria-restaurant will depend on the target audience and the restaurant’s location. Experts advise taking full advantage of business opportunities and diversifying services by extending hours of operation so it will be easier to cover fixed expenses.
On the contrary, if you intend to create a high-class restaurant, it is essential to cater to your clientele. There are no golden rules to succeed in the restaurant business because success largely depends on what you offer and to whom you submit it.

The Menu

Industry professionals explain that you can establish a menu price that increases the item’s margin once subtracting expenses. However, do not lose sight of competition so as not to deter potential customers. It would be a mistake to charge eleven dollars for an item if comparable items at other local restaurants rarely exceed seven dollars. The best option is a good value for the product you offer

Advanced Knowledge

If you lack accounting knowledge, entrusting these tasks to a financial professional or administrative expert is best. It is especially advisable if the restaurant is franchised since its accounting is more complex.

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.

Businesses rely on bookkeeping to ensure financial accuracy and security. Bookkeeping involves keeping transaction records and business-related information up to date and inclusive. This data lets you know where your business is spending, where your income is generated, and which tax deductions you can claim. It can become difficult for many companies when they allocate unnecessary time, cost, and valuable human capital to this process. Eliminating all redundancies and addressing process gaps becomes necessary for further efficiency and accurate record-keeping.

Maintain a smooth bookkeeping cycle by following these tips!

Keep Records Updated

Carefully record every detail of business information and transactions, including sales, purchases, and payroll. Some transactions may seem insignificant, but even the slightest activity can significantly impact bookkeeping. Check all your necessary documentation with the help of the Internal Revenue Service (IRS). Accurate documentation can help you keep all your financial records updated and avoid unnecessary losses.

Categorize Expenses Correctly

Categorize all your expenses and revenue rates properly to track business profitability. This way, you would not miss details even if you are not finance-savvy. An accurate record of tax management activities helps businesses with tax savings, so expenses must be appropriately categorized.

Reconcile Bank Accounts

Combined personal and business accounts make the process of tracking records difficult. Therefore, separate your business-related activities from your expenses and reconcile your monthly bank statements. It will help you eliminate any existing documentation problems and identify potential issues.

Synchronize Backups

Issues can suddenly emerge due to technology-based activities. Anything could happen to your data if you are not well-prepared to cope with its loss. Therefore, backing up all your business data to keep it secure and readily available is prudent. Making a habit of backing up data will ensure business continuity in unforeseen circumstances.  

Supervise Sales Tax

Supervise your sales tax and accounting records to eliminate bookkeeping problems and avoid mistakes while collecting them. Otherwise, you may face significant fines and legal ramifications. Enter all your data accurately so that your total sales amount and tax do not increase.

Categorize Employees

Businesses have strong links with employees and contractors. Classifying each of them correctly without misfiling is vital to avoid overpaying taxes.

Manage Petty Cash

Businesses use their cash on hand for small expenses but do not know how to monitor it properly. As a result, it is necessary to set up a system that will help you track how much cash you are spending on business activities and for what purpose you can use this available cash.

The best way to initiate this system is to buy a petty cash lock box from the local office supply store and utilize a proper record of all cash removed from that box.

Communication Must Be Strong

Increase communication between your bookkeepers and workplace associates. Your employees should update bookkeepers about all business activities so accountants can make financial statements to fulfill business requirements.

Monitor Reimbursable Expenses

Small business owners may pay business expenses from their savings. With time, business owners often overlook the payback. As a result, they lose all funds as well as tax discounts, and the company’s financial health is inflated. If necessary, only spend the amount from your savings that the business savings can refund. Similarly, create a definite timeline and monitor and record all your reimbursable expenses to ensure timely reimbursement and accurate business records.

Do Not Waste Your Time

Managing time is vital to running a business, but small business owners frequently ignore time management and record all business and accounting data independently without hiring professionals. This practice only wastes their time.

As a solution, hand over all financial tasks to professional bookkeepers since they will know:

• What to record
• How to record
• All accounting innovations that could influence current business processes

It significantly reduces your business responsibilities, giving you time to focus on advancements to help your business stand out in the market.

Last Words

These tips can help you eliminate your bookkeeping problems, so apply the relevant and suitable tips for your business operations. Similarly, consider upgrading your bookkeeping system to allow you to focus on business development and growth.

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.

