Author: Dam Dhood

Introduction

Workers’ compensation is also often referred to as workman’s comp.. It is basically an insurance program, which offers financial and medical benefits to those employees who are injured in a work-related accident or illness. 

Workers’ comp gives injured or sick employees access to medical treatment, regardless of cost, along with compensation for lost wages during rehabilitation.. 

The workers’ compensation program is a “no-fault” program, which means it does matter who is at fault; as long as the injury or sickness is work-related, the employee will get the compensation. 

It is really crucial to remember that the employees have to prove that the illness or injury was sustained at work. In every state apart from Texas, the workers’ compensation coverage is a mandate. If you have had an injury or work-related illness, you should contact a lawyer who is skilled in personal injury law to help you with your case. 

How Does Workers’ Compensation Work? 

The workers’ compensation process begins with filing a claim, or more specifically, a workers’ compensation claim. Generally, all employees need to do is inform their employer of your injury or illness. The employer, along with the insurance company, should help get the claim started for you.

If a dispute arises, injured employees can contact the workers’ compensation board in your particular state. If you live in the Florida area, it is best to seek the help of Orlando workers comp lawyers. 

Workers’ compensation should cover the entire medical cost that is related to a work-related injury. In addition to this, while the affected employee is receiving care or unable to work, he or she will be provided two-thirds of the worker’s average weekly wage. 

In some cases, an employee may desire a payout of his or her compensation, the injured worker always has the option of negotiating this with the employer and insurance company. At this point, it is always a good idea to involve an experienced attorney, especially when future medical expenses need to be taken into account. If a claim is settled via payout, the worker who is injured or affected may forfeit coverage of the upcoming future injury-related medical bills. 

How To File A Claim?

Filing a claim after an injury may be embarrassing or stressful, but it is needed. Here are the basic steps that you need to follow when you are going to file a workman’s comp claim. 

• Report The Injury To Your Employer

The very first step is to inform your employer about the accident, injury, or illness you encountered. The employer will need to document the circumstances surrounding the event.

The employer will then prepare a report which will be used throughout the process when referencing your injury or illness event. So, be sure that you give a detailed report to your employer.

• File A Claim

Your employer will have the official form that you need to fill out. Filling out a workman’s comp claim involves a lot of paperwork. If your employer fails to offer the form or is unable to give you the form, be sure to inform your doctor that it is a work-related injury.

Along with the form, you might also need to submit documents, such as your medical bills, doctor’s reports, etc. 

• Insurer Review

Your paperwork will end up on the desk of an insurance adjuster. The insurance adjuster will look after your claim on behalf of the insurance company and he or she will review your claim. Once your claim is approved, you will receive compensation.

The Bottom Line

If you are injured at work, be sure to report it immediately. In the case of workman’s comp, even if the injury seems small, it is better to report it so you’re protected if the injury becomes worse. There are many other things involved in a work-related accident, but these are the basic things that you need to know about the workers’ compensation process.

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For many people, owning a business has always been the dream. Others eventually find that it just makes financial sense to them to monetize a particularly marketable skill that they have. Whatever your reason for owning a business, starting your business out of your home can be a smart way to minimize your startup costs and fine-tune your business model. But even home-based businesses come with a lot of responsibility and information that you need to know. You might be full of questions: Does my city allow me to start a business in my home? What kind of license do I need? What is a surety bond, anyway? Here’s the info you need: the seven major steps to starting a successful small business from home.

Make sure you’re allowed to run a business from your home.

Before you make any plans for running a home business, you need to ensure that you’re allowed to have a business in your home. If you rent your home, look at your lease. Many landlords specifically prohibit their tenants from using rental properties as a place of business. However, even people who own their homes should check neighborhood laws about whether zoning laws prohibit operating a business from home in your area. You should also consider whether your business idea is a good fit for your neighborhood—for example, will your neighbors be frustrated that your clients are taking up the limited parking on your street?

Decide on a business idea.

You need to answer the fundamental question of what goods or services your business will provide. Your business idea could solve a common problem or offer itself to an underserved market. It could also simply be a business that provides a product or service that’s in high demand. No matter the business type, demand is the one must-have. Once you have a basic idea for your business, think about what goods and services you could sell. Perform some market research and learn about what competitors offer. What are their best products, and what are the ones that you could do better? Don’t rush this stage; take the time that you need to understand the market. 

Write out your business plan.

The second step for your business is writing out a business plan. The plan will be the basic roadmap for your business, so it should include all of its most important fundamentals, such as:

Product and service offerings

Target customer demographics

Financing (including loans, credit cards, or private investment)

Competition analysis

Number of employees and their roles

Each of these aspects will take some serious thought, so, again, take your time with your business plans. The Small Business Administration offers free business plans and advice on writing your plan, including the lean business plans that startup founders often prefer.

Source: This Is Me/Shutterstock.com

Choose a legal structure for your business.

Decide whether you want your business to be a sole proprietorship, a partnership, or an LLC. Other types of business structures exist, such as S corporations and C corporations, but they’re mostly reserved for larger businesses. Here’s a simplified rundown of how each of the major options works:

Sole Proprietorship: This is the simplest structure for a business. A sole proprietorship helps keep things simple because it creates minimal separation between business and personal assets. It can also leave your assets vulnerable if your business has many liabilities.

Partnership: Similar to a sole proprietorship, but for multiple people. Spouses or family members who own a business together often use this form.

LLC or LLP: A limited liability company (LLC) or limited liability partnership (LLP) separates the business’s financial liability from its’ owners, providing the owners some financial protection if the business fails.

Apply for any business or professional licenses that you need.

Most businesses need one or more government licenses to operate legally. Your state and local government might require all businesses to apply for a business permit. You might also be required to get a specific professional license for the industry you’re in, such as a mortgage broker license or a freight broker license.

Application processes vary widely by the type of license you need. They often include taking a licensing exam, submitting an application to the state licensing board, and obtaining a surety bond. A surety bond, such as a mortgage broker bond or a freight broker bond, is a legal document that financially guarantees your obligations as a professional. Always start by learning about the complete application process before you put down any money, as application fees are often non-refundable.

Assemble your insurance, EIN, and business bank account.

There are a few more miscellaneous items to take care of. Insurance is a big one—your business needs to be protected from things like civil liability and property damage, especially since you’re conducting business from your home. Consider starting with a Business Owner Policy (BOP) to consolidate multiple types of coverage into a single policy. 

You’ll also need to apply for an Employer Identification Number (EIN) with the federal government. Applying is essential for any business that has employees or files certain types of taxes. Read the IRS’s guide to EINs to find out more about whether you need one and how to get one. Finally, don’t forget to get a separate bank account for your business. It’s crucial to keep your personal and business finances separate, even if you’re a sole proprietor.

Prepare your home for your business.

Before beginning operations, you need to ensure to set up your home how you need it. Depending on your business model, your home could require any of the following modifications:

• Standard office supplies such as pens, paper, a printer, and a stapler
• Shipping and packing supplies
• A home office or workspace
• An area suitable for meeting with clients
• Space for filming video content
• Room to store and use any required special equipment
• Parking for a work vehicle

It’s also a good time to make general improvements to your home and do some tidying-up. Starting with a clean house helps get your business off on the right foot!

Source: Martina Pellecchia/Shutterstock.com

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Whilst there may be a long way to go in a lot of industries before we see absolver equality, the movement of women in business is something which has been staggering to watch in recent years. There have been a number of seminal moments within this too, and different appointments and interviews which powerful women have given, really have lead the way for other women to inspire. 

Take the interview which Audrey Gelman gave back in 2019, which not only focused on why women could do well in business, but also on the fact that she was pregnant. Here is why that interview was so powerful, and why the female movement just keeps on growing. 

The Front Cover

Before you even got into the interview, we saw a powerful image of Audrey on the front cover of Inc. magazine, where she is proudly showing off her baby bump. The reason why this was so powerful is that pregnancy is often one of the things which used to be pointed towards, as to why women in business wasn’t something that we could ever see happen. To stand on the front cover of a business magazine like that, proudly showing off her baby bump, is exactly what women around the world needed to see. 

All Industries 

When we very first started to see women in CEO positions in business they were usually within a female dominated world. For example we would often see women as the heads of luxury underwear companies or of companies which focused primarily on female products. In recent years however we have seen a real shift here and there are more women than ever before, branching out across sectors. The reality is that whether you are selling a tin of beans or a cruise ship, business is business, and this exactly why women should be involved in all areas of business and all sectors. 

