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Finance Your Business - Complete Controller

Do you have a great business idea in mind but don’t have the funds or credit to get financing for your startup? Crowdfunding is an option that more entrepreneurs are turning to for financing their startup. You use the internet as the main source to publicize your project and receive support from potential funders. Check out America's Best Bookkeepers

When undertaking any business idea that seems viable, you need two types of support:

  • Technical support
  • Economical support

Technical support and knowledge are essential since entrepreneurs usually do not have enough experience to carry out their project without the corresponding legal, technological or strategic support. Therefore, they must resort to incubators and business accelerators or partner with another company or entrepreneur with such experience.

On the other hand, support in economic terms is essential to carry the project forward. Initially, it is necessary to have a sufficient economic cushion to face the payments during the first months of the business and then remain stable. To cover this first stage, there are many traditional financing options. However, it is not always easy to access them.

Both aspects are important, but the most difficult to achieve is sufficient capital to carry the project forward. Check out America's Best Bookkeepers

Together we make a great team

You have thought out your business. Then you have to estimate the money you will need to carry it out before launching it. One way to go about it is to go on the internet and ask people interested in investing in your idea. Is something like this possible? With crowdfunding, YES!

Crowdfunding means a system based on the idea that many people cooperate to support one project by providing the finance needed to run the project.

It is a young and fast-growing industry that is changing how people manage and spend their money. It also has brought a revolution in the ways with which startups raise capital.

The Global Crowdfunding Report by Massolution predicts crowdfunding to become an industry worth $300 billion by 2025, estimating a compound annual growth rate of 100 percent in the short term.

Five keys to presenting an attractive crowdfunding project

Now that you know ​​about crowdfunding, let’s look at some tips to help you make your project presentation attractive.

Choose a well-thought-out project: You should always study the possibilities that come with your idea, explore all the financial projections, and consider both the best and worst cases. If you believe you can consider crowdfunding, then go to step 2.

Make an excellent presentation: Once you decide on crowdfunding, you must create a good presentation to make yourself known on the web. Do not forget that you are offering something that doesn’t exist, so you need to be creative and build credibility. Check out America's Best Bookkeepers

Select a crowdfunding platform: Think about the most appropriate crowdfunding model according to your idea and select the platform according to your needs.

Diffusion and more diffusion: Use your friends’ influence and anyone who can prove helpful in giving your project increased visibility in your close circle.

Update yourself constantly: Remember to report on your project while the campaign is running. Comment through your media about how the collection is going so that more people are interested in continuing to support you. Do this exercise for as long as the project is published.

What do funders earn?

So far, everything looks perfect. But it is crucial to consider what your investors will earn.

This varies from project to project. It is always smart to know what you are offering to people who finance your project. It will be a very important decision, and there are several possibilities:

– Crowdfunding through donations: The funder who financially supports a project through donations does so without any self-benefit, not expecting a return.

-Person-to-person loan: A system in which a business returns the investment to the investor within a set period and with an interest charge.

-Participation in the capital: under this system, the financier becomes a shareholder of the company. This type of crowdfunding is the one with the greatest potential to finance startups.

-Rewards: in this case, you request the money in exchange for the final product as an advance sale. It can also be a gesture, such as a thank you letter, a meal out, a product that the company will create with the requested funding, etc.

Conclusion

Crowdfunding is an equal and democratic opportunity for all kinds of people to fulfill their dreams of creating new projects or companies. Now there are no excuses for not carrying out your business idea.

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

There are successful women in the world who balance their personal and professional life together like a pro, and if you have been struggling to get your balance, here are a few tips you ought to consider stepping into the world of entrepreneurship. Check out America's Best Bookkeepers

Work Hard

Being a mom is tough, and starting a venture with it is mentally draining. Now that you have decided that you are taking this entrepreneurial game for real, striving harder is mandatory. Truth be told, if you do not work hard, chances are you will only put your efforts to waste. As you will be taking care of your child, you will have to put extra effort into your work. From time management to making yourself disciplined ought to be your priority.

Do not Despair!

