Author: Stephen Huck

Going into debt has forced most households to struggle to make ends meet. Without evaluating the repercussions, they keep borrowing money from different sources over and over again to fulfill their dreams and desires. There comes a time when they find themselves stuck miserably in financial obligations, and it becomes challenging for them to meet their debt repayment schedules. This indicates that debt levels among poor, marginally poor and moderate-income households have increased over the past decade or so.

Even high-income households are not that far behind poor or moderate-income level households. According to a study, the highest-income households carry the largest amount of debt. This is an alarming situation for all us, no matter how well we are managing our debt repayment schedules. Once you get into it, it can feel that there’s no way out! The study further revealed that people don’t borrow money for fun; they borrow it for meeting financial uncertainties. The need for going into debt is forced by economic factors, such as recessions, high inflation rate, internal/external financial mismanagement, etc.:

Debts—Tackle Before You Retire!

Money does not discriminate. It doesn’t matter if you make $25K or $250K a year, you will never win a race against high-interest debt. If you want to enjoy complete financial freedom, you need to spend less and save more for your rainy days. They will never tell you before coming—they will show up any time when you’re least expecting it. As far as the debts are concerned, it would help if you tackled them before you retire, or you’ll probably find yourself surrounded by a retirement crisis.

No matter how much you earn through your working years, loans, or outstanding amounts always raises serious concerns around managing your finances. Even slight mismanagement in finances can cause you a great deal of stress. Loan repayment requirements, during your working years, will restrict or prevent you from saving more for retirement. Deal with your loan obligations or repayment schedules within your working years to save more for your retirement. Here are four debts that you need to tackle before you retire.

Credit Card Debt

Winning a race against high-interest debt is no easy feat; you have to be careful whether you can afford a credit card or not. Getting a credit card is easy, but repaying it is a lot harder than anyone can imagine. According to accounting data, about 1 in 3 American adults use a credit card, which means that its usage is quite extensive. This doesn’t make it hard to see why most Americans are strangled in debts. Thus, you must get rid of it, as credit card debt typically carries a high-interest rate.

Moreover, you will have less money to put in retirement funds or savings. It is something that eats your retirement savings without even realizing it. Hence, you must handle credit card debt, or it could even raise serious legal and financial issues.

Student Loan Debt

It gets tough for baby boomers to save money, especially when they are liable to make debt repayments. According to a survey, those who carry student loan debt find it difficult to save money for retirement. This is why paying them off within your working years is a big plus for you, no matter how much one may argue. The ultimate goal is to maximize your retirement savings, so you have to be careful in dealing with student debts. You must not miss your repayment schedule.  Ensure that the record is well-maintained for dealing with any sort of discrepancies.

Mortgage Debt

Mortgage debts are a huge stress for most American households. Most people die before paying their mortgage loans, especially those who start a mortgage plan a bit late in their lives (let’s say in their 40s-50s). However, those who start at a relatively younger age (in their 20s-30s) manage to pay their mortgage loans by the time their retirement rolls around.

Nearly 75%  of people fail to meet their monthly mortgage repayment schedule. This indicates that people find it extremely difficult to pay off their short and long-term debts. It would be best if you devised a repayment mechanism to make scheduled payments. A mortgage loan is one of the most important loans that you must tackle before you retire, or it will eat up your retirement savings.

Medical Debt

Medical loans acquired at any stage of life must be repaid in time. If not, expect to face a possible financial crisis at the end of retirement. Some agencies may finance your medical needs but look out for those who offer easy and smooth repayment schedules. Medical loan debts are very burdensome on those who are near their retirement age. Therefore, you plan and tackle these before you retire or be mentally prepared for facing financial difficulties at the end of your career.

Conclusion

People across the globe face extreme difficulties in meeting their financial debt obligations. Debt loans can help us to meet uncertain financial situations. But, paying them off, in the long run, becomes extremely challenging for the entire family, especially when you are near your retirement. You must prioritize and tackle your debts before you retire to have a financially secured retirement life.

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

Starting a business can be a daunting journey, and along the way, you’re likely to encounter a plethora of entrepreneurial advice. While some of this advice may sound like golden nuggets of wisdom, it’s essential to approach it with a critical eye. In this guide, we’ll explore four commonly heard pieces of entrepreneurial advice that, upon closer examination, may not be as brilliant as they seem. From the notion of quitting your job to believing you get only one chance to make an impression, we’ll debunk these myths and provide insights to help you navigate your entrepreneurial path more wisely. So, let’s dive in and uncover the truth behind these well-intentioned but questionable words of wisdom.

