Category: Content

Since its launch in 2006, X (formerly Twitter) has grown to have more than 187 million users worldwide. What started as an online SMS tool has evolved into a social media juggernaut that allows users to connect with millions of people worldwide with like-minded views and interests. Even brands have found that X will enable them to engage with their customers more consistently and personally than ever.

Every day, digital marketing experts and social media influencers are coming up with new and innovative strategies to have their voices heard on X. 

Here are five X strategies to boost digital marketing for your business.

Create High-Quality Content

This first one goes without saying, but it’s easier said than done. To stand out on X, you need well-informed tweets that your target audience will want to Like and Retweet. X posts’ short, quick, and straightforward nature often encourages people to tweet without thinking.

To stand out, take the time to research what you want to say and curate the best way to say it. Make your content visually appealing. Often, text that includes an eye-catching image performs better than plain text. If your post consists of a video, make sure the video is well-edited and has good audio.

Link Your X Profile and Website

Suppose you already operate your website with an existing base of frequent visitors and loyal followers. In that case, it might be a good idea to leverage your existing platform to promote your X. You can do so by embedding your X feed onto your website so that all the traffic to your website will register as views on your X page.

Use the Best Hashtags

Most people mustn’t just see your content but the right people; this is where hashtags come in. Figure out what the best hashtags are for your specific post, and make sure it’s relevant. Hashtags can be helpful because they help people interested in your content find it more easily.

If you use hashtags effectively, your content will appear on the feeds of many people who want to see your post. Too many hashtags or irrelevant ones might make a wrong impression on people.

Create an Online Persona

Whether your X account is a more prominent brand or yours personally, crafting an online persona is essential. People like to connect with personalities and character traits they can relate to and remember. People might come to your profile for one tweet, but if they stay, they stay for you.

The nature of your online persona should depend on the nature of your content. If your content is meant to be humorous, craft a persona that always comes off that way. Is your content more serious? Make sure your online persona represents that.

A great example of a successful X brand persona is the fast-food franchise Wendy’s. Wendy’s has been able to craft for itself a persona that many now see as a living personification of their classic logo.

The little red-headed girl that has always been the brand’s logo is based on the founder’s daughter, but in recent times, she has come to life on X as a snarky, wise-cracking persona that enjoys taking playful jabs at her followers and other brands.

Add Your Insight

X is a platform that values personal opinions; don’t be afraid to share your own. It’s not enough to retweet something; someone else already said that, so you’re not bringing anything new to the conversation.

Having something unique to say will help you stand out from the rest of the crowd. Formulate your own opinion on any given matter and discuss it. You may receive backlash from some who disagree, but you’ll also cultivate an audience of like-minded individuals.

Conclusion

Between political discourse and obscure but boisterous fan groups, X can seem like a tricky minefield to navigate, but it can also be a great resource to grow your online presence and brand. If you can be consistently active on X, you’ll garner your following in no time; it just takes effort and patience.

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.

As an entrepreneur, you will be involved in numerous financial operations, including the business’s internal and external cash flow. Small business entrepreneurs significantly contribute to a nation’s economic growth and employment opportunities.

Many small business owners rely on their bookkeepers and accountants to manage financial statements. Although nothing can replace a professional financial advisor’s suggestions, basic accounting knowledge is always handy. It allows you to make moral decisions for your business confidently.

Essential accounting skills, from software management to revenue tracking, lay the foundation for business success. If multiple partners are involved, the most skillful might manage the accounts.

However, observations indicate a lack of accounting literacy among entrepreneurs. With an appropriate accounting primer, business owners can achieve a sound financial understanding that might help them manage current monetary operations and future growth. Here is a list of the basics of an accounting primer for small businesses.

GAAP Vs. The Tax Basis for Small Businesses

Many small businesses report financial performance utilizing Generally Accepted Accounting Principles (GAAP), but the income tax basis format saves valuable time and money for some new business ventures.

However, both concepts are slightly different and are mainly influenced by government taxation laws. A newly established business venture might not have specialties beyond filing a tax return.

Cash System Vs. Accrual Accounting Primer

Entrepreneurs must implement one of the two available methods to record their income and expenses when filing tax returns. By following the cash recording system, a business will instantly receive revenue through the cash transactions and record the expenditures when they flow out.

The entry is made after the cash transaction is made. However, the accrual accounting concept asserts that economic events are identified by matching revenues to expenses when the cash transaction occurs rather than when the payment is received. The accrual method is not considered a standard accounting practice for small businesses.

Small businesses prefer the cash method as it’s easy to manage and significantly influences taxable income.

Direct Vs. Indirect Costs

Direct costs are expenditures related to the production process of a product or service, while indirect costs are sustained. Direct and indirect costs are the two essential types of costs or expenses that companies can incur. Sometimes, direct costs can be variable and fluctuate with the production level, such as inventory.

However, indirect costs are difficult to allocate to a specific product. Some examples of indirect expenses include depreciation and administrative expenditures.

Direct costs are pretty straightforward in calculating their cost objects. However, indirect costs work as fuel for a car. Although the fuel expense can be tied to the facility, it is considered indirect and can’t be directly associated with the specific unit.