 If things do not go as expected, try again, the point is that you do not lose that business vision you have always had in your mind. There will be times when your work will not reap your expected profits in the first few tries. And that is when you can lose hope because with all the effort you put in, your position might go down the drain. Yet, if you do not give in to your hopes and dreams today, tomorrow is just a step away. Check out America's Best Bookkeepers

Ask for Help

 If you have doubts about your business, turn to people experienced in the subject. Ask for help, go out in the world, and look for experts in your field. Chances are you will find something to learn from them.

Prepare a Business Plan

Organizing your work and plans is a great way to start your venture. Prepare a business plan and see where you stand as per your resources. With a business plan, your ideas and vision will be aligned, and you will mission will be sorted, making your work more comfortable in a lot of ways.

Find Your Balance

Striking a balance is all you need when you start an entrepreneurial venture while having a child. Balancing your work and relationships can take a toll on your mental health, and chances are you might want to leave everything. However, with time, once you will get everything sorted, the profits and the income you will generate will make all your efforts worth the struggle. Check out America's Best Bookkeepers

Get Informed Today

Now that there are several advanced ways to get yourself aware of various subjects, ignorance will only lead you to severe repercussions. Find what you want to do and learn about all the nitty-gritty involved in your field. And, even if your venture does not turn out as planned, your knowledge will come back to you someday.

For some women, life revolves around their children and partner. While there is nothing wrong with that, still, you have a lot more to give to this world than just living a privileged life. How about you decide on making your dreams come to life and put all your effort and energy into them? Chances are you might succeed, and your aspirations come to life.

Maximize the Use of Your Capital

For a stay home mother, or a working lady starting on her first entrepreneurial venture, its capital has its utmost importance. You cannot set your business unless you are low on your resources. The maximum utilization of money is a problem most entrepreneurs overlook. You can have all the resources in the world, but if you do not utilize your capital to its full potential, all your efforts will be of no use.

Summing Up

If you are a mother and have been planning on starting an entrepreneurial venture, now is the chance to start one. Choose a subject, pick on a niche, gather your resources, and get on with your work. Chances are, you could be just a step away from making your dream come to life.

 

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

We all know the formula to create your business. Protect your idea, file patents, choose your legal form, write a business plan, do a market study, and get started. And yet, this formula is far from the realities of how most entrepreneurs handle starting and operating a business. Here are five mistakes entrepreneurs make and how to avoid them. Check out America's Best Bookkeepers

Do not talk about your idea and isolate yourself

Most entrepreneurs are afraid of being robbed of their idea. They isolate themselves and hide in a cave until the release of their product or service. Go out and sell your product or service as soon as possible, even when you are in prototype mode. When you sell, you get a concrete market study with customers who will make a relevant return. This return will allow you to improve your service or product in a much more adapted way than what you do alone.

As for the risk of being stolen the idea, know that the idea in a project is not worth much if it is nothing at all. The project you will build depends on your network, your way of doing things, and your vision, not just your idea. Two entrepreneurs will not have the same project from the same idea. The protection of the idea is not a priority when you launch your project. Check out America's Best Bookkeepers

Want to choose your legal status too soon

Choosing your legal status is a good thing. It helps to optimize your business. But in the early stages of creating an activity, choosing one’s status is often too hasty. We often see entrepreneurs who are not yet familiar with their market and who already want to register. Your company’s legal status is essential; therefore, you need to know a lot more about the business before choosing the proper status.

Make incorrect financial forecasts

Understand that an investor does not put money on a file but on a project they believe. If projecting a business’s financials that has yet to launch, it cannot be easy to be accurate. You will have to use other businesses to give an accurate forecast of the finances to potential investors. If the business is already operating, it will be easier to forecast and add to the business plan.

When we calculate financials over the year, it will be the consequence of each customer that we will be looking for day after day and who will have spent some money with us. In other words, we must anticipate all his year in a precise way. When setting your goals, it’s important to remember all these moves and at what point the business is profitable. Check out America's Best Bookkeepers

Carry out a classic market study

Market studies may not always be the right way to discover how your business will do or if the public will accept your products. In most classic market studies, the response will be positive. However, once the products or services are launched, there can be a different response. While you can use classic market studies to help you get some feedback, you need to keep the costs low, and you should be sure to have other ways to test your product or service.

Not creating a business plan

Every business new or already in operation should have a current business plan. The plan should be adjusted at regular intervals of the business. A business plan should include an executive summary, company objectives, market analysis, sales analysis, marketing strategy, and a financial plan. The business plan is the map to the business and is essential to let investors know what you are about and what the potential profits should be. The biggest mistake most business owners make is failing to create a business plan at all.

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

Starting your own small company can be exciting for the budding entrepreneur, but it can also be scary and intimidating. You can have the best company idea in the world and execute poorly and end up killing your company before it ever has a chance. While many companies fail within the first five years, the highest percentage within the first year doesn’t have to be the same for you and your company.

Growing up, you can likely look back to your successes and failures and realize that the common thread to whether you were successful or failed was preparation. Entrepreneurs can’t just come up with a company idea and jump in the deep end without being prepared to swim. Besides writing a great company plan and lining up financing, here are five strategies for company success every entrepreneur needs to know. Check out America's Best Bookkeepers

Networking

Networking has been in existence since the beginning of time and is nothing new to the company world. While larger companies have staff dedicated to networking and partnerships, networking is up to you for the small company entrepreneur. You can start by joining every local small company group that makes sense for your company.

You can also use your social media to network with family and friends, and if you use hashtags, you can connect to others outside of your direct connections. Networking with all types of companies can be rewarding. You can be a source if other company owners need the products and service your company offers, or they may send referral companies from their customers that need what you offer through your company that they do not.

Be Unique

Your company could be an inventive idea no one else has come up with; however, it doesn’t need to be the next new thing to be profitable. Even if you decide to start a company that is in a saturated market, don’t let that discourage you if it is a company you have a passion for the company you want to start. The key, in this case, is to be unique within the market. Have a product or service in addition to the standards that no one else has and make it your focal point. Check out America's Best Bookkeepers

This is the time for you to be daring and inventive. There are no limits for the eager and forward-thinking entrepreneur, not afraid to stand out.

Competition

Every company should be highly aware of their competition. This understanding is not reserved for direct competition but also indirect competitors. To be the most competitive in your market, you should begin by recognizing your closest competitor almost as well as you know yourself. Study them, know their best practices and what works for them, and determine their weaknesses and development opportunities.

Knowing the competition can also lead to other networking opportunities. Competition doesn’t have to equal contention. There can be prospects to partner with to boost revenue and your customer base.

Take Care of Your Company Credit

All credit, whether personal or company, is important. While your personal credit score can prevent you from making large purchases or cost you in high-interest rates or loan denials, if it is negative, your company credit is even more critical to keep positive. Companies can have downturns, emergencies, or unforeseen circumstances that will require capital that may not be on hand. If you need a small company loan, it could be the difference between survival or total failure if your credit prevents financial assistance.

Always pay your accounts payables on time, early, or better yet, in full. Ensure that all company loans and credit cards are paid quickly and consider your company credit score one of the most important things for you to protect. Check out America's Best Bookkeepers

Pricing

Many small companies make one vital mistake they shouldn’t be making and erroneously set their prices. There is a fine balance between overpricing and underpricing. Pricing is a lot easier than you might think. Some market and competitor pricing research and calculations on operations costs will ensure that your pricing will not only be competitive but keep your operations running.

Conclusion

Every entrepreneur has a lot to contemplate and plan for when starting your own company. Focusing on standing out, networking, knowing your competition, taking care of your company credit, and pricing will ensure your company not only succeeds but flourishes.

 

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

If you are a small business owner, you probably focus your efforts on the day-to-day tasks to keep it going. You may not have thought about retirement, even if it is fast approaching. Don’t worry, and you are not alone. More than three-quarters of small business owners do not have a retirement plan, either for themselves or for their employees.

While some workers benefit from a pension plan or a supplemental pension plan, this is not the case for most small business owners. It is you who must plan your future and determine how you will finance your retirement. Here are four questions to help you plan for your retirement. Check out America's Best Bookkeepers

How soon would you like to retire?

It is a good starting point for planning your future. Even if you have only a vague idea of ​​when you will retire, the important thing is to have a goal to achieve. This will help you think about the number of years you want to continue working, what you would like to do after retirement, and how much you can save by then.

There are many factors to consider, such as your physical and financial health, to determine the date that is best for you, your family, or anyone else you plan to retire with.

What lifestyle do you want to have in retirement?

It is important to consider the lifestyle you want to have in retirement when determining the amount you will need to take full advantage of it. Consider how often you would like to travel and ask yourself if you would like to volunteer or stay home. Retiring does not mean that you have to stop working completely. You could delegate certain responsibilities, work part-time, or act as a consultant while your successor becomes familiar with the business’s inner workings. Check out America's Best Bookkeepers

How will you finance your retirement?

The good news is that you can choose from several options to finance your retirement. Government programs such as the Pension Plans, the Old Age Security Pension Plan can provide you with basic income. And during your working years, you can take advantage of the tax benefits offered by the registered retirement savings plan, and the tax-free savings account to save for retirement.

The individual pension plan and the retirement agreement are also options available to business owners who finance their retirement themselves.

If some owners count on their business’s sale to finance their retirement, this strategy is not without risks, the unknowns being numerous. An important question is whether someone will be ready to buy your business when you put it up for sale. It would help if you also had it appraised to find out its fair market value before you start looking for potential buyers.

Financing your retirement involves many important decisions. It would help if you spoke to your advisor about what to do to diversify your retirement income sources. Check out America's Best Bookkeepers

What future do you want for your business?

Every owner has to leave his business sooner or later. However, to be in good financial health at retirement and protect your assets, establishing a succession plan is essential.

Here are some scenarios to consider:

  • Transfer or sell the business to a family member
  • Sell ​​to a partner or employee
  • Sell ​​to a third party

Even if you know who will take over your business, it will take time – perhaps a few years – to help them prepare to take over. Your successor may need to acquire certain skills and build relationships beforehand, in addition to having to become familiar with all aspects of the business.

It would help if you did not answer all these questions alone: ​​your advisor, accountant, and a lawyer can help you with your planning, be it estate planning, tax-efficient investments, or retirement savings plans.

Knowing that you are ready for various situations can save you a lot of worries and allow you to focus on your business. Even if retirement is still far away, having a plan means that you can cope with any eventuality. It is simply a good business strategy.

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

Every company thrives to be successful and wants to be the best in the industry. A company invests time and money, making sure it generates as much revenue as possible. However, some ineffective practices and financial mistakes that a company can make during their startup process can lead to financial crises.    Check out America's Best Bookkeepers

Inappropriate Pricing:

Sometimes companies become dishonest. They invest less and sell their products at inflated prices to earn maximum profit. It is unethical to lie to customers about the product or service. Eventually, the client will realize that they are being cheated, which creates a negative reputation for the business. The company can lose sales and the opportunity to build customer loyalty. 

Data:

Sometimes investors are overpowered by confidence, and they neglect the statistical data that is built after thorough market research. Experts recommend playing it safe before investing and suggest using research data to develop the business.  

Inappropriate Budget Plans:

It is common for the budget to be ignored if needs arise that are not initially considered. It is important to plan and budget while keeping some unforeseen expenses in mind. For example, a sudden shortage of raw material, an increase in demand of any byproduct, or any unfortunate accident can add up and exceed usual expenses and the approved budget.

High Fixed Costs:

Sometimes there is a shortage of staff or an exceptionally high workload, so the work must be outsourced. Outsourcing is a helpful method but should be avoided as much as possible. It is important to emphasize that this practice must be carried out in secondary areas and not in the core of the business. Otherwise, it could compromise the quality of the services and/or products. Check out America's Best Bookkeepers

Reinvesting:

Sometimes reinvesting in a business proves to be profitable. Companies reinvest in the existing business to make it more beneficial and profitable. Reinvesting is crucial and may result in more steady growth and success. However, do not reinvest in the wrong business. Reinvesting requires proper planning and analysis. It involves money and the expenditure of time and energy, which are also valuable for running a successful business. Therefore, reinvestment plans should be considered at the time of startup.

Self-finance:

Approximately 50% of entrepreneurs finance the entire business with their own money. However, this can cause companies to drown due to a lack of customers or a mismatch between income and liability payment. It is wiser to self-finance a business if the investment is minimal. If the investment is significant, taking a loan or obtaining finance from an investor should be considered.

Business Credit:

It takes time to qualify for business credit. Still, business owners should consider it important from the very beginning and strive to be registered to a business credit bureau as soon as possible. It is essential that there are separate accounts for business and personal credits. Once the business credit is built, it will be less likely to affect the owner’s personal credit if the business incurs considerable losses.

Income Plan:

Avoid being optimistic about income. Every business startup needs time to stabilize and turn a profit. The business goes through a lot of ups and downs before finally starting to generate revenue. When you take the reins of a business, many times, you expect income that is not consistent with reality, especially regarding the time it can take to produce revenue. Check out America's Best Bookkeepers

Usual Mistakes:

When the business starts to post positive numbers, the entrepreneur usually makes two mistakes: spending all resources or reinvesting without planning. Both result in the fatality of the business. Once the business starts generating income, wait until the figures become constant and consistent before spending or reinvesting.

Salary:

Usually, the owner of the business does not assign a salary for himself at the start of the venture but will opt for “taking as you need.” This is a serious mistake since this financial factor is lost and can negatively influence cash flow. The owner should assign a specific amount of salary for himself and should manage within that allocated amount of money. If the owner keeps taking money from the revenue without any check and balance, the business will soon lose control due to the unforeseen cost of this salary.

Payment Method:

Different people opt for different methods of payment. Some like to have online transactions, while others like to pay via check. It is ideal to present a range of alternative payment methods to facilitate the purchasing process for different types of customers. This increases the chances of customer loyalty and payment.

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

Entrepreneurs are often over-zealous about starting their business as quickly as possible. However, a realistic business plan is the first step to success, as it clarifies how the business will make profits long-term. It is directed towards a particular audience and has certain objectives. For example, a business plan may want to convince the company to initiate a new project or investors to invest in the project. You may be wondering, “Where do I even begin?” Read our tips for creating a well-thought-out and organized business plan. Check out America's Best Bookkeepers

  1. Knowing the Audience

A business plan is written for different purposes, each with a different audience. For example, a business plan written in the development stages of a business will most likely be targeting investors. The tone of this business plan will be persuasive in order to convince investors that the business idea is promising and that it would be beneficial for them to help fund it. Another common type of business plan is the one written as an expansion plan for the company. The managers and board of directors would like to hear about the past performance of the team responsible for the expansion. The tone of this business plan will be a blend of informative and persuasive tone. The key is to know the audience that will be reading the business plan and their expectations. Check out America's Best Bookkeepers

  1. Setting Clear and Realistic Goals

Before writing a business plan, you must have clear and realistic goals for the business. Consider answering these two questions: What is it that the business wants to achieve, and what is the business capable of achieving? Although investors will invest in a project that has a sustainable future and is likely to generate high profits, making unrealistic sales projections will push the investors away. This means that proper market and industry research is needed to understand the customers, analyze the competition, gain awareness of the buying patterns, assess the market gaps, know the suppliers, and more. The more insightful the research is, the better. Always strive for realistic data. Avoid being unrealistically optimistic, as this will drive investors away.

  1. Listing the Necessary Components

Before writing a business plan, list the necessary components of a business plan. For example, every business plan must include information about the target market, an analysis of the industry, sales projection in the first three years, costs incurred in the first three years, a marketing plan, and the value it will add to the existing business or investors. This will help keep track of the plan and will ensure that an effective business plan is created. It will cover all the relevant aspects, helping investors and the board of directors make the decision. The purpose of a business plan is to convince the audience to believe in the project and persuade it to take the necessary action; therefore, it should include all the information that the audience would want to know. Check out America's Best Bookkeepers

  1. Know the Competition and Market Trends

The business plan must be written with the competition in mind. By this, we mean it must be competitive as per the standards of the industry. For example, the expansion plan must predict the objectives of competitors and dictate the suggested course of action to respond to these projections. This will help the company understand its significance while developing and maintaining a competitive edge in the market. If the biggest competitor is expanding into a new market, maybe it is time for you to move too!

A business plan requires a lot of effort and research before anything is even put down on paper. When backed by proper research and factual data, this plan becomes more effective and persuasive. It can convince the audience to take the necessary action, such as investing in the business, approving a new project, and more. Take care to ensure that your business plan is well-thought-out and meticulously organized. Do not rush!

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

The biggest challenge faced by most business owners is that they aren’t skilled in selling their product or service. In some cases, you may want to hire a professional to handle marketing and sales. You will also want to understand the skills it takes to promote your business, products, and services.

Even if you hire a professional to handle this aspect of your business, you are not off the hook. Because you are the owner and the main representative of your business, you must have the skills necessary to sell yourself, your business, and the products or services it offers. Everyone wants their business to be a success, or they wouldn’t bother to have a business, but you have to invest in your skills to sell it to others for that success to come to life. Check out America's Best Bookkeepers

These skills need to include one on one interaction along with the ability to speak to groups. There may be opportunities that come about for you and your business that will require public speaking skills. However, even if you never have to engage in public speaking, having that skill will still help with confidence and sell your goods and services no matter the scale. Here is how you can have the skills to own and operate your own business.

Communication is Key

Everything does eventually fall into place once a person is willing to make an effort. Every single thing is hard at its start. Just like riding a bike, a person learns it with trial and error and succeeds in the end with different experiences. Learn the art of putting oneself out for the sake of business and be ready to speak confidently, even in the most uncomfortable situations.

Communication is the most important part for any individual starting fresh. As a new business owner, a person must keep a check on the network and market regularly. From networking with customers and structuring supplier payment, a person must have great communication and convincing skills. Check out America's Best Bookkeepers

Know Every Aspect of the Business

Although initiating a business has varying degrees of challenges, you must know the business’s legal aspects. While having the skills to sell your products and services is heavily focused on, one legal issue can destroy a business.  Therefore, understanding any regulations that can affect your business will be necessary.

Another aspect of the business you need to understand is the accounting process. Whether you hire a professional to handle accounting and bookkeeping or do it yourself using accounting software, you should understand everything there is to know about this aspect of the business.

One other aspect of the business you need to be skilled in is the hiring process. Whether your business needs to be staffed right away or later as your business grows, you must understand how to implement every aspect of the hiring process. The process includes posting the job, filtering out viable candidates, conducting the interviews, and making employment. Check out America's Best Bookkeepers

Supplement passion with education

The most important ingredient for any successful business is to have a driving force. Once a person has a passion for something, they can achieve so many goals. It is important to understand that an individual shouldn’t be making all decisions with passion with everything in place. While passion can be the driving force behind the business, education and gaining all the skills needed to run your business successfully will be a necessary supplement to this passion.   

Conclusion

You must include other professionals that can further aid in the progress of the business. These professionals include lawyers, financial advisors, accountants, marketers, and any other professionals specific to your business type.  No matter how many others are involved in your business, as the owner, you should have the skills to handle every aspect of the business. If you find that you have a deficit in those skills, you must get the education needed to add what is needed to your skillset.

 

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Startups Fail - Complete Controller

In the world of startups, the failure of a business is considered as a learning opportunity. Identifying the reason for failure and converting it into a success is one of the biggest achievements that an owner embraces. According to research, nearly 51% of businesses often fail initially. If businesses want to innovate and put their best foot forward, they need to accept that there is always a risk involved in every entrepreneurial venture.

Reasons for failing startups Check out America's Best Bookkeepers

  • Lack of Brand awareness

Many startups focus more on making exquisite offices rather than marketing the products or services they provide. One business expert noted that “Initially, no customer was interested in our business model because of the lack of brand awareness.” New businesses fail when they are not taking care of market issues. To make a business successful, it is essential to cater to all marketing-related issues and create brand awareness among potential customers. 

  • Running out of money

Proper time and money allocation is the key to a successful business. However, the question arises on the best way to allocate a budget and often remains a challenge. Research has found that inappropriate allocation of money is the most common reason for business failure. Startup businesses usually run out of money due to careless and unplanned spending.

  • Mismanaged team

The diverse team is one of the most important factors of a successful business startup. Team diversity is frequently referred to as one of the main ingredients for organizational achievements. Finding the best team is the biggest challenge for the businessperson, and the startup requires strong recruiting consults which can bring the best team for future growth. Check out America's Best Bookkeepers

  • Customer Ignorance

Ignoring consumer needs and inappropriate marketing sometimes leads a startup towards producing goods that are unsafe and unsustainable for the environment and customers. Ignoring the need of potential customers is the main reason for the startup’s failure. It is a fatal mistake that a startup usually makes when not collecting consumer’s feedback and surveys before launching a product.

  • Unplanned product launch

It is important for a business startup to analyze the correct time and the need for a product before launch.  The company should not launch a product too early without creating a need for that product. Without tapping the target market first, the product will not be able to create a brand image in customers’ minds, and if a company launches a product late, it may miss the first-mover advantage.

  • Poor product quality

The startup business can go down on its very first day if they ignore the quality of the product. It should be the primary focus of the business to provide better quality at a premium cost. The low-quality product can easily ruin the company’s image. The poor quality product can increase a company’s expense and hinder the long-term growth if not improved on time. Check out America's Best Bookkeepers

  • Losing focus

It takes a lot of time, money, effort, and focus on initiating a business. Startup businesses usually fail if they get distracted easily and lose focus on their target goals. Success is not achieved overnight; however, to make a business successful, a company must focus on its target and perform its task with dedication.

  • Untested product

Testing and pivoting the product before launching it decides the product’s life. It takes a lot of time and money to build a business, so it is imperative to test the idea before injecting the product into the market. A startup usually fails because they do not take the beta test before developing a product.

Above are some reasons that cause startup failure, but a company can outshine and achieve a maximum market share by realizing these mistakes.

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Cash Flow Strong - Complete Controller

One crucial concept for entrepreneurs to understand is that it becomes difficult for a business to survive in the market when its’ expenditures surpass its’ income. All businesses, particularly start-ups, must keep a sharp eye on cash flows in order to avoid serious business collapse. When it comes to a business, income is the number one priority.

An important element of cash flow is that it provides vital indicators of a business’ current financial health. As important as it is for business owners to know about and manage different sources of income, they must also have an awareness of cash inflow so that they may allocate their time and energy accordingly. It is the responsibility of entrepreneurs to know the exact figures of cash flow as these alerts them of where and when to spend. Check out America's Best Bookkeepers

What Entrepreneurs must do?

Entrepreneurs must keep business owners updated with accurate daily cash flow to plan for a better spending process. On the other hand, those owners who are not aware of cash flow predictions put themselves at risk of failing in the market.

From the start, every business must follow and evaluate their cash and how much must be paid to employees, vendors, and others. Additionally, they must be aware of the amount they are getting as profit from their customers. If this is not done, the business could be at risk of failure. Not knowing the inflow and outflow of the cash in a business can create serious trouble. Check out America's Best Bookkeepers

How to manage the cash flow?

The following points illustrate how a business owner can easily manage cash flow in their company and have an accurate representation of its financial health.

Make a budget

Understanding the inflow and outflow of cash is important to develop a better plan for spending. Timing is the key to creating a budget that details when to buy tools, supplies, and raw materials and how much sales are coming weekly, daily or monthly. The budget should include everything from salary payments and daily expenses; every penny spent should be added to the budget. This budget must also include the peak times of the cash inflows and outflows.

Track your Budget

Keeping track of your budget should not be a timely process, but it is crucial that every business owner make a frequent analysis of the plan to ensure higher cash inflow. An accurate overview of cash flow must be taken regularly to pinpoint issues and trace them to their source. If the budget shows a decrease in expected values, it is important to find its reason. However, if the outflow shows an influx of more than expected, sourcing this reason is also crucial.

After the causes of any discrepancies are determined, the owner can make alterations and corrections to business planning and/or the budget. Check out America's Best Bookkeepers

Include a Plan B as Backup

Having a solid Plan B is a wise precaution for any business. This Plan B not only benefits the business in the long-term, but it also offers support for the company by bringing awareness to which measures must be taken if certain troubles arise.

No matter how much time is spent on creating a budget, every business must be prepared for sudden causalities. These losses may cause havoc among members if the company is not well prepared. Having a backup plan saves time that would be spent in chaos and allows it to contribute to dealing with the trouble.

The Plan B must cover the cash inflow in order to keep the system running when all sources fail and should hold the business stable until operations return to normal.

Provide Bills faster

Making the billing process faster and more accurate can improve circulating cash quickly. A great technique for faster cash inflow is to give discounts to customers who pay bills within 10 days. Delaying the billing process for more than 30 days places much stress on the business, as it may be in urgent need of cash. Such conditions can create financial instability in a company.

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