Category: Content

As a business owner, the last thing you need is downtime for your business transactions. However, with everything functioning with the internet, you’d want relentless and reliable connections. Such is the case with Voice over IP telephones, which far surpass traditional landline phones and are necessary for today’s businesses. 

If you think your business can survive without the internet, you’re sadly behind times. In hindsight, companies rely heavily on internet connections, both for their internal and external processes. You are starting from creating an integrated network to having a cloud system for storing important information. 

VoIP is undoubtedly the first step toward the future of communication in an enterprise. However, users must know its stance in the coming year to unlock its full potential. Here, we will highlight the role of VoIP as we move towards a more technologically dense era.

 

VoIP – The Evolution from Old-School Office Phones 

It would help to remember those old office phones when you had to stay close to the desk to receive or make calls. Not to mention that those business phones were quite expensive, which made it a costly solution. In the age of fast internet, programmable VoIP phones provide better services than old landline connections. 

Moreover, VoIP phones can store hundreds of contacts compared to old phones, which could save as many as 100 contacts at a time. Additionally, it has an LCD screen that divides different contact numbers into separate sections.

Save Money with VoIP 

For an enterprise, having multiple locations is quite common. With the advent of VoIP, you can reduce costs by setting up similar networks for your offices in different areas. More so, you can reduce the cost of the communication system. Reduced prices for eradicating communication barriers can help business owners increase customer experience and business transactions. 

VoIP can Make Things Convenient

Apart from ridding yourself of irritating desk phones, VoIP telephony systems’ maintenance and management make them an asset. Even if small or medium-sized businesses decide to recruit an IT professional to manage the system, it’s still feasible. 

Go for the Clouds 

Everything is on the cloud, especially for businesses. Cloud systems provide storage facilities, so business owners can breathe a sigh of relief when intensifying their data security and sharing it with every business location. 

However, for gaining the maximum benefit of cloud platforms, you need an internet connection that can handle it. Present broadband internet service providers guarantee relentless connectivity to business owners. Moreover, they provide a cost-effective solution, making it an ideal choice to maintain your cloud-based networks. 

Cheaper Than You Think 

If you’re starting your business transactions, spending a hefty amount on a fiber connection isn’t wise. While a fiber optic connection may be a better choice, you can still go for a reliable broadband connection instead. Broadband connections these days provide reliability and availability to users at meager costs. 

Reliability Makes the Business Successful

Reliability is a crucial motivator that drives your business to new heights. Similarly, reliability is the leading factor to consider when you search for an internet connection to link your business with the world. 

On the reliability scale, both broadband and fiber connections provide similar services. Fiber optic internet ranks way above broadband internet with negligible service interruptions during peak hours. However, long gone are the days when broadband connections provide distortion in their streaming. So, if you’re searching for an internet connection to kickstart your start-up’s journey toward excellence, broadband is the service you need.

IoT – Enhancing the Services of VoIP 

The Internet of Things (IoT) is the future of technology and will adopt VoIP technology. Moreover, the mobile-centric nature of business transactions makes IoT a vital part of any technological implementation. 

The future for VoIP is quite bright, given that it already offers different enterprise applications. Thus, it’s going to increase as technology develops. The business world is aiming for the skies with cloud-based systems. So, if you’re not on team VoIP, then you should be on the train as soon as possible. 

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.

Income is taxed at the state, local, and federal levels, and profits or payments are subject to extra taxes to fund Medicare and Social Security, to name some. Taxes are hard to avoid. Still, there are numerous techniques to help ward them off. Here are some different ways to protect your income from taxes.

Invest in the Municipal Bond

Purchasing a municipal bond means lending money to a local or state governmental object for a specific number of interest payments over a prearranged time.

Interest on a municipal bond is excused from federal taxes and might be tax-discounted at the local and state levels as well, depending on where you live. Tax-free interest expenditures make municipal bonds appealing to investors.

Previously, municipal bonds had fewer default taxes than their business bond counterparts. Research of municipal bonds from the nineties to the twenties shows that the default rate was 0.1% for investment score municipal bonds versus 2.28% for world business issuers. However, municipals naturally pay less interest tax. Because of the tax advantages, municipal bonds’ tax-comparative yield makes them appealing to some investors. The more advanced your rate bracket, the higher your tax equally yields.

Shoot for Long Term Capital Gains

Investing could be a powerful tool in increasing wealth. An extra advantage of investing in mutual funds, real estate, bonds, and stocks is the satisfactory tax treatment for long-term capital gains.

An investor has money or capital resources for more than one year, like a special tax rate of 0%, 15% to 20% on the capital improvement, relying on the investor’s profit level. If the resource is held for a few days or less than one year before selling, capital increases taxes at average profit rates.

Consider a long versus short period; capital improvement rates are significant for increasing wealth. A married couple filing jointly pays zero percent on their tong period capital improvements for the previous year if their taxable profit falls under 80,000 USD and, in this manner, a single individual under 40,000 USD.

Start a Business

Additionally, numerous tax benefits are proposed to build more profit besides business.

Once utilized in regular business, you can reduce numerous expenditures from income and deductions from the overall tax obligation. A particularly significant tax reduction for self-employed people is health insurance reward accessibility.

Also, by severely following Internal Revenue Service (IRS) rules, a business leader might reduce their home expenditure with the home office reduction.

You might also reduce the portion of the internet and utilities utilized in the business from profit. To claim these reactions, the taxpayer behavior of the company to make an income. The internal revenue assesses several factors, drawing in publication 535. Taxpayers who understand payment in three of the last five years are assumed to be in an income business.

Use a Health Savings Account

Workers with a high reducible health insurance strategy can utilize a HAS to deduct taxes. Some amount is donated to HAS before taxes. For 2020, the donation is 3,550 USD for people and 7,100 USD for the whole family. For 2021, this year’s maximum deductible donation level is 3,600 USD for a single person and 7,200 USD for the entire family. These funds can increase without the demand to pay tax on incomes. An additional tax advantage of a HAS is that withdrawals are not taxed when utilized to pay for qualified medical expenditures.

Claim Tax Credits

Various IRS tax credits deduct taxes, like the earned profit tax credit. For 2020, a less-income taxpayer can claim credits of 6,660 USD with two or suitable children, 5,920 USD along with two, 3,584 USD along with one, and 538 USD if none.

An American opportunity tax credit proposes an extra 2,500 USD/ year for qualified students for the first four years of higher education. The whole learning credit permits a maximum of 20% credit up to 10,000 USD of capable expenditure per return.

There is a similar saver’s credit for reasonable and low-income people searching to save for retirement; people could obtain a credit up to half their donation to plan an ABLE or IRA account.

Bottom Line

However, no one must pay additional taxes when paying all the legal taxes to authorities. A few hours spent at IRS.gov scouring trustworthy financial data sites might produce hundreds or thousands of dollars in tax savings.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.

In modern-day business, one initial thought for an entrepreneur after starting up a business is being cost-savvy. Business owners usually increase their profitability by cutting unnecessary costs. There are many ways to cut down on your expenses, such as choosing effective and efficient marketing channels, deploying equipment based on the latest technology that will utilize minimum other resources, and eventually cutting down on the costs in the longer run. Entrepreneurs also consider dropping off dead weight now and then who are not resourceful anymore. Such resources may be human or equipment, and dropping them off reduces unnecessary costs.

While talking about the deployment of cheaper and more effective technology services and equipment, the internet is needed by almost every business today. An internet connection for a small business must also be fast enough to run on multiple systems simultaneously. So, internet service is also considered a prominent head in the expense sheet of small businesses, so you should choose wisely. A small business entrepreneur should think very carefully, assess their business requirements, and get a suitable internet connection for their business.

We’re deep into the internet world, where Artificial intelligence and cloud systems play vital roles in this technological world. If we look at the present business owners, the internet is everything for them. From employee management to answering customer inquiries, the internet is necessary for running a successful business.

According to a poll, 96% of small-sized businesses use internet-based technologies to run their operations. Therefore, utilizing business broadband becomes the primary catalyst for maximizing productivity and expanding corporate horizons.

Cutting Down the Cost

According to its nature, every small business has different requirements for the Internet. Companies like digital marketing agencies and software houses usually have 24/7 internet access with greater bandwidth and connection speeds. Small businesses from the manufacturing sector require the internet for minimal activities, and their Internet usage is relatively less.

Fast internet connections are costly. Therefore, entrepreneurs must assess their business’s need for internet volume and get a suitable package. This can reduce the high cost and add to their profitability in the longer run.

Everything Digital

Since every service is being operated digitally in the modern business era, no business can excel without standard internet service. Even in a small business, from marketing and sales to finance to administration, all the departments are interlinked through cloud-based software that requires an internet connection. The internet has been a very resourceful tool in making businesses efficient; therefore, it is necessary to purchase a suitable internet connection that should not add up to an extra cost to the company and serves its purpose effectively and efficiently.

