How to Improve Your Company and Employee Morale

There are many ways that you can improve your sales and increase your profit margin. You can hire great people, reduce your overhead, outsource when needed, etc. Chief among all of these tricks and tips, though, is making sure that employee morale at your company stays high. Studies have proven over and over again that happy employees are more productive employees. Here are some techniques that you can use to boost morale:

Food and Beverages

It sounds like a silly idea, but feeding your employees and having beverages readily available both keeps your employees happy and improves their productivity (productivity that is lost when they have to leave the building to refill their coffee or get another soda). The easiest way to do this is to outsource the provisions to another company. This doesn’t have to mean having expensive catered meals every day! Hiring a company to keep your kitchen stocked and functional can just as easily be done by a food services company. For example, Aramark Refreshments provides coffee, snacks, and more to companies of all sizes.

PRO TIP: Make sure you have healthy food and beverage options like fruit, veggies, bottled water, etc in addition to the more traditional cookies, chips, soda, etc.

Allow Telecommuting

Companies that allow their employees to work from home at least part of the time don’t just have happier employees, they have more productive employees. Allowing telecommuting reduces the amount of time people have to take off from work when they are ill or need to look after their children. It is also helpful for the introverted who might be easily distracted or worn down by an otherwise social office environment. And, thanks to tools like Slack, Skype, etc. collaborating while telecommuting is easier than ever.

Provide Benefits

Offer your employees full benefits packages. This means offering dental and vision coverage in addition to a good health plan. Other benefits can include access to company vehicles during work hours (reducing their financial burden for gas), providing daycare to working parents, and unlimited sick and vacation hours. That might sound counterintuitive, but research shows that people who don’t have to worry about “using up” their sick and vacation leave are more responsible, productive and take less sick and vacation time on average than those who have a “use it or lose it” policy.

Reward Often

While it is true that there are competitive people out there who respond well to healthy in-office rivalries and negative feedback, most people are more inclined to thrive when they are praised and rewarded for their hard work and effort. We all love getting gold stars, right? Make sure that you tell your people how great they are and compliment them on the projects that are going well. Provide small rewards and thank-you gifts after stressful projects are completed to show your appreciation. Even a simple thank you card with a short note goes a long way toward keeping a team’s spirits up.

Social Time Outside of Work

Encourage your employees to spend time together outside of work hours. Being able to spend time together in a casual environment can foster bonding and improve communication between team members. Sponsor a regular happy hour at a nearby pub. Take everybody out to lunch. Throw holiday parties off site. Sponsor a weekend getaway. There are lots of big and small budget ideas that can help get employees together even when they aren’t working.

There are a lot of great methods you can use to keep your company morale high and, by extension, lift productivity rates. These are just a few of them. What are some of the methods that have worked well in your company?

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Silver Hill Farm at “I believe” in CHQ

As part of “I believe“, Ulster Bank has given a stand to their clients to sample the Christmas atmosphere, sell and make the public aware of their offerings.

Over the next weeks you can visit them at the Food and Craft market. On Thursday 17 December it is the turn of Silver Hill Farm.

Silver Hill Fram

Silver Hill Farm is a fully integrated family owned duck company. Founded over 50 years ago by Ronnie and Lyla Steele in Emyvale, Co. Monaghan. The present Managing Director is their son Stuart Steele. All aspects of our duck production are owned and controlled by Silver Hill Farm from breeding, egg production, hatching and selection to processing and cooking. The success of Silver Hill Farm lies in the unique Silver Hill Hybrid duck. Continually developed over the years, to produce a duck that is full of flavour, succulent, tender and consistent in its quality. This breed is exclusive to Silver Hill Farm.

Visit them at the fair or visit their website.

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Maintaining a Reliable Cash Flow Top 5 Benefits of Invoice Factoring

Looking for effective ways to pay bills on time, improve your cash flow, and fund your business’ growth?

With banks tightening the extension of credit for small businesses these days, several financing options seem to be unviable.

In such a situation, invoice factoring may be the right choice for your business. It is being regarded one of the most genuine alternatives to conventional bank funding option by several businesses.

Plus, it has a number of benefits.

