THE SMALL BUSINESS BLOG

Guide to Winning New Clients

Feb 7, ’12 2:59 PM

Author Stefan Töpfer (Editor) Categories Business Marketing, Guest Blog

Your business will only succeed if you have a healthy client base. In that respect any business, big or small, faces two continuing tasks. Winning new clients and keeping existing clients. Both are as important as each other and together they will ensure the success of any business. In the current economic climate, winning new business can be extremely difficult, but there are various techniques you can use to your advantage.

Here we’ve got a few tips on how to win those all important new clients.

Corporate hospitality

Corporate hospitality is a great way to show potential clients how much they are valued to you. In the UK at the moment, one of the best options for this is by purchasing hospitality packages at major sporting events. Think how much your clients may enjoy a corporate day out one of the top Premier League clubs in the country. It’s all about leaving a lasting impression on your potential new clients. If you can prove you’re willing to go the extra mile to secure their business they’ll be assured of your commitment towards them as clients. Providing them with an unforgettable day out will ensure your enterprise is never far from their thoughts when conducting business.

Conduct press relations

The personal relationships you have with key editors of local magazines and national publications can be critical to the public exposure of your company. Public relations is one of the most credible and cost-effective ways to capture the attention of your target market. When you wish to promote new aspects of your business it’s important to issue press releases and use your network of contacts to ensure these are published, grabbing the attention of your target market. Furthermore you can assemble professional press kits to begin making some contacts, by packing together the following: a detailed description of your business, company literature, contact information and any relevant photographs.

Put in place an internet marketing strategy

There are various ways you can use the internet to win new clients and new business. These options range from pay per click advertising, blogging, use of social media and search engine optimisation (SEO). If this isn’t necessarily your forte, look into the possibility of employing internet marketing experts to conduct this on your behalf. With continuous traffic each and every day there is huge potential for securing new clients through online means.

GUEST BLOG: This helpful business advice was provided by The Executive Club at Manchester United

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Busting a few blogging myths for small businesses

Feb 4, ’12 2:59 PM

Author Adrian Swinscoe Categories Blogging, Business Marketing, Marketing/PR

When I speak to business owners, whether to a group or one on one, about social media and, particularly, blogging, I often get a sense of unease in the room.

A lot of that is to do with people’s fears about writing, being wrong, being creative, having enough time, criticism from others etc etc.

This post aims to bust a few myths about blogging is and is not, from my perspective and was inspired by an exchange I had with another blogger on this site, Lorraine Allman, the other day on Twitter where I shared my perspective on blogging and what it is to me.

So, let’s bust a few blogging myths:

A great blogger does not need to be a trained writer. Like Seth Godin says in Talker’s block write like you talk. Everyone has something to say.
Blogging is like a muscle. You have to train yourself to get better. However, with practice you do get better.
When you blog, you don’t have to be right.
Blogging is about sharing your opinion, your analysis, your perspective.
Blogging lets people know what you stand for, should be part of your branding efforts. In a world, where many of us are looking for a more personal approach to doing business with a company or a person this is a great way for you, your personality and your thoughts to reach beyond you needing to be there.
A blog post doesn’t need to be long. In fact, some of the best blog posts I have ever seen are short.
A blog post doesn’t need to be written. It could be a video or a sketch or a photo or an audio recording (podcast) or a slideshow or……

Shall we blog?

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Top 5 Tips for Resolving Business Conflict

Feb 1, ’12 4:42 PM

Author Stefan Töpfer (Editor) Categories Top 5 Tips

The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.

1. The first step is to work out what the actual problem is. Encourage employees who have issues within your business to speak up about these problems.

2. As the business owner, make sure that you remain impartial in any internal conflict. Don’t get involved in arguments between individuals until you know all the facts.

3. Be prepared to ask people to make concessions in order to reach an agreement that is suitable for all parties.

4. Find out from all parties what their ideal resolution to the conflict would be.

5. Ideally you should aim to prevent conflicts from ever developing in the first place. Take a look at the flashpoints that are causing them to occur and work to remedy them.