Transition to Full-Time Business Ownership

Remember, having more time to put your efforts and energies into your project will not make you more successful. You value your time more when restricted. You are typically focused as the time constraints force you to be more productive and efficient. Instead of quitting your job, losing your primary source of earning, and increasing financial stress, learn to get more accomplished in less time. Reinforce your productivity with task automation that requires repetitive efforts. It would help if you also outsourced the activities that you cannot automate with the help of a virtual assistant and make the most of your extra time in networking and building a customer base for your new venture.

Stop thinking that it’s all or nothing. Remember that the most successful businesses were part-time gigs long before the owners made it their full-time attention.

Entrepreneurship Thrives on Risk

Although starting your venture or side business is never without risk, not every entrepreneur is a bold risk-taker. Most successful corporate owners do everything to minimize their risks. The founders of Warby Parker continued working their old jobs for a long time, even when their company was already a huge success. They waited until they were confident with the net functional safety and effectiveness of the business in generating revenue before taking significant risks. Consequently, as a start-up enthusiast, you must weigh the benefits and advantages of growth against the time, effort, and costs needed. As bookkeeping is essential for preparing financial statements, idea evaluation is necessary for entrepreneurship. 

Guarding Your Business Idea: The Caution of Sharing

You may have heard stories of people who had their unique business idea stolen. However, I have never known an entrepreneur who has experienced this. Is it possible? Certainly! However, the harsh reality is that most business ideas we think are brilliant are terrible in one or more ways.

Although you may not prefer telling everyone you meet your business idea, you must obtain genuine feedback and business advice from experts. Your friends will hesitate to give negative comments about your ideas, as they think you might feel disappointed and see them as your enemies.

If you are deeply concerned about your idea being stolen, there are many NDA agreements available online from which you can benefit. However, you will hardly find ten other people who may have pitched an investor willing to sign it as the same idea. Thus, they cannot afford to lock themselves into an NDA. Also, implementing your idea is more necessary to them than the idea itself. Following this entrepreneurial advice could lead you to spend years pursuing a wild idea.

You Have Just One Opportunity to Make an Impression

When you share your idea with someone renowned in the industry, they will probably not remember you. They meet so many individuals daily that each face becomes part of another crowd. Although it is undoubtedly a big deal for you, it may be one of the hundreds of interactions they have daily, not to burst your bubble.

Consequently, avoid worrying about whether you did or said the right thing. Instead, visit different organizations, make new professional friends, and show courage.

Conclusion

While there’s nothing wrong with accepting guidance and help from professionals in the industry longer than you, proceed with caution when someone suggests the four pieces of entrepreneurial advice discussed above. Listening to and following them could significantly harm your career and start-up business success. As with any big life decision, it’s most important to listen to your intuition and allow that to guide your way.

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.

It can be a tricky job to work with leading fashion bloggers. Hundreds of online and offline brands are competing for attention. Standing out from the crowd can be a difficult proposition, especially if you are a local business.

Before you approach an influential fashion blogger to promote your product, ensure that you a goal in mind. The best way to reach out to them is to have a specific and focused idea. Bloggers will say yes to working with you if they don’t have to work hard to include your product in their content. It is important to come up with a creative idea.  

Banner ads, typical sponsored links, and product mentions are promotional methods that are quickly becoming outdated. These types of promotions have little impact on readers nowadays because they are aware of old-school sponsoring methods. There are still ways to stay on top of your game as an apparel or fashion brand and, that is to come up with creative methods for promoting your product.

Are you searching for some ways to do so? Listed below are four ideas that you can implement right away.

1. Ask the blogger if they can Feature your Product in an Outfit Post

If you want to make headway with a blogger’s audience, then outfit posts are the easiest way. Normally, lifestyle or fashion bloggers mention their complete outfit at the bottom of each post. Before you approach the blogger, ensure that your product aligns with their personal brand because bloggers usually start to queue the items that they accept to feature.

Once the blogger has accepted your product feature and price if you wish to amplify the impact of the post, share it with your networks.

It is a good idea to send the fashion blogger some of the things from your product line. Even better, create a promotion that makes the audience visit your online or boutique shop.

2. Ask the Blogger to Feature your Product in their next Closet Tour

Fashion bloggers can promote your product in their upcoming closet or apartment tour. Such tours have become popular when it comes to promoting products that are not directly “fashion-related.” In these heavy-hitting videos, five to six products are usually promoted at the same time.

The way to slip in your product with their next apartment tour is to straightforwardly ask if they can mention the site/brand in their video or photographs. If you want to get extra attention for your product, be sure to send the most attention-grabbing and flashiest product that you have in stock.