Invoice factoring lets you stabilize your cash flow by converting outstanding invoices due in 30, 60 or even 90 days into immediate working capital.

Still not sure if invoice factoring is a trustworthy means of business financing?

In that case, here are five prominent benefits of invoice factoring that will help you understand why it may be right for you.

1. More Time to Focus on Business-Building Strategies

Are late payments from your clients causing you a lot of trouble?

Invoice factoring can be your savior.

The invoice financier will look after your sales ledger, freeing up your time to manage your business. This implies that you won’t have to wait for customers’ payments so that you can make yours. With invoice factoring, you can pay bills, meet payroll, and remit taxes on time without worrying about late fees or damaged credit. Moreover, the invoice financiers will also take care of the excessive paperwork.

This way you’ll get ample amount of time to focus on other business-building endeavors such as sales, marketing, and client development. Further, you can plan about taking calculated financial risks as you’ll be able to figure out the exact amount of money that will hit your account well in time.

2. Quick Access to Money and Living a Debt-Free Life

Invoice factoring makes for an appealing means of financing because it is one of the quickest and easiest processes for acquiring funds. The initial setup averages 5-10 days from receipt of the factoring application and supporting documentation. Funds on approved invoices are provided to businesses within 24-48 hours in most cases.

Comparatively, banks take a lot longer to approve loans.

Moreover, as invoice factoring is not a loan, it doesn’t add to the liabilities on your balance sheet. This implies no monthly loan payments, and a clear balance sheet.

3. Receiving Payments on Time

The invoice financier will credit check potential customers, and this will enable your business to trade with better quality clients, eventually resulting in receiving payments on time. Moreover, the financier can help you negotiate better terms with your suppliers.

4. Choose Invoices as per Your Convenience

Long term contracts, minimums, or maximums – forget these concerns with invoice factoring. You can pick and choose invoices that you want to factor without having to worry about bizarre terms and conditions.

Also, the factoring fee is quite reasonable. The cost of factoring invoices has declined drastically over the years with advances of up to 95% of the invoice value available, and fees as low as 1.5% over base rate. The fees vary by industry, volume and number of invoices, advance rates, customer creditworthiness, and the time the customers take to pay.

Additionally, factoring companies don’t demand you to spend your funds in a specific manner, which is why you can buy equipment or assets the way you intend to.

5. Strong Financials Not a Requisite

If your business has hit a few bumps in the road and you’re worried that you won’t qualify for factoring services, keep your qualms aside.

You don’t need great credit, years of experience in business, or a long strong financial history to qualify for factoring services. The factoring company looks at the strength of your customers paying on the invoices, instead of focusing only on your credit score.

Moreover, unlike traditional bank loans, factoring doesn’t require you to risk your home or other property as collateral. Factoring companies mainly focus on the credit strength of your customers.

If you’re looking for services related to invoice factoring in San Diego, you can consider opting for Invoice Factoring San Diego.

Conclusion

Owing to the many benefits of invoice factoring, several companies are using this means to fund their businesses and increase profits. If structured thoughtfully, you can use factoring to boost your bottom line. There’s so much to it, from taking advantage of early payment discounts, and negotiating bulk discounts from suppliers, to increasing inventory for large orders. Moreover, applying for bank loans can be a real hassle. The aforementioned benefits make it clear that invoice factoring options are more flexible and less expensive than ever before and procuring cash is quicker through it. Not to forget, choosing this funding method will also go a long way in building a healthy relationship with your client.

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First Ireland Spirits at “I Believe” in CHQ

As part of “I believe“, Ulster Bank has given a stand to their clients to sample the Christmas atmosphere, sell and make the public aware of their offerings.

Over the next weeks you can visit them at the Food and Craft market. On Wednesday 16 December it is the turn of First Ireland Spirits

First Ireland Spirits

Nestled in the heartland of Ireland’s green and pure landscape, First Ireland Spirts have been crafting Irish creams, liqueurs and spirits for over 20 years. Working with local farmers and producers, the team have perfected the art of Irish Cream Liqueur with 24 hours from dairy to distillery, unique Irish liqueurs with crafted local ingredients, and more recently Irish Whiskey and spirits, creating award winning brand

Visit them at the fair or visit their website.