Inventory Management

Reviewing your company’s resources and how you use them is essential, especially if you desire an advantageous position in the market. There are two methods of tracking your inventory, including FIFO and LIFO.

The FIFO method asserts that the oldest commodities in a company’s inventory should be sold out first and go by the production costs. At the same time, the LIFO method suggests that recent products in a company’s inventory should be sold first and those costs utilized instead.

Both methods contain merits and demerits, but you must choose the one that suits your business requirements. In some companies, the inventory costs can fluctuate dramatically, and utilizing the recording method can be challenging. The accounting primer for small businesses suggests seeking professional assistance in such explosive markets.

Depreciation Method

Depreciation systematically accounts for a decline in the value of a company’s assets over time. The remaining value needs to be recorded on the accounts as depreciation expense. Lawfully, every business must meet specific standards for recording depreciation expenses. However, small businesses can sustain it instantly to get tax relief.

Conclusion

In conclusion, as entrepreneurs navigate complex financial operations, their contributions to a nation’s economy and job market are pivotal. Small business owners often lean on financial experts, yet basic accounting knowledge empowers confident decision-making. Essential skills, including software management and revenue tracking, are foundational for success. However, a notable gap in accounting literacy exists among entrepreneurs. An adequate accounting primer can bridge this gap, fostering a robust understanding for managing current operations and future growth. Inventory tracking methods and depreciation considerations further enhance the entrepreneur’s financial toolkit. Seeking professional guidance in dynamic markets is advised, ensuring small businesses thrive in the ever-evolving landscape.

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

Agricultural transformation is the core implementation prospect that reduces poverty, secures food supplies, and improves nutrition for the people. If we look at the bigger picture, most countries now enjoy a stable economic presence by transforming their agricultural sector.

However, many countries are still a work in progress. According to statistics, one out of nine people is hungry, while around 33% suffer malnutrition. There are significant benefits to revolutionizing the agricultural sector.

For instance, research in India suggested that tackling agriculture constraints could increase their productivity by $175 billion, while people can enjoy an increase in salary by 85% by 2025.

Revitalizing Agriculture: Challenges, Strategies, and Transformation Indicators

Many countries across Africa, Asia, and Latin America have initiated agricultural transformation for economic growth. Their methods include good recommendations for preparing solid policies and public investments.

Moreover, some companies have also begun setting up an implementation plan for going through the transformation phase. Nonetheless, even if the companies construct well-thought-out plans, they will likely fail because they do not address the readiness factors.

Among the components that are not present is the lack of support for transformational leadership. Whichever kind of transformation needs implementation depends on the right people operating it with the help of the right tools.

The research showed that leaders lacked the necessary transformation training, did not possess the right analytics tools, or operated without an established mentor to guide them toward the transition.

Another critical component missing is the misalignment between different stakeholders. In other words, if the country strives to bring about revolutionary change, the high-profile ministries and private organizations need to be on the same page.

Moreover, miscommunication between the different levels of government can drastically change the course of a transformational change into abject failure.

The components for a country to transform its agricultural sector are hard to measure. Even if the government measures the policy changes and allocates resources perfectly, it also needs to measure the readiness factor involved in political commitment and institutional innovation.

Transformation not only consists of the major components to ensure readiness, but it also consists of measurable indicators that act as catalysts for change. This article discusses the indicators that showcase how a country can speed up its agricultural transformation for its long-term benefit.

What Does a Country Need to do to Ensure Successful Agricultural Transformation? 

Numerous metrics were considered when determining the agricultural transformation of different countries. The patterns were quite visible after discussing the historical data regarding the transition across Asia, Africa, and Latin America.

The performance metrics were selected based on their success and unsuccessful periods during the transformation phase. In the research, those lagging metrics were left out, creating the prospect that the transformation process is continuing.

The metrics also depicted the level of readiness toward the successful implementation and selection of those who were absent. The absence of indicators showed that the victimized countries had to stop their transformation process.

Even though countries take a different route towards their transition process, the present study identified 25 performance indicators essential to ensuring transformational change in the agricultural aspect.

Critical Influential Areas 

The 25 measuring criteria consist of the essential features to ensure agricultural transformation. The ten metrics selected measure the commitment and the methods taken by the government sector. It consists of the strategies and implementation approaches that can drive a transformational change for a country.

The present study showcased that the countries that considered these metrics, if not excelled exceptionally, still survived the transformational change. However, the countries that fail to adopt these metrics may fail to ensure a transformational change in their agricultural sector.

Conclusion

After analyzing the need for agricultural transformation and how countries should go about it, it’s without a doubt that governments need to work hard. They need to identify a course that can accelerate the transition phase and reduce the likelihood of stalling.

Moreover, it’s essential to understand that today’s transformation differs from past decades. Nonetheless, the standard set of institutional, organizational, and political factors remains unchanged for agricultural transformation.

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

Many believe that marketing for any small business is the same. While in some respects that is true, there are some unique ways to market the company that you would not use on other types of small businesses when running a restaurant.

