Business & Investment

  • Business & Investment

    Actively Preparing Your Business For Difficult Seasons

    Diverse people working at an office
    Diverse people working at an office

    Running a small business in such complex, competitive environments requires you to know how to prepare it for difficult seasons. It means, your small business should be flexible and adaptive year-round. It’s vital for small business owners and leaders to build forward momentum that happens year-round to be able to remain steadfast and growing. 

    The key of building flexible and adaptive small business

    To build a small business that is flexible and adaptive year-round, you need to own quality leadership which makes you brave to take it step further. You need to have willingness, ability, and confidence to not only prepare your small business for but also learn from difficult experiences. You need to build strategic approach that can help you navigate your business smoothly in a year. 

    Have a strategic mindset

    It’s important for your small business to be nimble to react responsively to changing customer and industry demands. And you need to approach it by navigating the future with strategic mindset. You might be interested to implement a one-size-fits-all approach but that likely comes with limited results. For larger businesses, it’s possible to simply copy, tweak a little, and implement. It may result positively because they have established and greater resources. 

    Meanwhile, small businesses cannot afford those resources and reach. For small businesses, the process may take longer time before they get the path toward solid footing as well as sustained growth and scalability. Throughout the process, small businesses need to build reflexive adaptability to market changes and also inherent unpredictability of customer base. 

    Have a nimble mindset

    For small business owners, it’s essential to take time and energy to adapt to company’s identity, structure and industry. In this case, a nimble mindset is also needed to allow for reflexive adjustments. This way, it will be easier for small businesses to find success in any challenging situations. When you have nimble mindset, you will be able to build more agility to adjust marketing budget for slower seasons.

    Maximize opportunity that arise

    To create an adaptive company and culture, you need to know how to maximize opportunities when they arise. With more strategic thinking, you will be unburdened by constrictive strategic planning. It allows you to be more creative with your way of thinking. It allows you to maximize what you have so you can find even the smallest opportunity during difficult seasons. 

    Grow proactive mindset

    In order to grow a more adaptive and flexible business, you need to grow a proactive mindset as well. It means, you are not just waiting on the opportunity to come or waiting until something bad hits your business. You can create different scenarios and plan for the solutions instead. This way, you already have a plan to remain steady when difficult situations hit you. 

    By having proactive mindset, you know how to map out scenarios based on your advanced analysis. Thus, you are able to set strategies reflective of the best-case scenarios. Throughout the process, you need to proactively monitor the progress and results. 

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  • Business & Investment

    8 Killer Strategies for Villa Owners to Tackle the Low Season

    8 Killer Strategies for Villa Owners to Tackle the Low Season

    While Bali enjoys the tropical weather all year long, this island do have its rainy season and it’s usually the quietest month on the island. From February to May, the island get a bit wet and there are not a lot of tourists around. Well, except those who doesn’t mind getting wet or those who are already staying in Bali for works. Owner of villas in Seminyak, however, may experience stress during the off-season. It could seem impossible to try to book a space when it seems like no one is interested. Be at ease! Let’s dissect this little monster and figure out how you can get bookings throughout your slowest seasons.

    Enlist Your Seminyak Villas to More Vacation Rental Platform

    It’s time to diversify and post your property on additional short-term rental websites if you are solely using Airbnb. I advise signing up with VRBO after Airbnb. You can try Indonesian local travel platform like Traveloka, tiket.com, reddoorz, or the worldwide one like VRBO, Hotels.com, Booking.com, or FlipKey.

    Reduced Rate per Night

    Reduced Rate per Night

    Although many of us don’t like to hear it, it must be said. Try out various price ranges until you discover one that works. Going 25–50% off your typical pricing is advised. Calculate your results and aim to at least break even. In this situation, having a break-even rental is preferable to having an empty one because Instagram and word-of-mouth are excellent marketing vehicles. Make sure to include the word “Discount” in the title of your offering because it will draw more attention.