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Telltale Signs When To Hire Or Fire Employees

When you signed on as a manager, you knew it might get tough. If you’ve been a manager for a while, you know how tough it can be. While a manager has many challenges each day, the toughest might be deciding when to hire and when to fire employees.

If you hire the wrong person, your company will lose money until you fire them. If you fire for the wrong reason, you’ve ruined someone’s career and now have to go through the hassle of finding a replacement.

Noticing When It’s Time for a Change

When doctor’s make a diagnosis, they usually have to identify what symptoms the patient has. The same approach can be used when deciding when to hire and when to fire.

What signs should you look for when hiring or firing?

Let’s go over 10 signs for each side of the coin:

10 Signs it’s Time to Hire

As a business grows, it becomes harder to keep up with the work. Still, despite this rather obvious sign, a manager may need a few more signs to admit that it’s necessary to divide revenue and responsibilities with a few more people.

Here are 10 signs you need to hire someone:

  1. When people are staying longer at work to finish up their jobs because if they don’t clear their projects today, they will start falling behind tomorrow.
  2. When the rate of business growth slows down because overall productivity has dropped and almost everything appears to be increasingly inefficient.
  3. When new opportunities show up but everyone is reluctant to assume responsibility for seizing it.
  4. When fatigue and overwhelm become the rule rather than the exception.
  5. When the company starts losing money because of an increasing number of unnecessary workplace mistakes that are beginning to undermine the corporate culture. These are often symptoms of stress and overwhelm.
  6. When the emphasis has switched from innovation to maintenance.
  7. When people are taking on work they have no idea how to do. Since they don’t know what to do, they turn in poor quality work.
  8. When the top people in an organization are doing grunt work because there is no one else to do it. Meanwhile, their high-value, profit-producing work does not get done at all.
  9. When the boss is trying to do everything himself. As a result, the ship has no captain, just another deck hand.
  10. When it has become difficult to evaluate employee progress because there is not enough time to pay attention to the big picture.

If more than half of these 10 signs can be seen, it shows an urgent need to hire more people. Unfortunately, in a technology-based company, the traditional hiring process may take too long to save the business. When things get too critical, it’s important to fix the problem quickly. One solution is to use a staffing solutions company who has already vetted the right candidates. Companies like Extreme Technologies Inc can tap into a database of hundreds of subject matter experts (SMEs) to quickly provide a workplace with seasoned professionals.

10 Signs Its Time to Fire

Firing employees is never easy, but sometimes it’s necessary to restore the corporate culture or save the company from hemorrhaging money.

Here are 10 signs when it’s time to let someone go.

  1. The employee shows obvious signs of workplace dissatisfaction. He or she, for example, remains persistently negative and apathetic. He or she doesn’t do much work and appears to discourage others without even saying a word. Just their attitude is contagious.
  2. The employee often disappears from their desks. They might show up late to take on assignments, take longer breaks, drag out field assignments, or leave work early.
  3. The employee likes to argue and become disagreeable for reasons that don’t make much sense. It’s possible that someone argues because they envision a better way a task can be done, but arguing for no clear reason indicates a lot of suppressed agitation and aggression.
  4. The employee’s productivity is at an all-time low. They appear to be much slower at doing tasks that they previously performed quickly and well. They only pretend to be busy when a supervisor is in sight.
  5. The employee has begun to gossip about colleagues and complain about management policies.
  6. The employee appears to be working on getting another job. They are gradually moving their personal effects out of their cubicle and spend a lot of time on non-work related phone calls. They also call in sick more frequently than usual.
  7. The employee has been overheard mocking the way the company runs its business.
  8. The employee appears to be baiting management to fire him or her by making unreasonable demands.
  9. The employee has not been able to keep pace with the knowledge and skills required to do his or her job properly. He or she is rapidly becoming redundant.
  10. The employee does not do the work asked, but has numerous excuses why it was not done.

Tough Decisions to Make

It’s never easy to figure out when to hire or fire because both ends of the spectrum have manifold consequences. However, it’s difficult to create a positive work culture when people are either overwhelmed or dissatisfied and it’s important to figure out the underlying reason for their behavior before taking action. Going through this brief list of signs will help identify what to look for when either hiring or firing.

