November 30, 2008
Business Trends, Communication, Free Business Tools, Marketing
No Comments
Like it or not if you own a business and intend to be successful you’ll have to get your head around social media and exactly how you are going to implement it into your business.
It’s not rocket science predicting the future and how consumers will be communicating and gathering information on which they will make all purchasing decisions, just take a look at any 10-21 year old. They can barely go 3 hours without logging onto their favourite SocNet site to catch up on the latest gossip and who is saying what about whom.
Now you might not think this is doing them any good (that’s the mother in you talking) but the fact is to succeed in a commercial enterprise your focus needs to be on meeting market demands, not making value judgements about how people choose to live their lives. (Unless of course you’re running a counselling service for online addicts) So if you don’t want to end up on the quaint bygone era business junk pile, you’d best get with the program.
The other day I came across this great little eBook about social media for small business owners. It’s a perfect read for small business owners and entrepreneurs seeking to leverage social media to expand and enhance their businesses. You’ll learn the basics about social media, including tips on how to get started with social networking, social bookmarking, blogging, micro blogging and more.
It’s a 23 page PDF doc written by John Jantsch from ‘Duct Tape Marketing’ and better still it’s sponsored by Microsoft Office Live Small Business which means it is yours for FREE (no registration required either). Follow the link to download Let’s Talk - Social Media for Small Business by John Jantsch for free.
Lynette Palmen AM - Founder and Managing Director of Women’s Network Australia speaks to, for and about women in business and issues relating to their success. Visit www.womensnetwork.com.au
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 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.