    Lowering the Minimum Night Policy

    A wonderful strategy to encourage visitors to remain for even a single night or two is to reduce your minimum stay while raising the costs. By doing this, it attracts tourists who want to take weekend getaways or last-minute vacations.

    Reach Out the Repeat Guests

    Depending on their experiences, whether they are first-time or returning visitors, your guests can be one of your biggest marketing tools. They function similarly to an investment that yields a favorable return; the greater the investment, the greater the return.

    Give your visitors a cause to take a vacation, and more crucially, a reason to remain at your vacation rental. Include family-friendly nearby activities like hiking and pumpkin picking. Additionally, if you are in a place with few things to do, make sure to direct them to the best local eateries, movie theaters, shopping malls, bowling alleys, etc.

    More Vacation Rental Insights:

    The Ultimate Guide to Build A Sustainable Villa in Ubud Bali

    Research Any Interesting Local Events Around Your Villas in Seminyak

    Some local events in Bali sometimes goes unnoticed by the worldwide radar. Discover the area’s events and festivals, then plan activities or provide a special treat for your vacation rental guests to look forward to during the shoulder seasons. For example, you can cover the Kite Festival in Sanur, temple celebration in Seminyak, or art festivals that’s sometimes being held in Seminyak Village. By covering interesting events around Seminyak, travelers would be interested to look for some villas in Seminyak to stay during the event. 

    Launch A Special Campaign to Boost Bookings

    If you have any suggestions for a campaign to encourage off-season reservations. Great, then! Consider unconventional or distinctive concepts that could result in numerous pages of press coverage.

    Contest-based campaigns are the most frequently successful ones. Having said that, advise against merely giving away goods on social media or through a third party. Make sure your goals are crystal clear as well. Establish your KPIs and make sure the campaign is improved to guarantee that you achieve them.

    Freshen Up Your Villa

    Freshen Up Your Villa

    Simple follow-up methods to any of these other suggestions include rearranging your real estate photos or taking brand-new ones. Choose a unique image for your listing’s cover, decide what makes you stand out from the competitors, and emphasize it there. Add “Discount” to your listing title and any other features that set you apart from the competition.

    More Vacation Rental Insights:

    5 Ideas of Stunning Outdoor Spaces in Luxury Villa Rental Bali

    Offers Some Complimentary Service

    You might want to include some extras that might be valuable to any potential visitors. Several ideas are:

    • transport to the airport
    • Free breakfast and refreshments
    • Tickets to an occasion
    • gift certificates for a nearby eatery

    Although it might not be expensive to you, it may matter to visitors who are evaluating your hotel against those of your rivals. They will think that their stay is worthwhile in light of all the extra amenities.

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  • Business & Investment

    What To Consider When Choosing  Business Partner

    Running a business with a partner can be a great idea since you have someone to rely on other than yourself. However, it doesn’t mean that you have less responsibility to run your business properly. The purpose of having a business partner is to set you both up for success even though it is not as simple as it sounds. It is important that you choose the right business partner that will be good both for you and your business. 

    Key takeways on finding the right business partner

    Finding the right business partner is like looking for soulmate. However, you should not just look for them blindly without having anything on your checklist. If you know who or what you are looking for, it will be easier for you to find the right person. And here are key takeways on finding the right business partner:

    Split things evenly

    When you decide on having a business partner, make sure that both of you have skin in the game. Some people make mistake of putting in their money 100 percent then give up their business partner 50 percent. Chance is, you will not pay you back the money. Hence, it is best to set the rule from the beginning, in which you and your business partner agree to put in the same portion into the business you are going to run together. It can help avoid unnecessary problems in the future. 

    Search for resilient partner

    As you may have known that running a business is not something to take lightly. There are always risks, and even if you manage to minimize them, there are always chance of failure. Make sure that the business partner you choose have that resiliency in them, making them willing to pull their weight. This way, they will take the good and the bad. If they are resilient, they tend to easy to pivot when situations become difficult. 

    Find partner who is discipline in taking care of themselves

    You want a partner who are healthy both mentally and physically. You also want a business partner who know how to take care of themselves well. Keep in mind that running a business can be draining and exhausting. Make sure your partner can withstand all difficult times mentally and physically. Their ability to take care of their mental and physical health shows their discipline and endurance. 

