Mommy Ginger
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Talks about Mommy Ginger’s business tips and advice for momtrepreneurs. She shares valuable knowledge on topics like branding, marketing and consumer insight.

Effective Strategies To Increase Your Business Revenue

Photo by RODNAE Productions: https://www.pexels.com/photo/overhead-shot-of-a-pen-and-notebook-on-charts-7947837/

Photo by RODNAE Productions: https://www.pexels.com/photo/overhead-shot-of-a-pen-and-notebook-on-charts-7947837/

Capital equips you to start a business, but profit often determines your sustainability. A winning sales strategy is probably the biggest driver in any business venture. Therefore, Small businesses should develop good strategies that fuel sales and boost marketing. One key ingredient to building a commercially viable enterprise is balancing your short-, medium-, and long-term goals. And these proven strategies can increase your business revenue generation potential.

  1. Value repeat customers

Rather than setting a higher budget toward winning new consumers, you should focus on improving relationships with your existing customers. Small businesses will want to run cost-efficiently, knowing that their current customers are more likely to transact with the company for a longer term, given a nice treatment. Over-spending on attracting new customers may be a bad strategy, particularly in cases where returning customers are fading away. Once existing clients are well-served and appreciated, they will leave a good recommendation about your brand, creating opportunities to scale up sales.

  1. Target the right customers

Not only do prices largely determine profit levels, but the kind of customers you sell to can also impact revenue. It’s easier to increase revenue by targeting profitable consumers; that’s to say, losing less profitable buyers may not hurt much. You can use the Pareto principle to target the right end-users, also called the 80/20 rule, which suggests that 80% of your profit should be derived from 20% of your products/services. Moreover, 80% of your profit should come from 20% of your customers.

  1. Explore new markets

Businesses can improve their profits by exploring new geographic markets. Reports show many small business owners easily get struck with the fear of leaving their comfort zone. With that said, sticking to only one corner can stagnate your growth and hurt you with lower revenue. It’s advisable to venture into other commercial opportunities in different locations that your competitors have not discovered.

  1. Outsource when necessary

The sooner you outsource your business to experts, the better your chances of improving revenue generation. Some founders make the mistake of overburdening their workforces, thinking they are saving money. Outsourcing could be a smart way to reduce load and improve efficiency in your operation. More often than not, hiring the services of virtual assistants is worth it as they help free up time for you to focus on your business core activities. Do you own an ecommerce store? One way to boost revenue is to work with payment experts to handle your online credit card processing. As a tip, provide your employees and customers with convenient payment channels and benefit from industry-leading innovations.

  1. Offer discounts and price-slash

Revenue-wise, discount offers and price slashes can work wonders for your business. Customers easily get addicted to buying affordable products, so you may want to review your pricing model. Special discounts inspire buyers to purchase more products, increasing your sales revenue. Look at how best to reward your loyal consumers by reducing prices for their favorite products. Seasonal discounts are valid with time frames, but you can implement quantity-based offers like buy-two-get-one-for-free. Research shows that discounts are magnetic; when you prove to your customers that you don’t only care about the money, they will reward you with more profit.

Taxes of Content Creators and Influencers in the Philippines

As social media platforms have grown in popularity, the number of content creators and influencers in the Philippines has increased exponentially. With the rise of social media, many creators have been able to monetize their content, making a career out of their passion. However, with this success comes the need to pay taxes. In this article, we will discuss why Filipino influencers and content creators need to pay taxes.

First and foremost, it is important to understand that any income earned from online content creation is subject to taxation. Just like any other profession, content creators and influencers must declare their earnings and pay taxes accordingly. Failure to do so can result in penalties and legal consequences.

As a content creator, I have personally experienced the benefits of paying taxes. One of the most significant advantages is that it has allowed me to book bigger gigs and clients. By issuing official receipts and being a registered taxpayer, I have gained the trust and confidence of larger clients, who are more likely to work with registered businesses or individuals. This has allowed me to expand my business and increase my income significantly.

