20 minute read
Kevin Lovewell
Author:
Vanessa Lovie
CEO | Bsale Australia
bsale.com.au
WHY WOMEN SHOULD BE THINKING ABOUT A CAREER AS A BUSINESS BROKER
Kevin Lovewell
Business Broker and Director
M. 0401 308 385
www.negotia.com.au
Women are missing out on great opportunities in the business broking industry due to its apparent links to Real Estate and unfortunate male dominance says the Queensland Chair of the Australian Institute of Business Brokers – Kevin Lovewell.
“Despite lifestyle and income opportunities offered in the business broking industry, women are hesitant to consider this as their re-entry to the workforce because of its appearance as a boys club,” said Business Broker and Director of Negotia Group Kevin Lovewell. “Business brokers enjoy flexibility, being able to work the hours they want and operate from a home office rather than travel to one,” said Mr Lovewell.
“Yet female entrepreneurs and those seeking to re-enter the workforce see business brokers as a profession that is hard to enter, (and is) still men only.”
According to ABS, women made up almost half the paid workforce in Australia in 2020, compared to
around 30% in 1966. In addition to participating in paid work at much greater levels than in the past, women are also working longer. With cost of living increasing many women feel the need to work and balance family. As Lowell, highlights women can be very successful business brokers, its a career that they may not have considered;
“There are women I know with the education, skills and talent to dominate in this profession; the industry needs to show them an easier path to enter this industry.”
There has been a 46% increase in the number of women business owners over the past two decades. With 34% (or 668,670) of businesses having a female business owner. There are many talented women who understand business, how to manage a team, how to balance cash flow, how to run profitable enterprises and so on. Engaging more women in the business broking industry will be very advantageous for business owners and everyone involved in the process.
One of the challenges that the business broker profession faces is its comparison to real estate agents.
“Despite the fact that business brokers are governed by the Property Agents Act, and a Real Estate licence or Certificate is required to practice as a broker, the proximity of business broking to real estate sales are simply not as close as women believe.”
“A broker must be across all the business fundamentals like accounting, IR, commercial law, negotiating, market data; research and analysis… none of which property agents need concern themselves with.”
“Women still see broking as a subset of selling real estate – with all the problems present in that industry.”
The recent Real Estate Industry Australia (REIA) National Awards for Excellence saw a dramatic increase in the number of women taking out the top awards.
REIA President, Hayden Groves said 2022 has proven to be the year for women who took out 10 of the 13 individual awards.
“It was encouraging to see many more female participants in the 2022 NAFE with 45 women finalists which was a staggering 60% increase on last year.” Hayden Grove
With this female success in the Real Estate industry, we look forward to seeing more women choosing to become business brokers and assist people in the process of buying and selling businesses. The business broker environment is shifting, there has been an increase in female business brokers over the years, but Lowell highlights the need for agencies to support women to enter this profession.
“There are not enough brokers already, we are a growth industry, so it seems obvious to me that Business Broking firms should be making better use of women and should be offering better support and mentoring.”
He called for broking firms to change their recruitment and selection criteria by offering
• Qualified trainers: Ensure anyone entering the industry is trained by those with extensive experience and are equipped at passing on their skills and knowledge.
• Mentoring: Importance needs to be placed on mentoring and support to keep those who’ve entered the industry instead of risking them becoming disillusioned and unhappy.
• Flexibility: There is no reason why working conditions can’t be flexible.
“The industry desperately needs to find ways to encourage women to consider business broking as a career as it would suit many mothers who want a career but need flexibility around the children.”
Business Owner Steph Balkin agrees and says, when she wanted to sell her business, all enquiries were fielded by men.
“I was surprised, with more new Australian businesses like mine being started by women – we are significantly beating those started by male counterparts in technology, lifestyle and service enterprises – it is about time women saw broking as a way to financial freedom and a career in helping other business owners.”
WHY SMALL SURPRISES ARE KEY TO SME RECOVERY IN 2022 – HERE’S 8 WAYS TO DO IT
Author:
Milton Collins
M: 0419 464 444
miltoncollins.actioncoach.com
Milton Collins, author of Delight Disrupt Deliver, is a sought-after business coach, qualified Accountant and an award-winning business owner. As the principal of The Action Business Coach, Milton dedicates his time to helping small business owners meet the challenges and maximise the opportunities of their businesses. Visit https://miltoncollins.actioncoach.com/
Despite the problems caused by COVID-19, the Australian economy is very strong. As lockdowns have eased and borders are open, it’s important that your business stands out to retain your current clients and also develop new leads.