3. Create a Look Book Featuring the Blogger

If you want to approach an influential fashion blogger to work with you, look books are the most flattering way to do so.  However, this method can be a bit tricky. In this case, you need to ensure that the blogger’s style and your brand are perfectly aligned.

A good indicator is whether they have worn your products before or if anyone in their comments has mentioned your brand’s name. If you have a good eye, you will be able to tell if your blogger is a vintage-lover, edgy, high fashion, or boho (with, of course, many sub-genres included).

If you are launching your new summer line, include a top local blogger as a model for your photoshoot. Make the storyline creative, and the blogger’s recognizable face will attract more attention than your regular look book.

4. Invite the Blogger to an In-Store Party to Promote your Product

If you want to build a relationship with the blogger and impress them, this is your chance. This is also an opportunity for the blogger to take authentic pictures of themselves in your store.

Bloggers enjoy being handpicked and invited to elite events. Get a party going for them, and be sure to give away nice gift bags so that they can take pictures and post them on their social media sites. Please take note of all of the expenses related to this event, as it will help you with your bookkeeping. Before reaching out to the fashion bloggers, include a hashtag for your shop or event.

Conclusion

After reading about these four creative ways to promote your product through an influential fashion blogger, you must have realized that it is not too difficult to promote your boutique with fashion bloggers. Irrespective of whether it’s a promotion from an outfit post, an apartment tour, a look book, or a blogger party, these are all creative ways to have your product shine out from the crowd.

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.

With recent technological gains and the evolution of the web, IT systems, including cloud-computing solutions, have become the norm. While crucial for a business’s performance, cloud computing taxation is perplexing. With even more complicated laws and regulations, it can be challenging to understand the concept of sales and tax. There are considerations to keep concerning taxes, and if SaaS is exempted. The considerations vary from state to state.

SaaS (Software as a Service) companies do not help from real-time reporting with third-party integration by enterprising tech start-ups. Due to existing technological research weaknesses, some may even emphasize that it’s like using a cannon to squat a fly. The costs can certainly act as a repellent and shun away from any interest that brings business to the conclusion that the software wouldn’t be able to handle the complexity of requirements that it needs to accommodate. Audits for taxes should be set-up well ahead of time, and “hope” is not a plan to depend on. An accounting solution for all SaaS start-ups is critical before the state issues orders to the IRS for investigations.

Under the law, SaaS is similar to perpetual software licenses, where the software is used indefinitely, sometimes by paying a fee. Such software needs to clarify how it would be used and for what purpose. Like perpetual licenses, SaaS laws vary and differ from state to state and are never the same. Accounting solutions for all SaaS start-ups need to conform to laws. Audits are prone to harsh and strict regulations so that any irregularities may be handled. It’s a good idea to think before they happen.

Nothing beats a professional service/tool, and using one helps audit and taxing matters greatly. Hiring one to check and recheck straighten things up without any chances of error. However, there’s more to be done than that. Even without expertise or great knowledge of accounting, here are four accounting musts for your SaaS start-ups to accomplish before state auditors come knocking.

1. Account and Tax Planning While Growing

There is no greater mistake in business than not planning for growth. Before being proactive in a business, it’s necessary to punch in all factors to attain a picture of ground realities and, thus, form a solution towards it. When discovering new markets for potential growth opportunities, many or most of the applied accounting solutions have to be consistently tallied with the law so that SaaS start-ups comply with the vital laws of states or wherever it is expanding to. Use a professional at every corner and step of your expansion plan so that they can eradicate any problems that could arise. This helps to avoid future erratic and hectic problems.

2. View the Bigger Picture

The strategy of up-front revenue recognition is fairly risky. If a client or customer withdraws their finances from a contract and requests a refund or return, it can get pretty messy if the cash is already earmarked for something like accounting expenditures. What that does is significantly disturbs strategies and plans. However, prepared SaaS start-ups have to have ways to handle such scenarios.

3. VAS for SaaS Users

If you are selling services that supplement all core products, otherwise known as VAS (Value-added Service), you must handle things with the utmost care. If you are charging outside of the area of your core products, it can get tricky fast. It is highly recommended that all services and fees are clear and precise. Otherwise, it may take days just to clear up confusion caused by misinformation. Generally, the rule is to designate and distribute revenue and income between components for accounting based on their selling price on an individual basis.  SaaS start-ups need to recognize this to benefit.

4. Track Change to Grow Smart

From laws and regulations to procedures, change is a part of the process to improve and develop. Change may arise from any direction, and being prepared is the smart thing to do. Keep track of changes to handle better any indications of arising or upcoming turbulence in an audit. Each year, rules and laws are updated, or even modified, so knowing these enables one to be in a better position to respond accordingly. Also, in SaaS start-ups, always plan and notice any changes or news, for example, changes in tax codes.

