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As an entrepreneur, it is easy to spend all hours of the day making their services and products as good as possible for the customer. It's easy to forget that it doesn't matter if your target audience doesn't know you exist. The following article lists marketing strategies that increase your exposure while adding value to your business.

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Most people with business experience know that marketing is vital to winning customers. Thanks to the internet, there are currently several ways to market yourself that are both cheap and effective. In this article, we will advise you about

1. Social Media Marketing
2. Collaborations with other companies
3. How to Increase Your Company's Publicity

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Social Media Marketing

As an entrepreneur, you can use multiple social channels to reach out to your customer base. You can start a blog, an Instagram account or choose to post a free company page on Facebook, where you can share everything from other people's posts to your own photos and videos. You can also pay to advertise on social media and you choose which audience you want to reach and how much money you want to spend on your advertising. This is a great way to reach out to the public because most people use some type of social media on a daily basis.

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It is easier to build a relationship with your customers through social media, as you can maintain a more personal tone than on your website, for example. In addition, through this type of media, you can reach many people very quickly, as your posts can be seen directly by your network and then in turn can be spread to their network in just a few minutes via likes and shares. Make sure to create posts that others want to spread — encourage this through contests and discounts. Another advantage of social channels is that they are relatively inexpensive to use, even when advertising.

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Collaborate with other companies

Modern marketing is very much about building relationships — not just with your customers. It is very effective to collaborate with other companies. For example, you can use influencers who promote you through their channels, or work with companies with the same audience as you to reach out to each other's customer bases. It will increase your exposure and need not cost you anything.

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Another way to collaborate with companies is to hold events together — the cost will be lower when you are more numerous. For example, if you have a plumbing company, you can contact construction companies and collaborate to carry out general contracting with customers.

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Marketing doesn't have to cost the shirt and doing a good job increases the value of your products and services. Ultimately, this will lead to an improved customer experience for your current customers and may result in them recommending you to their loved ones.

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Increase your publicity

Publicity is important — everyone loves exciting news. Does your company have something new to present that a journalist would like to write about? You can also comment on blogs and debate on a topic related to your business and thus draw attention to your business. The most important thing for a company is to be visible, and preferably to be visible through positive publicity. Always think through what your purpose is with your publicity, who you want to turn to, and what you want to stir up emotions.

Key dates in 2024 to watch for are here:

• March 3: Last day to acquire digital mailbox to receive the declaration digitally.
• March 4-8: The declaration is sent out digitally
• March 15 - April 15: The declaration is sent out by post for those who do not have a digital mailbox.
• March 19: Declaration opens.
• May 2: Last day to declare.
• May 13: Last day to submit the VAT return for those who report VAT once a year.
• November 14: Any remaining tax must be paid, unless there is a different date on your final tax return.

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Individual firm

As individual traders declare to the company at the same time as you make your private income tax return. You do this by first making your annual financial statement and then completing and filing the NE attachment that you receive with the tax return. If you have a turnover of less than SEK 3 million, you can establish a simplified annual accounts. If you do this digitally, you can then transfer the data directly to the NE appendix of the declaration.

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Trading Companies

If you are a partner in a trading company, you must file your N3A attachment together with your income tax return, in which you account for your share of the trading company's earnings. If you are also going to declare to the trading company, this is done in income tax return 4. When this should be done is controlled by the company fiscal year.

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Limited Liability Company

The declaration process for shareholders in few-member companies is similar to that of co-owners of trading companies. In addition to your private income tax return, you must also file a K-10 attachment declaring dividends from the company and any gain or loss if you have sold shares in the company. The filing of the company's own income tax return is governed by its fiscal year.

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Check the data

As with your private income tax return, it is important to check the suppressed data for the company as well. If there is an error in the control data, there will also be errors in the declaration if you do not correct the data.

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See what deductions you can make

As an entrepreneur, you are allowed to deduct expenses that are necessary to run the business — regardless of your form of business. The difference, however, is that if you are engaged in an individual business activity, you make the deductions in your income tax return, while the deductions are made in the company's tax return if you are engaged in business activities joint-stock company or trading companies. If you run an individual company, you can use the Swedish Tax Agency Deduction lexicon to see what deductions you can, and can't, make.