Content marketing focuses on adding value for your audience and using Search Engine Optimization (SEO) to determine its value. Therefore, it is evident that content marketing and SEO go together. Marketing expert Neil Patel says that content marketing and search engine optimization cannot be separated from each other, so consider them peanut butter and jelly.

In SEO, we frequently use search keywords extracted from search engines and then place those keywords on your top website pages. Search engines, like Google, read or scan your webpage for search-related keywords. Consequently, the words you use will determine which result page on the search engine shows your webpage. Keywords are determined based on your understanding of your target audience. If you know the people you are trying to reach, it is easier to create content for them and put it where it belongs in their search.

When you complete competitive research, you will see that some brands and businesses post content daily, which leads to others believing more content will result in better search engine ranking. However, generating traffic and increasing website visibility will not necessarily increase your website’s ranking. Creating more content might cause damage in the long run.

More Content Is Not Equal to More Views

Regular content updates on a website keep it relevant in the search engine’s eyes and your reader, but that does not mean constantly posting 500-word blogs will be helpful to you. Many marketing experts believe that marketers are entering a time of content overload. You may see multiple posts on a similar topic, each claiming to be the best guide or option. Hurriedly posting content with typos will confuse your readers and damage your brand. Similarly, it can influence your reader to leave your website and go elsewhere, possibly your competitor. There must be a balance between your content posting frequency and the diversity of posts uploaded on a topic.

Keep Things Relevant

You should put yourself in your client’s mind and critique your work to create the most relevant content. If you do not find your content relevant, why would your client? Always remember that content loses its relevance with time, and a blog written in 2018 might not be able to be applicable today in 2023.

Rather than amassing new content, try to revamp the old ones. Try to look back at the old content for any grammatical mistakes, edit the typos if there are any, and check any spelling errors. Poorly written content is flagged by search engines and can cause your website to drop rankings. Check all links integrated within the content to see if they are active and working. A great way to make your content more SEO-friendly is by using software like Google Search Console. This program can show you which articles you post to get the most clicks or impressions so you can modify or adapt content accordingly.

Ranking Higher Is Easier with Longer Content

A pattern has recently emerged regarding blogs and websites. Marketers post smaller blogs of 500 words frequently to keep things less repetitive and on-point. However, only a few people know that three blogs of 500 words equal one blog of 1500 words. Recent marketing research shows longer web pages and articles rank higher than short ones.

It does not mean that your word count affects SEO performance. The implication is that longer articles have more relevancy and address things in greater detail. For instance, if you are a doctor and your patient wants to learn about a disease, rather than going over three different blogs on the matter, he can read your singular detailed article on the website and then schedule an appointment.

Conclusion

Longer content offers no ranking guarantees for your website or increased traffic for your website. Plenty of other factors impact your ranking and give you the desired results. Your best bet is to ensure your content is relevant, updated, and has reliable keywords.

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.

A Simple Guide to Understanding Your Profit and Loss Statement 

An organization’s finance department creates a Profit and Loss (P&L) statement to identify the expenses of a business and the revenue. The result of the calculation in a profit and loss determines if the business has made a profit or incurred a loss at the end of the fiscal year. A P&L statement, also known as an income statement, is one of the three main statements a business creates and maintains for record-keeping.

Creating an income statement is the responsibility of the finance department of an organization. A finance department in your business is crucial because it is the organization’s backbone. The primary responsibility of the finance department is bookkeeping. The other important role of the finance department is to manage and plan the business accounts. Usually, the first step to keeping and calculating records is to make a P&L statement since it is the core of all other financial statements. Almost all statements require a profit sum dependent upon the business’s expenses or the revenue for the period ended, which is all included in the income statement. Understanding your Profit and Loss statement is essential to ensure that all further calculations and bookkeeping occur correctly.

Unlocking Financial Insight: The Significance and Purpose of the Profit and Loss Statement

As stated, a Profit and Loss statement is one of three significant statements a business creates to measure the profit or loss made. The other two significant statements are the balance sheet and cash flow statement. The primary purpose of the Profit and Loss statement is to record the revenue and expenses of your business within a period, usually a year.

One of the purposes of a P&L statement is to show potential investors the financial health of your business so they can make decisions regarding their investment. The information provided by the income statement can be used together with the results of the other two statements to make better analyses and decisions.

