Businesses can leverage ChatGPT, or similar language models, to enhance their operations and customer interactions. Here are some common use cases for businesses: Customer Support and Service: ChatGPT can be a virtual customer support agent to handle customer inquiries and provide assistance 24/7. It can answer frequently asked questions, troubleshoot issues, and provide relevant information…
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A 4-day workweek, where employees work the same number of hours but are condensed into four days instead of five, has gained popularity and is being experimented with by some companies and governments. There are several potential benefits associated with a 4-day workweek: Increased productivity: Employees may experience higher productivity and focus during their working…
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The best recession-proof businesses sell a product or service that is necessary or legally required. This is to be contrasted with nice-to-have purchases or desires. The seven top recession-proof businesses include: Health care – even during a recession, people get sick, have babies, etc. Tax and accounting services – preparing Business Activity Statements and…
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The formula for net worth/equity is assets less liabilities. The assets must be valued at market or realisable values. Periodically calculating the net worth of an individual, family, or company has the following benefits: Provide a simple snapshot of their ‘true wealth’ at a given time. Eliminates ‘fake wealth’, i.e. assets purchased/funded via debt (liabilities).…
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As accountants, we love numbers and are particularly good with them. We are not salespeople, and we are not marketers. It is no wonder then that we find it exceedingly difficult to upsell our services or sell new services that we know would benefit our clients. Here are 5 tips that will help you sell;…
Read More »The unique selling proposition (USP) is a marketing concept that states successful advertising campaigns make unique propositions to customers that convince them to switch brands. It is what makes your business unique and valuable to your customers. The term was invented by television advertising pioneer Rosser Reeves of Ted Bates & Company. Unique propositions…
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A trade show or exhibition is an exhibition organised so that companies in a specific industry can showcase and demonstrate their latest products and services, study activities of rivals and examine recent market trends and opportunities. The benefits of trade shows: Improves awareness – It helps build the brand, knowledge of products, and enhances name…
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Tendering is the process of choosing the best or cheapest company to supply goods or do a job by asking several companies to make offers for providing the products or doing the work. Tendering occurs in all parts of a business but is most familiar with government projects, construction, utilities, and infrastructure. Governments are heavily…
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Sponsorship can be defined as supporting a person or entity in one way or another as part of a business strategy. Sponsorship can achieve the following business goals: Image enhancement. Customer loyalty. Brand awareness. Lead generation. Increased sales. Creating positive publicity and heightened visibility. Keys to successful sponsorship: Clearly define your objectives – what are…
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A service guarantee is a marketing tool used to reduce consumer risk perceptions, signal quality, and differentiate a service offering. By delivering service guarantees companies entitle customers to an easy-to-claim replacement, refund or credit, when service delivery fails. The benefits of providing service guarantees are: Forces companies to focus on customers' wants and expectations in…
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2