Empowering Through Example

The only way that we were ever going to see real change with women in business was to have people like Audrey doing well. The best way to inspire a generation or to encourage any women out there that they could be successful in business, was to actually see someone who looks like them, doing well. We now have an enormous range of women in business who are inspiring each and every day and who are truly the perfect example of success for younger girls to follow. 

Breaking The Division 

The next step for us all has to be that we stop talking about successful men or successful women, and that we just talk about successful people. We are slowly but surely breaking down these walls and it won’t be long before we get to this point. One of the main reasons why we are able to get to this point is the impact and influence that the likes of Audrey Gelman is having on the world of business, and there are many like her who are helping to lead the way. 

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for some companies it is a hassle they could do without, for many customers it is something which they don’t quite understand, but the truth is that compliance is the best thing to have ever happened in financial services. Experts like Scott Tominaga for example are always working with companies within finical services to ensure that their processes fit with what compliance expects from them, and this is a critical area of their operations. Scott also talks about the importance of compliance and we were lucky enough to spend some time with him in order to learn more about what compliance is and why it is important. 

What is Compliance?

In a nutshell compliance is a set of rules which have to be followed for each sale of a financial product, and for each action which a company in financial services carries out. Let’s say for example that a trader is going to be looking after the assets of a client. Compliance in this situation would be that any trades which are made on behalf of the client, fall within the parameters which have already been discussed with the investor. Any extra moves which are made with that money which have not been agreed upon, would be going against the necessary compliance which should have been completed, and thus will be considered fraudulent and illegal.

Protecting The Customer

The main reason for compliance is to protect the interests of the customer. A perfect example of this can be see in the PPI debacle which came to light around a decade ago. What we saw here was that companies had been charging payment protection insurance on loans and finance agreements without asking for a signature from the customer as to whether or not they wanted it. This was eventually ruled as illegal in court and banks and financial services companies were forced to pay out millions to those customers who hadn’t chosen PPI. This is exactly why compliance exists and had it existed prior to that court ruling, then customers would have been fully protected. These kinds of processes have to be followed no matter what the product is that they are being sold. 

Protection of Companies

Compliance not only sets out to protect customers, it is also in place so that it can give companies a good level of protection too. Whenever an audit comes around or if a claim is made against the business, they can quite easily and very quickly prove that they followed all guidelines and all levels of compliance which they were supposed to. Compliance is always documented and this is why they are able to squash any problems with speed. Compliance leaves no grey areas and no areas which are uncertain, and that is why it is able to give such good protection to those who work within this industry. 

Compliance is improved all of the time, to continue offering both customer and business the best protection. 

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Software expert Josh Melick has written a fantastic article on his blog detailing the issues which so many software providers have with their pricing structure. The issue which it seems that most companies have is that their original pricing structure is not fit for purpose in terms of raising prices. Additionally they are in a position whereby they now don’t want to raise prices in case it results in customers leaving and going with the competition.

The reason why this is a problem for those selling SaaS is that they are then not able to bring in the necessary revenue which they will need to continue to cover their costs. Providing software comes with a wide range of costs and it is critical that the revenue meets the outlay. In Josh’s article he details what the problems are for these providers and what solutions they should be looking to use, in order to increase prices without betraying the customer. 

The Core Issue

Almost all providers will offer a number of pricing structures for their software, usually something like bronze, silver and gold packages. Josh discusses the fact however that most providers only offer two dimensions which differentiate these packages, when three is in fact the requirement. The first dimension which is offered is the number of users and the second is the range of usage, with each structure of course offering a higher amount of each.

The key here however is the third dimension, and that is the amount of time which you will have the software. In limiting the amount of time, SaaS providers will be able to increase prices at the end of the year without losing their customer base. 

Offering Transparency 

The reason why price hikes may put a customer off is that they are often unexpected, and customers can feel as though the rug has been pulled from under them. The key therefore to ensure that this isn’t the case is to be up front and transparent with the customer from the outset. Customers should be notified when they first sign up that at the end of the year those costs will be rising by a certain percentage. 

Promotional Approach 

The promotional approach which Josh speaks about the article is a great way of increasing the prices and offering customers the chance to upgrade their package. In order to do this you can offer the chance of an upgrade with perhaps a 5% increase on last year’s price rather than the 7% which was originally planned. This is a great way of trying to get customers up to a higher package and increase price without providing any surprises and whilst still maintaining a customer’s trust in the business. 

As Josh states, this is tough to do if you are already established, which is why some positive PR and some promotions for your existing clients may be the best way for you to hitch up the prices without losing those customers who you have already got. 

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There are many reasons why people decide to work two or more jobs. Whether it’s to gain new skills, experience in another sector, or simply boost your income, regardless of the reason, you need to be organized from the get-go and find a good balance between working and having a social life. Inevitably, the more work you take on, the more challenges you’ll face, so here is some expert advice on how to juggle multiple jobs at once.

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Manage Your Time Effectively

If there is one thing you need to master most when juggling several jobs, it’s time management. No matter what your roles are, you should invest in a daily planner, write to-do lists, and do what you can to simplify day-to-day tasks. If you have a jam-packed schedule, learning how to prioritize your time productively is key. You need to put your all into any job you do, so mastering the art of time management is essential. 

Choose Your Jobs Carefully

Regardless of your reasons for taking on extra jobs, you need to think carefully about how much you can commit to. For instance, if you are in full-time employment and want a side hustle to run alongside it, Shiftsmart allows you to pick up shift work as and when you want, meaning it shouldn’t get in the way of your main gig. There are other factors to take into account when finding extra work, such as whether it’s financially viable, close to your home, and if you can learn new skills. 

Track Your Finances

When earning extra cash, you need to be in total control of your finances. Tracking your income and outgoings will help you stay on top of your money. You can devise a budget that takes into account any additional expenses of your other jobs, including commuting costs. Many people work several jobs to pay off outstanding debt, so if you fall into this category, using a budgeting app is key for staying one step ahead and ensuring you don’t fall into further arrears. 

Make Time for Yourself

When juggling two or more jobs, all the hours you work can lead to little to no downtime for yourself. While it may great initially to earn more money, if you’re not looking after yourself along the way, you could burnout quickly. Whatever your schedule looks like, make sure you allocate some time to relax and unwind. There are relaxation techniques like meditation and yoga that can reduce stress levels and can be performed first thing in the morning or before you go to sleep. Also, you must keep in touch with loved ones and have things to look forward to, otherwise, you may struggle to stay motivated.

While there are tons of benefits to working two jobs or more, if you’re not careful, you may end up working yourself into the ground. To stop this from happening, referring to the advice above will help you juggle your work effectively and ensure you have some much-needed time for yourself in the process.

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No matter what industry or sector your business happens to fall within, it is always going to be important that you have a financial advisor on your side. This of course is not a permanent position, it is a trusted professional who you can call on when you need some help, and they will then charge by the hour for their services. If you speak to people like Jeffrey Small Arbor financial services expert, they will tell you exactly why this is so important, no matter what industry or service you happen to be working within. 

Here is exactly why more businesses should be looking at bringing in experts like Jeffrey for support. 

Impartial Advice 

One of the best attributes of a financial advisor is that they are able o offer you advice from a completely neutral perspective, which is something that most business owners are unable to do. The reason of course is that they are emotionally invested in this, hence why it is such a problem. Financial advisors however are able to take the facts and the figures of a situation and base their advice on that and that alone. This can fine be the best way of taking tough financial decisions. 

Connections In The Industry 

Having access to the little black book of a financial advisor is critical for so many aspects of running a business and they are able to use their connections to help you out. This could be to support you in seeking new premises, in securing a good quality mortgage or even in getting a great loan that will help to propel your business. There is absolutely no doubt that the financial advisor will be able to offer you the support and the help that you need when seeking out financial products for the business. 

Making Plans 

Because of the fact that financial advisors have great experience in working with businesses, they are able to offer absolutely brilliant information that will help you plan for the future. These men and women have seen so many businesses succeed and fail based on the way that they have shaped their plans for the future, and that is why they will be so perfect in offering you the best route forward with your business or product. 