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.

Like all technology trends, the cloud technology model emerged with lots of hype and promises. It would be wise to step on new soil with the utmost care, especially regarding the risky commerce and finance segment, when the information has more security, regulatory, and privacy concerns. Despite all these various concerns, numerous financial companies have been making progress using cloud-based technological solutions across multiple lines of business, such as ERP, CRM, front office, procurement, supply chain, and commerce applications.

Adopting cloud-based solutions presents an opportunity for vast operational and technical improvements. Cloud technology is a faster, more straightforward, and more affordable way to host numerous different software applications with enormous amounts of data, to put it in simple words. In the broadest definition, cloud technology represents a substantial transformative force where users can employ new business competencies and customer experience to launch excellent short-time scales, reduce risks, and lower expenses.

Cloud technology will enable a business transformation in numerous ways that the traditional approaches will not. It is because of the extended application schedules along with the significant capital investments that the customary approaches often require. However, using this innovative opportunity for transformation also comes with embracing the change and following the best practices, which will support successful implementation and adoption. 

Know the Limitations

Because of the size and the department silos, commerce and finance companies have a large and diverse portfolio of existing technological systems. Many of these systems span years of procurements, new product launches, or the execution of modern technology. Some of the applicants might not be perfect candidates for cloud technology due to the limitations it has on security or usage. In reality, a recent study by Frost & Sullivan on cloud adoption validated this finding, with 61% of financial service companies quoting an “inability to meet compliance requirements” as one of the reasons for not moving numerous applications over to the cloud. Other business procedures might still use manual or paper-based operations, making shifting to cloud technology more challenging. As stated by Frost & Sullivan research, 53% of all financial companies who were surveyed have implemented a “cloud-first” approach for the new applications. However, they do not plan to transfer legacy apps.

Adopt the Best Practices

So, where does the company start? The very first thing you should do is complete your homework and research entirely about the industry you are working in. You must talk to your peers and employees to identify the correct business processes that make sense for the organization. However, through this entire process, keep in mind that you will be required to follow the best practices that are employed for successful cloud technology implementation and deployment. The following are three ways to ensure successful cloud technology deployment. 

1. Have an all-inclusive cloud vision, strategy, and blueprint. Before you embark on any of the cloud technology campaigns, it is essential that you completely understand the purpose of this change. Numerous companies believe using the cloud is a technology play, missing the precious opportunity to develop a vision for noteworthy business transformation. In reality, careful business planning is probably the most complex challenge to overcome.
2. Create a genuine, well-designed road map with an implementation approach. Beyond this vision, you might also need a tactical plan. Most often, corporations initially bite off more than they can chew. They plan the initial scope to be very expansive and almost unobtainable. Before you begin with the deployment, ensure that the team is entirely ready to handle the entire process.
3. Obtain leadership buy-in. When your leadership team, including the CFO, CEO, CMO, COO, CHRO, etc., is not on board, it may hinder the decision-making process and slow down the progress of major initiatives. Nevertheless, if the CTO and the IT department only support your cloud technology initiative, the actual transformative business advantages of cloud technology may go entirely unnoticed. Thus, the organization might resist the implementation option. The process might even begin to feel like a complete failure. When you get everyone on board, it overwhelmingly increases the potential for success.

Conclusion 

In the fast-paced world of technology, cloud technology emerged with great promise, particularly for industries like finance and commerce. However, embracing this transformative force necessitates a cautious approach due to security, regulatory, and privacy concerns. Nonetheless, many financial institutions have successfully leveraged cloud-based solutions across various business functions, leading to operational and technical improvements.

Cloud technology offers speed, simplicity, and cost-effectiveness for hosting diverse software applications and vast data sets. It presents an opportunity for rapid business transformation, reduced risk, and lowered costs. Cloud technology outshines traditional approaches, often involving extended implementation schedules and substantial capital investments.

It is vital to understand and embrace change while adhering to best practices for successful implementation and adoption to harness the benefits of cloud technology. Finally, obtain leadership buy-in across all departments to maximize the potential for successful cloud technology implementation and transformative business advantages. By following these guidelines, companies can unlock the full potential of cloud technology in the finance and commerce sector.

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.

Contract surety bonds are three-party agreements during which the first party fortifies the second party’s performance to the third party. Contract surety bonds protect the performance of all construction contracts. The performance bond gives advantages to the project owner and the contractor’s performance of the entire contract to define it precisely. The payment bond secures the contractors’ obligation to pay the suppliers and provides an added advantage for the suppliers and the subcontractors. Furthermore, the performance and the payment bonds have terms and conditions that must be included.  