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A common deduction is if you conduct your business from your private residence. If you are a sole proprietorship, you can deduct the cost regardless of whether you have a specially set up office or not. For those who run share sales or trading company it is required that the workroom be decorated in such a way that it can no longer be used for residential purposes in order for you to deduct for it. Instead, you can rent part of the house to the company. The company can then deduct the rental cost while you as the owner pay 30% capital tax on the excess rent.

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Reservations for individual firms

As an individual trader, you should look at the possibilities of being able to lower your tax profit. It can be done either by shifting part of the income from business activities to income from capital by making a so-called positive interest distribution. You may make a positive interest distribution when the capital base of the business is higher than SEK 50,000 at the beginning of the year. You can also make provisions for an accrual fund or an expansion fund to defer the tax effect and to be able to offset future deficits.

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After a tough few years for Sweden's entrepreneurs, it finally looks like we are moving towards brighter times. 2023 was marked by high inflation, rising interest rates and a sharp increase in the number of bankruptcies. However, if the concern clouds gathered at the beginning of 2023, we will now begin to see a brightening on the horizon in early 2024 instead. The Institute for Economic Affairs predicts that wages will rise faster than prices during the year, and after two years of increases in the key interest rate, the Riksbank is expected to lower it in 2024. This will give both households and businesses more room for consumption and investment. This may particularly benefit smaller companies, which are generally more sensitive to interest rates and have less room to face tougher times compared to large ones.

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In addition to the economy, there are trends in artificial intelligence, marketing and customer relations that are valuable for entrepreneurs to keep track of and which we will review in this article.

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Financials

As I said, the biggest area that will concern entrepreneurs will continue to be the economy and economic development. Inflation fell by the end of 2023 to levels just above the Riksbank's inflation target of 2 per cent and is expected to fall further during the year. High inflation has been the driving factor for the Riksbank's increases in the key interest rate, and as it now falls, the Riksbank is expected to lower the key rate during the year, which will mean relief for entrepreneurs on several fronts. Lowering the key interest rate leads to a decrease in interest expenditure for both individuals and businesses, thereby increasing the scope for consumption. Entrepreneurs can thus look forward to a year with less headwinds and in which sales revenue increases and financial stress decreases. Reductions in interest rates may also lead to improved opportunities for entrepreneurs to raise external capital, as well as the conditions for doing the same. Investments and investments that have been left aside in recent years therefore have the potential to disappear when it becomes easier to finance them again.

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Looking ahead, the government also presented two proposals in the autumn budget that will make it easier for entrepreneurs both in terms of costs and administration. One is that the turnover limit for when companies need to report VAT is planned to be raised from SEK 80,000 to SEK 120,000 on January 1, 2025. Thus, more small businesses will not have to add and account for VAT. The second is that they have launched a simplification package and set up a simplification council to work to reduce the regulatory burden and administrative costs for businesses in order to free up more time for core activities.

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Artificial Intelligence

One of the major themes of 2023 was the development and advancement of AI on a broad front. AI and machine learning have really been a part of our lives for a long time without us really reflecting on it, but as the development of generative AI in the last year has seen an explosion of interest in AI. For entrepreneurs in general, and smaller companies in particular, developments in AI represent great opportunities ahead. Many administrative tasks that previously had to be done manually may be automated with the help of AI, future projections will be more accurate and tasks that previously required external expertise will be carried out by the companies themselves in the future. As an entrepreneur, there is therefore value in starting to understand how AI could be used in your company to free up time and contribute to increased growth.

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Marketing

The conditions for success in marketing as an entrepreneur have improved significantly in recent years. It no longer takes either an agency, expensive equipment or a huge media budget to produce high-quality material and disseminate it. Most entrepreneurs today can manage marketing themselves with the help of digital tools, a plan for what the marketing will accomplish and continuously allocate time for it. Marketing is also one area where generative AI may have the greatest impact for entrepreneurs as it will simplify everything from the production of text and visual materials, to the development of plans and media investments. Something that will free up time that can instead be spent on analyzing trends and customer behaviors in order to then be able to adjust the marketing accordingly.