    Align on your morals and work ethics

    Find business partner who has similar determination, resourcefulness, and strength to get through the bad and the good. Find someone who is willing to help you and your business grow. Find a partner who is committed to be there. 

    Look for partner who complement you

    Having a business partner who has similarities with you in all aspects is not always good thing. It’s more recommended to find a partner who can complement you, be the strength of your weakness and vice versa. For example, you are good at managing team and branding but not good at operation. Thus, find someone who is best at that. 

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  • Business & Investment

    How to Grow Your Luxury Villa Rental Brand in Bali

    How to Grow Your Luxury Villa Rental Brand in Bali

    Have you always wanted to own your own vacation rental company? Or are you hoping to make improvements to the one you already have in 2021? Having a luxury vacation rental in Bali is different from having a regular villa rental. There are certain values that gives your property that luxurious feel—from elegant designs of the villa to the opulent service you might offer. Growing a brand of luxurious vacation house needs a lot of work—and here’s the strategy. 

    The Key of Luxury Villa Rental in Bali: Rarity and Scarcity

    In order for the luxury vacation rental marketing plan to be successful, rarity and scarcity must be effectively managed, particularly when it comes to distribution and yield management. A luxury vacation home’s worth is determined by its appropriate ratio of rarity and scarcity. This requires tact to handle. The relationship between distribution, occupancy, and yield management is quite delicate.

    Provide A High-Quality Welcoming Basket

    Start by giving the guest a warm welcome message, and include a guide with recommendations for restaurants and things to do in the area. Nine out of 10 times, guests staying at short-term rentals want to experience life as a local. This is the initial way to let guest experience the luxury in your Bali villa rental.

    Who doesn’t love a nice welcome present? This is the part where you can get creative. You might want to leave your guests a local specialty like a bottle of wine, some snacks, or even a little souvenir to remind them of their wonderful stay at your property. It’s a small gesture, but it will make a massive difference to your guests and might even help you to get that 5-star review.

    Invest in A Smart Home Technology

    One thing that instantly lift up the feel of a house in this modern era is smart home technology. You haven’t yet gotten on the smart home bandwagon. We think it’s about time you did! Every owner of a holiday rental MUST have smart home technology in 2021. They not only increase the value of your property, which is greatly valued by your visitors, but they also safeguard it, which makes running a vacation rental business much simpler.

    Making life easier for your visitors is as easy as installing smart locks. They are transforming how landlords and property managers maintain the satisfaction of their visitors. Nobody has to be concerned about key loss ever again. Our visitors only need to look at their phones and enter the supplied key when using smart locks. It really is that simple!

    Make Sure to Provide Ample of Outdoor Area in Your Vacation Home

    Make Sure to Provide Ample of Outdoor Area in Your Vacation Home

    Know what people truly look for when they are vacationing in Bali? It’s the tropical sun! Give your guests space to enjoy the outdoor in ultimate privacy. It’s the beautiful backyard and vast pool area that set a luxury rental apart from the regular ones. Guests are looking for luxury villa rental in Bali with private pool, so make sure to highlight that. 

    Create a little oasis in your backyard that guests will love and never want to leave. Make sure to get some high-quality outdoor furniture that offers enough space for everyone to sit or lay by the pool. You also want to provide nice pool towels and consider having an outdoor kitchen area where they can grill food without leaving the relaxing space you have created. 

    Complete the House with Luxury Items

    When we’re on vacation, don’t we all prefer to indulge in a little extra luxury? A small additional investment in a few upscale facilities for your visitors will go a long way. We don’t want you to go broke, but you might consider to provide a Nespresso coffee machine or a high-end blenders. 

    Provide A Babysitting Service On-Demand

    Especially for families with younger children, finding out about available childcare options in the area will help all aspects of the vacation go more smoothly. Let guests once again feel the luxury service that come in your villa rental with on-demand baby sitters or information about daycare that can allow guests to go out for the evening with confidence.

