May 24, 2023
Tax season may be over, but we’re already dreading next year. Some potential good news: The IRS is reportedly working on a free direct filing system, similar to TurboTax. The IRS, making tax filing easier? Someone pinch us.
Hot off the SMB press this week:
STARTER PACK
Since the days of ancient Rome, we’ve known that “it takes money to make money.” But that doesn’t mean that we can be willy-nilly when it comes to our business expenses — otherwise, we can say good-bye to profit and hello to debt. So, how do you start organizing your expenses and finances so that your teams can prioritize spending for the resources that will support their objectives and goals?
👉 The answer: our Department Budgeting Process template, which outlines the importance of budgeting and the step-by-step procedure of managing your finances effectively. That way, your departments can forecast future expenses, set cost targets, and adjust budgets as needed to stay on track and reach your overall business goals.
Can’t wait a whole week for your next template? Check out our entire template archive of free, multimedia-enhanced, and customizable policy, process, and role starters. New to Trainual? Try for free.
HOW TO BUILD A BUSINESS PLAYBOOK
Tell us if any of these are you:
What you need is a comprehensive resource that can teach you everything you need to know about documenting how your business does what it does, down to each role, responsibility, business strategy, and differentiator. And we’re going to give it to you — for free! Coming June 6 to a (computer) screen near you.
TL; DR
DITTO
Stop copying me! Stop copying me!
Who else had to deal with the annoying younger sibling who wouldn’t stop playing the copycat game? In hindsight, it can be cute coming from a four-year-old — less so when it’s coming from a business that’s copying your every move.
Can’t you sue them and call it a day?
It’s a bit more complicated than that. Sure, blatant plagiarism is straight-up stealing, and you’ve got the law on your side. But sometimes, your copycat is putting their own spin on your ideas — and if they’re doing it better than you, you’ve got some legit competition on your hands.
That means you’ll need a strategy to maintain your business success and prove that your original is the best. So, here are three tips for how your SMB should handle copycat competition:
1. Imitation is flattery — but do a legal checklist.
A common (and valid) reaction to someone copying your business is fury. But think about it this way: Your business idea is doing so well that someone is trying to reach that same level of success by imitating your work. You can feel a little flattered.
After you pat yourself on the back, check if your copycat is breaking any laws. Are they using any of your trademarks or copyrights? Are they committing trade dress infringement (AKA, when their product resembles yours just enough to confuse consumers)? If you answered yes, get a lawyer on the phone.
ON A BUDGET
My interest is piqued. We’ve got a tight marketing budget.
We’ve got good news: Building your brand and generating revenue can happen on a reduced budget and with limited resources. Now, we’re not saying it’s easy. But there are definitely ways to get the most out of the resources you do have.
Here are three strategies to make your marketing budget stretch further.
1. Learn the right way to analyze marketing spend.
To figure out which efforts are actually bringing in revenue, you’ve got to determine the costs that are higher and lower in the funnel. AKA, break down where your dollars are going (the right way) so you can make informed decisions on where to put them next.
Here are a few crucial ways to analyze your current marketing spend: