September 28, 2008
Business Mentoring, Marketing
3 Comments
Everyone is finding the current economic climate tough. It’s times like these that sort out those who are serious about business success from those who are not prepared financially or skill wise to make a go of it.
It can be really disappointing to be forced to let go of a business idea that you thought would succeed – but in these financially tough times that’s the decision many fledgling and low profit business owners have had to make.
The reality is that a business built on a nice idea but not making any money is actually called a hobby. It is a tough lesson to learn but business success is not about keeping yourself occupied. It’s about running a commercially viable enterprise that makes money and has proper procedures and policies in place to ensure future success is maintained.
Successful business owners value what they offer and charge accordingly. In return they expect prompt payment for services rendered and when they don’t get it they take action. Cash flow is the name of the game for business success. If you are finding the cash flow of your enterprise a bit of a challenge you might find a few of these ideas helpful.
1. Unless those new ideas springing into your head make money file them in the bottom of your to do tray. If they’re that important do them when you’re on holidays. I can guarantee they’ll never get looked at.
2. Get tough - don’t let any product or service leave your business without payment being made.
3. Shorten your current payment terms and make it easy for customers to pay you.
(a) Include payment terms e.g. Payment Terms 7 days on all invoices issued.
(b) Provide a credit card payment form as part of your invoice template.
(c) Include the details of your bank account for electronic fund transfers.
(d) Communicate to your customers any changes made to payment terms. Outline changes in your client newsletter or through online client communications.
4. Stop procrastinating and have the confidence to pick up the phone and follow up all accounts that are currently outstanding. They are the ones who should be feeling embarrassed not you. If people purchase products or services from your business they need to pay you for them – it’s that simple.
5. Overhaul your administration costs and work out ways to cut spending in this area. Look for ways to streamline administration tasks and procedures. Look for smarter ways of doing the same tasks but achieving better results.
6. Most importantly maintain or increase your marketing budget. When things go belly up most businesses incorrectly cut their spending in this area. Take advantage of the situation and relentlessly continue to increase your profile and presence in the market place. Whilst your competition hides away waiting for the economy to recover you’ve got the perfect chance to put your name in front of consumers that magic 7 times before they buy.
Lynette Palmen AM is the Founder and Managing Director of Women’s Network Australia W: www.womensnetwork.com.au Lynette speaks across the nation to, for and about women in business.
September 22, 2008
Communication, Networking
No Comments
I have spent the last week or so in beautiful Tasmania. I was officially on the ground to host our inaugural networking event, which took place in the usual civilized surroundings of one of the top hotels and it was a fabulous success.
However the day after the event my travels took me to the beautiful Oatlands area. We dropped in for a nosh up at a fabulous little eatery - run by two wonderfully enthusiastic young women who cooked up a storm in kitchen but it was whilst wandering the streets and browsing the shops that I got a real feel for the community that exists between the traders that line the streets of this quaint township.
As always I found myself interviewing the entrepreneurial women running the various antique and craft shops that lined the towns centre. How did they network and share ideas and what forum did they find worked best for them to exchange ideas? It didn’t take long for them to introduce me to their afternoon ritual of a cuppa on the footpath outside the shop of whosever’s turn it was to boil the kettle that day. From the footpath each store owner can see the comings and goings from their various shops and unlike in the city there is no fear of items being stolen or broken. The sense of trust was soothing for the soul.
It was an amazing experience and just exactly like a WNA Networking Event except held in the beautiful main street of Oatlands. I am not sure that we city folk have it that good after all. A big thank you to my new friends in Tassie, I loved the opportunity to take part in footpath networking. I’m on my way back in the month of November - so put the kettle on girls.
Lynette L Palmen is the Founder and Managing Director of Women’s Network Australia W: www.womensnetwork.com.au
September 12, 2008
Business Trends, Communication
3 Comments
Are you currently reading or viewing any magazines in digital format and if so how useful do you find the concept? Take a look at the mag addicts site, click on a magazine to preview and you’ll see how the concept works.
Digital magazines are the latest buzz, but I am interested in hearing your thoughts on the value you see in us offering our glossy magazine Working Women in both print and digital format.
A digital format of Working Women magazine would provide an entire copy of each edition and include functionalities such as page flipping, comment and note taking boxes, book marking and hyperlinks straight through to the websites and email addresses listed in all articles and advertisements.
There’s the obvious environmental benefit and our advertisers would gain outstanding value and amazing exposure through an increased online presence. But would you as a reader find value in the service?
For so many reasons I personally think it’s a great idea. But I am an online junkie. I currently use the web as my prime source of news, business information and resources. But in saying that, every month I also read an abundance of printed magazines, so I have a foot in both camps. I just don’t think you can replace the experience of a great read over a hot cup of coffee. So is it horses for courses? Is there a place for both formats or are we galloping ahead of the current needs and wants of our readers? Will we see the day where digital magazines become common place? Let me know your thoughts.
Lynette Palmen, Founder and Managing Director W: www.womensnetwork.com.au
September 8, 2008
Business News, Social Debate
2 Comments
German Chancellor Angela Merkel is the world’s most powerful woman for the third straight year, topping Forbes magazine’s 2008 list of the top 100 women based on their career, economic impact and media coverage.
There are 54 business executives and 23 politicians on the list, with media personalities and heads of non-profit organizations rounding out the top 100. Forbes said 45 percent of the women are based outside the United States.
Personally I was surprised not to see Oprah up there with the best, but in saying that I was very excited to see our very own Gail Kelly, head of Westpac made it into No. 11 place.
Are you surprised not to see Oprah listed as on of the 25 front runners in the most powerful women in the world?
Lynette Palmen AM, Founder and Director, www.womensnetwork.com.au
September 1, 2008
Business Mentoring, Marketing
1 Comment
Today I took 10 of the WNA Members I personally mentor to ‘The BIG Small Business Solutions One Day Seminar in Brisbane. It was a great day, attended by over 400 business owners and featuring a range of expert speakers including David Koch, but it was keynote speaker Tom O’Toole who stole the show.
I had not met Tom before, he’s the man behind the Beechworth Bakery which is one of Australia’s greatest small business success stories. Tom was both hyperactive and inspiring. He spoke about how he had built his team of 200+ employees on the belief that ‘culture is caught not taught’ and the importance good customer service will always play over price.
Anyone can bake buns and sausage rolls, but not everyone can turn selling them into a total purchasing experience. With this guy attitude is everything. He told many stories but in particular his attitude towards competition was refreshing.
He reflected on what happened when a very stylish two story bakery had opened its doors close to his own shop. Instead of worrying about the competition Tom and his team continued doing what they have always done, offering great customer service, a value based work environment for employees and a shared vision for business excellence.
Well, as the story goes, the competition couldn’t make a go of it. With several years of operation and a measly turnover of only $300k to show for it they were forced to sell up. Tom, who is a very patient man, stepped in and purchased his competitor’s operation which turned over a cool $2.3m last financial year. Not bad from a shop where the average spend per customer is $6.
It reminded me of the story of the hairdressing salon charging $20 for a style cut. Competition opened up across the road offering the same service for only $7. The original salon simply put a sign in their window “We fix $7.00 haircuts”. Price is almost never the basis on which customers make their choices. In the end it is how you look after them that matters.
The pearls of wisdom Tom shared today:
“When opportunities knock get up and open the door”
“Attitude is the mind’s paint brush and it can colour any situation”
“Serve, serve, serve the customer”
“Customer complaints are the school book from which we learn”
“If you want a great future choose to be happy”
Lynette Palmen is the Founder and Director of Women’s Network Australia. Join WNA’s weekly eNoticeBoard service free.