    More Villa & Investment Insights:

    What You Need to Know Before Buying A Beach Villa in Bali

    Optimising Google Vacation Rental for Your Bali Holiday Villas!

    A Different Strategy to Market Your Luxury Bali Villas

    In luxury, marketing is first about communicating value, not generating direct sales. Travellers are seeking a form of social elevation in a luxury vacation home, and therefore, logically, the property must represent a social status that is higher than their own.

    This also explains the relationship between a luxury vacation home and its guest, which is that of dominance and respect. Every aspect of a luxury vacation rental’s marketing operation should be creating extreme value, so that the presumed price is always higher than the actual price itself. The better we are at communicating this, the more value we create, and therefore, more higher-margin bookings will be generated as a result.

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  • Business & Investment

    Boosting Your Employees’ Motivation About The Work They Do

    It is every employer’s dream to have their employees self-motivated about the work they do at all times without needing extra boost. However, it tends to be impossible. Even if there are employees who are self-motivated, they are very rare. And it is not because they are less-skilled or talented. It is because we are all human after all. There are times when we feel bored doing what we have been doing for long. Hence, you can help your employees to stay motivated doing their best at work. 

    Boosting Your Employees’ Motivation About The Work They Do

    What to do to keep your employees motivated

    There are many benefits when your employees stay motivated doing what they do. This way, it is possible that you can create positive company culture while boosting your business. So here are several ways you can do to help motivate your employees more excited about the work they do:

    Live by your own values

    You may have expectation of how your employees do their work. However, it is not enough to tell them what you expect from them. You must live by the values yourself instead. Hence, avoid asking employees to do things you are not willing to do. To encourage your employees to do the right thing, you need to model culturally aligned behavior as leader. To put it simply, lead by example. If you want your company to be staffed by hard and smart worker, be a hard and smart worker yourself. They will see you as motivation to as good, if not better. 

    Find out what your employees want from your workplace culture

    Many employees admit they they are willing to leave their current high-paying job to a lower one if the culture is better. Hence, it can be concluded that employees need positive workplace culture to keep themselves motivated. To create such workplace environment, ensure your employees feel safe and cared for. Provide them autonomy and express gratitude for their hard work. Let them know that they are valuable asset in the company, and that they are not to be taken for granted. 

    Treat them as capable, skilled professionals

    Deliver autonomy to your employees so they have freedom to do their work without being intervened too much. In fact, let employees do their work with as little intervention as possible. Treat your employees as capable individuals as well as skilled professionals who know what they are doing. Avoid micromanaging your employees because it is not motivating but draining for them. Trust them to complete their tasks within deadlines. If you need to compromise, make sure to find solution that let both parties meet in the middle.

    Be attentive

    Listen to your employees’ concerns attentively and take actionable steps to address the situation. it is a way to let your employees know that what they say and do does matter. Listening attentively is not about nodding diligently. It is more about how you ask open-ended questions and respond accordingly, and ask for suggestions. Only then you both can engage in two-way conversation.

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  • Business & Investment

    Mastering The Art Of Closing The Sale

    Mastering The Art of Closing The Sale

    When trying to close an important sale, your final sale presentation plays huge role in the cycle. By being able to close the sale, you may earn a great deal of money. Not only that, you will get more opportunity to advance your professional career. Closing the sale is different from any other part of the sale process itself. Hence, it is vital to know how to master the art of closing the sale properly and successfully and gain many more business opportunities. 

    The right steps to close the sales

    Closing the sales needs to be done step by step properly if you want to optimize he outcomes. And here are important steps you need to make when closing the sale:

    Introduce the sales pitch

    It is something you need to do during the pre-closing approach. Make ample time in doing so since it will help you engage the potential customers and make them feel like hey are part of the process. Use friendly manner when introducing your sales pitch. Don’ forget to put a genuine smile on your face during the process and always close your mouth after asking a question. It is a way you show your prospective customers/clients that you are willing to listen to them and they are given the chance to talk freely. 