One of the most frustrating parts of being a contract surety bonds writer is having to reject the bonding ability of the contractor, who seems to have all the required experience and skills along with the financial stability needed to carry out the project they have in mind. The qualification process is one of the most critical moments for any contractor to prove their skills to meet all the different contract commitments. All the preliminary steps to the surety should be detailed and completed through presentations to avoid creating a negative first impression. The following three reasons are the most common reasons why contract surety bonds are denied despite the applicant being qualified. 

Overextension

One of the most essential parts of the application review is when the surety writers compare complexity along with the size of the project proposed with the various projects that the contractor has completed in the past. It is required so that the contractor picks only the projects that they know they will be able to achieve. Bidding on jobs that are significantly larger in scope and complexity and lie outside the contractor’s primary work specialty becomes one of the leading causes of the contract surety bonds being declined. Most of the time, location distance from what the contractor typically considers the geographic center of operations also becomes a serious condition. 

Realistic Lead Time

It is very unreasonable for any contractor who has no previous qualifications for the program bonding capacity to submit their request a day before the ultimate bond is due. The writer should be given sufficient time to digest all of the required biographical information provided to them by the contractor. They need enough time to read and thoroughly understand the contract and get an idea of the nature of this bonded obligation. Time is also required to retrieve and review the credit and financial rating service feedback, along with proper analysis of the contractor’s financial statements and work-in-progress schedules. Throughout this entire review process, numerous concerns might arise that may require further clarification through phone calls and emails to both the project owner and contractor. The more minor contract requests do not require as much attention as the larger ones. Irrespective of what the project size might be, the same underwriting fundamentals are followed. 

Inappropriate Financial Presentation

In the effort to present bonding opportunities to all emerging contractors, most of the sureties have developed “quick bonds” or “fast app programs.” It is a known fact that those contractors who are relatively new to the field are highly unlikely to have CPA-prepared financial statements. The cost of formal financial reporting might be challenging to budget. As the project values increase, all writers should be able to trust the precision of the working capital, efficiency, and revenue along with the billing figures, which have been contained in the financial statement. All of the different presentations prepared to review or audit the standards are the absolute prerequisites for more extensive bond requests. Offering a formal statement also gives the writer a clear indication of the contractors’ financial maturity, along with an understanding of the various basic principles of credit applications. A contractor’s reluctance to quickly deliver the demanded financial information organized to the appropriate standards is a huge red flag.

Conclusion 

In conclusion, contract surety bonds are essential for protecting construction contract performance and payments. Contractors can face bond denials for typical reasons: overextension, unrealistic lead times, and inappropriate financial presentations. Contractors should select projects within their capabilities, provide ample evaluation time, and present organized financial information to improve approval chances. Understanding these reasons can help contractors navigate the qualification process effectively.

In an industry where trust and reliability are paramount, taking these steps not only improves bonding success but also enhances a contractor’s reputation and credibility. So, as you navigate the complex world of contract surety bonds, remember that these challenges can ultimately lead to growth and success in the construction 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.

Why are Growth Strategies Important for Tech Companies?

Tech start-ups are dependent on sustainable growth strategies that allow them to expand their business by acquisition or natural growth. By judging the progress of the business, an expert will give start-ups advice. This advice may include increasing business needs through proper planning and implementation of growth strategies, specifically for tech start-ups.

Growth Hacking in Start-Ups

The increase in tech start-ups striving for quick expansion has led to the term “Growth Hacking.” The term is a popular word that most entrepreneurs are familiar with in the start-up universe. “Growth Hacking” defines rapid research and trails across different marketing channels. The majority of the start-ups in the industry today are ready to try “out of the box” concepts and ideas to make their mark in the industry that is worth millions of dollars.

One of the most influential growth strategies employed by start-ups is by PayPal. There was a time when PayPal was not as big a company as today. The company used large growth hacking as its primary growth strategy. PayPal paid $20 to those who signed up and another $20 when the user brought in a referral. Initially, it cost the company millions, but the strategy paid off and established PayPal as the primary company for handling online payments.

Deciding What the Start-up Needs

Apart from PayPal, another company has taken the start-up universe by storm by tapping into the niche market. MonDevices was successful in establishing itself as a leading company within a few years by effective growth strategies. The company was initially launched in 2015 through Kickstarter. Today, Mon Device is a start-up that produces one of the best and cost-effective sleep monitors. The monitor features a rollover the monitor and smart breathing monitor that gives new parents peace of mind along with much needed sound sleep. The rollover monitor is useful and could save a baby from injury by alerting parents. A monitor like this was much needed, but MonDevices was the only company that was able to succeed with effective growth strategies for tech companies trying to gain market share.