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Customer relations

As the economic pressure likely decreases and the purchasing power of society increases, it also means that entrepreneurs will have to spend less of their time being reactive and can instead start looking ahead and being more long-term in their priorities. One area that will therefore receive increased focus is trying to build strong and long-term customer relationships. Technological developments make it possible for smaller companies to offer customised customer experiences in a way that previously only larger companies with extensive resources could do. AI will also make available more advanced data analytics that business owners can use to better understand their customers' behaviors and preferences, thereby producing more targeted, relevant and personalized offerings.

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Supply chain problems, raw material shortages and rising electricity and fuel prices have led to a troubled world economy, with rising inflation and rising interest rates. We are in a turbulent time where it is easy to feel uncertainty. In this article, we therefore give tips on how you as an entrepreneur can think about the uncertainty that prevails.

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Price and cyclical sensitivity

The price and economic sensitivity of your industry is one of the first things you should consider as an entrepreneur. Do you offer a product or service that customers will continue to use even if times get worse, or will you need to adapt your offer? The cyclical sensitivity of your business will also affect how price sensitive your customers may be if you need to increase your prices due to increased costs. If you sell a product or service that your customers are in dire need of, they will be prepared to pay more for it. However, if you operate in a cyclically sensitive industry, price increases can have a big impact on your demand.

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Plan long term

During a recession, it can become tense in both society and the economy. In such situations, it's easy to become reactive if you don't have a long-term plan to follow. Making adjustments and ensuring that the company's finances can withstand tougher times is of course important. Sooner or later, however, the economy will turn to boom again and if you then only adapt your business to the current situation, there is a risk that your company will fall behind the competition. Having a long-term plan and having the courage to stick to it also reduces the risk of making hasty decisions that can backfire at a later date. By planning for the long term, you give your company the opportunity to grow and develop in tougher times, and also to be well equipped to gear up even more when the economy turns up.

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Review your agreements

When interest rates and commodity prices go up, it's a good idea to review your contracts — both from suppliers and to customers — so as not to face increased costs while reducing revenue. Therefore, review your local and supplier agreements and see if you can bind the contracts for some time to come to avoid raising prices for them. Even if it would not be possible to bind the contracts, it gives you an overview of the potential cost increases you may incur, and you can then budget for these. Similarly, you should not lock in prices to your customers too much to give yourself the opportunity to be able to increase prices if your costs increase.

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Inventory and Liquidity

It is always good as a company to have strong liquidity to be able to pay debts in the short term. However, in times of recession, it is especially important to have a buffer in case you suffer increased costs, which is why it is good to start planning for how you can strengthen the liquidity of your company. Another tip is to review your possible inventory. If you have the opportunity, it can be a good place to replenish the stock a little more than you normally would have done. In this way, you can ensure that you have access to products or components that may run out at the supplier, as well as postpone the risk that your company will suffer from any price increases in the supply chain.

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Marketing

Many companies choose to cut down on marketing when there is a recession when they are pulling down on costs in general. While it may look good with reduced expenses in the short term, it doesn't have to mean that it benefits your business in the long run. If you choose to invest more in marketing when your competitors cut back on it, you have the opportunity to instead increase your sales and take additional market share. Something that will not only benefit your company at the moment, but also by giving you a head start when the economy turns up.

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Take the opportunity to adjust the business

When the economy of society is at its peak, it is easy to see between the fingers that things are not quite working or performing at the level that was intended. A recession can therefore be an occasion when it becomes easier to dispose of, or wind down, parts of the business that slow down others or involve more effort than good. By doing so, you can have more time and resources to spend on parts of the business that generate better returns. It can also be a good opportunity to diversify the activities of the company to find new sources of income and to spread your risks.

Managing a warehouse is not an entirely easy task for small business owners. Trends come and go and it has probably happened that you have had a whole bunch of products in a certain color or size that you had to sell because they simply did not wear out. However, it is also common for companies not to keep track of their inventory due to the fact that the inventory does not really keep up. However, there are ways to remedy this and get the most out of your stock and thus your investment in your business.