The Critical Role of Profit and Loss Statements in Business Success

Lawfully, most companies need to create their P&L statements as the government uses them to monitor business transactions to ensure all operations are legal. It is also essential to the board of directors of a company or the managers of a business since the profits give insight into your business’s financial and liquidity situations. A business’s net income is essential for the owners to make further decisions about business growth and investment opportunities.

Understanding the Contrast Between Income Statements and Balance Sheets

A balance sheet provides you with a summary of the assets and liabilities along with the capital in the business at a particular time in your business. A balance sheet identifies the amount your business will be left with if you sell all your assets or pay off all your debts. Whereas a P&L statement lists all the expenses along with the revenue made by your business, so calculating the profit or loss at the end of a business year is essential.

The Process of Creating a Profit and Loss Statement

The first step of calculating a Profit and Loss statement is calculating a gross profit. Cost of goods sold is deducted from the net sales to calculate a gross profit. Then, if your business has received any other income, such as delivery charges or discounts, that is added to the gross profit. Then, all the expenses are subtracted from the calculated amount to determine a profit or loss.

Creating a P&L is a business’s most important statement when determining its net income. You can know the stability of your business to an extent, but the profit calculated in the income statement is used in many other financial planning and activities. Consequently, creating a Profit and Loss statement is the most crucial step for every 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.

Investment Management and Wealth Management | Which is Best?

Financial management is significant for everyone, particularly those who earn a considerable salary but are not financial professionals. If you do not manage your money correctly, what accumulated during your career might not sustain the peaceful retirement you hoped for. Working with a financial advisor to handle your investments could differ between an average and an exceptional retirement.

It would help if you found someone to assist you, like a financial advisor, to ensure you accomplish your economic objectives. They will consider two primary services: wealth management and asset management. You might require only one of these services or both based on your finances and goals. This guide investigates wealth management vs. asset management to help you determine which service might be best for you.

What is Wealth Management?

Although asset management concerns investments, wealth management yields a much broader view. Wealth management is about observing a family or an individual’s overall economic condition and taking steps to grow their wealth safely.

It can take different forms and include several services from a wealth manager, including:

• Tax planning
• Legacy planning
• Education planning
• Estate planning
• Charitable giving
• Insurance
• Retirement planning

While asset management is concerned with developing an investor’s money, wealth management focuses holistically on a customer’s overall economic situation. It takes steps to ensure their wealth will be protected in the future.

A percentage of assets is paid to a wealth handler or manager during management, while some are paid an hourly or flat fee.

What is Asset Management?

Asset management is only the management of assets. Assets are all your economic properties, but asset management emphasizes your investments. It might include bonds, mutual funds, stocks, Exchange-Traded Funds (ETFs), and other investments you make to increase your wealth.

An asset handler will control which investments best suit your economic condition. It means they will assist you with asset allocation and selecting how to split your investable asset with various asset classes. Specifically, this involves determining what part of your portfolio must be growth products and what percentage must be fixed-income products like bonds.

Asset handlers or managers usually rely on a percentage of assets under management, which will frequently be advanced and reduce the more money an asset manager oversees for an investor.

Finding Wealth and Asset Management

There are numerous approaches to finding an asset manager or a wealth manager.

Commonly, the best method is to use a manager recommended by a friend or family member. While this can be a positive experience, be cautious because the advice provided by a manager to a friend may not apply to your financial situation and goals. For example, many people inherit a manager from their parents, but this may not be the manager best matched to their financial objectives. Your parents are at a different stage of their life from you, so search for a financial advisor who expertly provides customers in an economic situation similar to yours with management advice.

Which Option Is Right for You?

Determining whether you require wealth management or asset management depends on your objectives and the services you need. If you want help investing, an asset manager is the correct option. An asset manager will assist you in finding the best investment choices for your portfolio and leave all the other parts of your economics to you to manage. If you need somebody to help you comprehensively set up your investments, you need a wealth manager because they can assist with everything from education planning to estate planning.

There may be a time when you require services and various economic advisor companies offering asset and wealth management. You may have to pay separate fees for both services, and some companies may bundle fees to encourage you to use both services.

Conclusion

Wealth management vs. asset management comes down to your required services. Asset management is about managing and choosing investments, while wealth management involves an individual’s portfolio and financial life. Various financial advisors do both, permitting you to hire only one person for the job.

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.

Occasionally, we come across a marketing or advertising campaign that exceeds expectations compared to other campaigns in the industry. When viewing these campaigns, they may even be compared to art. Like a musician who defies their genre, marketers must know to push the limits of what they can accomplish with messaging.

