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Small Business Owners - Complete Controller

When starting a small business and even in later phases of operations, there are mistakes you want to avoid to have a successful business. Knowing what the typical mistakes are for small businesses and how to avoid them will spell profits and success. Here are the common mistakes made by small business owners and some ideas on how to prevent them. Check out America's Best Bookkeepers

No Business Plan

A business plan is a must for every small business before start-up, and every year the business operates. A business plan pinpoints the company’s mission statement, which is the foundation for the rest of the plan. Planning also lays out financial needs, marketing plans, supplies and equipment, projections, and summarizes. These plans are essential for the business owner and potential investors or lenders.

No Market Research

No amount of market research will be too much. The more you know about the market, the more chances of success at both start-up and throughout the business. Market research is essential for pinpointing your target customer. This should be done every few years to ensure there is no shift in your target demographic unless what you sell is specific to the same demographic. Check out America's Best Bookkeepers

Building the Wrong Team

A small business’s success often depends heavily on the supporting staff as it does on the owner. When hiring staff, you must make choices that will work well within the business dynamic and other staff members. It is also vital that the team members have skills to serve your business best and fill the various positions needed for your business type.

No Website

In today’s heavily digital world, not having a website for your small business can be a fatal mistake. Every business needs to be searchable by people who don’t know about your business but may search that will lead them to you. Most small business owners don’t have a site because they think the cost will be too much. However, having a website designed is not as expensive as you think, and there are even sites that you can build your own site for little to no money. However, you make it happen; getting a business website operational from the beginning is crucial.

Lack of Financing

Many small business owners fail to get the proper financing in place before opening. This lack of financing can cause problems that become insurmountable quickly and sink the business. The way to avoid these points back to the business plan. A financial overview of your business can let you know how much financing you need and when to obtain it.

Underpricing Your Products or Services

Some small business owners have difficulty coming up with prices for products and services. The greatest fear is that people will not bring the business to you if it’s priced too high. To deal with this issue, first, do research and set a price comparable to the market. Another rule of thumb to follow is to figure out what the bare minimum is you need to make to pay bills and staff and do what needs to be done in the business and set your prices to match this need. Check out America's Best Bookkeepers

Failing to Invest in Marketing

In today’s digital world, marketing is not as expensive as it used to be. In many cases, marketing is free when using social media platforms to market. If you have the solid foundation of a business plan, marketing, and its costs are built into the plan, there would be no surprises regarding planning and costs.

Ignoring Accounting and Bookkeeping

There are a lot of reasons accounting and bookkeeping needs focus. The main reason you need to focus on accounting and bookkeeping is always to be aware of your business’s financial health. Whether you use a professional (recommended) or use a bookkeeping or accounting software and do it yourself, it is essential to take control of your business’s accounting and bookkeeping.

Conclusion

Starting and running a successful small business is not for the faint of heart. It requires dedication and intelligence. These are common mistakes new or small business owners make. If you know what they are and have a plan, you can avoid these mistakes for your business’s lifespan.

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
Start-Up Success - Complete Controller

A significant part of launching a new start-up is to lay out the entire business plan. The following are some of the mistakes most start-ups make during the start of the business

1- Spending Inadequate Amounts of Money 

Being an entrepreneur, you know that money is one of your biggest concerns. In the initial phase of operation, the capital of the owner is at the bare minimum. Therefore, saving money should be the first and foremost priority. Check out America's Best Bookkeepers

 

Millennials are mostly divided between two mindsets when they plan on starting a business – either spend money to gain more money or pay the least amount possible until the company makes enough money to spend freely on every idea. However, both of these tend to have adverse outcomes

 

The secret to investing your cash is to divide it up according to your business plan. Your expenditures should not leave you bankrupt, and you should not spend so little so that the operations aren’t affected. Moreover, as an entrepreneur, you also have to save funds so that if a dodgy situation arises where the money is required, you aren’t left looking at loan options.

 

Spend your start-up finances wisely and make sure you do not leave out any investment opportunities that may serve as a benefit to your business. In such scenarios, an effective financial plan is vital for establishing a profitable start-up. Check out America's Best Bookkeepers

2- Considering Your Direct Competitors 

Fresh entrepreneurs often get overly excited about their business. They mostly think that they are the only ones who can master the product or service they provide and have no direct competition. Although in reality, it is the other way around. 

 

It is sporadic where one may find a case in which you do not have any direct competition unless you have invented something completely new, there will always be someone with better expertise in the same niche. Moreover, do effective research and identity where these companies are and make your business stand out.

3- Employing People Based on Cost

Although this is relatively tied to the first point we discussed, it is such a crucial aspect that it has to be considered separately. When you have limited funds, hiring fresh candidates seems like the ideal way to go. However, do not let this thought hamper your company’s success in the long run as new employees may not deliver the desired results compared to experienced human resources.

 

The problem with this strategy is that the efficiency of low-cost employees and those with lesser experience is limited or not up to the mark. They can turn out to be unreliable or unskilled, which can prove harmful for your business rather than improve the quality of your product or service. Hence, be cautious if you intend to hire lesser experienced users only to save a couple of hundred dollars.   Check out America's Best Bookkeepers

4- Failure to Set Achievable and Practical Goals 

The excitement of launching a new business sometimes makes fresh entrepreneurs believe that their idea is so perfect they can work without a plan. But in reality, a business without a plan is literally like a car trying to run without tires. Making a practical plan and setting effective goals is necessary for a company to achieve success and gain maximum profit. 

 

Make it a necessity to develop a business plan and then execute all your actions according to it. It should include what things you have to avoid and must list down goals that you have decided to achieve in the short and long run. This implies that you must set specific goals and lay out the blueprint to help you successfully attain those goals.

5- Not Giving Enough Attention to Marketing 

Aspiring entrepreneurs often mistake believing the phrase ‘If you build it, they will come.’ They think that their product or service is so extraordinary that only using word of mouth will suffice to get the business up and running. However, when seen on a practical level, this method is not effective. Most start-ups have to work hard towards effective marketing to get the attention of as many customers as possible.

 

In the current day and age, online marketing and using other relevant tools are easy and cost-effective, so make sure you utilize them to your benefit. Upon considering these factors, there is a good chance that you will be able to steer your business on the path towards success as ignorance or making mistakes will only result in financial losses or failure. 

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
startup business plan - Complete Controller

Capital is vital for every business, especially for a start-up business. However, there are several sources from where the new company can take finance. Therefore, this article will discuss the ten best ways to establish business credit and ensure proper bookkeeping

 

Bank loan Check out America's Best Bookkeepers

A business can get credit by merely getting a bank loan for a start-up idea is extremely difficult and unlikely, unless the person already has enough funds or collateral. However, this method is beneficial for a new business to fund the company initially. This method can also provide excellent opportunities for the entrepreneur in terms of investment.


Gain a customer or business partner


If a person has a good idea and can embody or present it with passion, he can already contact existing customers or business partners. Possibly, he can inspire them so that they invest in their business, of course, not without participation. A person should, therefore, carefully consider whether this form of fundraising fits for him.   

Incubators

The term incubator originally comes from medicine. In the start-up area, the incubator is a facility or institution specializing in creating the perfect conditions for growing companies. Incubators offer founders many opportunities, especially advisory services and financing. Companies that “grow up” in incubators have a significantly higher survival rate. An example is Telefónica’s start-up program Wayra in Germany, which promotes company founders in the Internet and telecommunications field. Check out America's Best Bookkeepers

 

Venture capital

Several investment companies specialize in investing in venture capital in early-stage start-ups. The goal of the investment companies is to sell the purchased shares later profitably, i.e., to earn at the exit of the start-up. In addition to capital, investment companies also provide their business know-how. However, this also increases the voice of the lender. Among the leading early-stage venture capital investors in Europe are the companies Target-Partners and Earlybird.