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Data management – failing to plan is preparing for failure

Jan 31, ’12 6:00 PM

Author Stefan Töpfer (Editor) Categories Disaster Plan, Guest Blog

In the 1980s, the idea of protecting your company against a data loss may simply have been a policy of “back that file up on a floppy disk”. Fast-forward a quarter of a century and the reliance on digital systems is so massive it is a safe conclusion to say that the vast majority of companies would be unable to function should their IT systems breakdown. With this in mind, two new business sectors have developed: Business Continuity Planning and Disaster Recovery.

How does Business Continuity Planning and Disaster Recovery work?

Business Continuity Planning and Disaster Recovery are very closely linked and essentially describe a company’s ability to react and recover well in a time of crisis. This is achieved through the planning and procedures involved in Business Continuity Planning and Disaster Recovery.

Effective examples of company’s adopting Business Continuity Planning and Disaster Recovery work include:

Putting measures in place to minimise and eliminate threats to key personal and facilities;
Creating strategies to manage crisis communication;
Putting action plans in place to protect the reputation of a business in the aftermath of a disaster;
Preparing network communications and IT infrastructure so that a company is confident it can get back up and running as quickly as possible in a worst-case scenario.

The importance of Business Continuity Planning and Disaster Recovery

An effective Business Continuity Plan and Disaster Recovery procedure can be the deciding factor between the long-term success or failure of a company. It is estimated that for every 20MB of data that is lost, someone would have to spend 19 days re-typing it, while nine in every ten companies that suffer significant data loss, without having put plans in place, go out of business within two years.

Key factors to consider when putting procedures in place

Scenario assessment – establish what the impact would be, before the disaster strikes;
Resuming business – put step-by-step plans in place detailing how to get back on your feet should the worst happen;
Data capture – take extensive measures to reduce the risk and amount of data that could be lost in a disaster;
Best practice for recovery – it is crucial to know exactly how you are going to implement your plans, often communicating across various locations;
Compliance – make sure your plans are in-line with regulations for safeguarding sensitive data.

Getting it right

Remember, reacting to a disaster effectively is crucial for business, but it also plays a significant role in the lives of all the staff associated with the company. When livelihoods are at stake, it is the company’s responsibility to get it right for the sake of its employees and its shareholders.

GUEST BLOG: This business advice article was provided by Iron Mountain Incorporated.

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Factoring for start-ups

Jan 30, ’12 6:14 PM

Author Stefan Töpfer (Editor) Categories Guest Blog, find funding

There are several types of business in the UK – but one thing every business has in common is a starting point.

You need cash to start a business. There’s a lot to do and one essential job is finding the right source of business finance. You might have a leading commercial idea but without this immediate injection of funds, your new business will most likely not go anywhere.

Nonetheless, thousands of entrepreneurs do find the money to start a business. How do they find these funds? How do they get started?

Start-up Finance options

The most immediate form of start-up finance is capital provided by the business owner(s). Before pouring out your life savings into your new business, it’s important to fully understand what you are doing as every business is not guaranteed success.

However, there are several types of business loans available for new starts. A bank loan or overdraft may be used to provide short-term working capital. Bear in mind that banks often require security and evidence of trading results before lending out to businesses. In addition, asset finance, through hire purchase and finance leasing, can be used for the acquisition of fixed assets such as machinery and property.

Further capital can be obtained by approaching a business angel. Borrowing money from friends and family can do you some good in the interim. The good news is you could receive all the funds you need at very low costs. However, this form of financing could require you to give up some control of your business – resulting in a smaller share of future profits.

