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Marketing Tips for MSMEs

2022-06-09T07:37:25+00:00

We're heading into the Summer, well vacation period in the next couple of months and we’d like to kick it off with some practical Marketing ideas that you can use!

Small businesses are a crucial part of the local economy and many of them are catalysts for bringing about change, but these businesses without a doubt, do have it difficult because they are in a competitive space, and they (many small business owners) lack the “soft-skills” needed for running a business, and they (many) see themselves as simply ‘hustlers’, and not businesses, and don’t set themselves up for growth and long term success. And of course, there are inevitable economic issues that have placed a strain on many of these micro, small and medium-sized businesses — a struggle exacerbated by the coronavirus pandemic.

Thankfully, a few persons/organizations have set up initiatives to help support and level the playing field for MSMEs. These initiatives include South Market and others alike which inspire the local community to “shop local and shop small” throughout the year.

Today we share some marketing ideas that businesses can apply to help boost sales for any occasion. Let's dive right in, shall we?

How Can My Business Survive 2021

2021-08-27T07:22:35+00:00

2021 just hit like 2020 and micro and small businesses are no doubt still having some problems either pivoting or adapting.

However, there is still reason to be somewhat optimistic about the future of some micro and small businesses. But this grandeur future won’t come without the work. For the businesses sitting around and waiting for the “normalcy” to return, you may have quite a long wait and your business may suffer while you wait.

In the grand scheme of things, businesses have to literally now “mind their own business!” Your survival depends on what you do now AND what you don’t do.

Here are some key things that can contribute to your survival and success:

Are You In The Hot Seat?

2021-05-05T06:00:50+00:00

So, this showed up on our feed today.

Exit Strategy – How to Close Your Business the Right Way

2021-04-24T01:06:13+00:00

In our last article, Is it time to close my business, we mentioned that when the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture.

No doubt, the idea of ceasing your business will be a tough and difficult one to process, but you would need to put emotions aside and close your business the right way, so as to avoid you further distress and setback.

Is It Time To Close My Business?

2021-04-23T09:39:57+00:00

This one is going to hurt your pride most, we know.

Though some MSMEs may be seeing the end of their venture, we must send some comfort their way – some doors close so that others may open. For some, this usually means the start of something new.

When the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture. So how do Entrepreneurs know when it is time to shut the door and move on? It is indeed a difficult realization that most must come to. The end may also be inevitable, and it is just a matter of when. Here then, we find Entrepreneurs holding on with every last bit of hope, cash, and pride, as they slowly come to terms with what has to be done. We do not always have the ability to foresee the end or detect the time at which we need to move on.

Even successful Entrepreneurs can be faced with the decision to fold for one reason or the other. It must be noted that a failed business does not define an Entrepreneur. In this fast-paced, ever-changing, global digital era, adapting, pivoting, transitioning, and even evolving, can mean shutting a present business down to start a new project, perhaps using a different model, different tools, different principles, and different objectives so as to now cater to the changing shift in buyer decisions and consumer demands. Consequently, it is imperative that businesses are able to monitor and identify the signs that will indicate when the time has finally come, to shut the doors on a teetering venture.

Improve Cash Flow in Your Business

2021-04-19T04:47:56+00:00

A business’ cash flow is by far the most underrated area in most micro and small businesses.

It is no wonder then, that startup failure rates are high - 9 out of every 10 startups fail

Of course, startup failure is not planned by an Entrepreneur. People who venture into the startup world usually know what they want to do, and at most, they have a plan, that if followed, they will have eventual success. These startup Entrepreneurs have done their research and have come to the realization that their product or service will indeed solve real needs in the market. And so, they set out on their entrepreneurial journey.

But success as an Entrepreneur depends largely on Money Management. Talks about money remain somewhat taboo, and startup Entrepreneurs’ attitude to financial management is paramount to their success in business. As a result, cash flow should be every founder’s key focus in the early years of the business and beyond.

Timely Beta-Testers

2021-04-12T09:09:28+00:00

We are always looking for Beta-Testers for our programs and short courses before we launch them publicly.

What this means is that we always test the market for each program we're about to put out. When you sign up to be a Timely Beta-Tester (TBT), you basically get our courses and programs at no cost AND you are privy to first-hand information that the rest of our audience will receive after you have done the trial. There is no limit as to the number of programs or courses that you can be a Timely Beta-Tester for.

There are a lot of ACTION steps that go into starting and managing a business. Our Beta-Tester program allows you to become trained with us while you partner with us to help improve the delivery of such programs.

How Are You Going To Fund Your Startup?

2021-04-07T09:51:39+00:00

Most people know they want to start a business. What they don’t know most of the times, is how they’re going to fund their business. This is the stumbling block for many eager Entrepreneurs who simply give up their idea or dream when they just can’t figure this part out.

When clients come to us with their interest to start a business, we make sure they understand what they are getting into financially, and that they understand the words ‘cash-flow’. Too many persons only pay attention to the frills of owning a business without taking into consideration, the in-depth details required to make a business survive and thrive. There are a lot of persons who start a business, and not enough Entrepreneurs who are able to seek out opportunities to create a sustainable, viable business, keep learning, keep creating, and keep innovating. If you’re going to build a business, why not build one to last? Why not build one your children or a future investor or buyer can take over?

So where are we going with this? Listen, if you want to start a business, you have got to keep your head in the game from the moment the idea comes to you, and not get carried away by the ‘shiny object syndrome.

So let’s talk Money! No, better yet, Capital! Where is it going to come from? This is your first business. Are you going to rely on the banks to just drop some money into your idea after you present them with a Business Plan? A Business Plan you paid someone else to do and you can’t even explain? To be quite honest with you, without a trading record, getting startup finance from a bank is going to be difficult no matter how good your idea seems.

VAT Registration

2021-03-18T10:25:47+00:00

As required within the jurisdiction of Trinidad and Tobago, individuals or businesses that makes a gross sales value of TT$500,000 or in excess of TT$500,000 in any 12-month period, MUST register for VAT.

Individuals and businesses whose sales forecast is TT$500,000 or more within any 12-month period, MUST also register.