A combination of digital and traditional marketing tools and tricks should be implemented. However, you should add other marketing tools to help a restaurant gain customers and thrive. Here are seven marketing tools to get your restaurant noticed.

Promotions and Coupons

While the taste and quality of the food served will be the biggest draw for a restaurant, customers will be equally concerned with cost. Offering coupons on the next meal or running specials and promotions will keep them returning as much as the excellent food.

Website

Having a business website featuring your menu and information is a must for a restaurant. The website should be inviting and include pictures of mouth-watering food and the warm atmosphere customers can expect when they visit.

An added attraction that could bring your restaurant more business through the website is to have an online ordering feature. This feature will allow take-out customers to peruse your menu longer, often resulting in added items they may not add if ordering over the phone.

Social Media

Small business restaurants’ most effective social media platforms are Facebook, Instagram, Twitter (X), Snapchat, and TikTok. These platforms allow the restaurant to interact directly with regular and potential customers. Posts on social media should focus on the restaurant, the food, information, and engagement. The goal is to increase your online presence to help potential customers find your restaurant.

Reviews 

Be bold and ask customers to review your restaurant. Many potential customers use search engines to find new restaurants in their area. When deciding to try something new, online reviews significantly drive traffic to your restaurant. Give special offers, discounts, or free food or drinks in exchange for a review. It is a low-cost way to drive significant traffic to your restaurant.

Blogging

Adding a blog to your already engaging website can bring more traffic to discovering your restaurant. The content needs to be keyword-heavy, simple, and engaging. Use your website analytics to discover what search words bring traffic to your site, and make sure every blog includes those words. Using humor and community interests and featuring food and restaurant staff will allow people to come to try you out.

Customer Interaction

It would help employ other tried and true marketing approaches outside digital marketing strategies. Run ads in local publications as can be afforded, attend community events, hand out free samples, and use flyers and signage.  

Interacting with potential customers will get them in, and your food and atmosphere will keep them returning. You should also always remember your already loyal customers and interact with them. Everyone loves to feel appreciated and acknowledged. Communicating with your customers will go a long way to free marketing.

Word of Mouth

If you dig into any successful restaurant’s business best practices, word of mouth is one of the most effective marketing tools a restaurant owner has. Many businesses, especially restaurants, get more business from others talking it up than any other marketing tool.

Reputation is crucial; if others recommend your restaurant, that is marketing gold. How do you guarantee word of mouth? That is a tricky question; you can’t force people to talk about you, but you can give them incentives to tell friends.

Conclusion

In conclusion, effective marketing for a restaurant requires a tailored approach. Combining digital and traditional tools, such as promotions, a compelling website, and active social media engagement, is essential. Encouraging customer reviews, maintaining a blog, and participating in community events enhance visibility. Personalized customer interactions, both online and offline, contribute to loyalty. Above all, word of mouth remains a powerful marketing tool, emphasizing the importance of delivering exceptional dining experiences to inspire recommendations and ensure long-term 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.

According to a report prepared by GAO (Government Accountability Office) last year, ten major federal agencies spend over $337 million yearly to support IT systems between the ages of 8 and 51. However, the statistics show a deviation from the push towards the cloud and modernization that the companies need to adopt. 

Innovation and cloud computing work in tandem, and it’s hard to define one without the other. Cloud computing supports many emerging technologies, such as automation, machine learning, and artificial intelligence. Automation, in particular, requires extensive manual processes to allow workers the necessary time to learn automation for efficient results. 

In retrospect, a high percentage (60% to 80%) of human resource, finance, and procurement tasks are automatable. Moreover, the adoption has resulted in organizations saving at least 30% of the net cost. Other research depicted that resources worth $40 billion—$80 billion could be transferred to other value-added practices. 

Several federal agencies opt for automation to conduct their day-to-day operations in the modern era. For instance, NASA currently powers George Washington, the first digital bot run by the government. Due to its automation capabilities, the bot handles a variety of HR and procurement practices. 

Another automated feature the government uses is the bilingual chatbot Emma, which works for the US Citizenship and Immigration Services (USCIS). Emma was named after the renowned poet Emma Lazarus and answers questions. The US Army works with the chatbot Sgt—-Star, which handles inquiries about joining their services.

“Modernization is a constant state of change and part of the day-to-day business of technology at every agency.”
– Cloud Smart Strategy.

A Solution Like Never Before – An Integrated Cloud Data Management System

Data links old systems with new ones. In other words, if agencies want to transform their infrastructure, they must efficiently move their data to these systems and use it for future operations. 

However, federal organizations need a robust cloud-based data management system to ensure these modernized legal systems work proactively. The system can provide a single, secure source of on-premises data integrated into the cloud. 

Moreover, the cloud platform’s flexibility can allow it to collaborate well with various hardware and software components. Statistics by Deloitte show that the government sector can save 1.2 billion working hours by involving automation in their ranks.

Agencies should invest time during the design phase to combine automation and cloud systems for a high-function IT service model. They need to understand the nature of their data and technology to determine the gap between them and devise practices to fill it. In hindsight, the following steps are mandatory to implement cloud-based automation. 

