Major Business Setbacks - Complete Controller

Small businesses are especially vulnerable to major setbacks, while large businesses can often absorb them and move forward without batting an eyelash. There are a few things to consider when you are a small business owner facing anything that can financially ruin your business. Whether the setback is a seemingly overwhelming disaster or a mandated shut down due to the COVID-19 pandemic, with some creativity, you can not only bounce back; you can bounce forward. Check out America's Best Bookkeepers

Instead of looking at a significant setback as a negative, be creative and turn it into a positive. Look at it as a way to change your business and grow in a new direction. Sometimes the things we see as a curse are a blessing in disguise. Here are some ideas of how you can bounce back from COVID-19 or other major business setbacks.

Stay Calm and Put it in perspective

Remaining calm even when the storms are raging around you is crucial to navigate to the other side of a major setback successfully. Panic is the quickest way for your small business to sink totally. You can’t accomplish anything when you are panicked. You have to find a way to get a handle on your emotions as soon as possible. When you are calm, you can focus on what you need to do to survive and then thrive. The lushest growth comes out of the ashes. Your business can do the same if you keep it together.

To put the setback in perspective, you must ask yourself some questions:

  • Is there something I did or didn’t do to cause the setback?
  • Is it an issue caused by COVID-19 or another disaster out of my control?
  • Is there something I can do to change the situation?
  • Should I consider closing my business? Check out America's Best Bookkeepers

These questions may seem a bit scary to answer, but you need to understand the setback and the root cause, and if you want to move forward or move on to something different.

Get Creative

If, after you calmly put things in perspective, you decide to move forward with your business, it is time to get creative. In some cases, like with COVID-19, businesses were shut down for long periods, and when they did open, there were limits. If you have to shut your doors during a setback, you need to assess if you can offer something outside your business. It could be products or services that go to your customers, you could change what you do or offer during the setback, or some businesses can operate online or from home.

Not every business will have the ability to offer products or services this way. That is when you could consider completely changing your business but reaching out to your customer base to launch your new direction. A setback, even a major one, does not have to end your entrepreneurial spirit. You started this business once; you can do it again! Check out America's Best Bookkeepers

Check Local, State, and Federal Government Sites

Small business owners should be going to their local, state, and federal government sites searching for assistance for small businesses. In the case of COVID-19, help through the Small Business Association (SBA) was offered to small business owners to give them some relief. There are other programs and grants and disaster assistance that you may be able to use.

Reach Out to Other Small Businesses

Small business owners are often supportive of one another because they understand the struggles and risks. Especially during a disaster that affects small businesses widespread like COVID-19, small business owners can help each other with ideas on how they can survive. Sharing best practices and brainstorming ideas with others who understand your perspective can lead to successful solutions. You can also partner with other businesses to uniquely offer products and services as a supportive team. You may even form a lifetime business partnership that will make your business stronger than before.

Conclusion

Setbacks will happen to every business at one time or another. It’s how you handle it that matters. If you stay calm, put things in perspective, get creative, look for help, and partner with other small business owners, you will not only survive, you will THRIVE! And remember. This, too, shall pass.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Business Insurance - Complete Controller

No matter the size of your business, there are certain coverages every business needs. One of the most critical business needs is business insurance, though it is often overlooked. What is business insurance? It is insurance specifically designed to cover issues businesses face, such as natural disasters, accidents, equipment breakdown, and lawsuits, all of which could spell the destruction of your business without insurance. Here are the types of business insurance and what they cover to make the best decision on the coverage that works for you and your business. Check out America's Best Bookkeepers

General Liability Insurance

General liability insurance protects you against financial loss if there are bodily injury and medical expenses, property damage, libel, slander, lawsuits, liens, settlement bonds, or judgments. Every business should carry general liability insurance. While you can run your business as professionally as possible, there are unforeseen disasters or human reactions you have to protect your business against. Without insurance, your business could be wiped out with just one disaster, accident, or lawsuit.