    Foster a good customer experience

    Mastering The Art of Closing The Sale

    This is something you need to do during the discovery stage in the sales cycle. Fostering good customer experience can be in a form of asking good questions that designed to gather facts about your client’s business (if they have one), their true feelings, motivations, and problems. Then, provide solutions according to the problems they currently have. This step is important to balance your need for selling your products or services with showing your potential customers why they need your products or services. Let them see the benefit they will get from choosing your products and services. 

    Deliver good presentation

    This step is vital because it is when you have to make sure to deliver effective, efficient, fact-based presentation. Print out and bring copy of your factual presentation for each person in the room. During presentation, keep eye contact to present your point firmly and confidently. Always provide clear solutions on your presentation. 

    Handle objections wisely

    Facing objections is common when you are trying to close sales. At least, your prospective clients or customers will ask various questions before deciding to buy your products or services. They may also voice out their concerns or make some protests. To be ready to face this situation, be more prepared. Write down possible objections or questions and have your answers ready. 

    Make powerful closing words

    You need to deliver powerful and impactful closing words to show your prospective clients or customers that you are providing clear solutions that are valuable and beneficial for them. Make sure to state your closing words with more confidence to remove any possible doubt or objections. This way, you have great potential to close the sales successfully.

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  • Business & Investment

    8 Ways to Maximise the View from Your Cliff House Villa in Jimbaran Bali

    8 Ways to Maximise the View from Your Cliff House Villa in Jimbaran Bali

    The location of a vacation rental is crucial, therefore it seems sense that having a cliff house in Jimbaran with limestone and ocean view would give you a million-dollar view. A house where you can soak up all the beauty of the coast line. Cliff houses are unquestionably some of the most incredible and inspiring. But without proper architecture planning, the vantage view would meant nothing. So here are the best way to take advantage of the breathtaking landscape and increase the value of your Jimbaran villa Bali. 

    Make A Two Story Jimbaran Villa Bali

    Above all, depending on your lot, designing a double-storey home or a split level home is the greatest method to acquire spectacular vistas without impediments. If you want the best views of the houses on your block, or if there are no impediments on your lot, building two floors up is the best option.

    Alternately, you can choose a split level design. The split level designs can help you save money on foundations and provide the impression of a double-storey because obtaining spectacular vistas frequently requires a steep block. A split-level design takes the stress out of retaining, having to fill with soil, or having to excavate your block because it is designed with the slope rather than against it.

    Frame the Jimbaran Bay in A Panoramic View

    Frame the Jimbaran Bay in A Panoramic View

    A radial pattern or a bay window can suggest aesthetically that the perspective is more than just linear if you have a 360-degree view rather than a single-direction view. However, it can also be useful to have broader glass to encompass the perimeter vision of the Jimbaran Bay.

    Frame the View with High-Ceiling Window

    A huge room with high, vaulted ceilings and gabled ends does the trick to frame the magnificent Jimbaran sights. To get the most out of those views, you can also choose a radial design that is directly aimed at the ocean view.

    More Vacation Rental Insights:

    The Ultimate Guide to Build A Sustainable Villa in Ubud Bali

    Two-Storey Window for Unobstructed View of Jimbaran

    Unquestionably spectacular, two-story windows are a terrific way to break down visual boundaries between you and the outside and should be installed in at least part of your home.

    Remove the black frame and let the window invites you to the dreamy view of the Bay. The glass wall gives the room a unique twist and makes the most of its setting. This is that kind of view is what makes villas in the Jimbaran cliff Bali really special. 

    Expand the View with Mirror Trick

    If you have a beautiful view and are already taking advantage of it with a floor-to-ceiling window, a full-sized mirror will increase the impression even further. This method works particularly well in the restroom, but you can always put the mirror in living room or anywhere else.