Here are innovations and marketing strategies that may be on display in the future.

Virtual Reality (VR)

Today, you can virtually transport yourself anywhere globally, so savvy marketers are starting to take advantage of this technology.

For example, TOMS used virtual reality to take consumers to Peru to provide shoes to anyone in need. TOMS brought its tagline “fashion for a good cause” to life by engaging customers in a genuine experience they could explore. It created a sense of realism in the experience and brand loyalty.

Augmented Reality (AR)

Marketers everywhere have been keenly waiting to get their hands on Augmented Reality. Regarding advertising or marketing, augmented reality technology primarily assists consumers by allowing them to sample various for-sale products or services virtually.

From trying nail polish colors to screening internet design ideas and even exploring plastic surgery results before going under the knife, consumers can assume to see more innovation and interaction in marketing using ARs.

Cultural Relevance

Going viral in today’s technological era is increasingly advantageous to driving high brand engagement. Emerging culturally appropriate marketing techniques are one of the best approaches for a business to garner media buzz and gain recognition.

A brand can stay culturally relevant by playing into what is happening culturally. For example, Procter and Gamble (P&G) launched a Gillette campaign against toxic masculinity only days after the American Psychological Association (APA) proclaimed that “traditional masculinity” is dangerous to society. P&G seized the opportunity for their marketing campaign to be in front of consumers by being culturally relevant, increasing media attention, and maintaining brand recognition.

Phigital Marketing

Phigital marketing is a term that combines physical and digital. Phigital marketing is a recently invented term to denote the addition of newer digital marketing experiences and display marketing techniques.

Many London showrooms use a phigital marketing strategy, engaging users with interactive touch screens. Phigital marketing is a custom-made strategy targeting specific generations, like millennials who have grown up in the digital era, so expect this to be a common and popular marketing trend.

Social Media Artificial Intelligence

There are many Artificial Intelligence (AI) applications in marketing, but they are prevalent in social media. Artificial intelligence can do everything from classifying tweets, assembling consumer vision, and even examining social media patterns to help you capitalize on top topics at the correct time.Social media makes associating clients with their purchasing behavior and increasing their purchasing habits much more comfortable. Social media artificial intelligence can efficiently and quickly combine customer information so that marketers can make strategic decisions. By using AI to determine consumer habits, marketers can use their time efficiently to creatively develop and fulfill marketing strategies.

3D Photos

Different social media platforms like Facebook launched a 3D photo feature at the end of 2018. These pictures are taken with a dual-camera cell phone and joined with a depth map to build a photo. These pictures are also designed to show attractively in a virtual reality headset. Marketers have used this innovation to make technology banner promotion engaging so it appears to jump off the page.

Internet of Things (IoT)

The Internet of Things uses any device that links to the Internet and might be linked to other intra-connected devices. IoT technology permits organizations to accurately see where users are in their purchasing journey, allowing them to learn more about their consumer advertisement success and market accordingly.

 Conclusion

Marketing strategies are the best way to promote your business, and each business can make a unique name in customers’ minds by using innovative marketing strategies.

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

Many people are passionate about giving back to the community. After all, helping others is the most rewarding thing to do in the world! If you’re considering starting and running a non-profit organization, this blog will tell you the most essential things you need to know. 

The list includes:

• Connecting well with the community beyond your organization.
• Optimizing operational processes.
• Getting the staff, volunteers, and board members on the same page.

Of course, like any other business, you also need to work on your branding. Now, let’s look at how you can run your non-profit organization. 

Internal Operations

Lay a strong foundation for your non-profit organization by:

Deciding on a mission statement

Articulate distinct goals to serve as the guiding principles for your organization’s endeavors. Once your mission and vision are defined, conduct regular annual reviews to assess alignment and ensure ongoing relevance, keeping your organizational compass finely tuned to its intended course.

Selecting the right board of directors

Crafting a board of directors necessitates selecting highly qualified and experienced individuals. Seek those who can fundraise, devise impactful policies, and embody humility, passion, and compassion. Establish a clear code of conduct for board members and conduct annual board meetings for comprehensive reviews of strategies and plans, ensuring ongoing alignment with the organization’s mission and goals.