Product Liability Insurance

Product liability insurance protects against financial loss due to a defective product that causes injury or bodily harm. If your business creates any product or products, this is a must in addition to general liability insurance. There is no prediction about how some products will be used or how the people using them may be vulnerable to some aspect of them. Your business is protected from financial loss with product liability insurance, no matter what happens with your product(s). Check out America's Best Bookkeepers

Professional Liability Insurance

Professional liability insurance protects against financial loss as a result of malpractice, errors, and negligence. This insurance is specifically designed for businesses that offer a service instead of a product. Several things can happen when performing a service for a customer. With professional liability insurance, you and your business will be protected from financial devastation. Some businesses that offer services also have products. In that case, you would need to carry both product liability and professional liability insurance.

Commercial Property Insurance

Commercial property insurance is coverage that protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience, and vandalism. It also covers injuries a person may have suffered while on your property. This coverage is specifically designed for businesses with property or physical assets. There are so many events that can occur, causing damage to your property, this coverage ensures that if the unthinkable happens, your business will come out intact.

Home-based Business Insurance

Home-based business insurance is added to the homeowner’s insurance and protects your business and home from liabilities. These liabilities include the same thing general liability covers, but your business AND home are protected since your business is run out of your home. Check out America's Best Bookkeepers

The Business Owner’s Policy

The business owner’s policy is coverage that protects your business by combining all the coverage needs you have in one bundle. This bundling simplifies all the coverage you need and makes it more affordable. There is often more than one coverage a business requires. For example, a home-based business offers service and has a product that would need product liability, professional liability, and home-based insurance and general liability insurance. Bundling all four under one business owner policy will save money and confusion.

Before You Buy

Before you buy any business insurance, you need to take the following steps.

  • Assess your risks. As the business owner, you need to consider types of accidents, natural disasters, or lawsuits you could be facing with your business. If you need help, the National Federation of Independent Businesses (NFIB) helps assess your risks and choose the right insurance for your company.
  • Find a licensed agent. Commercial insurance agents specialize in policies that match your specific business needs.
  • Research and compare. Prices and benefits can vary significantly from company to company, like any insurance. Research your needs and shop to compare rates, terms, and benefits for your specific insurance needs.
  • Re-assess every year. As your business grows, so do your liabilities, so what worked this year may not work next year. Get with your insurance agent to adjust as needed.
Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Business Challenges - Complete Controller

We all have heard that 50% of businesses fail within the first five years, but we don’t hear about 20 % of companies that diminish within just a year of launching or about those with ten years in, two-thirds of businesses have their doors shut. Once we understand the challenges that companies face, we can talk about making some real changes to the landscape and the tasks that can help struggling initial enterprises survive the thrive. Check out America's Best Bookkeepers

Hiring and Retaining the Right Staff

To find the right people for the job is a hassle for 20% of the small businesses that were surveyed and 21% of midsize companies. Also, retaining those people once they show up is a massive task for 15% of small productions and 21% of midsize industries.

If your business has the right people in place, then they can thrive.

The meaning of “right people” varies by business and job tasks, but the issue is less about defining the word and more about finding those people searching for jobs.

Small VS Midsize Businesses

While small companies are concerned more about hiring new people, midsize businesses are concerned more with holding on to their talented staff that they already have.

Midsize businesses are tremendously worried about ramping up sales teams in a way a small corporation does not care about yet.

The fundamental problem is that while small industries need to scale, a midsize corporation needs to scale faster. The latter frequently has a more distributed proprietorship, which grows demand on supervision to attain results.

The reason why a business slows down is when you spend time on hiring new staff. While companies wish to retain their employees, they do not go through the same holdups associated with the income that midsize businesses do. Check out America's Best Bookkeepers

Using the Right Technologies

Out of all the SMBs, it has been observed that 21% showed us that using the right technologies is a big challenge. On the other hand, 17% of those found face difficulties in using their tech, while 33% of the midsize businesses reported the same issues.

For midsize businesses, technology is not in their reach and away from the most significant single obstacle that was asked them about. We dived in to find out what it is about technology that makes this such a hurdle.

When questioned about specific challenges that the business faced planning to invest in new tech, almost half said that directly detecting the right technology is challenging. Midsize companies also often cited security concerns (54%) and compatibility with existing systems (50%).