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This post was originally published here - http://www.smallbusinesscan.com/telltale-signs-hire-fire-employees/ on thinkbusiness

Six simple tips for superb Presentation Delivery

So you have prepared your presentation, your speech, your pitch and are happy with your content.  How do you deliver it so that you make the maximum impact?  Here are 6 tips to help you deliver superbly!

1.    Apply the 3-S’s to Start Superbly

When you stand up to speak it is important to make a super impact from the get go.  Before you open your mouth – your listeners are already sizing you up.

The first of our three S’s relates to standing up Straight – it’s a really simple but effective way to make you look and feel more confident.  The second S is to Settle yourself, take time to settle yourself into position, move anything that may be in your way and become comfortable in your own space.  The final S is to Smile – plenty of reasons for smiling!  It makes you look happy and people like happy people.  It also releases endorphins, which are a great antidote to nerves and signals to your audience that you are looking forward to speaking with them.  Caveat – if you are delivering bad news, best leave out the smiling.

2.    Speech Rate

The fastest speaker in the world is Steve Woodmore from the UK who can speak at 637 words per minute (wpm).  Needless to say this is not to be recommended when presenting!  An average speed of 120 wpm is slow enough for your audience to understand your message.  However, if you speak at the same rate all the time it is very b-o-r-i-n-g.  For added impact, it’s a good idea to speed up occasionally and then slow right down.

3.    SOS it’s music to the ear

The Sound Of Silence.  Occasionally just stop speaking ….… this lets your mouth catch up with your brain and your listeners catch up with your message.

4.    Gesture to add impact

It is obvious – isn’t it!  Yet, so many people talk with their hands clasped together, or even behind their back.  Use your hands as you would if you were chatting to friends or family.  Watch the gestures you use in your normal habitat and try to include them in your presentation.  When you are practising your presentation out loud, look for opportunities to add gestures that match what you are saying.  Interesting research recently by the Science of People on TED Talks, found that the more hand gestures in a TED talk, the more views that the talk received.

So, do include plenty of gestures but a word of caution – do not “act” out your presentation with carefully crafted gestures.  People will spot immediately if you are trying to be someone you are not.

5.    Eye contact

If you look at one person and talk to them for a few seconds, it is going to make you feel less intimidated.  Talking to one person is a lot more comfortable for most people, than talking to a big group.  Look at their eyebrows if you find looking into their eyes too intimidating.

Having great eye contact makes your listeners feel important (which they absolutely are) and also makes you go into a more conversational tone.

6.    Use your face

We have over 80 muscles in our face and boy are we great at using them when watching a great match on the TV, describing a delicious meal or even talking about a hilarious incident.

Why is it then, that when we get up to speak we leave our facial gestures in our seats?  Using your face makes you feel more ‘normal’ – because that is what we do in normal conversation.

 

So the next time you get on your feet, do try to use at least some of the tips above.  You never know, they could help you to deliver a super presentation!

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How to Set up an LLC

Starting out in business can be an exciting but terrifying time – you’ll need to take calculated risks but not ones that could put your personal assets at risk if the worst should happen. Setting up a limited liability company (LLC) could be the way forward.

Advantages of setting up an LLC

There are many advantages to setting up a limited liability company, here are some of the main ones:

  • Limited risk – shareholders have limited or capped liability for the debts of the business. This gives you more freedom to take those calculated risks without the risk of losing your personal assets if things don’t go according to plan.If, on the other hand, you are a sole trader or a partnership you may have unlimited personal liability which means you could potentially lose everything, including your house.
  • Identity – the business will have its own legal identity, meaning third parties deal with the ‘company’ as opposed to individuals and shareholders. This not only means the company can outlive its owners, but over time it can have a succession directors and shareholders if necessary. And this can offer a better feeling of job security for employees than other structures.
  • Simple set-up – setting up an LLC is no longer a matter of waiting weeks while Companies House processes the paperwork as the whole thing can now be done online in a couple of hours.
  • Tax benefits – whereas sole traders and partnerships pay income tax, companies pay Corporation Tax, which is usually set at a lower rate. A company can also pay dividends to its shareholders and so you can choose the most cost-effective mix of salary and dividends.
    Similarly, the company can make pension contributions for employees, in which case it can gain Corporation Tax relief against these contributions. Always take professional tax advice before choosing which route to go down.
  • Entry and exit strategy – an LLC can be set up even if it’s not yet trading, which can be a good option if you’ve a business idea you want to name and register before you have the capital to set it up. And registering the business as an LLC can also make it easier to sell on in the future. You may also be able to claim entrepreneur’s relief against capital gains tax when you come to sell up.