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Create a routine for the inventory

A warehouse costs money for the company and is a great investment. Therefore, it is an extra pity if, due to the inventory, you do not get the most out of what you bought. Taking inventory means creating a register of the goods that are in your company's warehouse. The most common is to inventory once a year and if you have an inventory or inventory system, each item only needs to be inventoried once. If you have a smaller inventory, it's easier to keep track of the products and that's important to do because you can customize what you order in to what you already have. For example, if you notice that some items do not go as fast, you do not need to order as much of them next time.

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Stay on top of trends

An important part when it comes to inventory is to try to avoid tying up too much money in it because the risk of buying things that don't work out is that you have to sell them out later, or in the worst case not get them sold at all. By keeping track of your market's various trends, you can reduce that risk because you can control what you order in based on what is likely to sell the most.

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Ask customers what they want

Another tactic to not fill the warehouse with unnecessary products is to ask your customers what they want. You can do that in slightly different ways. If you have a physical store, you can ask customers at the checkout. It's an effective way to take the temp on demand. If you have an online shop, you can choose to ask the question at some point in the payment process on the website, or you can email the customer afterwards.

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Look back and learn from it

You can also learn from your own history. If you look backwards on orders and purchases, you can quickly see different patterns. For example, many products are seasonal, which means that they are eaten more or less in different seasons. Then you know if you have to cover up with a slightly larger stock of something for the winter and when you can reduce the order.

Christmas is approaching, and for many companies it means the most intense period of the year. By planning smart and acting on time, you can not only increase sales, but also address challenges in a way that creates peace of mind for both you and your business. Here are some tips on how to prepare the company for Christmas in the best possible way.

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1. Secure the warehouse

Christmas's increased demand can quickly put pressure on inventories and logistics. Start with a careful inventory of your products to identify what needs to be replenished. If you depend on imports, be aware that supply chains are often affected by delays during peak times. Order items well in advance and prioritize your bestsellers.

• Analyze sales data from previous years to better forecast demand.
• Use inventory management systems to optimize flow.

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2. Streamline invoicing

Billing can easily become a stress factor if left to the last minute, so act ahead of time. A clear billing plan allows you to focus on driving sales during the Christmas trade rather than dealing with financial administration.

• Review and follow up on outstanding invoices.
• Automate billing using digital tools to save time.
• Create clear payment terms for customers to minimize the risk of late payments.

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3. Build relationships with Christmas gifts for customers

Christmas is a great time to show appreciation for your customers. Paying attention to your customers with Christmas gifts strengthens customer relationships and can also contribute to a little promotion of your business.

• Profile products with your logo, gift cards or personalized products.
• Consider sustainable or locally produced gifts to create a positive impression of your business.

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4. Plan ahead for next year

Christmas not only marks the end of a year, but also the start of a new one. By preparing for the year to come right now, you can go into next year with a clear strategy and less stress.

• Create a budget for the coming years and identify important investments.
• Make sure everything you need for January is in place, so you can start the year strong without delays.

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5. Reflect on the successes and challenges of the year

Christmas is a perfect time to evaluate the business. Think about what has worked well and what needs to be adjusted to make it even better. Analyzing the past year helps you set realistic goals for the future and a concrete plan gives you a clear direction that motivates both you and your team to reach new heights.

• Create a list of success factors and areas that can be improved.
• Set measurable goals for sales, customer satisfaction and development for the next year.

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6. Prioritize recovery

The holidays can be hectic but it is important that you as an entrepreneur also take care of yourself. By planning and preparing well in advance, you can free up time for time with the family and to rest up.

• Delegate tasks wherever possible and automate processes that save time.
• Try to make time for recovery so you can enter the new year full of energy.

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Summary

Preparing the company for Christmas involves a combination of planning and consideration for both the business and the customers. By following these steps, you can ensure that you and your business are ready to handle the opportunities and challenges of the holiday season — and at the same time create time to enjoy Christmas. Want help financing an investment in the run-up to Christmas? At Froda, you get access to finance tailored to your company's needs.