For spreading businesses and also established players in particular markets—the cost of buying the wrong tech can be disastrous. Studies commonly show that the ERP application, for instance, has cost invades (with total costs close to millions of bucks) and under-delivers on corresponding promises.

Even at a small business level, the value of choosing the incorrect system can set a business back. Free orders need practice time and move away from any technology coming with substituting costs and possible data loss.

Increasing Operating Costs

Businesses irresistibly want to upsurge their earnings, but managing costs will always remain a goal as long as they care about profit. Across all observed companies, 15% said that growing functioning prices were quite a challenge for their business.

As businesses prosper, so do their day-to-day bottom lines, irrespective of profit. In concept, companies desire that devoting more to their functioning costs reflects the wellbeing of their business. Still, when profit putrefies and operating costs increase, that is when business owners start to worry. Check out America's Best Bookkeepers

Facing Increasing Competition

In a survey, 16% of respondents responded that competitor strength is a significant challenge. This one tilts more heavily on midsize industries rather than on small businesses. Of small businesses observed, only 16% were worried about competition, while 24% of midsize enterprises reported some worries. The competition concerns came third on the list. It came up top of the list when it was asked from companies what was going to form their organization’s business aims.

In total, 41% of businesses reported that competition in their industries was a major external factor in shaping their aims. That broke down into 34% of midsize companies, 43% of small businesses, and 43% of small businesses. Meanwhile, the global competition took a seat back, with just 21% of companies identifying it as a significant external factor.

The split between factors and challenges shaping businesses comes down to these two points. The simplest explanation is arrogance, a small amount of which is relatively healthy for a business. Most companies do not usually see other brands as genuine opponents, particularly new competitors. One study found that less than 20% of SMBs see troublesome models and new competitors as building their goals.

Secondly, many small businesses work in industries where an increasing tide lifts all boats. Vertically diverse markets or undersaturated markets—home renovation or legal services—are less affected by new competitors. Those players do not take a chunk of the existing players’ pies, which is more frequent at the small business level than the midsize level.

Business challenges are inevitable, but that does not mean that they can’t be handled. Every business goes through a rough time but finds a way out. Hard work and determination are the keys to success. Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Accounting Software - Complete Controller

Every business, whether large or small, must have a reliable accounting system. Some businesses will require hiring a professional accountant or bookkeeper, while others may require excellent accounting software. If you are a small business owner and on a budget, accounting software will be essential to efficiently running your company’s finances. Since there is more than one accounting software choice, here are the top six and what they offer to help you decide which is right for your business. Check out America's Best Bookkeepers

Quickbooks

Intuit’s Quickbooks is considered one of the best overall accounting software packages for business accounting. At one time, a fully featured software that could only be used with a one-time expensive purchase for your desktop, Quickbooks can now be used through the cloud and a monthly subscription. Quickbooks is also the most popular accounting software, so there are videos with tutorials and online guides. The best reason to use this software for your business is that it works well for various companies of all sizes.

A few downsides are that Mac users can’t get the full features on the cloud version and that if you have an issue, there are some incorrect answers on Intuit’s Quickbooks forums, which can make it difficult to solve a problem.

Xero

Xero is a cloud-first accounting system with over 600 integrations that help business owners with everything from inventory to payroll and much more. This software is more user friendly to Mac users when it comes to cloud-based accounting software. Xero can also track money and time spent on a project to give you the complete cost analysis. Xero is a monthly subscription accounting system; the cost will vary depending on whether you require premium features. Check out America's Best Bookkeepers

Zoho Books

Zoho Books is a simple accounting software that is user friendly and easy to use. It has integrated dashboards and graphs that keep the usability straightforward and doesn’t require you to be a certified accountant to understand. This software is only suitable for small businesses that don’t have many employees, inventory, or complex needs like larger companies have. It includes some great features like automated payment reminders for accounts payable and accounts receivable. It also has automated and manual features that help with bank accounts, project management, and inventory. This software is a monthly subscription that varies in cost, depending on what features the user needs.

Wave

Wave is free accounting software, and while generally, you need to live by the rule of thumb, “you get what you pay for,” this software is still good for accounting basics. This software allows you to perform bookkeeping functions for both personal and business finances in one place. But remember, it is free, so it does not offer some of the more in-depth features that other paid software has. While most of the basic features are free, Wave does charge for processing payments and payroll services. These services are similar in quality and what it offers as other paid accounting software.

FreshBooks Check out America's Best Bookkeepers

FreshBooks is a great accounting software meant for solo or freelance business owners. It is a light bookkeeping software that means tracking time, invoices, business reports, and payments. It is simple to use but does not have anything to deal with payroll or inventory. This is very basic, and if you ever grow your business from a sole proprietorship to a small business with employees, you will need to use different accounting software. It is affordable with a relatively low monthly subscription fee.

GoDaddy Bookkeeping

GoDaddy is not generally known for accounting, but the company obtained an accounting software company formerly known as Outright. Its features are similar to FreshBooks, but it is excellent for small, individually owned businesses since it has not payroll features. It is the least expensive software on the list (besides Wave, which is free.) GoDaddy Bookkeeping is excellent for tracking time and makes doing quarterly taxes a snap. The most outstanding features are the integrations it has with online sales platforms like eBay, Etsy, and Amazon, so if your business makes a lot of online sales, it is a great choice.

Conclusion

Accounting software can be the key to making sure your small business runs smoothly when it comes to financial tracking. The type of accounting software you choose will depend solely on your needs as a small business owner. Before choosing accounting software, take your time to determine your needs and use this list to help you decide which will be the best fit for you and your business.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
home based businesses - Complete Controller

A home-based business model is not a one-fit-for-all. Not everyone can handle and manage the daily operations from home. A home-based business cannot flourish until the right business is selected, and the working norms are correctly established. Plenty of business owners believe that if they turned home-based, they would get healthy returns without any significant investment of time and money.

However, to achieve success, you need to look at the business you are running carefully. See if the model is practical enough to be implemented with people you are working with (employees, executives, and business partners). Will you be able to deliver on your promises to the customer like this. Look at the facts and understand your business needs and then make a decision. Check out America's Best Bookkeepers

Factors Contributing to Home-Based Businesses

Many factors can motivate people to start a home-based business which includes:

Flexibility

This might be the most significant factor that leads to people starting a home-based venture, and why not? You are the boss, and you are free to move and come as you please. You can manage your work and be with your family and spend some time with them. There are no limitations on your work hours, and the best part is, take a vacation whenever you want.

No Corporate Politics

People behave differently when they are around their bosses, trying to please the BIG MAN to climb the corporate ladder. With a home-based business, you don’t need to face these circumstances and no in-person interactions. You can dress how you want as the boss, and it’s ok.

Be The Boss

The best part about being the boss is BEING THE BOSS. There is no one above you in the company who keeps reminding you of your monthly goals, sucking the life out of you. Check out America's Best Bookkeepers

Reduced Pressure

You are managing the daily commute, conducting meetings with everyone, paying rents for the facility, keeping track of the property tax, and arranging transportation for employees. Home-based businesses help you get rid of all that, just like that.

Less Expensive

Home-based businesses are known for being cost-effective. As entrepreneurs, people often want the most returns with the minimal investment they have, and perhaps, home-based businesses are the way to go forward. In a home-based business, you start with only a $5,000 investment, and the only necessities you need are a laptop, printer, phone, and a reliable internet connection.

Activity Dissatisfaction

Your employees might prefer to work home-based because they might get overwhelmed by more experienced employees’ skills and become dependent on others’ contributions to perform better. They also might get demotivated with the company not making any effort to keep the morale high. The home-based business helps you get rid of this activity.

Advantages of Home Based Business

There is no denying that home-based businesses offer tons of help, especially in getting rid of everyday workplace grinding. It allows the entrepreneurs of today to use telecommunication to benefit and make good use of it. Here are some of the key benefit of a home-based business:

Tax Benefits

With a home-based business, you can quickly get rid of some of the most significant expenses for your venture, such as software bills, property tax, loan, insurance, etc. Check out America's Best Bookkeepers

Learn Something New Everyday

When you’re home and managing your business interacting with your employees, you can open a new tab and watch some tutorials learning new stuff and expanding your skillset. Not only will this make you a better individual but also increase your worth in the market.