Help You Prioritize Customer Service

As we enter the new decade, businesses consistently focus on a customer-centric mindset. A good broadband connection can help prevent money loss through seamless internet services. Additionally, business broadband service providers deliver internet solutions tailored to your needs.

Reliable to the Core

Consumer demands consistently increase, and one of them is that their favorite company is reliable. Business broadband connections provide reliability that will not stop their day-to-day activities. With fast download and upload speeds, you can ensure that your business is consistently up and running.

Security Enhancement

The need for security is drastically increasing due to the cybercrimes that businesses face consistently. It’s a major headache for business owners because they can’t survive without the internet, and the increase in data breaches makes them hesitant to do so. Business broadband delivers top-notch internet service and ensures that the network has the right level of security for your transactions.

Perfect for Offshore Clients

We all know that calling international clients is expensive. However, with the advent of the internet, you can call offshore clients and colleagues at low or no cost. From voice calls to video conferencing, business broadband strengthens your communication requirements.

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’s becoming more and more evident that the world is moving further toward digitalization, and the printing industry is already starting to adapt. Thanks to digital printing, the print marketing industry will reach a value of $300 billion by the end of 2024. 

Preservation of Traditional Reading Preferences

Still, some would like to preserve the ways of old a little longer. A 2017 survey showed that 73% of people claimed to prefer reading a book or magazine instead of staring at a screen. 71% said reading about an event in the newspaper provided a better understanding than watching it in the news. 

79% of people surveyed said they react to printed mail immediately, but only 45% admitted to doing the same with email. 

Business Communication Through Printed Media

Many businesses also use printed mail to communicate with shareholders. One such company is Airbnb, which sends each of its shareholders a printed magazine discussing the internal machinations and other external factors surrounding the company. 

Daniel Dejan is a neuroscience researcher who has closely studied the relationship between humans and print marketing. According to Dejan, people will eventually return to print media once they experience monitor fatigue. He has said, “The brain reaches a point of saturation. And when it does, it can no longer take in any more. So, when you reach that point of digital information overload—whether you realize it or not—even younger demographics will seek out printed materials.”

Role of Paper Media in Offices and Corporate Environments

Paper media still has a place in offices and corporate environments. Business cards, sales documents, and brochures are commonly found in office buildings even today, and this will not change. 

Research by Epsilon Marketing suggested that 80% of people preferred to do business with companies that offer customization and personalization. 

Successful Examples of Print and Digital Personalized Marketing

One example of personalized marketing that was successful in print and digital was Coke’s ‘Share a Coke’ campaign, in which people were encouraged to find Coke bottles with their names on the label. 

Customers prefer printed packaging, as it carries the perception of being more thoughtful and putting more effort into it. Printed packaging also helps foster a memorable brand image so customers can identify your brand. 

Dollar Shave Club, for example, includes a printed newsletter with many of its products. They believe this is one way to ‘deepen the brand’s relationship with customers.

Coexistence of Digitalization and Print Media in Companies

Many companies may have embraced digitalization for the most part, but specific sectors still rely on print media. Many companies no longer bother to keep track of how much printing they do. Printing costs usually get buried between more essential metrics of each branch of a larger organization. 

Environmental Impact and Sustainable Production Methods

As necessary as printing has been for so many years, there’s no denying its strain on our planet’s resources. Climate change scientists have warned for years about the effects of cutting down thousands of trees to make paper, and industries are finally starting to listen. Despite cutting down on printed media as much as possible, even the most environmentally conscious companies still rely on it. New and sustainable production methods will likely be used if printed media still has an essential place in the marketing sector. 

Influence of Cloud-Based Technology on Print Media

The rise of cloud-based technology has also significantly affected print media, making printing cheaper and more efficient than ever. Cloud computing allows modern companies to print paper-based material in bulk, wherever needed, thus saving transport and storage costs. 

Print Media’s Essential Role Despite Digital Advancements

Print media is still essential but will never be a perfect substitute for digital marketing. The internet provides a globalized network that paper media cannot compete with, allowing businesses to reach broader audiences than ever before and stay connected with them regularly.

Uncertain Future: Assessing Business-Specific Marketing Needs

Each marketing strategy can only work for some businesses. Every business needs to assess its specific needs and strengths to determine what benefit print marketing brings to its company. Print media is still popular, but that could change in the future. There’s no telling what could happen. Will modern technology find a new, sustainable replacement for paper media? Will digital media take over completely?

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

A sole proprietorship is an unincorporated business owned and run by one person – with zero distinction between the owner and the business. The sole proprietor enjoys all the profits and is personally responsible for all business liabilities, losses, and debts. A sole proprietorship is one of the latest expensive business structures to start.

Think about it: just one person owning a business all by himself, the legal requirements are as essential as they can get, and all the profit the company offers. Similarly, if things go south, just one person gets to handle all the mess. However, a sole proprietorship is a well-intentioned model for small business owners who don’t intend initially to derive large profits. In short, it is excellent if you are thinking about operating a small business.

Sole Proprietorships and Small Businesses

Most people consider a sole proprietorship and its owner identical. When it comes to small business health insurance, a sole proprietorship can be defined as a small business. Still, if you have no workforce but yourself, your sole proprietorship will most likely not qualify for a group plan.

Sole proprietors can hire people, just like any other small business owner. According to the IRS, any time a sole proprietor employs someone other than an independent contractor.

Although a sole proprietorship is the simplest form of business structure, you may be unsure how it affects health insurance options. A sole proprietorship might qualify for group health insurance if it has a few employees.

Let us look at the defining characteristics of a sole proprietorship.

• No corporate entity exists
• Ownership by one self-employed individual
• The owner remains responsible for liabilities and business assets
• The owner is an extension of its business

Good Business Practices

As the owner of a sole proprietorship, you get to make all the decisions and call all the shots. You have no partners to consult with or some board of directors to discuss with either. You will also have personal liability protection. Just like that, there are multiple benefits of a sole proprietorship; let us discuss:

Complete Ownership

Believe it or not, but at some point, sharing business ownership can be very difficult, even if you think that you get along with your co-owner well. When you are the only one managing and making all the decisions, you are not responsible for other people’s mistakes. It’s like a one-person show – you have the spotlight and get to do whatever you feel like.

You get to choose how many days your business will operate and which times to come in; plus, you are held responsible for your work by yourself and the clients. With complete ownership comes a full hold of profits. You get to enjoy all the profit you make, and you decide to use it.

A Simple Kick-Start Process 

Usually, a business owner’s job when forming a sole proprietorship is registering with the local office and obtaining necessary licenses. A sole proprietorship does not need legal counsel to build a business, which helps reduce costs. As a sole proprietorship, you can file a business name but don’t have to do it. Business owners who operate sole proprietorships can visit their local businesses and start working, which is more straightforward than any other business structure.

To start a sole proprietorship business in the United States is a massive advantage to the business owner because of the ease of starting one.

Simplistic Income Taxes

You are already connected with your business when you are the only person dealing with all business matters, so you don’t have to file business taxes separate from your income taxes. The business income is your income, so a personal tax return and a tax form (Schedule C) allow one to report income and losses to the IRS using the SSN. In addition to all your business-related expenses, they are tax-deductible, including the cost of travel, goods, fees, and more. The tax rates are lower for sole proprietors than for corporations and partnerships.  

All in All

Sole proprietorship allows people to open their businesses with complete ownership and responsibility for their successes and failures. However, it’s essential to remember that starting and then operating a business can be equally stressful and challenging as it is rewarding.

Even if you believe that sole proprietorship is the best option for you, surround yourself with positive energy and great support from other business owners; local business centers can also help you thrive in operating and growing 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.

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

Is There a Difference?

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

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

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

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

Content Marketing for Business-to-business

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

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

Effectiveness Compared

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

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

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

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

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

Employee Health and Safety 

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

Manufacturing Technology 

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

Digital Connectivity

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

Going Green

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

Centralizing Communication

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

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

Establishing a Resilient Supply Chain Network

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

Final Word

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

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

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

Information as the Basis for Strategy Decisions

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

Secondary Research

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

Typical examples of internal information sources:

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

Primary Research

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

Observation

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

Typical fields of application for observation:

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

Survey

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

Methods of the survey are:

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

Survey Tactics:

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

Experiments or Tests

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

Trend Research

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

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

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

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

Process Management Features 

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

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

Visualize and Describe Processes

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

Process Management Applications

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

Introduction of IT System or Automation

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

Cost Reduction and Process Cost Accounting

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

Change Management

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

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

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

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

Specific Responsibilities

Budgeting and forecasting

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

Decision support

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

Memorable projects

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

Conclusion

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

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

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

Maintain Offer List and Monitor Offer Success

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

Importance of Bid Tracking

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

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

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

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

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

Record and Track Offer

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

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

Monitoring Offer Success

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

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

Offer to Track

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

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

Core Project Management Software

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

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

Conclusion

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

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

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