In addition, being a registered taxpayer has given me access to financial products with lower interest rates. Since I have a credit history, I have been able to apply for loans and other financial products from reputable banks with lower interest rates compared to those available to non-registered businesses or individuals. This has helped me grow my business and manage my finances more efficiently.

It is important to note that the Bureau of Internal Revenue (BIR) considers online content creation as a business, which means that it is subject to the same tax laws as any other business. This includes filing for taxes, securing a business permit, and paying income tax, value-added tax (VAT), and percentage tax, among others.

Some content creators may argue that their income is not significant enough to be taxed. However, it is important to understand that there is no minimum income requirement for paying taxes. Any income, regardless of its amount, is subject to taxation. In addition, the BIR may conduct audits to ensure that all income has been properly declared and taxed.

In recent years, the BIR has been cracking down on tax evaders, including content creators and influencers who fail to declare their income. The BIR has been monitoring social media platforms to identify those who may not be paying their taxes. Those found to be evading taxes may face penalties and even imprisonment.

Paying taxes is not just a legal requirement, but it is also a responsibility to the community. Taxes are used to fund public services and infrastructure, such as schools, hospitals, and roads. By paying taxes, content creators and influencers are contributing to the development of the country and helping to build a better future for all Filipinos.

In conclusion, Filipino influencers and content creators need to pay taxes. Any income earned from online content creation is subject to taxation, and failure to pay taxes can result in penalties and legal consequences. It is important for content creators and influencers to understand their tax obligations and comply with the law. By paying taxes, they are not only fulfilling their legal responsibility, but they are also contributing to the development of the country. As a content creator, paying taxes has allowed me to operate my business with integrity and professionalism, gain access to bigger opportunities and financial products, and contribute to the growth and development of the country.

For assistance in filing your taxes, you can check out Taxumo. All you need to do is enter your income and expenses and the system computes your tax dues for you. You can also file and pay using Taxumo. Taxumo is a BIR accredited tax software provider and is also the first startup in the Philippines to be granted the an IPP (Investment Priority Plan) by the DTI Board of Investment.

https://www.taxumo.com/blog/freelance-tax-philippines/

If you have questions, you can email their customer service team at customercare@taxumo.com. They are very helpful! They can reply during weekdays from 9am to 6pm.

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What I Learned about Finances, Tax Planning and Myself

How to Compute Taxable Income (Philippines)

If you’re a business owner in the Philippines, it’s important to know how to compute your taxable income. Whether you’re a VAT-registered or non-VAT registered business, you’ll need to follow specific steps to ensure compliance with the country’s tax laws. The steps below is as of February 2023.

VAT-registered businesses

For VAT-registered businesses, the process of computing taxable income involves determining VAT-able sales, output VAT, input VAT, and taxable income. First, compute your gross sales, then determine the VAT-able sales by subtracting VAT-exempt and zero-rated sales from the gross sales. Next, compute the output VAT by multiplying the VAT-able sales by the current VAT rate of 12%. Deduct input VAT from the output VAT, which is the amount of VAT paid on purchases and expenses related to the business. Finally, subtract the input VAT from the output VAT to compute your taxable income.

If you’re a non-VAT registered business, the process is simpler. First, compute your gross sales, then deduct allowable deductions, such as the cost of goods sold, salaries, wages, rentals, utilities, and other operating expenses. Finally, subtract the allowable deductions from the gross sales to compute your taxable income.

While computing taxable income may seem like a daunting task, there are tools available to help make it easier. Taxumo, for instance, is an online tax filing and payment platform that automates tax computations for businesses in the Philippines. With Taxumo, you no longer have to worry about computing your tax dues manually as the system automatically computes tax dues for you. Plus, it can also file and pay your taxes on your behalf, saving you time and effort.

In summary, knowing how to compute taxable income is crucial for businesses in the Philippines. By following the steps outlined above or using tools like Taxumo, you can stay compliant with tax laws and avoid any penalties or fines.

Provide A Smooth Ride With Your Business

When you’re running a business, it’s important to ensure that you are keeping things as easy as possible for your customers. In doing so, you can guarantee that they are more likely to provide you with the fantastic reviews that you need while also returning for the critical repeat sale. This is key to longevity on the market. So, let’s explore some of the factors that you must consider here. 