The most efficient way to do this is to turn your existing clients into raving fans. These ambassadors drive referrals, stay loyal and do a large part of your marketing for you. The best way to make a customer or client rave about you is to delight them.
Most people tend to enjoy surprises, just so long as they are carefully planned to really benefit them.
By pleasing an existing or potential customer, you encourage them to enjoy more of the company’s work and refer you to their friends and business associates. It also helps you retain and attract great team members. But how does a company go about delighting its customer base?
1. Provide More Than Expected
If you just complete a job or provide goods or services as expected then it does not really surprise or delight them. It is the small additional surprises that make the memorable difference. I like to provide additional information or tasters of other products that we have.
2. Demonstrate Their Return On Investment (ROI)
Make sure the client can see the return on investment by clearly demonstrating or discussing the impact with them. Show that the outcome is critical to you and that you want to make sure they see and understand the benefit they have derived.
3. Celebrate With Them
Take the time to celebrate their wins not just yours. If there has been positive results then celebrate with them. It may even be unrelated to the work that you have done with them. Celebrations can be small gifts, handwritten notes, or just taking the time to have lunch and brainstorm. Just celebrate!
4. Communication
Keep in touch and surprise them with other relevant information or what else you can do for them. Invest in their success by as much contact as possible – without being annoying. Of course make sure you get back to them as soon as possible if they contact you. Or at least send a reply letting them know when you can. In today’s world where we all juggle competing demands of our time and attention, clients and prospects are delighted when they feel that you care about them and give them priority.
5. Exceed Expectations
While it may sound cliche, under promise and overdeliver. More important than “delighting” a customer by agreeing to custom requests and accelerated timelines, make realistic commitments and then beat them. Also, keep your customer informed along the way of your progress in meeting those commitments so there are no unexpected surprises.
6. Look For And Solve A Pain Point
Ask what their concerns or problems may be and provide a solution. Don’t just try and sell your product. Delight them by taking the time to find out their pain points and offer a solution.
7. Develop A Relationship
Surprise and delight prospects and customers is by connecting with them and making the relationship about more than just work transactions. Find out about their hobbies, interests, family and even aspirations. Take them out for lunch or a drink. Get to know them.
8. Be Aware Of Their Activities
Follow their activities in the media, Facebook or occasionally google them – better still contact with a simple “how’s things?”.
It is the small surprises and delights that make you stand out from your competitors. It makes you memorable and shows that you care more than just making a sale. These raving fans can be the make or break of business recovery, and all you have to do is delight them.
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Provides businesses for sale in Sydney, Wollongong, Shellharbour, Kiama, The Shoalhaven, NSW South Coast and The Southern Highlands.
Phone. 04 3757 5200 Email. info@mmj.com.au 6-8 Regent Street, Wollongong, 2500, NSW www.mmj.com.au
Specialist agency, facilitating and managing the dynamic process of business and commercial property sales for clients.
We represent business and commercial property owners and present businesses in such a high-quality way that our qualified buyers and investors find it easier to take that next step of making an offer and executing a final contract of sale.
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FORTITUDE AND OPPORTUNITY
Jason Hayde
Bayleys National Director Business Sales
M. 027 443 9475 E. jayson.hayde@bayleys.co.nz
www.bayleys.co.nz
As parts of New Zealand appear to be reaching the Omicron peak, and news that the country’s border will be reopening to the world, small to medium businesses will be collectively exhaling after a punishing two years of uncertainty and change.
More than 90 percent of businesses in New Zealand are categorised as small to medium enterprises (SMEs) and Jayson Hayde, Bayleys’ national director business sales, said the sector can take a bow for the fortitude displayed during the pandemic’s path.
“SMEs have answered the battle cry, pivoted operations to cater to a largely-at-home audience, stood by their employees and suppliers – all while taking significant hits to bottom-lines, mental health and confidence along the way,” he said.
weathered the onslaughts and I am humbled by the grit displayed by the business community as they’ve fended off the blows that kept coming.”
