Insurance payouts for small business operators
MANY members of the Nature’s Way Cooperative have received payouts from an insurance policy covering cyclones and excessive rainfall which has thus far been beneficial to both farmers and to other MSME owners.
Small business owner Sainiana Tinai said while she had cultivated several skills to grow and diversify her business to lessen the effects of rainfall damage on her income, finding the capital to get restarted after rainfall damage had been difficult prior to the introduction of the insurance policy.
“With parametric microinsurance, it helps me so much. I can be learning (textile printing) but I need to buy the equipment to use to do this.
“That’s why parametric insurance cover really helped me a lot because I (was able to) buy the brush, roller, the paint for doing all these things,” Ms Tinai said.
Another member of the co-operative, farmer Niko Baleiverata also started on the insurance policy last year and has found the payout to be equally helpful.
Mr Baleiverata’s 10 acre farm with crops, livestock and chicken has suffered soil erosion multiple times since he acquired it in 2013.
His wife, Mrs Nina Baleiverata who is also a member of the co-operative, attended a training session where she was informed about the parametric insurance policy.
Mr Baleiverata said, “I would thank Nature’s Way and I would thank the insurance companies for allowing the farmers to join. What I have received, it’s a big help.”
Nina Baleiverata intends to sign up for the policy herself this year for her plant nursery business.
BIG thoughts for small businesses
Working with a limited marketing budget can be rather challenging, but it doesn’t mean you can’t achieve great results. Here are five top tips to maximise your marketing efforts:
1. Set clear objectives and prioritise:
Define your marketing goals and prioritise activities that directly contribute to achieving them. Focus on the highest return on investment (ROI).
2. Leverage low-cost marketing channels:
such as social media, email marketing, and content marketing. These channels can help you reach a wider audience without breaking the bank.
3. Collaborate and partner up:
Partner with complementary businesses, influencers, or industry experts to pool resources. Collaboration can help create mutually beneficial opportunities.
4. Utilise free or low-cost tools:
Take advantage of free or low-cost marketing tools and platforms to manage your campaigns, analyse data, and improve efficiency.
5. Test and measure:
Regularly analyse the performance of your efforts. This will help you identify what works best for your business.
Information kindly donated by www.thinkers.co.nz
Information in this micro-training sheet may be abridged and therefore incomplete. This information does not constitute and should not be considered a substitute for appropriate professional advice.