Multiple earning Streams

As now you have more time for yourself, you can always spend that in searching for new business opportunities and decide what other regions you want to explore. Creating multiple earning streams can give you exponential returns and expand your business.

Conclusion

To put all points in one, home-based businesses will be the new norm of the future where people will be handling businesses worth millions from home. It will give people the freedom and flexibility to work how they see fit and eliminate the nine to five routine.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Debt Financing Vs. Equity Financing - Complete Controller

When starting a business, most entrepreneurs don’t have all the capital needed to get up and to run. Before obtaining an office or storefront, buying and leasing equipment, furniture, or hiring staff, the owner will need to decide how to raise the required capital. There are two types of financing, debt financing and equity financing.

Debt financing is common when purchasing a home or a car. Debt financing is money that you borrow from an individual or institution to pay back with interest. When you take out any loan, use a credit card or any other financing you pay back at a future date, you are using debt financing. Debt financing does not give the individual or organization loaning you money any stake in your business. Check out America's Best Bookkeepers

Equity financing is an investment rather than a loan. The individual or organization that provides equity financing will be doing so as an investment. They will become a part-owner or stakeholder in your company. Equity financing can come from investment firms, individual investors, crowdsource investing, or other groups that have identified your business as a good investment. The most common type of equity financing is from friends or family who invest in your business and wait for a return on their investment rather than pay it back as a loan.

Here are some pros and cons of both debt and equity financing to help you decide which options are right for you and your business.

Debt Financing Pros

  • Once the loan is paid off, you are free and clear of any obligation to the lender
  • The lender has no controlling interest in how you run your business
  • It is more widely available in short and long-term loans, inventory and equipment leases, accounts receivable loans, personal loans, and business loans
  • Paying off the loan will build your business credit rating, making it easier to obtain financing in the future of your business as needed Check out America's Best Bookkeepers

Debt Financing Cons

  • You owe regular payments immediately upon receiving the loan unless you there is a deferred payment plan in place
  • Payments can be paid back daily, monthly, or at some other increment determined by the individual or institution lending the money, which can increase interest
  • Failure to pay back the loan or late payments will damage your business credit rating, making future financing difficult or interest rates higher
  • It may require you to put up collateral, which can put the property used as collateral at risk if you default on the loan

Equity Financing Pros

  • You will not have payments due, which will give you more capital to put in the business
  • Business investors can bring with their capital investment their connections and experience, which will help your business succeed
  • Investors could invest more in the business if there are difficulties, whereas you might not be able to get more loans Check out America's Best Bookkeepers

Equity Financing Cons

  • Though you are the owner of the business, investors could push you out of your own business at some point if they don’t like your business practices
  • If your business fails and the investor(s) do not get a return on their investment, they can take over the business
  • Not every business will be able to get equity financing if the business is an investment risk
  • Only businesses in specific industries or with high growth potential can obtain equity financing
  • You are giving up control of some amount of your business to outsiders and, in some cases, strangers
  • If you aren’t able to make a profit quickly, you could lose your business

Conclusion

If you cannot finance your business startup with your capital, you will need to consider debt or equity financing. Weighing the pros and cons and your needs as an entrepreneur, you can make the financing decision that is best for your business.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Credit Score - Complete Controller

Your credit score is the most crucial factor to consider when it comes to your financial health. A low credit score can keep you from purchasing a car, buying a home, or even being able to rent an apartment. It can also make payments higher on insurance, phone services, and cause costly deposits. If you have a low credit score, you will get denied loans and pay higher interest when a creditor gives you a chance. If you have a low score, don’t count yourself out. Here are seven steps you can take to improve your credit score and build trust for future creditors. Check out America's Best Bookkeepers

Pay Your Bills on Time

While paying your bills on time should be a no brainer, it is remarkable how often people don’t realize what a difference just doing so will make in their financial health. Not all of your bills land on your credit, although you should make a budget to help you pay 100% of your bills on time. But be especially focused on paying those reported to the credit bureaus. These bills include credit cards, car payments, mortgages, and medical bills. Also, anything you cancel, make sure you pay any outstanding balances. Those may not have been reported when you were using the services. Still, any outstanding unpaid balance will go to a creditor and land on your credit score, bringing it down.

