Let’s Talk Business
Let’s Talk Business Back To Basics Business Solutions - Support for Small Business
Volume 2 Issue 21 - August 2014
Attempts To Reduce Anti-Competitive Behaviour In The Marketplace Is Not Supported By All
Inside this issue
Cover Story - Attempts To Reduce Anti-Competitive Behaviour …......................2
The Eight Keys to Effective Interviewing Dr Tim Baker …..….............3
Biz Snippets …………….......4
Marketing for Success Dennis Chiron………...........5
The Two Great Myths Geoff Butler ………………..6
How Do You Increase Your Sales, While Charging More Than Your Competition? Dan Buzer ……..…………...7
How to Choose Your Perfect Web Designer Karen Ahl ……..………..….8
The Principles of Accident Prevention Ron Court …..…….…...…...9
Cashflow Management for Your Business Jo-Anne Chaplin………….10
Editor’s BizTips ……….….11
LTB Objectives …..........…12
Professor Graeme Samuel, former ACCC Chairman
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Let’s Talk Business
Attempts To Reduce Anti-Competitive Behaviour In The Marketplace Is Not Supported By All Economists have expressed serious concern about calls from farm advocacy groups for a legal provision that could prohibit big businesses from engaging in behaviour that would substantially lessen competition in marketplaces. In its submission to the Government's Competition Policy Review, the National Farmers Federation has proposed a hybrid version of the 'effects test'. The current law maintains that big businesses with market power can't misuse it with the intent or purpose of substantially destroying a competitor. Professor Graeme Samuel, from Monash University's Faculty of Business and Economics, and the former head of the competition watchdog, says an effects test, in theory, would go one step further.
farmers complain of, which is the behaviour of big retailers and big processors dealing with them." Professor Samuel is concerned the NFF and other rural lobby groups are misinformed about the benefits of an effects test for farmers. "If a small farmer is done over by a big business that's not going to substantially lessen competition in a market," he said. "I think the focus towards the effects test is entirely misplaced. And it's not the NFF's fault. "Politicians have, for decade after decade, promoted amendments to the misuse of market power provisions, which is the provision that the effects test is being focussed on, thinking that that's the one that will deal with the sort of complaints of the constituents. "Well, no, it's not. It has no application."
Professor Graeme Samuel,
"It will impede economic growth, it will impede the ability of big business to engage in normal, economic behaviour, but most importantly it will have no impact on the sort of behaviour that the
"That third limb of the test, the 'purpose', is not a barrier to litigation at the moment. "So I think the people that say, 'We're having trouble proving it so let's substitute or add 'effect' to the 'purpose' limb, are really missing the point. "The litigation that fails, fails not because of a failure to establish purpose but because they fail to establish the taking advantage, this causal connection." Mr Williams says farmers who tried to prove the effects test against big businesses allegedly misusing market power would most likely be unsuccessful. "Farmers would still have to establish that the reason they're in trouble is because of the market power of the supermarket," he said. "They'd have to establish it's not due to their inefficiency or them being too small (a business)."
"Some regulators have said that it's too hard to prove that there's an intent or purpose that will drive a competitor out of the market," Professor Samuel said. "And thus what they want is to change that to a test of engaging in any conduct that is not misusing your market power but simply engaging in any conduct at all that would have a substantial anticompetitive purpose or effect.
"If all that happened was that the word 'purpose' was cut out and the word, 'effect' was left, my guess is that there would be very little change at all in the conduct that the courts would find illegal," Mr Williams said.
"Markets are tough, unpleasant and difficult places to operate and I think businesses who look to competition legislation to protect them against unfairness are basically looking in the wrong direction. Phillip Williams
Chairman of Frontier Economics, Philip Williams, agrees a change from a purpose to an effects test provision would have little benefit for farmers and small businesses owners.
"What competition law does is say, 'Provided you're competing on the basis of efficiencies there's no protection from the legislation'. **From a story from Lucy Barbour, ABC Rural 2
Let’s Talk Business
Dr Tim Baker Managing Director WINNERS AT WORK Pty Ltd
The Eight Keys to Effective Interviewing
www.winnersatwork.com.au www.about.me/tim.baker tim@winnersatwork.com.au
Telephone. +61 7 3899 8881
Editor’s Note:
questions should be avoided.
Dr. Tim Baker is an international consultant, successful author, keynote speaker, master trainer, executive coach, university lecturer and skilful facilitator.