How to set up an LLC

If this sounds like a good fit for your business, you’ll want to know how to set up as an LLC. Here’s how to do just that in two simple steps…

  • Choose a name – once you’ve got your business plan in place, it’s time to think of a company name, and there are a few ground rules you’ll need to consider:
    • The name can’t be too similar to or the same as another company name.
    • It can’t be offensive or contain a sensitive word or expression unless permission is given.
    • It mustn’t suggest a link to any government or local authority.
    • You can find out more on company names at UK.
  • Form the company – With the name all sorted, it’s time to set up and register it. To do this you’ll need an address, at least one director, at least one shareholder, and details of the company’s shares and the rights attached to them, also known as a ‘statement of capital’.Furthermore, you’ll need the agreement of all the initial shareholders to set up the company, this is known as a ‘memorandum of association’, and written rules of how the company is run, known as ‘articles of association’.With all this in place, you can then register online with Companies House and you’ll need to register for Corporation Tax within three months of starting up.

With this all sorted, it’s advisable to appoint a qualified accountant or solicitor who understands the intricacies of HMRC and PAYE to look after the books and the payroll. Once that’s in place, it’s over to you to make a success of things. Good luck!

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Jim’s Blog: Entrepreneurs need to build teams

Jim Duffy is founder and CEO of E-Spark. Soon to be opening in Belfast too. You can still apply for a place here.

Building teams

We’ve heard it all before, “Investors want a great team,” “Investors will back the team ahead of the idea,” “Investors want to ensure that if someone falls under a bus, then the other members of the team can still rock on!”

So, why do so many early stage entrepreneurs still not have a team or consider a team important? – Don’t tell me it’s because you don’t have any cash.

There are a huge number of great people out there, lining up to join start-ups and scale-ups, knowing that the wages will be paltry and the chances of not making it are high, so I don’t think this is the issue. The issue is that early stage entrepreneurs don’t know how to on-board great talent and keep them on board as the proposition develops, the company takes shape and all the plates are being spun 24 hours a day.

Essentially, entrepreneurs like to do a lot on their own. When we get started, that’s usually all we have – one woman and her dog. However, the passion and vision for what we do then attracts others to our camp. If the attraction is strong enough, then they will come and want to stay – regardless of initial remuneration. But, how do ‘work alone’ entrepreneurs ensure they on-board people and develop them into the business?

Here is the problem…

Imagine a start-up is like a roundabout – you know, the kind that we played on when we were young. This roundabout is spinning fast, so fast in fact that the best place to be is the middle. It’s safe in the middle, because there, the entrepreneur knows the pain point, how she is going to solve it, the intuition for who will buy the product, how she believes the business model will work and all the hours of thinking, cogitation, debate and ideation around the market etc. A place of safety for the entrepreneur, but peril and danger for anyone else trying to get in and get on.

At the edges of this roundabout, the world is a different place. It is spinning so fast that just looking at it is terrifying. Then there is the judgement needed to work out how and when to grab hold. It’s a balancing act to leap onto the roundabout at the right time and not get hurt as it throws you off. Then, if you do get a firm hold, the centrifugal force is trying to spin you off, as the entrepreneur in the middle is moving so fast. Eventually, you may pull yourself in toward the centre and get to grips with the start-up and what is going on in the entrepreneur’s head. But, for some reason, it takes you what feels like an eternity to get into the middle with the entrepreneur, which is where you can start to really make an impact.

This is what it can be like for a new team member jumping on board a start-up, and perhaps why so many entrepreneurs fail to attract and keep good talent early on. So, it’s up to you as entrepreneurial leaders to make the jump on board less dangerous, while still challenging. If an entrepreneur keeps spinning off talent then no proper team can form and the business will not get going to its full potential.

