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Five Oversights That Can Kill Your Business

Business owners usually have long term visions for their enterprise, but most business failures happen quickly, before the owner is able to change course or implement strategies that will correct the situation.  The fatal gap between planning and performance is often the result of one of the following set of factors, although two or more of these can occur simultaneously and accelerate the organisation’s demise. Take a close look at your own business and be sure none of these are taking s...

Top four kinds of Marketing Advertising

Most of us tend to use the same kind of ad over and over again. If your ad is pulling in sales, stay with it. But if results aren’t quite what you’re looking for, try switching to one of these top four types of ads.Your ad can simply work to build your company’s image. Most of the banner ads big corporations have on the Internet are designed to do nothing more than familiarise people with the company name. A big chunk of the ads on TV do the same thing. And that’s not bad. Most customers...

Customers Are Only Human

Customers Are Only HumanAs businesses of all sizes increase their uptake of technology and use equipment to save money and take over functions previously provided by people, they’re also running the risk of alienating their customers.Extensive ‘telephone trees’ intended to direct callers into the most appropriate channel to handle their enquiry require customers to go through a series of options even though they already know what they want to accomplish with their call. Something that is m...

Delivering The Goods

Any business which involves selling a physical product requires the ability to arrange delivery of the product to customers in one way or another.Unlike larger organisations, small businesses don't have huge budgets and people available to develop their own carriage service so the most frequent option is to use a third party whose business is shipping so as to ensure logistics are carried out effectively.But to do it in the most cost effective way can involve some deliberation of the options. Th...

Create a Network of Wealthy Customers

Create a Network of Wealthy CustomersWhether the 80/20 rule applies to your business or not, if you can identify your wealthy customers you can target them directly with high-value offerings. And even if you don’t have 20% of customers that you’d consider ‘wealthy’ you can create a network of customers that will help you grow your business and greatly benefit your bottom line.Define your trading areaStart with an accurate definition of your trading area – where your customers are. The ...

Become an expert in your own industry

Whether you sell to businesses or consumers you can increase your level of success by becoming an industry expert – someone who’s well known and acknowledged as an authority on matters concerning your industry. It takes work to achieve this kind of commercial stardom but once you’re at the top it’s almost self perpetuating.Get ready for recognitionPrepare a clear definition of the industry you want to represent, whether it’s a broad one such as ‘retailing’, or very specific, such a...

Find Your Niche And Market To It

There are many definitions of a ‘niche’ market but essentially they’re a subset, a smaller segment, of your existing target market. This is very important because it means they may already be aware of you and are already prospects for your company’s offerings.Members of your targeted niche will share a similar set of characteristics. You can exploit that by satisfying those common needs and catering to their particular interests, and they can be extremely profitable if you provide them w...

Look Good to Lenders

Look Good To LendersBusinesses borrow money for a number of reasons. Additional capital may be needed to increase production capacity or to open a new retail outlet. It might be necessary to borrow to expand overseas or to upgrade the business’ IT facilities.Whatever the reason, borrowing money involves the need to favourably impress the lenders you are approaching for finance. There’s never a guarantee that they will support your proposal, but there are some preliminary steps you can take t...

Write a Business Plan With Investor Appeal

Every business should have a business plan in place that it works to and compares its performance against. These are usually functional plans that have the intention of serving as a guide to management, but may not be the best plan for impressing potential sources of funding for the business. Businesses often need to borrow money or attract investment capital, and when doing so need a business plan that’s both realistic and will demonstrate to those not involved in the enterprise that the busi...

Outsource To A Virtual Assistant

Many small businesses have already discovered the benefits of outsourcing certain functions of their organisations. Tasks including accounting and payroll are often handled by external providers more efficiently and economically than if kept in-house.As long as a business retains its core competencies internally there are few functions that can’t now be strategically outsourced, thanks to a new kind of entrepreneur known as a Virtual Assistant, or ‘VA’.  VAs are independent businesspe...

Ten Questions You Should Be Able To Answer ‘Yes’ To

Ten Questions You Should Be Able To Answer ‘Yes’ ToThis is a list of questions that every business manager should be able to answer with an unqualified ‘yes’. They largely relate to the fundamental need of identifying and understanding your competition, and if you find yourself giving a ‘no’ answer to any of them it means you could be short of valuable information that would provide you with a competitive advantage.1.     Do you know who your competitors are? Do y...

Got Employee Issues? Document Your Case

Documentation of your employees’ performance and their conduct at work is becoming one of the most important tasks of management. It requires attention to detail that’s time consuming but it can save your company thousands of dollars if an employee relationship goes sour and you need to justify disciplinary action or even termination of their employment.Take a typical case of an employee whose performance is substandard. You will usually have a discussion with them in which you outline their...