1. Develop an implementation plan.
2. Establish a sound infrastructure that will test and modify the plan.
3. Deploy software for daily operations.
4. Monitor the pivotal points and perform exceptional operational steps.
5. Commence work on the next plan.

Moreover, it is recommended that federal organizations should use tools that complement each other. In other words, old systems work well with older operations and require manual monitoring. However, automated systems reduce risks substantially by developing, testing, delivering, remediating, and monitoring practices. 

They need to determine which tools fit in which category and whether they are compatible with them. With enough knowledge and robust planning, federal agencies can perfectly embrace automation. According to research by Garter, around 22% of the national budget is spent on cloud transformation. At the same time, approximately 20.6% of the local governments’ expenses are spent on the cloud.

Practices to Improve the Impact of Cloud-Based Automation

Develop application programming interfaces from the start 

APIs are the future of development since you can connect everything with them. They permit automated backend access to any application, regardless of its age. With the help of APIs on multiple applications, the agencies can create special programmatic software to work with them. 

Infrastructure as code 

Another effective practice is using the IAC descriptive model. This method is used by the DevOps team, which sources the code for every project deployment. It also enables the development team to perform production by losing the monitoring of the operations team. 

Avoid creating silos 

Simplicity is the key to success, so it’s unnecessary to go overboard and create silos. Previously, organizations had little to no success building and sharing infrastructures among departments. However, with the help of APIs, the agencies can attain a single set of tools for various applications. 

Conclusion 

When people talk about innovation, their minds tend to focus on the big picture, such as massive systems, architectures, etc. On the contrary, the essential aspect of modernization is data and how different systems utilize it. The transformation can only be successful if the agencies integrate data exceptionally and optimize their operations. 

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

When you speak to most small business owners and inquire about their last vacation, they will tell you they never take one. However, every working person should take a vacation at some point, or they can get burned out, and the business could suffer.

While it is easy for an employee to take time off, this can prove challenging for the small business owner, especially those businesses that don’t have a staff to cover while the owner is away. Instead of continuing to skip a much-needed vacation, it is suggested that you take steps to take off time from your business and take the perfect vacation.

Close the Business

If your business has no other employees to run it while you’re away, you can close for your vacation. Does that sound too easy? You can take additional steps to ensure you still have customers to return to when you return.

• Inform regular customers of your absence via email, text, or call. This personal touch will make your regular customers feel cared for and ensure they will be there when you return.
• Set your business email to an automatic reply that you are away and will reply upon return.
• If you have a storefront, hang a closed sign in the window or on the door.

Some things to remember for security: don’t be too specific on the times you will be gone, especially with the closed sign. Also, if you have a walk-up business, secure any valuables at home.

Ask Someone to Business-Sit

If you don’t have employees, if you have a trusted family member or friend that can take care of business while you’re gone, this will ensure you keep the business going while getting that much-needed R & R. Having a friend or family member that is not regularly involved with your business run it in your absence is only suggested if your business is uncomplicated or will suffer in your absence.

Let an Employee Take Over

Ideally, if you have any employees, they would run the business in your absence. If you have a trusted employee who can take care of business while enjoying your vacation, leave them to it. Your absence allows your employees to show what they can do without you. If it goes well, you may take more time off or even promote an employee to manage your business and open up time to pursue other ambitions.

Make it a Mini-Vacation

Sometimes, you only need a little time away from the business to recharge your batteries. Instead of taking a week or two-week vacation or traveling far, limit the time and distance. Sometimes, a long weekend, day trip, or staycation at home is all you need to get some much-needed time away. Keeping it close or short would minimize the impact on your business operations.

Plan a Staycation

Staycations have become more prevalent in the last few decades because, often, people don’t have the time or resources to take a significant vacation. A staycation can be the perfect way to get away without going far. You can stay at a local hotel, visit a spa for a day, or swap houses with a friend.

There are several ways to plan and implement a staycation, even at home, and plan a fun day. No matter the plan, you are close to home and, most importantly, to your business should it need you. This type of vacation can be an excellent option for business owners who have difficulty leaving their business to take time off.

Conclusion

Vacations are a must, especially for small business owners, as they typically work more hours a day than anyone. Many will not take time off for fear that the business will suffer in their absence. This short guide shows you can take a vacation and keep your business safe while relaxing and destressing. Just be sure to take lots of pics to share!

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

Embarking on a new business venture may seem like a daunting journey, especially without prior experience. Yet, the dedication and long hours invested will undoubtedly yield rewarding results once the business takes off. It’s crucial to pursue a business idea fueled by passion. It’s a proven truth that individuals who love what they do tend to achieve greater success and happiness. Stay motivated and inspired, as the journey toward establishing a thriving business will be immensely fulfilling!

The entrepreneurial spirit is a common aspiration among many individuals. The desire to establish and run one’s own business is a goal that resonates with countless people. The first thing a person needs to do is choose what kind of business they can do. Finding the right business can be challenging, so it is always better to pick something currently in demand in the market. Once the idea is there, it is time to start implementing that properly.