Get Credit for Making Utility and Cell Phone Payments on Time

The credit reporting entity, Experian, has added a new feature called Experian Boost. Through the Experian website, you can opt into the free product and connect your bank account. If you pay any telecom or utilities on time, it will be added to your Experian credit file and update your overall credit score. If you’ve been making utility and cell phone payments on time, there is a way for you to improve your credit score by factoring in those payments through a new, free product called Experian Boost.

Check into other sites that allow you to have your rent and other bills that typically aren’t reported factored into your credit score. Using these credit-boosting tools has show scores to go up as much as 40 points within 90 days! Check out America's Best Bookkeepers

Pay off Debt and Keep Balances Low on Revolving Credit

Reportedly, the highest debt most Americans carry is credit card debt. Second is loans for cars, a mortgage, or other loans that carry interest. You must pay these debts as quickly as possible. Making the minimum payment amount is also not recommended as the first several payments will be going towards interest instead of the principal. Focus your largest payments on credit cards or loans that have the highest interest.

Open New Credit Accounts as Needed

Some believe that opening multiple credit accounts and making on-time payments will increase their credit score. The opposite is true. Having many accounts reflects poorly on our overall score, so only open the ones you need. Unnecessary credit can create too many hard inquiries on your credit report, which is harmful. It could also tempt you to exceed your means and accumulate debt.

Don’t Close Unused Credit Cards

If you have multiple credit cards, the damage has been done, keep them open, even if you don’t use them. Closing them can harm your credit. As long as the cards have no fees, keeping them open will be beneficial. Check out America's Best Bookkeepers

Don’t Apply for Too Much New Credit

Some people don’t realize that every time you apply for credit of any kind, the credit inquiry hits your credit score. These hard inquiries are acceptable if they are few and far between, but they can have an adverse effect and lower your score if done close together. These inquiries include applications for store cards that department stores offer, credit cards, and loans. If you are trying to purchase a car or home, it is suggested that you don’t apply for any other new credit within six months of trying to obtain a longer-term loan. Also, consider going to your banking institution and getting a pre-approved loan amount before home or car shopping, then you won’t have multiple inquiries if you are indecisive.

Dispute Any Inaccuracies on Your Credit Report

Disputing inaccuracies is another credit builder that people don’t realize they can initiate. Many sites offer a free credit score report that you can check every day without counting as a hard inquiry against your credit score. If you have an inaccuracy with any of the three credit bureaus, TransUnion, Equifax, and Experian, you will need to dispute it with the appropriate credit entity immediately. If you catch an inaccuracy early and have it removed, you can minimize or eliminate any damage to your credit score.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Business Plan - Complete Controller

Every entrepreneur is aware that a business goes through changes throughout the journey. To make it adaptable to the external constantly changing factors, entrepreneurs keep on bringing major and minor changes. A business plan is associated with a business that constantly changes through the incubation and initial few other stages of a business. At every stage of the business, you need to make some changes that allow your business to blend in with other market competitors. But the main question that comes to mind here is how to write an influential business plan? How to catch the attention of lenders and investors? Check out America's Best Bookkeepers

Albeit a few Founders are wary about preparing for their organizations. Setting up a strong business plan is vital for some reasons, including, yet not constrained to:

  • Raising account through venture
  • Applying for a business credit
  • Budgeting for the long and present moment
  • Gaining a more profound comprehension of how your business functions

What is even more crucial to the organizational health is the adaptability in your business plan that will allow it to blend in with every tiny or huge change that your business and industry is going through. It must fit in and blend in with every such change and should be the blueprint of your business at each stage.

Here are a few critical elements of a business plan that every entrepreneur should consider in their plans.

Executive Summary

The first thing appearing in your business plan is the executive summary, which highlights whatever you have mentioned in there in detail. Often people consider writing the executive summary section in the very end because after writing the whole business plan, you have a better idea about whatever you went through during the creational phase and what you have written in the business plan. Check out America's Best Bookkeepers

It speaks to the peruser’s initial introduction to your business. Thus, it will probably characterize its feelings as it keeps pursuing the marketable strategy.