Late client payment can really cost you

Many companies are carrying customer accounts that are still outstanding after 60 or even 90 days. Sometimes this is acceptable if that’s the arrangement they’ve made with the customer and planned for in their budgeting. But when an outstanding account gets beyond reason you may have to bring in external agents to help collect the debt.Debt collection experts have identified four ‘triggers’, apart from lateness, that are definite indicators that the time has come to call in the professio...

Don’t Freeze Making Cold Calls

Cold calling is a widely used method of prospecting for new customers. Any business owner with a telephone knows that two or three times a day someone they have never met will contact their company with some kind of proposal like seeking an opportunity to quote against an existing supplier.It’s not easy to make cold calls and those who have the job of making them often feel uncomfortable about their assignment. But there are ways to ‘warm up’ to the task so that you will feel more relaxed ...

Developing Your Team Members’ Basic Skills

Employers that provide their team with training are making a commitment to better customer service and to being more competitive in the marketplace as well as encouraging a reduced team turnover rate. Few businesses are incapable of providing some sort of in-house training to improve skill levels and the improvements in performance that result makes it a highly cost effective investment.A typical small business’ basic skills training programme can incorporate on-the-job instruction of individu...

Don’t Let Others Waste Your Time

Most business owners find there’s never enough time in the day. Your time is valuable and the demands of your business usually dictate how you spend it. The last thing you can afford is to have your time wasted by others.Time-wasters are people who take up your time in such a way that it distracts you from running your business. You’re unable to manage because you have to spend your time dealing with people who just don’t seem to understand that you have more important things to do.Busines...

Putting your business on the right track

Keeping Your Business On the Right TrackA business plan is a roadmap that sets out your route for the development of your business. It doesn’t tell you just about the current state of the business, its strengths and its weaknesses, it will also show up the opportunities and what needs to be done to stay ahead of the competition.You might think you know all this now and don’t have to write it down. But what if something happened to you and someone else had to take over the operation? What wou...

Getting your business sale ready

Getting Your Business Ready For SaleSelling a business can be a complex and time consuming process. When the time comes to sell your business there’s a lot you can do that will increase its perceived value to prospective purchasers. You will also be much better prepared to discuss the sale with prospective purchasers and their advisers.Be sure that you have a clearly defined reason for wanting to sell your business that you can articulate to others. Have you considered the options to selling y...

Get Your Business Ready For Sale

Selling a business can be a complex and time consuming process. When the time comes to sell your business there’s a lot you can do that will increase its perceived value to prospective purchasers.  You will also be much better prepared to discuss the sale with prospective purchasers and their advisers.Be sure that you have a clearly defined reason for wanting to sell your business that you can articulate to others. Have you considered the options to selling your business? If you’re sell...

Discounting Is Dangerous

Offering a discount in the heat of negotiations may seem like a good idea at the time but thoughtless discounting is an easy way to lose money fast.Before you succumb to the temptation to win new business by offering a discount take a moment to consider these ten problems associated with discounting.1.    Discounting eats away profit margins!2.   Negotiating a discount focuses the customer’s attention on your price. If your only competitive advantage is price you are i...

Cash Management Creates Choices

Managing cash is one of the most important tasks for any business owner and even if it’s not as glamorous as sales and marketing it is the job that makes sure the bills keep getting paid on time.  The cash position of a business at any time is easy to determine if you know just three figures – the cash in the bank, the cash that’s going to be received by the business, and the cash that has to be paid out. It sounds simple, and it is, yet it’s  amazing how many business own...

Acquiring And Managing Leads

The process of gaining new customers can be summed up in two steps - ‘getting leads’ and ‘converting leads to customers’. Although the first step is the responsibility of marketing and the second is the responsibility of the sales function, the two have to work together to optimise their effectiveness.Generating the leads themselves is always the first task of any successful marketing exercise. Leads can be purchased, as in buying a mailing list of prospects, but gaining your own isn’t...

Develop The Art Of Being Small

Being small in business isn’t necessarily a bad thing. In fact, small businesses have a lot of advantages over their larger competitors. Small business collectively is the world’s biggest business. Small businesses have perfected the arts of travelling light, living frugally and being able to quickly change direction. Recognising the specialised nature of small business can help you appreciate and use some of the advantages you enjoy. The CEO is multifunctional The decision making powers of ...

Don’t Hire Problems

One of management’s key responsibilities is selecting the right people to perform the functions needed by the business to operate productively. Hiring the wrong person can affect your business for years. Businesses have even been found legally liable for damages to property and injury to customers as a result of employee incompetence because they failed to uncover the candidate’s depth of ignorance at the time of hiring.Whether you’re about to hire your first team member or you’ve alread...

Cut The Costs Of Marketing

Every organisation with a sales force keeps an eye on the leads it generates - how many does each salesperson get and how many are converted into customers. But as most companies now appreciate, the costs of generating and converting leads need to be carefully managed or they can become a real drain on profitability.The basic tasks of lead management are to lower the costs of lead acquisition while at the same time increasing the rate of conversion into customers. To do this it’s best if you s...