Below are a few handy tips that will teach a person how to choose the right business for them:

Identifying Strengths

Embracing your strengths is the key to thriving in any endeavor, especially when launching a new business. Although venturing into entrepreneurship may seem daunting, it’s an exciting opportunity to explore uncharted territory. Before you embark on this journey, it’s crucial to confidently recognize your strengths and pursue an endeavor that truly resonates with your abilities. Let’s leverage your strengths and passion to make your business dreams a reality!

Passion vs. Consumer Need

Pick something exciting is one thing. However, to be truly a success, a person needs to choose something that is in high demand. A person needs to ensure the business is about something people want and will pay to get.

Choosing the Right Market is Important

It is very important to choose the right market when starting a new business. If the business is about cars, make sure it is located near a car market. If the business is about food, make sure it is located near a food marketplace. If a person feels like the space they are located in is not a good spot for their business, switch immediately.

Knowing Financial Limitations

Regardless of how great a business opportunity is, a person should never go above their financial limitations. According to experts, it is better to calculate the main startup cost for a business and the time it will take to start earning. A person should only start a business that fits under their financial capabilities.

Always Think Long-Term

A good commercial chance should only be based on a long-standing tendency instead of a short one. Do the research and look at that business from every angle. Is that a growing industry? How much competition is there? Once a person has everything properly evaluated, it’s time to go for it.

Test a Business Idea Before Fully Implementing It

Regardless of how much experience a person has, they should do whatever they can to take their business idea through the trial phase to find out whetherthat idea is worth a shot or not. Sometimes, an idea looks great at first, but after it is properly implemented, it seems dull or fails to meet expectations. It is cheaper for a new business first to try it and see what happens before jumping in with both feet.

Conclusion

Embarking on a new business venture is a thrilling adventure, brimming with exhilarating highs and invigorating challenges. It’s natural to feel a mix of emotions, but the key is to embrace the excitement and face the fears head-on. Every aspiring entrepreneur will encounter tough days, but it’s essential to stay resilient and take ownership of both the successes and setbacks. It’s okay to consider the worst-case scenarios, but it’s equally important to harness your passion, ambition, and unwavering dedication.

Experts affirm that successful businesses are born from the perfect blend of passion, determination, and hard work. Trust your instincts and let your inner drive guide you, but ensure that it’s supplemented with strategic planning. Establish clear business goals and methodically work towards achieving them. By embracing this advice, you are certain to enhance your chances of success. Stay focused, believe in your dreams, and enjoy the journey towards achieving your goals!

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.

Challenges in the Current Mining Landscape

The global mining industry is under immense pressure with the current economic climate and worldwide challenges. In the short term, commodity prices are falling, slowing down the cash flow for mining companies.

Existing mining businesses face declining ore-body-replacement rates in the long term, while new mine-development rates are increasing. The overall statistics of mining operations have fallen 28% from their productivity in the last decade.

The mining industry is now focusing on improving productivity by utilizing existing assets, but how long will that last? Mining will need to transition into new operating methods to thrive and grow. Sound technological innovation is essential to achieve this transformation.

Technological Transformation in Mining

The technological advances that can be used in mining are affordable and will improve productivity, propelling the long-standing industry into the future. This new technology must be comprehensive, understand the resource base, materials optimization, and equipment flow, and anticipate failures in the system.

These technology advancements are only possible through reliable automation and real-time performance monitoring. The technology must also incorporate the high safety standards required by law for mining businesses.

Current State and Future Outlook

The present analysis shows that global mining operations have significantly decreased by 3 to 5% last year. This analysis covers mining across all geographic areas, commodities, and mining businesses. Researchers cannot agree on the cause of the decline. However, they all agree that the decline is occurring and that something has to be done to save the mining industry.

The overall deterioration in the mining industry has caused most companies to have reduced operations. This reduction could be the only way to save a mining company suffering from the current economic climate and any future economic issues.

To improve productivity and save the mining industry, companies have to improve productivity by embracing current technology. Mining businesses are severely behind in technology, so to bring companies into the modern age, they must embrace mining technology and automation advancements.

Technological Advancements and Operational Challenges

Mining differs from other industries in that it continues to use heavy machinery and core resources to operate. Also, mining occurs in extreme and remote environments, adding to the dangers other industries don’t have to face.

Because mining requires heavy equipment and often operates in these dangerous and remote locations, transporting the necessary equipment involves bringing it in by roads that are not ideal and sometimes by air. This type of transport can be costly and time-consuming, causing financial strain on mining companies.

Equipment maintenance can also be challenging because of the extreme environments in which mining occurs. Therefore, modern technology can provide better equipment and transport and automate some processes, making it safer for workers, the equipment, and the environment.

Smart Planning and Advanced Analytics in Mining

Smart planning is necessary to improve productivity and eliminate variability holding back the mining industry and related businesses. Advanced analytics has improved complex ore-processing operations. Therefore, mining operations in copper, phosphate, nickel, and platinum brought $20 billion to $50 billion yearly since adding the analytics.

Mining has been one of the oldest and most profitable industries for centuries. Mining-related businesses have provided a great deal of wealth to owners, stockholders, and other investors. However, mining was also falling behind other industries in technological innovation.