Keep Security At The Right Level 

First, you need to make sure that you are keeping security standards at the right level in your business model. Without the right standards of security, you are always going to struggle to gain the trust of your customers and ensure that you have a positive reputation on the market. If you want to ensure that your business reaches the right standards here, then you should consider investing in an IT support solution. They will monitor your business network and make sure that any gaps in security protocols are filled in without any further delays or issues. 

Hire The Best Team 

Next, you should make sure that you are hiring the best team in your business model. Without the right team, you are always going to struggle to deliver the high quality, smooth service that customers and clients expect. One of the best ways to find the best team would be to use a recruitment agency. A recruitment agency will allow you to cut through the maze of candidates on the market who may not be suitable or qualified enough for a position in your business. They essentially act as gatekeepers for the best people who you can hire to work for your company in every sector and position.

Automate Elements Where Possible

Finally, you should strive to automate elements of your business model where possible. There are various elements of your business that can be automated. For instance, you might want to learn how to optimize the merchant onboarding process using the right tools and software. In doing so, you can guarantee that there are no delays in terms of payment processing in your business model. This is just one example of how automated solutions can help guarantee that your company does run smoothly in the future. 

Offer Advanced Client And Customer Support Solutions 

Finally, you need to make sure that you are providing the right customer support solutions. If anything does go wrong in your business, you need to make sure that you are resolving the situation as quickly as possible without any further delays or issues. There are various ways to ensure that this is the case. For instance, you might want to consider using a call handling solution. With a call handling solution, you can ensure that your customers never have to spend hours on hold waiting to talk to someone from your business. 

We hope this helps you understand some of the key points that you need to consider to ensure that you do provide everything that your customers are looking for from your business. 

How to Create an Unforgettable Customer Experience

As a business owner, you understand that customer satisfaction is vital to growing your business. But simply meeting customer expectations isn’t enough—you need to exceed them to create an unforgettable experience. Here are a few tips on crafting a unique and memorable customer experience that will keep customers coming back for more.

Listen Closely and Actively Engage with Your Customers

The first step in creating an unforgettable customer experience is listening closely and actively engaging with your customers. Ask questions, take notes, and get feedback to gain insight into what they want most from your products or services. Ensure you’re listening—not just hearing what they’re saying but genuinely understanding their perspective. This way, you can be sure that any changes or improvements you make will meet their needs and expectations.

Take Time to Personalize the Experience

Your customers are unique individuals who have individual needs and preferences. Take the time to get to know each of them as people rather than just seeing them as faceless consumers—this will make them feel valued, which is essential for building long-term relationships with your customers. Investing time in getting to know each customer personally also helps you tailor their experiences according to their individual needs, making it easier for them to find exactly what they’re looking for while boosting your sales.

Make It Easier for Your Customers

Customers want convenience—that means making it as easy as possible for them to do business with you. Invest in technology that streamlines processes such as ordering, payment, delivery, etc., so that customers don’t have to go through too many steps before they get what they need from you. The easier it is for customers to interact with your business, the more likely they will continue doing so.

Pay Attention To the Details

When crafting an unforgettable experience, attention to detail is key! From small touches like handwritten thank-you notes or personalized gifts when someone makes a purchase, these details can go a long way towards showing customers that you care about them and value their business. Details can also enhance the overall atmosphere of your store or website; think about adding music. Research has found that music for retail stores is a great way to create a positive and inviting atmosphere that customers will enjoy. In addition, you can use decorations that set the tone for an enjoyable shopping experience that will make people want to come back again and again!

Crafting a unique customer experience doesn’t have to be difficult. By actively engaging with your customers and paying attention to small details like personalized gifts or decorations in your store, you will be well on your way to creating an unforgettable customer experience! In addition, by investing time in getting to know each customer individually and making it easier for them to do business with you through streamlined processes, you will ensure that each of your customers feels valued while still providing exactly what they need from your products or services. With these steps in mind, soon enough, your efforts will start paying off—and before long, people won’t just be satisfied but delighted by all of their interactions with your company!