Business Angels

These are the most successful company founders with high equity capital through the sale or initial public offering of their start-up. Through years of experience, they have excellent know-how and widespread networks that they provide to the founders. Business angels often become active in the first phase of the business start-up. They are fully involved in the start-up process. In Germany, there are about 40 business angel networks. As a prerequisite for the first contact, the entrepreneur should be able to present himself and his idea correctly and have a business plan

Crowdfunding

The latest variant of fundraising is crowdfunding. The big difference between traditional financing options is that the number of lenders increases significantly. Because here invested not a single company or a unique business angel, but a variety of people, the mass. Crowdfunding sets a minimum amount of capital before the action starts. Every investor or, in this case, Crowd funder receives a small reward as a thank you. One of the most well-known crowdfunding projects, Brainpool launched the idea to bring the TV series, Stromberg, in the cinemas. As a target, the company wanted to collect a million euros, which succeeded after only one week.

 

State funding

The promotion programs of KfW exist for different financing situations. In general, these loans come from house banks. Since the banks often have little interest in the mediation of government funding programs, the entrepreneur should, as a founder to inform himself in advance and ask specifically at the bank. An overview of KfW’s funding programs comes from the founder pages of the bank and the corresponding sections within the Starting up founderCheck out America's Best Bookkeepers

 

Friends and family

If a person knows people with high equity in his family or friends circle, do not hesitate to introduce them to your idea. However, the person should, as with foreign investors, regulate everything very clearly and honestly. Otherwise, they risk damaging these relationships. 

 

Self-financing

Nowadays this variant is as cheap as never before. Ninety percent of all start-ups are self-financed. It may take a bit more time to save starting capital or start with little money. The benefits are immense. The investor retains full control over the business while still having 100% of profits.

 

Identification of the source of problems

Money problems can have different origins: lack of profitability (this is the most severe case), growth too great, temporary difficulty, unforeseen event, capital too weak. The entrepreneur must understand the source of his problems and know how to explain them. This understanding implies having a basic level of financial analysis. Ask an accountant for a clear explanation and have it repeated if you do not understand what he is saying.

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

Profit is the primary motivation for initiating a startup business. A business can’t survive on capital investments or loans for long, which means that you need to earn and make profits to survive in a competitive business environment. As an entrepreneur, you must ensure the smooth flow of administrative processes as well as business-related tasks, no matter how complicated they may sound. The accounting and bookkeeping practices of a business can make or break it. Using superior accounting and bookkeeping software and best practices are the best ways to secure success.

Accounting Is the Key That Makes Your Startup Profitable!

Check out America's Best Bookkeepers The secret to success and profitability lies in how well you manage your business accounting. Most successful retail businesses that have great returns have hired professional accountants to handle business finances. Why? Because they are unsung heroes of the business world, who have the potential to change the entire fate of the company. Even if you consider yourself a professional in accounting, outside accounting help is a good idea.

Don’t Skimp On Accounting

For making your startup profitable, you need to look at your cash flow statements, bank statements, accounts receivables, and payables and make income projection and handle other financial aspects of the business. This indicates that the life of an accountant is never easy as it requires time, efforts, energies, accounting knowledge, and wisdom. Accountants also need to adapt to changing market dynamics and find new ways to streamline your business. Check out America's Best Bookkeepers

Also, it is to note that handling complex aspects of the retail business like decisions regarding payroll, the potential of new expenditures, and overheads are never easy. And there is nothing worse than hiring a fresh accounting grad for managing important accounting related matters. By hiring an accounting grad with a lack of experience to run your business, you can never expect to make your startup profitable. The chances are quite low. So, you need to invest in acquiring accounting expertise for maximizing your company’s profitability and making the most out of your company.

Set Result-Driven Goals

Market and cost-benefit analysis, coupled with effective financial projections and assumptions, can put your business on the right track. By measuring progress, it becomes relatively easier for you to pinpoint problem areas in your business. Also, it becomes easy to track and monitor the performance of the company, allowing you to correct problems with relevant yet effective solutions before they become serious threats. Check out America's Best Bookkeepers

Making your startup profitable is not that difficult; all you need to do is keep your morale high and set realistic and result-driven goals and objectives. A right strategy can save a large amount of money every year, allowing you to grow and expand your business quite successfully. So, you must hire an accounting professional who understands your long-term business goals and knows the worth of your hard-earned money. For example, if a business expects to see a reduction in their annual sales or income taxes, it must hire an accounting professional who has expertise in that specific domain. Another business desires to save time and money and wants its debt repayments to be appropriately scheduled, then it could hire a professional accounting or budgeting planner for having an effective plan.

What to Do to Make a Retail Startup Profitable?

Retailers across the globe want to maintain healthy financial cash flows and maximize their profitability. Gone are the days when startups used to maintain a large inventory, which means the cash and profits used to get stuck in inventory. Now, they do not have large inventories. Instead, they keep the level of inventory, which they can sell easily.

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

Start up Business Team Meeting Ideas Concept

One of the primary reasons behind why start-up businesses run into difficulties is that they keep running into the issue of not having any market for the product or service being provided. Here are some common issues that new businesses face:

  • There isn’t a sufficiently convincing incentive or occasion that compels the customer to focus on buying or purchasing the product or service. Experienced sales reps often reveal that to get a request in the present intense conditions, you need to discover buyers that have a dire need to purchase the particular product or are greatly enthusiastic about it. You additionally hear individuals discussing whether an item is a Vitamin (pleasant to have), or an Aspirin (must have). This is a key to startup success and survival.

  • The market timing isn’t right. You could be ahead of your market by a couple of years and the stakeholders will not be prepared for your specific arrangement at this stage. For instance, when EqualLogic first propelled their product iSCSI, it was still early. It required the landing of VMWare which required a capacity zone system to do VMotion to truly jump start their market. Luckily, they had the financing to last through the early years.

 

  • The market share of business being small and having finance which is essentially not too large. Strategizing to capture significant market share is also a key start-up task for an entrepreneur.

Business Model Failure

In the wake of numerous organizations just starting their business operations, it can be observed that the most significant and widely recognized reasons that obstruct startup success are the excessively idealistic approach about how simple it is to get to new clients. They accept that since they will assemble a fascinating site, product, or service, the clients will beat a way to their doors. That may be true with the initial set of clients, yet from that point onward, it quickly turns into a costly errand to draw in and win clients. When compared to the cost of acquiring the client (CAC), it was ultimately higher than the lifetime estimation of that client (LTV). Bookkeeping these two elements require careful financing and intense management strategies.

The perception that you must have regarding the capacity to get your clients for less cash than they will produce in the value of the lifetime of your business with them is stunningly self-evident. However, regardless of that, it can be observed that by far most of the entrepreneurs neglect to give careful consideration to making sense of a reasonable cost of acquiring customers. These assessments are primary start-up tasks which should be done by an entrepreneur.

The Essence of a Business Model

A straightforward approach for startup businesses is to concentrate more on what makes a difference in your business model.  It is about giving a thought to the following questions:

  • Can you find a versatile approach to secure clients?
  • Can you capitalize those clients at an altogether higher amount than your cost of acquisition?

Contemplating things in such straightforward terms can be extremely useful. There are two “standards” around the business model which are less rigid. These are laid out as follows:

  • The CAC/LTV

The principle is relatively straightforward: CAC must be not as much as LTV

  • CAC = Cost of Acquiring a Customer
  • LTV = Lifetime Value of a Customer

To calculate CAC, you should take the whole cost of your sales and marketing capacities (counting pay rates, marketing programs, lead generation, travel, and so on) and divide it by the number of clients that you may close during that time frame. So for instance, if your aggregate sales and marketing expenditure in Quarter 1 was $1m and you close 1000 clients, at that point your average cost to get a client (CAC) is $1,000.

To calculate LTV, you will need to take a look at the gross margin related to the client (net of all establishment, support, and operational costs) over their lifetime. For organizations with one time charges, this is quite straightforward. For organizations that have repeating membership income, it is calculated by taking the month to month repeating income and dividing that by the month to month churn rate. In bookkeeping for these numbers, accountants need to develop a system that focuses on CAC, and LTV returns.

Since most organizations have a progression of different capacities, for example, G&A and Product Development that are extra costs in addition to the sales and marketing, and conveying the item. This is where bookkeeping can play a strategic role for startup businesses.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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A freelancing business is associated with a freelancer who makes direct commitments with clients but remains self-employed. Freelancing seems exciting to many of us. Working on our own, with no boss around, and managing our own time are few of the benefits that are associated with a freelancing business. A freelancing business is attractive for those who are fed up or no longer passionate with their 9 to 5 jobs.

If you are planning to begin your own freelancing business, here is the way to go. We will guide you, step by step, how to start and establish your very own freelancing business start-up.

What is Your Idea?

Have you come up with an idea? Take your time to think about the pros and cons of what you want to do. You can get the assistance of any consulting company or a freelance consultant. The world is wide and opportunities are present everywhere. We just need a thoughtful mind to avail opportunities and focus on them.

You will not get everything correct on the first try. Plan how you will survive the initial difficult time until you have a sufficient number of clients so that you choose and negotiate with your clients. Remove your fears first. Go ahead with confidence.

Step 1: Plan out Your Freelancing Business Idea

Name and location of your business?

Your specialty?

Your potential clients?

How will you do marketing for your freelancing business?

Any other way to find your clients?

Financial Planning

How much you will charge per assignment or how much you will charge per hour work?

Calculate your freelance hourly rate.

How many clients do you want per month?

What will be your business expenses?

Step 2: Build your Brand

First of all, develop a brand for your work. Create or choose a logo for your services. We highly suggest that you build a website for your freelancing business. Create your portfolio and upload as much information as possible onto your website.  There are several websites out there where you can create logos and websites for little to no cost.

Step 3: Recognize your Clients and Get Ready for the Work

Before you reach out to your potential clients, create essential business documents. You must have client information forms, registration, and software for online payments on your website.

Step 4: Reach Out

Update your audience on the kind of services you provide. You can reach your potential clients through email, social media or phone calls. Interested clients will contact you. Be prepared to answer every question they may have and don’t be afraid to promote your services to them.  

Know the worth of your services and your work. Do not compromise on lesser payments.

Step 5: Promote your Availability on Social Media

This will attract more clients to you. Promote. Promote. Promote. Once you have some experience of your freelancing work, share it and have your current clients prepare positive testimonies about your work that you can share on your social media sites.

Step 6: Create Content

Blogging is one of the best and most recognized ways of bringing traffic to your website. Either form a blog on your own website or guest post on a well-known blog with viewers that can follow your website too.

Step 7: Keep Going

Do not stop contact with clients. All of the projects that you have finished can be uploaded as sample cases of your work to attract more potential customers. Build your experience and share it with your previous and upcoming clients as well.

If your work is still slow, reach out your clients more frequently. Promote your work. Reach the right audience. Do not waste time in picking the wrong audience. Try different methods of promoting your work. Be consistent. Be active in responding to your clients.

Starting your own freelancing business requires a lot of hard work and planning before you introduce yourself to the market. Once you are able to establish a brand of your own, you will begin to get work. Be consistent and success will be yours.

No doubt, starting your own freelancing business is going to take a lot of energy but, in the end, all of your hard work will bear fruits for your future business success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

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Reevaluate Your Business – Even in the start-up

It is not mandatory to have a large, innovative organization to reinvent your business. Truth be told, the smaller and leaner the business is, the quicker it is to change gears and adapt to the rapidly changing environment. There is greater flexibility in the start-up for a business to respond to paradigm changes in consumer demands.

Entrepreneurs need to consider the following areas: Do clients still need and purchase a similar sort of items or services you offer? Have industries and practices changed since the start-up of business? Does the entrepreneur have sufficient awareness of changes in business practices? If not, what changes should be done to make the business competitive?

Is there a need to launch new products and services? Try not to speculate what clients need and will pay for it. Break down your current sales and interact with real clients and prospects. What do they require? What would you be able to give? What’s an ideal approach to convey answers for them? What will acquire the most profit? Is there a specific specialty that the business can specialize in?

Provided that this is true, entrepreneurs need to consider how customers can be targeted and what other products can be launched in the target market.

Sales over the Internet

Is the entrepreneur offering their products and services on the web? If not, then what are the reasons for not doing so? If the sales are declining and there are no offers available on the web or capturing leads online, it’s an ideal opportunity to capitalize on this opportunity. Notwithstanding when individuals purchase face to face or by individual connections, they are probably going to explore the items, organization or consultant online before settling on a choice on what to purchase and from whom to get it. If you have a business, a website is a must. The kind of website and what ought to be on it relies upon what the entrepreneur has to offer. However, an efficient bookkeeping method also needs to be in place to account for online sales. This aspect has to be evaluated as part of the many start-up tasks.

Get Involved in Social Media

Do you have an online networking presence? Online networking may not be everyone’s cup of tea, but the Pew Internet Social Media Update in 2016 found that 68% of all U.S. adults (i.e., Internet clients and non-Internet clients) are Facebook clients. While 28% of these clients utilize Instagram, 26% utilize Pinterest, 25% utilize LinkedIn, and 21% utilize Twitter.

Discover which of the web-based social networking locales pulls in the type of clients you need to reach and, after that, it is important to get active in those channels. Post remarks, answer questions, begin discourses identified with your products and industry. If you don’t have time for all of this, consider having a trusted staff to handle the web-based social networking assignments. Consider publicizing via web-based networking media destinations, as well. The social media activities need to be launched from day one of the businesses start-up.

Contact Former Customers

Try not to accept that a previous client who did not purchase from you in the business start-up will never purchase from you again. Clients’ needs and conditions change, just like that of an entrepreneur. The mega corporation that didn’t renew your agreement a few years back on account of changing business needs may have altered their course of action and could be a decent prospect now. The client who might have considered a lower-priced competitor might be disappointed with the quality of service and be responsive to a call from you today. Bookkeeping previous records of the former customer can reveal how greater gains can be made in the present.

Contact Competitors of Present or Former Customers

On the off chance that an organization needs what you offer, there’s a decent shot that their rivals do as well. Industry groups that you belong to such as trade shows, seminars and friends in the industry would all be able to assist you to distinguish likely prospects. On the off chance that the target market approached in the start-up doesn’t require your products or services, inquire as to what their specific expectations and requirements are. To account for this, non-financial bookkeeping is also important to be conducted.

Sell Additional Products and Services to Existing Customers

Regularly, the simplest approach to acquiring new business is to sell more to your current clients. You might have the capacity to sell additional products to a similar contract or sell a similar product to an alternate division of the organization. Or, there is also the possibility to sell related items and services to the client. Keep your eyes and ears open for new opportunities.  It needs to be ensured that clients know about the dynamism of the business right from its start-up.

Check out America's Best Bookkeepers


About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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In the world of business, everyone is looking for profits and the same goes for investors who will invest only where they think an opportunity for growth exists. It isn’t a prerequisite for start-ups to be working on a global level to attract these types of investors. They should just be concise and well directed to what market a particular start-up wants to tap into. This is measured in terms of a new company’s strategy, goals, and milestones it has set for growth.

So, what are the most important points that play a key role in attracting investors? Following are the points you should focus on if you are an entrepreneur or planning to launch a start-up. 

Business Model

Your business model should be comprehensive in its approach. You need to be clear about the economics of your start-up. If your model makes sense, investors will surely be attracted to provide funds for your idea. It is great for your model to be valid in various markets around the globe, however, it is a must for it to prove itself in the local market first. Another point that you need to clearly include in your model is how you will carve out a market share for your business, especially in the presence of competitors. Do not make your initial results your long-term estimates. Sometimes, people try new products on the market just because they find it somewhat interesting and not because that product is a part of their needs. Continually improving your strategy with changing market demands can also prove to be very beneficial for your company’s success and to attract investments.

Scalability

You need to adapt to the continuously changing demands of the market. Some of your strategies may become redundant, making your business less efficient. Such tactics must be changed to better suit the progress towards your start-up goals. Innovations, such as those in technology, make some aspects more efficient and the impact of these on growth should be analyzed comprehensively and adopted if the prospects seem beneficial. Investors are always attracted to a company that changes itself to keep up with the market.

Identify Competitors

Your start-up needs to clearly identify its competitors and, while doing this, there is one thing that you should know: Any kind of company or business (regardless of their model) that is targeting the same market segment as your company should be thought of as a competitor. Incorporating the advantages you have over these competitors and defining how you are going to grow over them into your strategy is what investors look for before making decisions about becoming a stakeholder in a company.

Compliance

Compliance is a very important aspect when dealing with global investors even though the local ones might not be finicky about it. Any start-up should ensure that it complies with all rules and laws. Things like taxes and company structure along with other compliances such as those relating to banking, FDI, employment and benefits must be in compliance. Global investors do not want to be associated as stakeholders to a business that is not meeting the regulatory rules and requirements.

Structure and Valuation

Familiarity with the structures of debt and equity is essential. A common stock has different requirements relative to convertible debentures and convertible bonds. Valuation methods can be different for different kinds of structures. It depends on your business strategy as to which valuation procedure suits you the most. Your idea of dilution and the amount you’re trying to raise should be well defined. Your plan should also be comprehensive regarding your break-even position.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

Silhouette of young businessman pushing large stone uphill with copy space
Beginning a business can be exhausting, yet fiercely satisfying. It can be very entangled and may move prospective entrepreneurs in ways they had not envisioned. Knowing and envisioning the obstacles that can lead to start-up mistakes could enable the entrepreneur to get ready proactively and potentially evade basic impediments that can lead to their business ending.

 

Raising Finance – Avoiding Start-Up Mistakes 

Launching products, employing key staff, and fitting out new office spaces could all give an extreme hit to any entrepreneur’s account. Getting a bank loan is not a simple process, particularly since the credit crunch is stinging since the extreme financial crash of 2008. Indeed, even with the crowdfunding schemes and other options skimming around, finances are as yet not promptly accessible to all business visionaries. Especially, as new entrepreneurs do not have basic bookkeeping knowledge, finance can be mind-boggling for such cases.

Financial skills are lumped together to fund the greatest and most encouraging organizations. It can be truly debilitating to new business people, particularly as it misleadingly restrains the pool of potential trendsetters who could drive the economy forward.

While some people are blessed with good investors, attempting to persuade investors for your business is justified regardless of their cash, particularly when it’s your first business. To successfully raise finance, entrepreneurs need to have the capacity to sell their thoughts and vision to potential investors. Start-up loans can be taken from family and friends or from financial institutions, should there be no inherited fortune at hand. This advance is normally spread over a sensible measure of time and permits you the flexibility to pay back over time without crushing your business to an end.

To ensure correct deployment of finances, it is most important for entrepreneurs to have an able bookkeeping professional at their side. Not assessing correct financial sources and its execution is a fundamental start-up mistake.

 

Marketing – Fundamental Start-Up Blunders to Avoid

Once entrepreneurs have had their idea and potentially a heavy investment from a generous investor, or they have acquired a loan, there is now the challenge of visibility.

Marketing a start-up is an alternate ball game from marketing a conventional business or enterprise. First of all, the entrepreneur will not have any brand acknowledgment to get into the entryway, the financial plan is typically restricted, and on most occasions, the entrepreneur is managing potential clients in a highly competitive atmosphere.

It’s critical that sound content is put out to market the business in the best light for the intended target market. Most new businesses don’t see the need to enlist creative professionals exclusively for quality content creation. In most circumstances, entrepreneurs wind up struggling for composing strategies to sell their ideas successfully. In this regard, articles and papers are published to market the business and sell its idea to the mass audience. Thankfully, such measures can be undertaken with the assistance of cutting-edge writers who better convey the business message to the potential customers. These strategies have to be formulated as part of start-up tasks.

Contracting the Right Individuals

There is an immense pool of aspiring candidates available. Be that, in any case, choosing an appropriate candidate to fit the team could be an overwhelming assignment as the decisions in early stages of business can have far-reaching consequences. It is one of the greatest challenges confronting new businesses in this digital age.

Certain abilities are vital for your business to survive and develop such as bookkeeping skills. Knowing the correct aptitudes required – and how to get those fundamental individuals – may decide how well your start-up flourishes. Postponements in finding the correct staff won’t just take up significant time yet also serious, prompt bottlenecks such as the delayed launch of new products or services. Looking for the assistance of trusted agencies could also help take care of these issues. Hiring the wrong people is a critical start-up mistake.

Customer Loyalty

It is frequently stated that customer is king, and rightly so. Winning a client’s trust is of paramount importance among the most imperative obstacles that organizations, as a rule, should overcome. With a very satisfied and steadfast customer base, new businesses can scale quickly and gain ground towards progress.

To win clients’ trust and steadfastness, new businesses need to work forcefully to actualize client driven working philosophies. This would obviously empower them to prevail in the quest for achieving sustainable development in this highly competitive business environment.

Avoiding crucial start-up mistakes from the day and finding the right resources and partner can improve any businesses’ chances of success and survival.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Dollar Sign with arrow illustrating growing equity

Equality and equity are the two terms which generally speak about the egalitarianism but have their own distinct features intrinsically; equality refers to the state of equality where all resources, status and funds are distributed equally among the total population present, whereas equity refers to the state where the available resources, status and funds are distributed per the requirements of each individual of the total population present. Running a corporation smoothly as well as efficiently is not an easy task.  It requires smart strategies inclusive of systematic planning to lead a business in the direction to produce maximum profits that ultimately result in the welfare of business.  Equity is one of the most important tools used by enterprises in order to generate fruitful results per their desires. Equity, in terms of business management, refers to the achievement of a status under the shadow of prescribed motto of the business organization which tends to provide its desired status. In order to achieve or generate equity, the following steps can be implemented by an enterprise effectively:

  • Appointment of an Accurate Management Team:

A management team provides you with the managing of all tasks which are to be accomplished in a way to generate greater profits and welfare of a company. Each company tends to work for its status and for high income.  To attain that and achieve equity, a highly qualified and experienced management team must be hired to competitively work hard in order to generate the desired results in turn forcing the board of directors to invest more and ultimately gain more. Equity is the state of getting what is desired per your needs.  This can only be possible if one already knows the requirements and goals of an organization that must be achieved on time. These goals are made possible by hiring a competitive team who can manage all tasks and challenges confidently.

  • Budgeting and Bookkeeping:

Budgeting is a design which portrays the optimal distribution of all resources and funds available in order to generate a business efficiently. Bookkeeping itself is the art of keeping records of all transactions held in an organization.  But, the question is, how can it promote equity?

And the answer is simple: by providing accurate results of the transactions held in a business corporation. As bookkeeping portrays all transactions of a company, it tends to promote a track record of revenue generated as well as expenditures.  This further illustrates the truth of whether a business is running successfully or not. Cash flows in the records are also a tool to determine the state of equity in a business. Therefore, in case of loss, one can come up with the strategies to overcome it and conclusively reach the state of equity.

Final Note

Equity in a business corporation is necessary for its smooth running as well as successful proceedings. It must be achieved in a way where your organization gets advantages or benefits at low costs. Equity is the state where you achieve what you require or desire and it can only be done through thorough planning and management of a business.  Only then does it generate fruitful results.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.