Navigating Challenges Through Technology

The uncertainty and variability in resources, the environment, and weather make it one of the most challenging industries to navigate. Therefore, technology and the advancements it offers mining are the keys to its continued growth and profitability to stakeholders in mining-related businesses.  

As we progress in technological advancements that will allow mining businesses to continue growing and thriving, we will see that it is possible to use technology in one of the oldest industries worldwide. Embracing the technology and making it work will leave mining in an excellent position for the next generation of mining businesses, owners, and workers.

Conclusion

The mining industry is facing a critical moment due to economic challenges and global uncertainties. Commodity prices have fallen, and ore-body-replacement rates are decreasing, leading to a 28% decline in productivity over the past decade. However, there is hope for transformation through technological innovation. Embracing affordable and comprehensive technological solutions that optimize resources, anticipate failures, and prioritize safety can be the industry’s salvation.

Global mining operations are experiencing a 3 to 5% decrease, prompting a sense of urgency for action despite unclear causes. Mining companies must overcome technological inertia and adopt modern technology, automation, and smart planning to secure long-term prosperity. The use of advanced analytics has shown promising results, contributing billions annually.

Despite being a profitable industry, mining has been slow to innovate technologically, making adopting technology crucial for continued growth and profitability in the face of complexity. Amid the uncertainty, technology is the compass guiding the mining industry toward a future that ensures its resilience and relevance for the next generation of businesses, owners, and workers.

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.

Marketing is one of the most critical aspects of business, whether startups or existing businesses are looking to grow. While traditional marketing plans that have worked for decades are still effective, the online environment, social media, and how people consume entertainment have moved marketing in a new direction.

If you want your business to be successful today, you must implement digital marketing options. There are a few essential factors to consider when implementing digital marketing plans. There are also different types of marketing you can use. For the most success, you can use them all. However, implementing any of them can bring success to your business.

Here are four crucial areas of focus in digital marketing and how to implement them.

Audience

Before launching any successful digital marketing campaign, you must determine your target audience to purchase your product or services. The factors you need to consider are age, gender, and region.

Some products and services don’t have specific targets that fall in all three of those areas. For example, those needing a plumber won’t need to be of a particular range of age or gender, but they will need to be in the same area as the plumber they hire.

Products rarely have a general audience that covers a multitude of demographics. Whether it be age, gender, beliefs, or region, you need to find that audience and, in some cases, a combination of them. For example, if you have a hair and nail salon, generally, that will be used by women and in a specific region. Therefore, you would focus your marketing primarily on women in your area. You might also focus on a particular age.

Content

Once your audience is determined, it’s time to build content. Content can be anything from Tweets of 140 characters or less to keyword-heavy blog posts on your website. The most crucial factor to remember is that content aims to drive people to your product or services. When composing posts or ads, keywords are the primary focus.

Adding eye-catching visuals when possible can boost the effectiveness of your content. The most important thing to remember when it comes to content is to be on brand and leave no doubt to the consumer about what you offer and how to get it.

Social Media Platforms

When it comes to marketing, people might think more is more, but that is not necessarily true. If you are a business with a large and well-funded marketing department, you can afford to post on every social media platform. However, small to mid-sized businesses must be more thoughtful and choose a few platforms on which to work. The fab four to focus on would be Facebook, Instagram, Twitter (X), and YouTube.

Other sites to consider are Snapchat and TikTok. Both had a substantial market share among social media platforms and are climbing in popularity regarding digital marketing. The four mentioned have remained strong, with no signs of slowing down soon. Therefore, they are where you should focus your primary digital marketing strategies.

Email Marketing

Email marketing is still a strong contender when it comes to digital marketing. Some services will assist you in launching email campaigns, but you still have to understand your target customer. A successful email marketing strategy will drive customers in and stay.

Customers who subscribe through your website or business page expect occasional updates, not daily inbox-stuffing emails they will delete. Most customers are comfortable with weekly or biweekly emails featuring relevant content.

Conclusion 

In conclusion, the evolving marketing landscape demands a strategic embrace of digital options for business success. Determining and understanding your target audience, crafting compelling content, leveraging selective social media platforms, and maintaining a robust email marketing strategy are pivotal.

While traditional marketing plans retain effectiveness, integrating digital approaches enhances reach and engagement. The synergy of these digital marketing pillars positions businesses to thrive in a dynamic market, driving customer acquisition and sustaining lasting 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.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

Managerial Accounting Insights: Key Strategies for Success

Managerial accounting insights provide the internal financial intelligence businesses need to make strategic decisions, optimize costs, and drive sustainable growth through data-driven analysis of operations, budgets, and performance metrics. These insights transform raw financial data into actionable strategies that help business owners identify inefficiencies, forecast cash flow accurately, and align resources with strategic objectives.

Research shows that only 19-25% of companies currently use advanced forecasting tools like rolling forecasts, leaving massive opportunities for businesses that embrace modern managerial accounting techniques to gain competitive advantages. Over my 20 years as CEO of Complete Controller, I’ve witnessed firsthand how businesses that master these insights consistently outperform their competitors by making smarter financial decisions faster. This article reveals the exact strategies we’ve used to help thousands of businesses transform their financial operations, including proven techniques for cost management, cash flow mastery, and strategic budgeting that you can implement immediately.