Factoring – financing facility for start-ups

Factoring can provide essential finance early on in a business’ life. Factoring is a form of cashflow funding that allows you to release cash from outstanding invoices as soon as they’re raised. The funds released could be up to 90% of the cash tied up in your business’ sales ledger, with the funds made available to you usually within 24 hours. The remaining 10% of the funds would be paid to you once your customer settles their invoice, less any charges.

One of the greatest difficulties faced by start-up business is cashflow gaps created by late-paying customers. Most businesses tend to operate on credit terms of up to 90 days which unfortunately puts a strain on a new company. Factoring creates a strong cashflow that enables a new business cover its start-up costs.

Citing a manufacturing firm as an example, the funds advanced by the factor can be used to pay for raw materials against its next order. On the other hand, the funds advanced to a start-up recruitment firm could be used to invest in expenses such as advertising for job vacancies.

The Benefits of Start up Businesses Factoring

Working Capital

Take advantage of high cash advances of up to 90%, against the value of your sales ledger, usually within 24 hours. You no longer have to wait 60-90 days to get paid by your customers.
The funds advanced provide additional working capital to businesses. In working capital we mean adequate cashflow to cover payroll, operating costs, make initial payments to suppliers or to reduce existing debt. This allows your business to continue to grow without the fear of over-trading.

Early supplier discounts

Funds advanced through factoring create opportunities to save money. Most start-ups are plagued by cashflow challenges and need to ensure that every penny is well spent and every potential discount needs to be utilised. Factoring boosts your bargaining power and enables your business to benefit from early supplier discounts.

Flexibility

Factoring grows in line with your business. This means that as your business’ turnover rises, you could have access to more funding. There’s no need to increase your credit limit with other facilities.

Factoring is flexible in the sense that you have better access to/ control over your finances. Once you stay within the funding limit, you can choose to borrow as much or as little as you want.

Credit Management

Factoring is not just a ‘funding-only’ facility but also has a service element attached to it where the factoring company handles the credit management on your behalf. This involves full administration of your sales ledger which eliminates the burden of chasing customers and collecting payments. By outsourcing the credit control management, cash can be collected in a timelier manner, thus reducing the pressure on your start-up demands. This allows you to concentrate on starting your business.

Bad Debt Protection

If required, factoring could offer bad debt protection. This is by means of a non-recourse facility where the factoring company bears the risks associated with your customers defaulting. You are protected against bad debt that might otherwise have to be written off as an expense to your business. This is a major comfort to start-ups looking for expansion as they are relieved of the uncertainties about late (and overdue) customer payments.

GUEST BLOG: This business advice article was provided by Touch Financial, the Factoring specialists.

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Some bad customer feedback can make your good customer feedback shine even brighter

Jan 28, ’12 11:59 AM

Author Adrian Swinscoe Categories Small Business / SOHO

In a recent article from Econsultancy: Bad reviews improve conversion by 67%, which referred to a study undertaken by Reevoo (a provider of impartial product reviews, ratings and price comparison) called Bad Reviews are Good for Business, they found that “68% of consumers trust reviews more when they see both good and bad scores” and if customers don’t see ‘poor’ reviews “30% suspect censorship or faked reviews”. To add extra power to this, when prospective customers actually read bad reviews they 67% more likely to convert into a real customer than the average prospect.

How does this work? Well, if we think about it from the customers perspective it’s all to do with thinking about what could go wrong and minimising risk, something I wrote about in my last post: Sometimes great customer service only needs to be easy and familiar.

So, why given this compelling data, do not more companies look for and publish bad reviews or feedback?

From my perspective, I think it is because not many people like criticism and most people are afraid of it, especially if it is emotionally charged and not necessarily constructive. However, if you are brave enough to look for it and really listen to it then it can offer perspective and incredible insight into how you, we, our businesses have not met expectations and where we can improve.

It was Alexander Pope that said:

“To err is human; to forgive, divine.”

Therefore, bad reviews can be signs that we are human but it can also give us the opportunity to show how we respond in the event something does go wrong.

For me, that’s one of the most important opportunities that we have in life and in business.

I think that we must accept that we will make mistakes. But, the most important thing is how we respond to those mistakes to fix them. Check out: Wow! Customer Service: How to lose or win a client for life in 3 easy steps for two contrasting responses to responding to a bad experience/review.

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A Mini Guide to Business Insurance

Jan 27, ’12 7:00 AM

Author Stefan Töpfer (Editor) Categories Business Insurance, Guest Blog

There are many different types of insurance cover that a business will need to look into, and some that are required by law. You can find a full listing and evaluation of these on online comparison sites like Money Supermarket. But here is a list of some of the main policies that should be considered by businesses and details of what they provide if something goes wrong.

Personal Liability insurance

This type of insurance provides cover for claims for compensation from people outside your company; this may include people injured at your place of work or members of the public who are injured or belongings damaged because of your company. This policy will cover any compensation or legal costs resulting from a claim against your business.

Employer’s Liability insurance

If you have any employees then you need to take out this insurance by law. The policy protects you if your employee is injured at work, or becomes ill because of their work. This policy will also cover any legal costs accrued. You must purchase a minimum of £5 million in cover by law if you have any employees, although many policies will automatically cover you for £10 million.

Property Insurance

The insurance will cover you if there is any damage to your place of work or your tools. This may include anything from flood damage to theft. If you take out this insurance you need to calculate how much it would cost to replace everything in your work place, down to your office tables and chairs.

Professional indemnity

Professional indemnity will cover you if your client loses money because of a mistake you have made, or because the work you have provided is deemed substandard. If your client makes a claim against you, this policy will protect your business by paying for compensation and covering any legal costs.

GUEST BLOG: This helpful business advice was provided by Roger Nuffield.

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End of ARC’s or Automatically Renewable Contracts

Jan 26, ’12 2:28 PM

Author Stefan Töpfer (Editor) Categories Guest Blog

Ofcom’s ban on automatically renewable contracts (ARCs) or ‘rolling’ contracts came into effect on 31st December 2011. This means it is now unlawful for telecom providers to roll customers over onto a new contract without their permission. But what does this mean for small businesses?

Simply, if you are a consumer or a business with less than 10 employees, the new regime will give your business more control over how much you are paying for a business telephone and broadband package, more freedom to shop around for the best deal and will make it easier to switch providers.

The process used to be that thousands of customers with phone lines coming to the end of a 12-18 month contract would find themselves signed up to the same provider for another 12-18 months unless they actively opted out of the renewal in a specific time frame. This usually incurred a penalty charge.

Automatically rolling contracts tied customers into another contract without the customer signing anything. So telephone and broadband contracts across the country will now be much more flexible for customers and businesses with less than 10 employees.

Ofcom states that 15% of consumers were on these automatically renewable contracts. The ban came into effect because Ofcom was concerned the rolling contracts made it difficult for customers to switch providers and so there was less competition within the broadband and telephone market. The argued that the rolling contracts make switching unattractive to consumers as they are put off by the costs related to cancelling a contract.

BT disagreed with Ofcom’s ban stating that it didn’t think it hindered competition in the telecommunications industry. Ofcom investigated the issue and found many unhappy customers who felt duped into staying with their providers for another year.

Consumer watchdog Which? backed the ban, saying that telecom companies should focus on offering great value deals with top-notch customer service, so that their customers are happy to stay with them voluntarily rather than being tied in by over-restrictive terms and conditions.’

GUEST BLOG: This informative business article was provided by Nadine Bourne of XLN Telecom.

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THE SMALL BUSINESS BLOG

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Guide to Winning New Clients

Top 5 Tips for Small Business Videoconferencing

Top 5 Tips for Resolving Business Conflict

Data management – failing to plan is preparing for failure

Factoring for start-ups

Some bad customer feedback can make your good customer feedback shine even brighter

A Mini Guide to Business Insurance

End of ARC’s or Automatically Renewable Contracts

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