Hiring the right people

Your team is your greatest asset, so the selection process is paramount. When hiring decisions, prioritize qualities such as passion for your cause, relevant skills, strong work ethic, and collaborative abilities. Provide each team member with a comprehensive written job description for clarity, complemented by an organizational handbook to guide them in aligning their efforts with the broader mission.

External Operations

With internal affairs in order, redirect your attention to external considerations. Key focal points include:

Research

To truly champion the cause you support, delve into comprehensive research to grasp its intricacies. Go beyond the surface by actively tracking and surveying the individuals you serve, ensuring their needs are met with genuine care. Consider engaging a qualified program recipient as a vital link between the beneficiaries and the board members, fostering a deeper understanding and connection with the community you aim to empower.

Manage volunteers

Recognize volunteers’ pivotal role in your organizational workforce by establishing a comprehensive volunteer management strategy. Begin by formulating clear policies that outline their involvement. Thoughtfully seek and assess potential volunteers, ensuring a suitable match for your organization. Upon onboarding, articulate precise job descriptions to set expectations. Strategize ways to foster and sustain motivation, such as expressing gratitude through personalized thank-you cards to acknowledge their invaluable contributions.

Increase visibility

Consider implementing strategic initiatives to enhance your organization’s visibility and attract more donations and volunteers. One practical approach is joining business networking groups, where you can connect with like-minded individuals and businesses that may share an interest in supporting your cause. Hosting annual dinners or events not only serves as an excellent platform to showcase your mission but also provides an opportunity to engage with potential supporters and partners.

Another impactful strategy is reaching out to celebrities and inviting them to become brand ambassadors for your cause. Celebrities often have substantial influence and reach on social media platforms, allowing your organization to reach wider audiences. Their endorsement can lend credibility to your cause and inspire others to get involved.

Creating digital presence

Digital marketing has become a cornerstone for effectively reaching and engaging audiences in today’s landscape. To establish a solid online presence for your non-profit organization, consider the following strategies:

• Develop a compelling website:

Create a user-friendly and visually appealing website that effectively communicates your non-profit’s mission, activities, and impact. A well-designed website is a central hub for information and a platform to showcase your organization’s credibility.

• Leverage social media platforms:

To connect with a diverse audience, utilize popular social media platforms, including Facebook, Twitter, and Instagram. Regularly share updates about your organization’s initiatives, events, and success stories to maintain engagement. Social media platforms also provide a direct line of communication with your supporters.

• Real-time engagement:

Harness the immediacy of digital platforms to engage with your audience in real time. Respond promptly to comments, messages, and inquiries to foster a sense of community and demonstrate your organization’s commitment to transparency and responsiveness.

• Paid advertising:

Consider investing in digital marketing initiatives, such as paid advertisements and sponsored posts on social media platforms. This targeted approach ensures that your content reaches specific demographics or interests, maximizing the impact of your message.

• Analytics and optimization:

Regularly analyze the performance of your digital marketing efforts using analytics tools. Evaluate engagement metrics, website traffic, and the effectiveness of paid campaigns. Use this data to refine your strategies and optimize your online presence continually.

The Bottom Line

Running a non-profit organization can be challenging, but you can make things run smoothly with the right approach. Remember, your primary purpose is to serve people and to do that. You will need to lay the proper foundation for your organization. These tips will help you create the right environment within your non-profit organization and deal with external matters properly. Of course, your strategies should match your specific cause and organization dynamics. Make sure you do proper research before you start a non-profit organization, and keep learning from experience.

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.

Embarking on a family vacation, celebrating a beach graduation, or having a destination wedding all require dedication, beginning with meticulous planning. Even in challenging times, making these dreams come true can be accessible. The key is saying ‘yes’ to travel on a budget by adopting strategic practices that make your journey economically viable. With thoughtful planning, turning your aspirations into reality is possible and an enriching and cost-effective experience.

Strategic Ticket Planning

When preparing for your journey, one of the critical aspects to consider is the purchase of airline tickets. Airfare significantly impacts your overall travel budget, making it essential to approach ticket buying strategically.

Start by dedicating time to a thorough search and price comparison among different airlines. This process is most effective when done well before your intended travel date. Remember that ticket prices tend to increase as the departure date approaches. To capitalize on the best deals, aim to book your tickets between 2 and 6 months before your scheduled departure, sometimes up to a year in advance.