What are managerial accounting insights, and how do they drive success?

• Managerial accounting insights are internal financial analyses that guide strategic decisions, optimize costs, and improve operational efficiency
• Cost management strategies identify and eliminate waste while preserving essential business functions
• Cash flow projections prevent liquidity crises and enable proactive financial planning
• Performance metrics track progress toward strategic goals and highlight areas needing improvement
• Strategic budgeting aligns resources with business priorities and market opportunities

Understanding Business Costs: The DNA of Profitability

Every dollar saved through smart cost analysis drops directly to your bottom line, making cost understanding the foundation of profitable operations. Traditional cost accounting often masks inefficiencies by spreading overhead evenly across products or services, but modern managerial accounting principles reveal the true cost drivers that impact profitability.

Activity-Based Costing (ABC) revolutionizes how businesses understand their expenses by assigning costs to specific activities rather than broad categories. A manufacturing client of ours discovered through ABC analysis that 20% of their costs stemmed from underutilized machinery during third shifts, leading to an annual savings of $2 million after restructuring workflows. This granular approach to cost management strategies exposes hidden inefficiencies that traditional accounting methods miss.

Fixed vs. variable cost optimization

Understanding the distinction between fixed and variable costs empowers strategic decision-making during both growth and contraction phases. Fixed costs like rent and insurance remain constant regardless of production levels, while variable costs fluctuate with business activity.

Strategic cost management involves:

• Negotiating long-term contracts to lock in favorable fixed costs
• Converting fixed costs to variable when possible (outsourcing vs. hiring)
• Identifying semi-variable costs that can be optimized
• Creating cost behavior charts for scenario planning

Strategic Cost Management: Cutting Fat, Not Muscle

Smart cost reduction preserves core capabilities while eliminating waste, requiring surgical precision rather than across-the-board cuts. Data from CV XYZ’s implementation of activity-based costing revealed 15% undercosting in their product lines, transforming their pricing strategy and profit margins overnight.

Variance analysis serves as your financial early warning system by comparing budgeted versus actual costs to identify deviations before they become crises. When we transitioned Complete Controller to cloud-based operations, variance analysis revealed we were spending 30% more than necessary on redundant software subscriptions—money we redirected into growth initiatives.

Margin analysis for product profitability

Product-level margin analysis reveals which offerings truly drive profits versus those that merely generate revenue. This analysis considers:

• Direct material and labor costs per unit
• Allocated overhead based on actual resource consumption
• Customer acquisition and service costs
• Opportunity costs of production capacity

Breaking down margins by customer segment often reveals surprising insights—sometimes your biggest clients generate the smallest profits due to service demands and pricing concessions.

Mastering Cash Flow Projections: Avoiding Financial Blind Spots

Cash flow projections serve as your business’s financial GPS, showing exactly when and where money moves through your operations. Industry standards indicate that forecasts achieving 70% accuracy are considered reliable, yet many businesses operate with far less precision, creating dangerous blind spots.

Scenario planning transforms cash flow from reactive scrambling to proactive management by modeling multiple futures simultaneously. Best-case scenarios help identify growth opportunities, while worst-case models reveal vulnerabilities requiring contingency plans. A global media company improved their forecasting accuracy to 85% using automated tools, cutting bank fees by 30% through better cash positioning.

Advanced cash flow techniques

Aging analysis provides granular visibility into receivables and payables, enabling targeted collection efforts and strategic payment timing. Key components of effective financial performance analysis include:

• Categorizing receivables by age and collection probability
• Negotiating extended payment terms with reliable vendors
• Implementing early payment discounts to accelerate collections
• Creating cash flow heat maps showing seasonal patterns

Rolling 13-week cash flow forecasts provide the optimal balance between accuracy and planning horizon, updating weekly to reflect new information and changing conditions.

Budgeting for Agility: Turning Plans into Action

Traditional annual budgets become obsolete within months in today’s dynamic business environment, making agile budgeting essential for success. Zero-based budgeting forces every expense to justify its existence, eliminating legacy spending that no longer serves strategic objectives.

Research indicates that businesses using rolling forecasts respond 40% faster to market changes than those using static annual budgets. These dynamic budgeting techniques update monthly or quarterly, incorporating new data and adjusted assumptions to maintain relevance.

Implementing zero-based budgeting

Zero-based budgeting starts from scratch each period rather than adjusting previous budgets, forcing critical evaluation of every expense. Implementation steps include:

• Identifying decision units (departments, projects, or activities)
• Ranking activities by strategic importance
• Building budgets from zero up to available resources
• Documenting assumptions for future variance analysis

Common pitfalls include neglecting to adjust budgets after major events like product launches or market shifts, leading to misaligned resource allocation that hampers growth.

Decision-Making Processes: Data-Driven vs. Intuition

Successful decision-making blends quantitative analysis with experienced judgment, using data to ground choices while respecting factors models cannot capture. Break-even analysis provides clarity on minimum performance requirements, calculating exactly how many units must sell to cover fixed costs.