    Infinity Pool Fronting the Jimbaran Bay

    Infinity Pool Fronting the Jimbaran Bay

    One of the best way to take advantage of Jimbaran’s cliff view is by installing a breathtaking infinity pool in your Jimbaran villa Bali. The pools’ sides seem to abruptly drop off into the void, giving your guests a chance to soak in the full view by hurling them off a cliff, into the water, or over the edge of a building. Glass walls or waterfall-like overspill troughs are used to create this occasionally dizzying effect in infinity pools, also referred to as zero-edge pools.

    More Vacation Rental Insights:

    5 Ideas of Stunning Outdoor Spaces in Luxury Villa Rental Bali

    Employ Centilever Architecture 

    If you are starting from scratch or remodeling an existing structure, a cantilevered space can be used to create a room that hovers in the middle of the view. A cantilevered section of the floor above can enable a smooth transition of glass around the corner in the room below, providing unobstructed views.

    Add A Balcony to Soak Up in the View

    Add A Balcony to Soak Up in the View

    There isn’t much to say about having a balcony linked to your new home, other than that it’s best to have one and in the ideal location when you have a fantastic view. Your private villa Jimbaran Bali would benefit greatly from having a balcony that faces the ocean. Why not make the most of your lifestyle in this lovely side of Bali? You can even put it on the side of your new house if it means matching the exterior.

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  • Business & Investment

    Most Common Hiring Obstacles Faced By Small Businesses

    Small businesses have been facing various obstacles especially in the past two years since the pandemic hit. One of the most common challenges come from hiring process in which they have to manage their human capital well. Today, businesses have picked up and most employers need new hires again. However, hiring might not be as easy for small businesses to execute due to various obstacles. 

    Challenges in hiring process most small business facing today

    Hiring top talents must be what any businesses wish to do. However, it is not as easy for small businesses, especially when they have just recovered from the waves of economic downfall caused by the global pandemic. Here are the most common obstacles in hiring process many small businesses are facing today:

    The market is getting tight

    Unemployment rates has dropped significantly, making the pool of unemployed job candidates get smaller. Your ideal hire might be working somewhere else now. Hence, you need to find a reason for them to quit their job and work for you. Identify them and try to attract them through clear message and make them come to your company. You may also have to offer more competitive employee benefits and work perks to make them interested to work for you. 

    The cost can be too much

    Larger firms can hire op talents because they have sufficient finance to cover the hiring expenses. As for your small business, hiring process can be too costly to afford, leaving you with narrow choice. To overcome this, consider supplement employee salaries with competitive benefits that don’t cost as much. 

    Inclusive culture has been adopted by most employers

    Many employers out there have taken heir steps to prioritize diversity, equity, and inclusion in their company culture. They take various initiatives to be more accommodating for their employees. Therefore, it is also time for your small business to make the same priorities by creating a diverse, inclusive workplace that is accommodating all types of employees. 

    Mental health has become priority in other companies

    Many companies have also prioritized their employees’ mental health by providing various initiatives and programs that are helpful for their employees. Hence, many employees and candidates alike are now looking for employers who care about their mental well-being. For small business, it might be challenging to offer comprehensive benefits package that prioritize mental well-being. However, you can build it gradually by including benefits such as flexible work hours, unlimited paid time off, or employee assistance programs. 

    The talents you want reside in larger firms

    It tends to be easier for larger firms to offer various benefit packages for employees, so they can hire top talents to work for them. With your small business, it is probably more challenging to follow what those larger firms did in order to attract top talents. However, you can be more creative about what you can offer. Aside from offering standard employee benefits and competitive pay, consider adding unique fringe benefits by also emphasizing your company’s mission and what makes your company different from the rest.

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  • Business & Investment

    Home Construction Bali: Planning Your Private Pool

    A swimming pool at home would have been wonderful and exciting. Aside from being able to exercise with family, the swimming pool can also be used for relaxation and recovery. When it comes to planning for a swimming pool at home, however, limited land and costs can be a barrier. A minimalist swimming pool is one of the swimming pool designs that are appropriate for a small home yard. Because the minimalist swimming pool’s design prioritizes functions and needs, the cost of building and maintaining it can be tailored to your budget. Many Bali home construction experts build villas or houses with private pools in them. Finding a Bali construction company is not as easy as you might think. Construction planning from an inexperienced contractor will lead you to find many flaws in your home or villa.