Get a Team that Carries Your Vision

For any tech company trying to expand, one of the most essential foundations of growth strategies is needed, which is to have a team that shares your vision and passion for the company. Align your teams and the organizational goals of your start-up to have a potent combination for guaranteed success. Every team member will strive to achieve their professional goals by being more productive.

Transparent Working Environment as an Essential Part of Growth Strategies

For a tech company trying to succeed in a competitive environment, it needs to rely on imposing a seamless working environment where all employees feel comfortable with each other. Their goals and objectives for professional development must be aligned with the mission and the strategy of the tech start-up. The start-up world is not for everyone! The employees who need to be told what and how to do things usually do not last long in a modern tech start-up. For this reason, having a transparent working environment empowers employees, motivating them to give their ideas. Initiatives and innovative ideas from all teams will help the tech start-up trying to achieve a high market share.

Bootstrapping with Slow and Steady Growth for Start-ups

Growth strategies for a start-up indicate having sufficient funds through bootstrapping that will help the company gain a better market share. Slow and steady growth is significant for a tech company trying to launch a prototype. Bootstrapping allows start-ups like MonDevice to have enough capital to help introduce a prototype into the market. Once the prototype is successful, it will create a steady stream of revenue.

Perfecting the Product at Every Stage

An essential aspect of the growth strategies implemented by MonDevices is to concentrate on how to improve the product. According to the philosophy of MonDevices, there will be news about how the rival product is superior and better than your product.

For tech companies trying to be as successful as MonDevice, it is essential to consider information about competing products. Grzhonko, Founder and CEO of MonDevices, explains that instead of concentrating on the white noise, focus on the product and the process used to manufacture your product. It is essential to focus on future needs and technological advancements. It will help your product become future proof.

Conclusion

The growth strategies by MonDevices have helped a struggling tech company trying to increase its sales and market share to achieve its goals. Today, the tech start-up is gaining momentum in the market, and the company is providing high-quality sleep monitors that help parents and children alike.

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.

Time-Tested Retail Sales Promotions

A sales promotion is an indispensable part of the promotion mix. It bears importance in the retail industry as it has the power to clear out stocks, drive foot traffic, and lift sales temporarily. It allows customers to buy their favorite products at cheaper rates than before.

 Retailers use media and non-media resources to predict and fuel customer demand and improve product availability. Examples of sales promotions include coupons, contests, product samples, promotional discounts, exclusive prizes, freebies, etc.

Build Loyalty

It is valued in terms of creating positive feelings towards a brand. This positive vibe triggers positive emotions that help customers to revisit their favorite retail shop or brand to purchase products over and over again. As loyal customers keep on revisiting the retail store, they not only help increase the foot traffic themselves but also encourage others to pay a visit, especially in malls or shopping junctions. Moreover, WOM (word of mouth) marketing or a sales buzz is a big plus for the brand. Increasing foot traffic through effective or time-tested retail sales promotions is ideal for businesses to lift their sales profitability.

Sales Promotions–In the Light of Seasonal Demand or Shopping Frenzy

Attracting shoppers to brick-and-mortar stores and converting the influx of traffic into sales profitability is necessary for maintaining the financial health of retailers. With shifting industry dynamics and changing consumer buying patterns, it has become extremely challenging for stores to drive traffic, build loyalty, and lift sales. It wouldn’t be wrong to say that online stores or e-commerce giants, such as Amazon and eBay, have eaten up a significant portion of sales profitability from retailers all around the globe. This has happened because retailers have started to use and capitalize on time-tested retail sales promotions for growing their sales profitability.

Here are two time-tested retail sales promotion techniques that can guarantee a surge in sales volume (if implemented effectively).

Promotional Pricing Will Help Build Loyalty

Marketers and retailers use psychological tactics to increase foot traffic in their stores by creating a favorable environment or atmosphere for shoppers to purchase store items or products. Undoubtedly, promotional pricing on different items is an ideal way to attract new customers, clear out stocks or inventories, and bring privileged customers back to your retail store. This way, you would not only create a point of interaction with clients but also build loyalty. Promotional pricing has proven to be one of the best time-tested retail sales promotions for ensuring guaranteed results. Some of the promotional pricing options include:

Markdowns: A complete cut of the entire stock is all that customers prefer to avail. Flat sales on the whole stock, for instance, “50% off of the entire stock until…” is a perfect promotional pricing tactic that will increase foot traffic of both new and regular customers. However, you need to keep in mind that large markdown sales must be backed by well-crafted and properly positioned advertising or promotional campaigns.