A decent Executive Summary incorporates key realities about your business, for example,

  • Business and portrayal of the offerings
  • Current situating and focusing on
  • Monetary standpoint and prerequisites
  • Past and future accomplishments and objectives

Overview of your business

Once you are done with the executive summary, you must proceed with presenting your business idea. It would help if you gave an overview of what your business proposition is and the relation of your idea with the dynamics of the market in which you are looking to operate. In this part of your business plan, you ought to clarify unequivocally:

  • what your organization does
  • what are its items or administrations
  • in which advertise it works
  • who are its clients

While depicting your business, you should make a point that the peruser realizes what sort of market condition your business works in and how it can flourish in such a situation from a serious perspective. Check out America's Best Bookkeepers

Marketing strategy

The marketing strategy section represents your position in your industry, along with other competitors, and how well you delve into your market segment. It also showcases your position with your customers and how you create your niche in the industry. It also tells your marketing reach and determines your market space. In this section of your Sales and Marketing strategy, you should plot:

  • Meaning of your objective market – incorporate its size, existing and developing patterns, and your anticipated share of the market
  • An evaluation of your market – this ought, to sum up, how appealing your objective market is to your organization and why Porter’s Five Forces or the later Six Forces Model are valuable devices to characterize this
  • Dangers and Opportunities – you can utilize a SWOT Analysis to introduce these
  • Target Consumers – regardless of whether you’re a B2B or B2C organization, it’s a smart thought to incorporate a perfect client profile to depict precisely what niche(s) you are going to target
  • Key Competitors – explore and break down some other players inside or outside your market whose offering may rival you straightforwardly or by implication
  • Plan and Budget for the marketing department – diagram the promoting and publicizing strategies you will use to advance your business, giving an outline of your image and of the correspondence components that help it

Financial Plan

This section must be written with utter concentration, as it is one of the most critical sections of your business plan. It contains the financial projections and health of your business, and it is the section that interests your investors the most. They look into the financial projections and health of your business to see the viability of their investment. They invest in your business based on the financial health of your business.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Financial Statements - Complete Controller

When a business owner or stakeholders want to know the business’s financial health, the best way to get a clear picture is through financial statements. There are three financial statements every business should maintain. They are the Balance Sheet, the Profit and Loss Statement, the Income Statement, and the Cash Flow Statement. Depending on the business’s size, these statements could be maintained through an accounting department in a larger business and by the owner in a small business. Here are each of the three statements and their purposes explained. Check out America's Best Bookkeepers

Balance Sheet

The balance sheet is a statement that reflects the number and values of specific data. It is composed of three categories, which are assets, liability, and equity. Equity is the assets minus the liabilities.

Assets

Assets are broken down into current assets, fixed assets, and long-term assets.

Current Assets

Current assets include inventory, receivables, prepaid expenses, and current cash and account balance.

  • Inventory is broken down into raw material, work in progress, and finished goods. This breakdown gives the owner and stakeholders an idea of which inventory is deadstock and swift selling stock.
  • Receivables are a breakdown of which of them is in good standing and which have fallen into bad debt. This breakdown gives the owner and stakeholders the conversion of credit sales into cash flow.
  • A prepaid expense results from the business making advanced payments for goods or services to be received in the future.
  • Cash and account balance is the money the business currently has on hand in cash or its accounts. Check out America's Best Bookkeepers

Fixed Assets

Fixed assets include land, buildings, equipment, furniture, or any other type of asset with an accounting cycle of more than a year. 

Long-Term Assets

Long-term assets include fixed assets, stocks and bonds, real-estate investments, and investments in other companies.

Liabilities are broken down into two categories, current liabilities and long-term liabilities.

Liability

Current Liability

Current liabilities are short-term financial obligations that typically have to be paid back within a year. Some examples of current liabilities are payments to vendors or suppliers, and the company’s everyday expenses. Current business operation profits pay back these liabilities. 