In partnership with business advisory entity The Alternative Board, Bayleys has released the Summer Pulse Check based on survey responses from 3,520 small to medium-sized New Zealandoperated businesses.
While there has been an uptick in sentiment since the earlier spring survey when business owners were at their lowest ebb, there are still some compelling challenges ahead.
“Respondents indicated that vaccination mandates have not had a huge impact on workforces or businesses per se, but three quarters of business owners surveyed report they are having to manage significant labour issues,” Hayde said.
“This includes skills shortages, juggling staff absences and retaining key staff through the Omicron outbreak.
“Business owners rallied over summer, finding ways to manage uncertainty and pandemic pressures but aside from staffing, the main stressors are now rising input prices and lack of sales – with supply chain woes not far behind.”
Respondents also confirmed that some SMEs need more financial support packages, working capital and customer relationships are holding steady for now and it’s too early to know how new business lending frameworks will ultimately play out.
“From where I sit in the business sales’ industry, I applaud SMEs for the way they have navigated these uncertain times. “The learnings that have come out of the last couple of years will strengthen business operational models should we ever face such disruption in the future, but the lessons have been hard to stomach for some.
“Taking emotion out of the business equation has been necessary for survival, but the question ‘what is best for my business?’ has often been very confronting.
“Some business owners have been forced to make life-altering decisions but most have realised the importance of family, relationships, health, community support – and technology.”
Hayde said the Government has asked and expected a lot from businesses under the COVID-19 protection framework and SMEs have supported the health response by doing the right thing for the greater community good.
“Business support payments have been appreciated, but have not gone far enough to address the continuing challenges in the marketplace resulting from COVID framework limitations.
“The hospitality sector has been hardest hit by rolling lockdowns, rapidly-changing protocols, skills shortages and lack of foot traffic.
“However, the whole ‘shop local’ response has been outstanding, with people getting behind local businesses in their communities, adapting to changing operating models and complying with prescribed mandates.
“Traditional New Zealand values and neighbourly spirit have risen to the surface as everyone recognised they had a part of play in keeping trade alive.” businesses have actually thrived through the pandemic and he believes some exciting new business models will emerge from the economic and social reset.
“Innovative opportunities and pathways will be identified and given that the Kiwi number eight wire philosophy is embedded in small business DNA , I expect to see some cool ideas emerge.
“In another upside, stakeholders have seen the importance of teamwork throughout this pandemic with landlords, bankers, business owners and staff all having to pull together and work for a sustainable outcome as the goalposts continually shifted.
“Specifically, business relationships between landlord and tenant have largely matured, and it’s no longer a “them and us” situation.”
With borders reopening, and commerce wheels starting to turn again, Hayde is optimistic that the SME segment of New Zealand’s economy will once again thrive.
“I am excited to see what the next big thing will be for SMEs and how business models will evolve on the back of changed expectations, different consumer buying patterns, a revitalised appreciation for what Aotearoa can do for itself, and observations from the rest of the world.
“We have the advantage of being able to look and learn from those countries ahead of us in the pandemic cycle and New Zealand’s comparatively successful record in keeping a lid on the virus’s spread will no doubt enhance our reputation as a safe haven.”
Originally published: https://www. bayleys.co.nz/news/commercial/ fortitude-and-opportunity
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We can either work with you to guide you through the process of selling the business yourself (on our Six Steps to Sale Program) or, we can act as a broker for you and deal with everything from start to finish.
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We specialise in the selling of SMEs and large enterprises, including commercial and residential property. Our area of expertise is inclusive but not limited to hotels, child care centres, service stations, medical centres, wholesale companies, reception centres, business & property, bottle shops, cafes and bars.
Let Aslan Business Brokers lead you to your next business venture. We work hard to deliver results you want to see.
5 DIGITAL MARKETING MISTAKES YOU NEED TO AVOID
For the last 30 years I’ve been working with business owners to overcome technophobia and get the most out of marketing technology in their businesses. When I started in 1990 I could never have imagined we would see people search on Google over 3.5 Billion times every day. Yet, here we are. 95% of all customer enquiries start with an organic online search. The quickest way to lose relevance with your customers is to make it difficult for them to discover your business when they’re looking for solutions.
Because digital marketing is constantly changing I’ve collated the top 5 mistakes business owners are making (so far) in 2022.