Bundle Pricing: This is the pricing tactic mostly used by cellular companies or internet providers. For example: ‘buy one get one free’, ‘use this much bandwidth, and this much is free’, etc. This great psychological selling point helps customers feel good about the offer.

Loss Leaders: Certain products are always in demand. Such items are sold at discounts, and new customers usually find them attractive and feel good about buying them. So, promotional pricing is a major contributor and a time-tested retail sales promotions option that can be used to lift sales volume and, hence, sales profitability.

POP Displays

POP (point of purchase) displays are one of the most effective, yet clever ways that are used by retailers and marketing experts to encourage impulse buying. They subconsciously trigger customers to purchase without them realizing it. According to a study, 55% of purchase-related decisions made by customers are due to POP displays strategically placed in the retail store.

Free Samples: It is an ideal way to introduce new items, which you may have recently added to your retail store, to your customers, especially the first-timers. This is probably the best time-tested retail sales promotions tactic that can be used by stores to drive foot traffic and build loyalty.

Speed Bumps: The proper placement of products, probably at an eye-level, can draw instant sales. When the purchasing journey is closer to an end, you must strategically place items so that they could get the attention of prospective customers. Attractive promotional or sales offers and signposts are considered ideal for stimulating unwanted desires.

What Else Can You Do?

For bringing customers to your retail store or driving foot traffic, you don’t just need to sit idle—you must get to work! Here are some suggestions:

• Send promotional messages or emails to your privileged clients.
• Acquire VAS (value-added services) from cellular companies for sending promotional messages.
• Take your store and featured products on social media networking sites to create awareness.
• Hire brand ambassadors or store influencers.
• Write a blog post to let people know about your sales promotions.

This way, you will surely notice significant results as these crucial tips are time-tested retail sales promotions techniques that are widely used by retailers across the globe. Lastly, by employing rightful sales and promotional techniques, you can expect to witness more foot traffic and increased sales profitability, which will ultimately build loyalty.

Summary

For producing desired results, you must encourage customers to visit your retail store. Once they pay a visit, then you must convert their visit into sales. By employing time-tested retail store sales promotions, you can expect to increase the influx of customers and, hence, sales. To build loyalty, you must give certain offers to clients, which will encourage them to revisit your store at their next time of need.

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.

To establish a successful business that produces goods and services at minimum cost, numerous techniques are used. One of the most common tools used to drive the financial management of a company is budgeting which ultimately requires bookkeeping.

Bookkeeping allows the record-keeping of all transactions that taken place or are planned by stakeholders in a business. The following are bookkeeping techniques used in budgeting that lead to success.

Sketch an Outline of Costly and Unexpected Expenses

Costly expenses are the ones that are not necessarily planned. They can even be accidental, but they can cause hazardous damages to the business once they appear. Therefore, an entrepreneur must take care of such expenses by allotting a specific budget to this section in a strategic plan.

No matter what business you’re in, unexpected business costs always seem to crop up. Sometimes even seemingly inexpensive surprises can throw a monkey wrench into the works because finding the cash to repair a plumbing problem, replace broken equipment, or tackle some other emergency can be challenging if you’re not prepared for it. Here are some of the expenses you need to budget:

1. Equipment Breakdowns
2. Utility Problems
3. Growth Costs
4. Unexpected Opportunities

Preparing for these expenses by budgeting will help prevent these costs from sinking your business or causing you to take out costly loans.

Installation of Bookkeeping Software

Bookkeeping is itself a hectic task that requires financial experts for its completion. Still, to avoid any mistakes, several of the bookkeeping software have been designed by engineers to make this task easier and error-free. Some of this software are the following:

1. QuickBooks
2. GnuCash
3. Moneydance
4. Quicken

This software is user-friendly and easily operated, but business owners are still advised to keep financial experts who have complete knowledge of terminologies for data entry to avoid any haphazard or error in the results.

Taxes Should Not Be Ignored

Business owners should be vigilant about their paid taxes as well as the upcoming ones. Financial experts and bookkeepers, while planning a budget, must allot a particular amount of funds available for paying future taxes (the taxes can be allocated depending upon the previous taxes paid).

Taxes should be allocated within the budget strategy and set aside an account that will not be touched during the year. You can use previous tax filings with the IRS to know how much to budget and hold back.

Though a tax bracket can change from year to year, you can pay your tax budget using your previous year’s tax debt as a guideline. If you can afford a tax expert or accountant, ideally, they would handle your tax allotment.