Safety 

The reason why accountants and financial advisors are so critical for businesses is that they are able to offer you safety within the business. Almost all businesses which do fail, do so because of very poor financial planning, decisions and management. This is why it makes sense that you always arm yourself with experts who will be able to help you to avoid making common mistakes and so that you will be able to have that confidence in the way that your bushiness operates. 

This is exactly why it is so essential that your business relies on the services of a financial advisor, in all that it does. 

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The pandemic’s been an unprecedented moment in time. However, its impact will be enduring and most likely transform the way you shop indefinitely.

A recent report by Feefo reveals that 43% of consumers agree that once lockdown ends, they’ll carry out most of their brand shopping online, while just 25% of shoppers will do their shopping in-store.

A Huge Shift in Shopping Behaviour

So, what are the main factors powering this shift? It boils down to three factors:

• A decrease in people’s movements. The UK’s recent lockdowns have seen a restriction in people’s movements. What’s more, there’s also been an increase in the number of people moving from urban areas to more rural settings that don’t have as many high street shops. In 2021, London’s population could see a significant drop for the first time in 30 years. Moreover, many employees are now working remotely and this trend is likely to continue as more and more businesses are offering flexible working conditions. According to a recent BBC News report, 50 of the UK’s largest brands are saying they aren’t planning to bring employees back to the workplace full-time.
• A sharp increase in online sales. Recent findings by the Office for National Statistics (ONS) reveals that online shopping took off in 2020, increasing by as much as 46.1% since 2019. It’s likely to be a similar story when stats come in for 2021. The online shopping boom kicked off in the Noughties, thanks to formidable internet advancements and while the current lockdowns have likely fast-tracked the trend by driving senior generations online, the inevitable evolution of high-tech advancement has meant a progression in online shopping is inevitable.
• More brand disloyalty. Shoppers can now access a broader choice of services and products, thanks to the shift online. At the click of a button, consumers can shop around online and discover new brands on the web instead of in the aisles. Because there are fewer shops on the high street and more brands online, today’s consumers are showing less brand loyalty.

Design by Structure’s Co-Founder, John Galpin, says:

“Online has seen exponential growth, driven by the pandemic and lockdown, which has accelerated online purchasing behaviors. Those retailers who didn’t adapt quickly have suffered, even the big brands, such as Arcadia.

“However, with the imminent ease of lockdown, we should expect to see a return to the high street, initially for the novelty but then we will see the return of activity that combines on- and offline behaviors, such as the return of ‘webrooming’, ‘showrooming’ and ‘boomerooming’, which are about the physicality of brands and price comparison.

‘webrooming’ – researching online and then buying in-store.

‘showrooming’ – viewing in-store and then buying online.

‘Boomerooming’- researching online, touching and feeling in-store, and then buying online.

In the UK, nearly all adults aged between 16 and 44 are using the internet more due to Covid-19. Companies are listening to their consumers, making it easier than ever for them to shop online. That said, more choices can make decision-making trickier.

The amount of people aged 75 and above using the internet has increased from 29% in 2013 to 54% in 2020 – that’s almost double.

Final Words

It would seem the pandemic has provoked a drastic shift in post-pandemic shopping trends, with more choosing to shop online rather than on the high street.

While it’s fair to assume shoppers will go back to brick-and-mortar shops once restrictions ease, it’s also reasonable to expect that consumers will spend less time in-store on the whole. These reduced in-store visits could even go on into 2022 as shoppers wait to see how post-pandemic life turns out.

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As a small business in a vast market, you’re bound to have a lot of competition. Not only are you bumping up against the giants in your industry, but you’re also competing with other small businesses.

If you want to keep your business running, increasing revenue is the obvious path. But that is not always as easy as it sounds. And, as a small business owner, it gets even more challenging to plan how to grow your business when you spend most of your time managing every single detail.

We understand your struggles as a hardworking businessperson. To help you, we’ve gathered eight ways to increase your revenue as a small business. 

A Guide to Increasing Your Revenue in 2021

1. Nail down your business goals

Make your business goals specific and have a particular time frame when you want to achieve them. They should be specific and clear to understand for you and your employees. The clearer the business goals, the better and easier it is to orient your company where to go and where to grow. 

Aside from being specific and putting a timeline, it would help if you had achievable, sensible, and practical goals. You must take into account all the elements that will have an impact on your business. You need to look ahead and prepare for the obstacles that will happen in the future and study the resources that you may need. 