Entrepreneurs – think this one through. It’s a mind-set and a skillset we have to develop… and it’s what investors are looking for in the medium- to long-term. That aside, if you don’t support and encourage people on your team, then they don’t know what going on inside your head and it makes it difficult for them to help you achieve your vision.

The world record for the men’s 400 metres is 43.18 seconds, as held by Michael Johnson.

Astonishingly, the world record for the men’s 400 metres relay is 36.84 seconds.

Kind of says it all…!

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Bru Brewery at “I Believe” in CHQ

As part of “I believe“, Ulster Bank has given a stand to their clients to sample the Christmas atmosphere, sell and make the public aware of their offerings.

Over the next weeks you can visit them at the Food and Craft market. On Saturday 12 December it is the turn of Bru Brewery

Brú Brewery

In ancient times many a great Warrior, High King and Goddess ruled over the Boyne Valley and it is these legends that inspire Brú today. Taking their name from the magnificent Brú Na Boinne Neolithic site (Newgrange) they hope to brew a few legends of their own. Hand brewed with passion on the lush, fertile banks of the Boyne all their beers are brewed using local and natural ingredients and are 100% fluoride, chemical and preservative free.

Inspired by legends… Irish in the making

Visit them at the fair or visit their website.

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A Few New Year Marketing Resolutions to Ensure 2016 Outperforms 2015

When it comes to marketing for the New Year, companies forget they need to take a step back in order to take a few steps forward. What does this mean? It means businesses must be able to critically examine their work from years past before they’re able to make good marketing resolutions for the future.

Many businesses are in the money making zone; they forget what it’s like to be a consumer. Think critically as your customer… What would you improve about your business? What do you want to see from marketing strategies (more coupons, more contests, less direct mailers)? If this is difficult for you, consider surveying your customers. Ask your customers directly because their responses are going to help you paint a clear picture of the resolutions you should make in 2016. Engaging your customer is the purpose of any marketing strategy.

Here’s some ideas for a New Year in marketing, many of which can help ensure 2016 is your best year to date:

Be Memorable with Eye-Catching Packaging

Okay, so brown boxes are inexpensive and cost efficiency is a good thing; however, imagine if a small investment into creative packaging could cause repeat business? Your bottom line would increase, and the small investment would be worth it. Look to companies specializing in creative packaging, such as custom made boxes by Custom Boxes Now, to save money and ensure the packaging is memorable.

Here’s an idea: make your packaging holiday or seasonal. Around the holidays, especially, this packaging will be impactful and memorable. Being memorable is a priceless commodity, and ensures repeat business. It helps to create a brand, and once you’ve established a known brand you can almost guarantee ongoing success.

Renew Your Target Audience

You’re thinking, but, I already built my target audience. No. Stop. You should renew your target audience the same way you renew resolutions – Every. Single. Year.

Go over last year’s data. Notice any patterns? These patterns paint a picture of who your customer is, and should provide you with information about who to target. If the outcome is the same as last year, great. If it’s different, you’ll need to change your strategy. Either way, you should review your target audience year after year. You can’t build a successful marketing campaign without knowing your customer first.

Send Mailers that Won’t End Up in the Trash

People hate junk mail, so the secret to a successful direct mail campaign is to send mailers people want to hold onto. This could include a valuable coupon or offer. In general, you should use the information you have on them (target audience data) to create a mailer that grabs their attention, and connects with them on their level.

Be creative, colorful, and add seasonal cheer, such as holiday themes and colors. Be bright, bold, and fun. A bland, dreary, plainly colored mailer isn’t going to grab anyone’s attention; nor will boring language. You need a talented copywriter to push sales and motivate readers. If you want consumer attention, you should have something to offer, and also be willing to get silly or funny. Give them a reason to shop with you (coupons, promos, etc.), and give them a reason to not forget you (be funny).

Branch Out on Social Media

So, you’ve already got a Facebook and Twitter. Why not make 2016 the year you embrace another social media channel, such as Snapchat? Interacting directly with your customers is a great way to get attention.

Take part in your community (whether in person or online). It’s a great way to market your business, how what you have to offer, and build personal relationships. No matter your demographic, reaching out with photos and commentary builds a network of loyal customers.

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