Advantages of Effective Bookkeeping

Ensures Economic and Financial Health of an Organization

Finance plays an optimistic role in terms of providing a solid backbone to an organization. It helps ensure its economic and financial health as it tends to provide optimal allotting of all funds a company has to operate its strategic plan.

To sustain the stance of a business inclusive of its targeted operations, its sound financial health is of substantial significance, acquired through intelligent budgeting. Therefore, entrepreneurs are advised to be vigilant while planning the budget for their business organization.

Identifies Major Apertures of an Organization

Budgeting is considered one of the essential pillars of an organization as it provides a bigger picture of what has happened or what will happen in the future. It identifies significant apertures or errors made in the past while dealing with the finances of an office, ultimately enabling business owners to make future decisions in a better manner. This helps in making business operations smooth with fewer obstacles.

Conclusion

Effective budgeting is the cornerstone of a thriving business, as it is pivotal in driving successful operations. A well-crafted budget serves as a roadmap for financial decision-making, enabling the business accountant to meticulously manage the current finances while preserving a comprehensive history of past financial performance.

Budgeting and bookkeeping are deeply interconnected components of a business’s financial ecosystem, and their synergy is paramount for maintaining financial health and achieving long-term success.

In essence, effective budgeting is the compass that guides a business toward its financial objectives, while bookkeeping is the diligent scribe that faithfully records the journey. Together, they form the foundation of financial stability and pave the way for the prosperity and growth of the 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.

Budgeting is essential to the success of any company. Each business needs to have a competitive advantage to get an edge on their competitors by lowering the prices of the product, providing added services, and a great location. For this, the foremost need is to analyze your competitor’s business thoroughly so that project management can be handled more resourcefully. A comparison with your competitor is important at the start-up of the business and also when you think of expanding your business. Get ready to offer the market something unique and more innovative than your competition.

Factors that should be considered when Creating a Budget

The Age of Company as well as the Product

The actual budget depends on the initial funding of the company. The budget range can be from 1% to 10% of the revenue. A well-established company will have greater revenue from sales, which can be set aside for marketing. At the same time, a business start-up will prefer to invest the money into improving the quality of their product. A brand company with a large and loyal consumer base will have to focus more on the quality of the product with marketing.

The Objective of the Company

Marketing campaigns are chosen according to the intention of the companies. This is also referred to as target-based budgeting. Hence, each marketing campaign is different due to the budget required, which is also different. The common objectives of a specific business will be building a brand and spreading awareness in addition to trying to break into the existing market. The marketing budget is allocated according to the specific goals.

Budgets of Competitor

The analysis of the competitor’s budget is also important. We need to consider a competitor’s financial plan that is being spent on the customers to market their products. Nowadays, the average budget resources for both established companies and start-ups have been clearly defined. On average, 1% of sales revenue is usually allocated for marketing commitments. This also varies in the industrial sector business and sales from one business to another business. Yet, businesses with higher profit percentages like pharmaceuticals spend more than 20% for new product marketing, ensuring sales among the customers. Remember, the budget is always considered according to the sales benefit and the specific objective aim of the company.

Targeted Audience

The business should have complete information about product use in the population age group as well as the region. With this, they can plan their budget and advertising and product release according to these factors. Businesses can better target their audience, optimize their resources, and increase the chances of a successful product launch and advertising campaign. Always remember that knowing your target audience is an ongoing process, and continuous evaluation and adjustment are key to long-term success.

Medium of Marketing

The interaction of the consumer with the market is most important. New businesses should learn the trade and invest in the analysis of observing the competitor’s sales graph and marketing medium they are using for the promotion of their product. This helps in determining the amount of capital needed for targeting a certain customer population. For example, companies might spend time and money on promoting the product on social media. Still, the product has a greater demand through the old era e-commerce method, and a radio or newspaper advertisement would be and easier and cheaper method to increase sales and connect the buyer with the product.

 Complete Analysis of the Competitor

Strategic and marketing management is the study of the weakness and strengths of the potential and current competitors during the process of budgeting. The detailed analysis provides defensive as well as an offensive strategy to deal with threats. Creating profiles proves to be an organized method for a complete analysis of the market as well as the product as it contains the efficient implementation of marketing strategies.

Conclusion

For a successful business start-up to be profitable, detailed, and organized, competitive analysis is the most important task. Create profiles with in-depth details given in the article above, including the financial status observed, workforce, and advertising strategies. Budgeting is a powerful financial tool that can help individuals and organizations achieve financial stability, reduce financial stress, and work towards their financial goals. It provides a structured framework for managing income and expenses, making informed financial decisions, and securing a better financial future.

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