If you’re struggling to develop specific business goals, remember the SMART method:

S – Specific

M – Measurable

A – Attainable 

R – Realistic 

T – Time-bound

2. Prioritize customer service

It has been said that as a small business, you have a lot of huge competitors. The advantage you have against them is that you can provide your customers with the attention they want because you have a smaller customer base. You can offer them the attention that will make them stick with you forever. To do that, you need exceptional customer service.

If you give customers excellent customer service, it helps them feel more satisfied with your products, and it will be easy for you to transform new customers into loyal ones. It is the biggest factor in growing your business. You need to commit and invest in it, for example, by training your staff really well in handling customers. Keep in mind that satisfied and happy customers can give you free word-of-mouth marketing. 

3. Identify your niche market

The importance of identifying your market niche is as important as choosing your business name. These two should coincide and make sense together. Your business niche is your specific and functional area in the industry that you are part of. Once you have identified it, it is easier for you to differentiate your business from your competitors and win your target audience.

Moreover, finding your niche as a small business owner is super helpful in creating a steady flow of revenue. If you have a solid market niche, it will help you have a firmer grip on your current customers. 

In one industry, there can be various market niches. If you feel confused about what your is, think of the most specific product or service that is unique in the market. It could be something that offers affordability, convenience, excellent quality, and many more. 

4. Explore e-commerce

E-commerce has completely transformed the business world and the way consumers purchase goods and services. If you’re a small business that has yet to venture into the online world, know that e-commerce can instantly transform your business and increase revenue. So what are the benefits when it comes to e-commerce? 

The best one is how you can reach new customers, which means you can sell more products. With only your physical store, your revenue will be limited and only to people close by who prefer to shop in person. But by putting your shop online, you can reach out to people near and far. 

However, when you jump into the e-commerce platform, it is like inserting yourself into a big crowd, so you still need to have your unique way of telling the target market that you exist. 

5. Form the best team 

Your small business may not need a lot of people, but it surely needs the best people. Building your team should be one of your priorities. You need to make time to shape your employee into the winning team. You need to see their full potential and get them to be involved in everything you do.

One of the best ways is to get to know each of your employees and see their strengths as individuals. You’ll have a deep understanding of them, and you’ll be able to recognize their capabilities and how they can help your business. They may have different personalities and come from different walks of life, but it is all about having one goal, even with diversity.

Also, do not forget to define their roles. Each of them needs to understand their job. Let them know that you value them, invest in them and share the development of your business regularly. Always keep the conversation lines open for your employees but still keep everything professional. 

6. Prompt repeat business

Gaining new customers is undoubtedly one of your goals as a small business owner. One of the marketing mistakes of small businesses is focusing on acquiring new customers and neglecting the existing customers. You can have time to get new leads, but you should never forget your loyal customers. 

The question is, how can you encourage a repeat customer? You need to present them with something special. You can go and invest with a reward card scheme; for example, every time they visit or buy a certain amount of product and service, they get points as a reward. The points are then accumulated and then redeemed for a free service or product.

7. Listen to your market base 

Listening to your market will help you to be flexible as a small business entity. Even if you are focused on being excellent in what you currently do, you have to be open to new ideas and learn more about trends in the industry. 

One important thing to learn is the process of “social listening.” This way, you can give your small business the chance to analyze, interact with your market base, and track social media trends.

You could also have audience surveys if you have time. You will be able to know which part of your business can still be improved. 

8. Attract customers with discount vouchers and coupons

Discount coupons and vouchers are sure to provide you a boost in business sales. You may be required to invest money. Just remember that you need to spend money in the world of business so you can earn money. 

Discount promotions are known to be one of the effective ways to increase your revenue. They can be a vital part of marketing your products and services. Plus, they are great at introducing a newly launched product. You need to know how to maximize their use. 

You can use websites like Facebook or other big social media to get more people to see it. Also, when it comes to existing customers, you can let them fill out a form where you can get their emails or phone numbers so you can spread the word about your promotions. 

Conclusion

Managing a small business can sometimes be a big challenge. And changes may not be seen instantly. But, remember, whatever you reap, you will sow. Keep the focus on your goal, and you’ll see your revenue increase in no time! 

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