    Home Construction Bali: Planning Your Private Pool

    Home construction Bali: Build your minimalist swimming pool

    A swimming pool should have a minimum size of 3 m x 7 m to allow for movement while swimming. It could be a smaller pool, but its purpose is more for bathing than swimming. 

    Because there must be a distance of at least 50 cm around the pool, the ideal pool size is 4 m x 8 m.

    You must also consider the pool’s user. If the user is an adult, make sure that no children use it. Because, of course, the depth used differs from that of the children’s pool. Consulting with the right Bali contractor to help you make sure your pool matches the size of your land.

    Ensure that there is enough electricity.

    A swimming pool requires a pump that rotates water and has a minimum power of 500 watts to keep it clean. Swimming pools also require lighting at night. At least three 100-watt underwater lamps are required for minimum size.

    As a result, homeowners must provide at least 800 watts of power specifically for swimming pools of the above size. Bali architect helps you to ensure that the electrical lines are right and embedded in the walls so that your villa or home looks neat. Imagine a series of wires that are visible in the area of ​​your villa or house to be an unpleasant sight.

    Design services for your villa and home

    Building a house or villa with a private pool does not only require an architect. You need design services so that your house or villa looks beautiful. The design service in Bali aims to place the decorative in the appropriate place. You just need to mention the type of design you want for each room, including the pool area, easy right? Looking for a separate design service, an architect in Bali, or a Bali contractor will be very inconvenient. Make sure you find a one-stop Bali construction company for all the services you need. The construction of a villa or house that is handled with one hand will make it easier for you to monitor. Budget adjustments will be easy for you to do, including if you want to get the best deal. 

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  • Business & Investment

    Crafting The Best Marketing Plan For Your Small Business

    Crafting The Best Marketing Plan For Your Small Business

    To run a business successfully, you need to create the best marketing plan that works effectively. There are so many marketing plans out there but not all of them works for your business. Every business is different and you have to treat your business as unique so you can craft the right plan. Promoting your products and services is part of marketing plan. However, it needs to be done right. You cannot just post something on social media and hope for high profit. 

    How to craft marketing plans that work for your small business

    Marketing plan is essential road map you need to communicate better with your target audience. Hence, you will able to promote your products and services successfully. There are basic to highly detailed marketing plans to use. However, crafting the one that works for your business can be more challenging. Here are things you should do:

    Incorporate five important functions

    You need to tailor marketing plan to fit your business. Hence, make sure to incorporate five important elements into it. They are business goals, key metrics,  strategies, a plan, and reporting. These five elements are vital in an attempt to craft the most effective marketing plan. By leaving one of them, it is highly likely that you are going to fail finding the right marketing plan for your small business. 

    Create executive summary

    This is an overview of your business’s goals, missions, and marketing strategies you want to employ. It is made after you have completed your marketing plan.  This overview is a tool to make sure that you have covered everything. This is only meant to be read so it should be easy to understand with the crucial details inside. 

    Complete mission statement

    Mission statement is not the same as vision statement. It is a statement that encompasses your company ‘s values, and how they relate to your overall goals.it should explain what your company does, things that important to your company, how your company envision its future, the identity of brand, the culture your company will apply, and how company benefits from customers, stakeholders, and employees. 

    Identify target market

    It is vital to identify target market so you know what kind of marketing plan that will work best. Without a defined target audience, your marketing plan will be just a waste of money. Through this  method, you need to find out your target audience’s demographic, needs and interests, shopping behavior, and history purchase. 

    Develop the right pricing strategy

    Price is vital in business because it is one of the big factors that can make or break a deal between a brand and customer. To apply the best marketing plan, you need to see it from pricing point of view as well. Consider your current and projected finances to craft more realistic and beneficial plans for your small business. Through picing strategy, you find out reasonable margin to make profit, market for products or services at your projected price point, potential market share to aim, and costs for marketing and distribution.

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