Capital budgeting techniques like Net Present Value (NPV) and Internal Rate of Return (IRR) enable objective comparison of investment opportunities. These tools account for time value of money and risk factors, ensuring resources flow to highest-return projects.

Framework for strategic decisions

Structured decision frameworks prevent emotional choices and ensure consistency across the organization:

• Define success metrics before analyzing options
• Gather relevant data from managerial accounting systems
• Model financial impacts of each alternative
• Consider qualitative factors like culture fit and strategic alignment
• Document decisions and assumptions for future learning

The key lies in using data to inform rather than dictate decisions—numbers tell what happened, but judgment determines what happens next.

Advanced Techniques for Competitive Edge

Modern managerial accounting leverages technology and innovative methodologies to create sustainable competitive advantages. Constraint analysis identifies bottlenecks limiting growth, focusing improvement efforts where they generate maximum impact.

The balanced scorecard approach, while less popular than its 2006 peak of 70% adoption, still provides value when adapted for modern businesses. Today’s version incorporates real-time dashboards and predictive analytics rather than quarterly reviews.

Emerging technologies in managerial accounting

Artificial intelligence and machine learning transform managerial accounting from historical reporting to predictive insights:

• Automated anomaly detection flags unusual transactions
• Predictive models forecast customer behavior and market trends
• Natural language processing extracts insights from unstructured data
• Real-time optimization adjusts pricing and inventory dynamically

Performance metric customization ensures each department tracks progress against relevant objectives—sales teams monitor customer acquisition costs while operations focuses on throughput and quality metrics.

Final Thoughts

Managerial accounting insights transform businesses from reactive firefighting to proactive strategic execution. The combination of cost mastery, cash flow precision, agile budgeting, and data-driven decisions creates a powerful framework for sustainable growth.

Success requires commitment to continuous improvement and willingness to challenge traditional approaches. Start with one area—perhaps implementing activity-based costing or rolling forecasts—then expand as you see results. The businesses that thrive tomorrow are those that embrace these insights today.

Ready to revolutionize your financial strategy? The experts at Complete Controller specialize in implementing these managerial accounting insights for businesses ready to scale. Visit Complete Controller to discover how our team can help you build a data-driven financial foundation that powers sustainable growth.

FAQ

How does managerial accounting differ from financial accounting?

Managerial accounting focuses on internal decision-making with forward-looking analysis, while financial accounting creates standardized external reports for investors and regulators based on historical data.

What are the core benefits of managerial accounting for small businesses?

Small businesses gain cost optimization capabilities, improved cash flow management, data-driven strategic planning, and early warning systems for financial issues before they become critical.

What tools are essential for effective managerial accounting?

Essential tools include spreadsheet software for analysis, ERP systems for data integration, specialized cost allocation software, and dashboarding tools for real-time performance monitoring.

How can I improve budgeting accuracy?

Improve accuracy through rolling forecasts that update regularly, zero-based budgeting that challenges assumptions, variance analysis to learn from past differences, and scenario planning for multiple possibilities.

What role does managerial accounting play in strategic planning?

Managerial accounting provides the quantitative foundation for strategic decisions by revealing true costs, projecting financial impacts of different strategies, and tracking progress toward long-term objectives.

Sources

• Accounting Insights. “Managerial Accounting: Key to Strategic Decision-Making.” 18 Jan 2025.
• CompleteController.com. “Cut Custom Assembly Costs: 5 Ways.” www.completecontroller.com/cut-custom-assembly-costs-5-ways/
• CompleteController.com. “Ensure Ideal Liquidity Position.” www.completecontroller.com/ensure-ideal-liquidity-position/
• CompleteController.com. “5 Money Management Tips to Help Avoid a Deficit.” www.completecontroller.com/5-money-management-tips-to-help-avoid-a-deficit/
• Deloitte. “Cash Flow Forecasting in a Global Media Company.” Deloitte Insights, 2024.
• Firmandani et al. “Activity-Based Costing Implementation.” TIJAB, 2024.
• Investopedia. “Managerial Accounting Meaning, Pillars, and Types.” 2023.
• Investopedia. “Zero-Based Budgeting.” www.investopedia.com/terms/z/zero-based-budgeting.asp
• NetSuite. “Managerial Accounting Made Easy.” 8 Nov 2023.
• OLLU. “What Is Management Accounting? Learn It in 5 Minutes.” 20 Oct 2024.
• Payference. “Measuring Forecast Accuracy: Tracking KPIs.” Payference Blog, 2023.
• SFO Blog. “Is the Balanced Scorecard Out of Date?” 2011.
• The Wall Street School. “Management Accounting for Strategic Decision-Making.” 17 Feb 2025.
• U.S. Small Business Administration. “Manage Your Finances.” www.sba.gov/business-guide/manage-your-business/manage-your-finances
• US Chamber of Commerce. “A Guide to Managerial Accounting.” 10 Mar 2025.
• Wikipedia. “Managerial Accounting.” en.wikipedia.org/wiki/Managerial_accounting
• Yazdifar & Sharifi. “A Study of Factors Influencing Management Accounting Innovations.” Salford Repository, 2025.

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.