Long-Term Liability

Long-term liabilities are financial obligations that go beyond a year. Some examples of long-term liabilities are long-term leases, mortgage loans, equipment, or vehicle loans. These liabilities are paid back by business operation profits or paid back by future investment returns or future liquidated assets. Check out America's Best Bookkeepers

Equity

Equity is the assets minus the liabilities and represents the owner’s and stakeholder’s stake in the company. Equity includes the capital of the owners, reserves, and retained earnings.

Profit and Loss Statement or Income Statement

The profit and loss statement is also known as the income statement. It is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period. These records provide information about a company’s ability or inability to generate profit by increasing revenue, reducing costs.

The profit and loss statement is important when looking at how a business can be more financially stable by identifying expenses and gains. It is also an essential statement when the business is obtaining loans.

Cash Flow Statement

The cash flow statement is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. The most important of these are operating activities, as it gives the entire balance of operating sources and operational needs, which is vital for daily business functions.

While investing and financing activities are also important, when it comes to the purpose of the cash flow statement, they take a backseat to operations since that is how the business continues to exist.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Net Neutrality - Complete Controller

Net neutrality is the principle that Internet service providers should enable access to all content and applications regardless of the source, and without favoring particular products or websites.

This means that service suppliers cannot offer different types of services to other kinds of traffic. All traffic should be treated in the same manner, whether from your neighborhood food blog or Netflix. Rivals of this concept are mostly telecommunications goliaths. These companies oppose the additional regulations imposed by the Federal Communications Commission (FCC.) Those who largely support it are companies like Facebook, Google, and Netflix, all companies that benefit from their sites or services. Check out America's Best Bookkeepers

How did net neutrality come to be?

Comcast was asked to stop blocking traffic from a file-sharing service known as BitTorrent. The (FCC) stepped in, and Comcast was accused of unethical business practices. Comcast filed a case against the FCC, alleging the commission did not have the appropriate authority. After three years, the courts ruled in favor of Comcast. Back then, the FCC also accused Comcast of regulating traffic among person-to-person file-sharing services providers on their networks. Comcast answered by stating that they were trying to fix the spread of illegal copyrighted material. Even though few online communities were irritated, the government did not have any legitimate authority to do anything about it. Hence, Comcast was permitted to block any sites or services they chose.

Another similar case in 2012 emerged where AT&T blocked the users of the iPhone from making face-to-face calls until they purchased a new-shared data package. AT&T argued that the video calling app caused overcrowding on its systems. New Federal Communications Commission officials and the Obama administration in 2015 found a way to dispute the authority needed by the FCC when they felt broadband corporations were not using their power objectively, and due to these factors, net neutrality was born. Check out America's Best Bookkeepers

How can the end of net neutrality affect your wallet?

If the Federal Communications Commissions’ long history suggests anything, these verdicts will be rechallenged at some point. Internet providers want to limit access to certain content providers unless they are willing to pay for higher stage services. This means content providers will, in turn, charge more for their services, hitting consumers in their wallets. Without net neutrality, telecommunication companies can hold customer services hostage until they pay for upgrades to access services or content.

Net neutrality is controversial but ultimately protects the consumer and content providers from large telecommunication companies looking to increase their bottom line while depleting your wallet.

How does net neutrality affect businesses?

Net neutrality is essential to all businesses but is especially crucial for small-business owners, startups, and entrepreneurs. These businesses rely on the open internet to launch their enterprises, create markets, advertise their products and services, and reach customers. Without the open internet, we can’t promote growth, business success, or innovation. All of these areas are vital to a robust economy. Check out America's Best Bookkeepers

The American economy is dependent on entrepreneurs to continue to launch businesses that push everyone towards growth and innovation. If a small business didn’t launch because there is no net neutrality, the repercussions would be felt in the economy for years to come. Net neutrality has pushed small businesses and entrepreneurs to thrive online, and without it, ISPs can exploit their position and destroy the internet’s level playing field.

The bottom line

Net neutrality only has an upside for Internet service providers. Consumers and business owners and everyone in between would suffer if it were not for net neutrality. Without it, there could be denied access to certain sites, which could grow into ISPs having the ability to choose the content you can and cannot view. This could set a dangerous precedent in which consumer’s rights are violated, opening up ISPs to lawsuits and losing customers and revenue.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers