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Marketing Tips That Your Small Business Should Follow

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Marketing A Business On A Small Budget

Contrary to popular belief, you don’t need a huge pool of resources and a big team of employees to come up with a successful marketing campaign. In fact, many effective marketing campaigns require little manpower and can be achieved with limited resources. What matters is the quality of your advertising content. Things like coming up with a compelling elevator pitch, or establishing a good network are all marketing strategies that can be done with a few employees and a shoestring budget. In this article, we’ve come up with a list of the best marketing tips that you and your small team should follow in order to enhance your business’s marketing strategy. Keep reading to find out more! Plus, if you need to streamline your overall business management, use this paycheck sample to create a paystub.

1.      Craft an elevator pitch

First things first, you need to come up with a good elevator pitch. According to research, customers only have an attention span of fewer than ten seconds. So, you need to come up with something catchy, yet memorable.

Think about your company’s vision. Or how your company stands out from the rest of the competition. You can create a compelling elevator pitch by considering either one of these things. Just remember, once you engage potential customers with your elevator pitch, you don’t have much time to convince them to buy your product or service. Look at your elevator pitch as a form of investment. The more time and effort you put into it, the bigger the returns. So, don’t skimp out on this step. Your elevator pitch is your stepping stone to potential business opportunities so make sure it’s done well.

2.      Leverage your community

When marketing your business, it’s always best to aim small before expanding your outreach. You don’t need the whole world knowing about your business and its products or services. Start by getting the word out to the people around you. Think about your friends, family, and the local community. If you can’t get people around you to support your business, there’s an even lower chance that people from across the world, or even your country, will either.

Be the sponsor for a local ballgame. Get your company to participate in a charity walk. Put up posters around your neighborhood. Once you establish a customer base within your community, then you can look at expanding your promotional reach.

Additionally, it’s also important to think of the type of customer your business is targeting. Think about the places they might frequent and where they’ll be most like to see your promotional content. You’d want to focus your advertising efforts on those places.  

3.      Collaborate

Your competitors don’t always have to be your enemies. In fact, the best way to get a higher turnover of customers is to collaborate with businesses that offer similar or complementary goods and services.

Get together with companies who are willing to partner with you and offer discounts, coupes, bundled promotions to prospective customers or clients. Collaborating is always a win-win for both parties so don’t be too quick in shutting out other businesses.

4.      Network

A tried and true marketing strategy — networking is always at the top of many businesses ’ list for one of the best marketing strategies to engage in. In fact, many successful companies are built on strong networks. What your business or employees may not have or know, there’s bound to be another company that can help.

So, get out there! Meet more people and start building a strong network for you and your brand. You never know which of these connections you might need to rely on or the business opportunities that might arise from these networks.

5.      Give a speech

Most people aren’t a fan of public speaking. But, giving a speech is a great way to establish your and your business’s credibility in the industry as well as promote your company at the same time. Organizations are always on the lookout for industry experts who’re willing to present and share their experiences. So, don’t shy away from such opportunities! Volunteer to give a speech or sign up for one. Better yet, if an organization approaches you, take it as a sign that people are interested in your company and leverage the opportunity.

6.      Create buzz

Unlike in the past, small businesses don’t need to hire professional agencies to get media coverage. There are many sites out there that help connect journalists with potential sources. By joining one of these sites, you can respond to a journalist’s request for expertise on a certain industry or subject. This way, your business can still get media coverage without having to pay an exorbitant amount of money.

7.      Ask for referrals

Networking with professionals in the same industry as you are is one thing. But, you also shouldn’t forget one of your business’s most valuable assets — your customers. Getting your customers to share about your business with their friends and family is an effective marketing strategy that comes at no extra cost at all. As such, it’s important to build strong relationships with your customers. You can do so by sending or newsletters or emails to keep your customers updated. But, spamming can also be a turn-off. So, be sure not to send them out too frequently.

You should also consider your business’s customer support. Are customers able to reach you easily? Do you respond to their queries and feedback in a timely manner? All these things influence your customer’s experience and shape their impression of your brand. If you want them to promote your business, you need to ensure that their experience is a positive one.

Conclusion

From all the marketing strategies and tips we’ve listed in the article, it’s easy to see that you don’t need a lot of manpower or a big budget to come up to promote your business. What’s more important is the effort that you put into advertising your brand. So, what are you waiting for? Maybe you need to rewrite your elevator pitch. Or you need to start networking. Whatever the case may be, you’re definitely well on your way to marketing your small business in a more effective manner!

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Finance

How to Make Your Hospitality Business More Sustainable

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Climate change and its impact on the world has been a major news story for decades, but it’s only in recent years that awareness has been pushed to the fore. This is thanks to the actions of activists such as Greta Thunberg and Sir David Attenborough.

However, it’s also because 2020 was the joint hottest year on record, tying with 2016 – although, unlike 2016, there was no El Nino event last year to contribute to these temperatures.  

While there is pressure on companies to play their part and think more sustainably, there are things that smaller businesses can do too. As someone who runs a hospitality business, you can make operations more environmentally aware. If you want to think green, here are some ideas to help. 

Consider the materials

How much paper does your business use? There’s a real trend for cardboard menus and paper flyers showcasing the latest dining deals. Hotel rooms are filled with directories and leaflets, too – and these need replacing when they get tatty.

To resolve the issue, try switching to digital. Create online menus that diners can access, have a screen detailing the latest meal deals and specials, and introduce tablets to bedrooms in your hotel. If you’re reluctant to include tablets, try creating a directory on the TV where guests can browse the services your hotel offer, from breakfast serving times to the food on offer.

Rethink utilities

How much electricity does your business use a day? How much water is wasted?

Try looking at introducing motion sensitive lighting to avoid empty rooms being lit. Also, while it can be tricky to encourage guests to think about the water they use, you can get your staff to set an example by switching off taps when not in use. Even small changes can both save energy and money.

Manage waste

Hospitality businesses see a lot of waste, especially hotels. There’s paper waste, bottles, and food waste to consider, among other things.

Having a robust recycling system in place can help to keep your business sustainable. Introduce recycling bins in guest bedrooms and have these in offices too to encourage best practice.

Additionally, separate food waste bins for your restaurant are an essential part of waste management. By keeping food waste separate, it can be easily removed from the premises.

As with any waste management, there are risks here. Staff could cut themselves on glass or encounter other injuries, so think about how to keep your team safe while they do their job. Arm protection and overalls, for instance, can be useful.

Look at the décor

As well as the day-to-day operations in your business, it’s worth thinking about the materials used in the design and décor. Where possible, try to source reclaimed furniture and trawl the vintage and flea markets for beautiful pieces that could work well in your hotel foyer or guest rooms.

By taking the time to reassess the way your business runs, you could find that you’re lowering your carbon footprint and becoming more sustainable.

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Uzbekistan Continues to Modernize its Tax Administration System

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 The World Bank’s Board of Executive Directors approved today the Tax Administration Reform Project in Uzbekistan, which is designed to improve the operational efficiency and effectiveness of the State Tax Committee (STC) and deliver better services to local taxpayers.

The project will be supported by a $60 million concessional credit from the International Development Association (IDA), with financing provided to the Government at a very low-interest rate and a repayment period of 30 years.

“The Government of Uzbekistan has prioritized reforms in the tax administration system to create a better business and investment environment. The new project will help the STC improve its work in the interest of taxpayers,” said Marco Mantovanelli, World Bank Country Manager for Uzbekistan. “In particular, the project will allow to broaden the tax base, leading to a reduction in the informal sector of the economy, which is estimated to be around 50% of GDP; to increase tax revenues; and to help firms and companies create new jobs, benefiting from a more efficient tax administration system.”

The project includes three key components directed at improving the STC’s operational, institutional, technological and human resource capacities, and promoting voluntary compliance across Uzbekistan.

Component 1 will invest in automating the STC’s core tax administration business processes. This includes developing the STC’s new tax management information system to reduce paperwork and simplify the process of paying taxes by businesses and individuals countrywide; upgrading hardware and technological infrastructure; creating a new data center for the STC; and improving governance and the planning capacity of the STC’s IT department.

Component 2 will assist with designing and implementing measures to reduce the informal sector of the economy. This includes improving the STC’s enforcement capabilities to detect and discourage tax evasion; encouraging businesses to stay out of the shadows, including through the use of non-tax incentives; and developing cooperative relationships with the private sector, including through designing new or simplified tax policies and procedures and building partnerships to change taxpayers’ behavior.

Component 3 aims to strengthen the STC’s human resource and institutional capacities to attract, develop, and retain skilled and knowledgeable tax officials. This includes improving STC’s human resources management policies and building capacity through the continuous professional development of tax officials. 

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Top 5 Examples of Best Nonprofit Grant Proposals

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small-business-economy

Introduction

Compiling a grant proposal is a complicated task. Nonprofits have to conduct ample amounts of research, create multiple drafts and compile everything to fit the criteria of the grant foundation. The odds of getting your proposal accepted are already stacked against you and the best way to ensure success is by staying prepared. One way you can make your grant proposal air-tight is by reviewing successful grant proposals. You can add points from previously successful documents to strengthen your case. 

Preparation is key

Drafting a grant proposal can be a lengthy process. It is a good idea to start gathering data and reviewing it beforehand. Reviewing successful grant proposals can help you get new ideas and perhaps, inspiration even. You can find a list of effective examples on the internet and we have compiled a few here to make things easy for you.

5 Examples of effective grant proposals

To ease the understanding, the examples are divided as per the sectors for which nonprofits often work.

Education

Education is a key foundation for society and if you are looking to seek a grant to support an educational initiative, this particular example might be conveniently helpful.

Salem Education Foundation: This particular grant was submitted by a school that sought to receive funding for enriched learning opportunities that lay beyond the scope of a conventional classroom. This particular grant proposal was written for history students of the school.

Youth

Children can be the most at-risk group of society and there are a multitude of nonprofits that aim to help them. Consequently, there are a huge number of grants that aim to help children fulfill their potential and lead happy lives. The following example is how a grant proposal should look like when the focus of their goal is improving the lives of children.

William T. Grant Foundation: This grant is given to those groups that actively conduct research that is solely focused on improving the lives of young people in the United States. The foundation often publishes accepted grant proposals to help guide those looking to apply. Review their proposals for a better idea on how to craft yours.

Individual and family support

If your nonprofit is actively seeking to serve the disadvantaged population of society, then you will need to submit a proposal that highlights their plight. The following proposal is an example that will help you decide the inclusions for your proposal.

Kennett Area Senior Center: This particular grant was submitted by the Kennett Area Senior Center to the community grant foundation. The grant proposal was a request for funds to provide assistance and necessary services for senior citizens.

Arts

If your nonprofit is aiming to raise funds for an arts program or a project, the following example demonstrates what your grant proposal should look like. Upon review you will be clear on what to include in your documentation:

University of Minnesota’s Imagine Fund: Take a look at various successful proposals that were submitted to the Imagine Fund program. This program is known for supporting arts-related projects.

Science

Whether it is scientific research, conservation, or any form of scientific endeavor, the following proposals can provide you with ideas for your grant proposal. You can review them and figure out what to include and how you can solidify the strength of your proposal.

NIAID: The National Allergy and Infectious Diseases grants various funds to institutes and nonprofits looking to drive advancement in the field of science and scientific research. You can peruse through various types of successful grants and figure out what made each one stand out.

Final thoughts

These examples are just some of many grant proposals that have achieved success. By studying them and reviewing the literature, your nonprofit can take away ideas and insights which can be useful in drafting your proposal.

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