Additionally, consider exploring alternative routes to your destination. While direct flights may seem more convenient, they often come with a higher price tag. On the other hand, flights with layovers may take a bit longer but frequently offer more budget-friendly options. Being flexible with your travel itinerary and considering different routes increases the likelihood of finding more economical ticket prices, ultimately contributing to a more cost-effective and enjoyable travel experience.

Unlocking Budget-Friendly Stays: Beyond Hotels and Resorts

Diversify your lodging options by considering alternatives beyond conventional hotels and resorts. While some still default to these traditional choices, a world of more affordable, secure, and comfortable alternatives awaits.

Hostels, for instance, provide shared accommodations, offering a budget-friendly option for shorter stays. Explore renting rooms or entire properties directly from locals through platforms like Airbnb. It often proves to be more economical and provides an opportunity to experience your destination from a local’s perspective.

For a unique and cost-effective experience, explore shared housing options, allowing you to stay with a resident at minimal or no cost. This practice is based on solidarity and cultural exchange principles, with minimum financial transactions involved. Not only does it help you save money, but it also allows you to connect with locals who can provide valuable insights and recommendations about the destination. By embracing these alternative hosting options, you optimize your travel budget and add a layer of authenticity to your journey.

Mastering Currency Exchange: Timing and Tactics

Navigating the intricacies of currency exchange requires a thoughtful approach to ensure you get the most value for your money. Here’s a breakdown of key considerations:

Strategic planning

When dealing with foreign currency, planning is crucial. Monitor exchange rates in the lead-up to your trip, allowing you to identify opportune moments when the currency’s value is in your favor. This foresight can result in significant savings when you convert your money.

Last-minute tips

In scenarios where your travel plans come together at the eleventh hour, or you secure funds just before departure, a crucial tip is to refrain from exchanging all your money upon arriving in the destination country. Rushed exchanges, often conducted in shops at bus stations or airports, tend to offer less favorable rates. Instead, focus on converting a smaller amount initially and seek out better conditions later.

Beware of tourist hubs

Foreign exchange offices in tourist-heavy areas, such as popular landmarks or transportation hubs, often charge higher prices. To avoid these inflated rates, opt for more reputable foreign exchange offices, preferably those with competitive rates and a track record of fair dealings. It ensures that you maximize the purchasing power of your money without unnecessary costs.

Diversify Your Travel Experience: Optimal Timing and Lesser-Known Destinations

Optimal timing for travel

Understanding the relationship between demand and prices is crucial. Peak travel times, such as during festivals, long holidays, and traditional vacation periods, often increase costs for accommodations, dining, and transportation. To avoid inflated prices, aim to travel during less congested times when demand is lower. This strategic approach can significantly contribute to keeping your overall expenses in check.

 Explore lesser-known destinations

Tourist hotspots like Rio de Janeiro or Paris are undeniably attractive but have a higher price tag due to their popularity. Consider diverting your attention to cities in the interior of a country or less-frequented destinations abroad. These places offer more budget-friendly options and a unique opportunity to explore hidden treasures and experience a destination authentically.

Uncover hidden gems

Venturing beyond the well-trodden tourist paths allows you to discover authentic gems that may be overlooked during peak travel seasons. Smaller cities and off-the-beaten-path locations often provide a more intimate and genuine experience, not to mention potential cost savings. You might immerse yourself in local culture, discover unique attractions, and enjoy a more relaxed and personalized travel experience.

Budget-Friendly Dining Strategies

Smartly managing food expenses during travel involves opting for cost-effective alternatives such as preparing meals instead of dining out consistently. To maximize savings, check if your accommodation provides kitchen access, enabling you to enjoy local flavors while maintaining budget control. Incorporate visits to local supermarkets during city tours, as these establishments often offer more reasonably priced essentials than restaurants.

Additionally, inquire about complimentary meals, particularly breakfast, as many accommodations provide these options. Beyond convenience, leveraging these strategies allocates your travel budget efficiently, ensuring funds for various experiences and activities while immersing yourself in the local culture and flavors.

Explore Affordably: Embracing Free and Public Offerings

Discover the joy of budget-friendly travel by tapping into public services and enjoying complimentary cultural experiences. Opt for cost-effective transportation options like subways and buses over taxis or car rentals. Take advantage of free entry days at museums and parks, aligning your visit with the destination’s calendar. Attend public cultural performances, connect with local artists, and add enriching experiences to your itinerary. Lastly, seek free Wi-Fi hotspots to save on mobile data expenses, particularly during increased roaming charges.

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.