Author:
Tracy Sheen
E: info@thedigitalguide.com.au www.thedigitalguide.com.au
Tracy Sheen is a small business digital trainer, certified practicing marketer and author of Australia’s 2021 business book of the year The End of Technophobia (BookTopia $34.95). Tracy is a 30 year veteran of small business marketing and technology who is passionate about helping close the digital divide in Australia.
MISTAKE 1: Crowdsourcing Your Digital Marketing Advice
Asking your mates for their advice on your digital marketing is like asking a plumber to check your weird-looking mole.
You know they aren’t qualified to give you an opinion and you just wouldn’t ask. So why are you posting on social media with your digital marketing questions?
Just like you’d only ask an accountant for advice on your financials, only get advice on your marketing from the experts in that space. It’s the only way to find out what’s right for your business and your customers.
Mistake 2: Having Tone Deaf Marketing
Over the last two years, people have been smashed by generic, irrelevant emails that seemed oblivious to their situation.
While EDM (electronic direct mail) has a key role in digital marketing, there is no room for laziness with your audience.
Take the time to really understand and segment your email database. Lean into the technology that ensures you’re creating strategic and relevant content. This is what keeps your audiences engaged and wanting to hear from you.
Oh, and the same goes for your social media posts. If your clients are doing it tough because of an external situation don’t try to sell to them. Be there for them, acknowledge what they’re going through and offer support or content that will add value to them. Our clients remember those who support them when they need it.
Mistake 3: Ignoring The Clients You Already Have
I keep seeing business owners who are constantly trying to add new people to their list, while they ignore existing clients or people who’ve previously engaged with them.
In fact according to Invesp it costs 5x more to attract a new client than it does to sell to an existing one. And, existing clients are 50% more likely to try a new product as compared to 31% of new clients.
It’s taken time, money and effort to build those contacts so don’t leave them out in the cold while you chase new butterflies. Create targeted communication that shows how much you value them for being a past client. And remember, people can be on your list for years before they buy.
Mistake 4: Pushing People Down A Marketing Funnel
I’m absolutely gobsmacked that in 2022 some marketing companies are still talking about funnels.
Whatever way you slice it, if you put people into a funnel they drop out the other end. I don’t know about you but I don’t want anyone to drop out. Instead, think of a wheel that constantly comes back around to meet people, wherever they are.
When you’re creating assets for your digital marketing, you need to consider the various stages your customers move through and create content that meets their needs at each point. Whether they’re ‘just looking’, are ready to purchase or are existing clients who want to buy more or refer you, you don’t want to leave anyone behind.
Mistake 5: Thinking One Size Fits All
For a while, it was acceptable to create one piece of content and then share it across all of your social media platforms.
I’ve never been convinced that’s a smart move, and research is beginning to indicate that our clients don’t like it either. Take the time to tailor your content to suit the different platforms and the people who use each one. We all enjoy the feeling that a business created something just for us.
Your Big Takeaway
The big takeaway from the last couple of years is this: we’re now all in the community building business. Everything you do with your digital marketing needs to engage and attract people to join your community.
The businesses I observed doing better during the pandemic had a community around them; a group of people who, as a colleague said, “will fight to keep your business alive”. Smart businesses consistently engage with their community with a variety of content across different mediums, providing relevant information for their people at every stage of the buying cycle.
People are tired of the faceless brands; they’re looking for the real personalities behind the businesses they interact with and purchase from. Make sure your business is one that people believe is worth staying connected to.
SYDNEY
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Our brokers are hand-picked for their integrity, professionalism, and team mentality; which means that you get the strength of every member of our team working for you!
We provide access to expert specialists in your sector; they will advise on current market trends and determine the best approach to meet your business needs.
We have award-winning valuation and marketing tools, fine-tuned after decades in the business. We stay ahead of the pace and deliver advice that is both informed and current.
We offer you a team of experienced experts who are uncompromising in protecting your confidential information - rigorous, industry-leading training results in sound, smart advice. Our brokers boast real-world experience and the highest professional standards.
LINK has been connecting business buyer and sellers since 1996. We are trusted to get results.
If you are thinking of making a business transaction now, or in the future, ensure that you get the right advice the first time. We are ethical to the core; that’s why we are the largest and most trusted business brokerage in the world!
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