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In a nutshell, he has conducted over 2,430 seminars, workshops and keynote addresses to over 45,000 people in 11 countries across 21 industry groups. “"Dr Baker leads the world in offering an innovative new approach to appraising employee performance. His research and energy in the specialised field of performance management is evidenced by his international profile as a renowned speaker, management consultant and facilitator" . Stephen Hartley, Australia’s leading expert on project management and author of " Project Management: Principles, Processes and Practices. The costs of hiring the wrong employee and the opportunities for hiring the right ones is often a result of the quality of the interview process. What are the fundamental do's and don'ts that are critical? Here are eight do's and don'ts that are vitally important. Do's 1.
Open-ended questions
Ask questions that allow the candidate to elaborate and expand on their responses. Questions that begin with Why, What, Where, Which, Who, and How are the best question openers. In contrast, asking leading or closed
Behavioral questioning
Ask the candidate for examples or critical incidents from the past experience to back up their responses. For example: How would you go about dealing with a difficult team member? What examples can you site from your past experience? 3.
Rhythm
Rhythm is a process that starts with a question, followed by a comment and elicits more information. In contrast, interrogation is question, answer, question, answer. This model prevents the candidate from elaborating on their answer. It is best to ask the question, then make a comment such as "go one", "tell me more" or repeating key words from the candidates previous response such as "you were stressed" after they have said something like: "It was a difficult situation I was in, I felt stressed" 4.
Putting the candidate at ease
Remember, the idea of an interview is to put the candidate at ease, not to put them under pressure. There is enough pressure already; you don't need to add to this. Your job is to bring the best out of the candidate. Smile. Adopt a friendly attitude. Nod. Give the candidate time to respond and so on.
launching into the next battery of questions. Silence will be filled by the candidate if you keep quiet and allow them to expand on their response. 6.
Ask tricky questions
Asking a candidate to explain their worse habit is not a good question. They are unlikely to tell you, and if they do, they will give you a very mild version of that habit. Stick to the script. Ask questions related to the role only. 7.
Plan questions
Spend time with the panel and get agreement on the set of questions to ask. Be consistent. All candidates deserve to be asked the same set of quality questions, otherwise the process is unreliable. 8.
Don't write too much
Make eye contact and don't take copious notes. While you are busy writing all the responses, you are missing vital non-verbal ques. Listen to their responses. Be attentive. Write your notes at the end of the interview and allow for a full interaction to take place. There are many other do's and don'ts, but these from my experience will go a long way towards a quality interview.
Don'ts 5.
Not allowing the candidate to elaborate
Silence is powerful. Let the candidate finish what they are saying before
Dr Tim Baker is an international consultant and author of The End of the Performance Review; A New Approach to Appraising Employee Performance. www.winnersatwork.com.au 3
Let’s Talk Business
Lost Balloonist
HUMOUROUS SIGNS
A man is flying in a hot air balloon and realizes he is lost. He reduces his altitude and spots a man down below. He lowers the balloon further and shouts: “Excuse me, can you tell me where I am?” The man below says: “Yes, you’re in a hot air balloon, hovering 30 feet above this field.” “You must work in Technical Support,” says the balloonist. “I do,” replies the man. “How did you know?” “Well” says the balloonist, “everything you have told me is technically correct, but completely useless.” The man below says: “You must be in management.” “I am,” replies the balloonist, “but how did you know?” “Well”, says the man, “you don’t know where you are, or where you’re going, but you expect me to be able to help. You’re still in the same position you were before we met, but now it’s my fault.”
Funny Business Lazy Workers A quote from an interview with the head of a growing company. Journalist asks: “So how many employees are working in your company” The boss replies: “Approximately half of them”
Worker with Imagination Several weeks after a young man had been hired, he was called into the personnel director’s office. “What is the meaning of this?” the director asked. “When you applied for this job, you told us you had five years experience. Now we discovered this
is the first job you’ve ever held.” “Well,” the young man replied, “in your advertisement you said you wanted somebody with imagination.” Quick Thinking? Deciding to surprise her husband, an executive’s wife stops by his office. As she walks in unannounced, she finds his secretary sitting on his lap. Without hesitating, he begins to dictated a letter… “And in conclusion gentlemen, budget cut or not, I cannot continue to operate this office with just one chair.” QUOTES & QUIPS
Ambition is a poor excuse for not having enough sense to be lazy
Do not underestimate your abilities. That is your boss's job
An expert is someone called in at the last minute to share the blame
For maximum attention, nothing beats a good mistake
I have to work hard because thousands on welfare depend upon me
If we knew what we were doing it wouldn't be called research
The light at the end of the tunnel has been turned off due to budget cuts
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Let’s Talk Business Dennis Chiron Marketing Means Business 0451 184 599 www.marketingmeansbusiness.com
dennis@marketingmeansbusiness.net.au Skype: dennis.chiron2
Marketing for Success Every business owner I know shares one thing in common: they all have a strong desire to create a stable, steady, successful business that achieves profitability and grows over time. But not every business owner knows the “recipe” that makes this possible. So what is the recipe – the formula? In a word, it's marketing. But what does the word 'marketing' mean? It means a lot, lot more than just getting the word out about your business? In its most complete form, marketing is about so much more than simply letting people know that your business exists (although that's an important piece of the puzzle.)
at the same time as you clarify achievable goals and create realistic plans to meet them. At its best, a strong marketing campaign and plan helps you understand:
Understanding customers' needs
Providing real benefits
In many ways, these three essentials all reiterate one central concept: The relationships between successful businesses and their customers depend on careful understanding and reliable fulfillment of human needs. The business owner understands what people need, and does everything he can to meet those needs. A strong marketing campaign is much more intense, and it provides many benefits that help you attract customers
Who are my potential customers?
What kind of people are they?
What are their incomes? What are their needs?
Your target customers
Where do they live?
Your competition
Can they buy? Will they buy?
The full range of opportunities available to you
Am I offering them real benefits, when and how they want them?
The best way to attack those opportunities
Is my business in the best place?
Is my pricing right?
Appropriate pricing
The marketplace in which you operate
How do customers perceive my business?
Who are my competitors, and what is my edge on them?
How does my business compare with my competitors'?
Whether you own a small or large business, if you're in the game to succeed, a well thought out marketing campaign and plan is one of the best tools you can employ along the way.
In order to succeed, you must establish relationships with customers.
Establishing trust and rapport
Who are my customers?
Your business
… and a whole host of other issues that will help your business grow to achieve the success you wish for.
In fact, in many ways, getting the word out is one of the last steps in a good marketing plan.
The strong, lasting relationships that will ensure your success are built on:
yourself the following questions:-
Understanding Customer Needs
Customers always have expectations when they walk into a business, and those businesses who provide the highest level of service will know how to identify those expectations and meet them to the customer's satisfaction (or beyond).
Most business owners have an intuitive understanding of their customers’ needs -- but that intuitive understanding becomes a much more powerful tool if you articulate and analyze it.
By focusing on your customers needs and developing a culture of pro-active and responsive customer service in your business, you can enhance relationships and build customer loyalty and customers will want to come back.
Only then can you fully understand how to most effectively build the kind of customer relationship that will help your business succeed over time -- this principle is central to many marketing and business coaches.
The quality of your customer service is almost wholly determined by your ability to meet your customer expectations, and understanding your customers needs and wants.
As a starter step in your planned marketing campaign, you should ask
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Let’s Talk Business
Geoff Butler FAIM AP, MAITD MACE Principal/Business Improvement & Implementation Specialist
The Two Great Myths
Business Optimizers Mobile: 0414 943072 Fax: 3036 6131 Email: geoff@businessoptimizers.com.au Skype: business.optimizers1
It’s my belief that we as business owners have been sold two great myths of the twentieth, and now the twenty first century.
was given the choice of which of her children lived and died. A very sad story that ultimately resulted in her going mad.
The first of these is that Time is Money. What you say! We’ve always been told that time is money, and to some extent that is correct. Time is money for our staff, and all good leaders and managers absolutely need to measure how effectively our staff are generating income within their paid time.
The equivalent for all of us is if asked to give up one thing out of money, health and relationships, I can guarantee that almost everyone will say they would give up the money.
However, for us as business owners, it is absolutely imperative that at some point we are able to disengage our ability to earn money from time. After all, how much is enough money? For most of us it’s just a bit more than we have now, and then when we get that we find we still need just a bit more. If our ability to increase our income is directly linked to time, it ultimately means that we just end up spending more and more time at work, which probably isn’t the reason we went into business in the first place. Tom Poland, a high end executive mentor calls it the Sophie’s Choice of life. You may remember the famous movie about a young Jewish mother at the gates of a death camp that
But what happens in reality? People give up their health, and their relationships with family and friends in pursuit of the holy dollar, and then pay them off with some kind of cheque book love but buying them gadgets to make up for our absence. You first and only job everyday in your business is to make yourself redundant, because until you do, it will be reliant on you being there more and more. If you stop, it stops, and if you try and sell it no one will want to pay much for it. In the end, you need to disengage your customer’s relationship with you personally, and replace it with an equally strong relationship with your brand, knowing no matter who they deal with in your business, they will have same experience.
by people, the government and media telling us that the only way to succeed is growth. To my way of thinking, bigger is only better if it satisfies two important criteria. Firstly, if it gives you better economies of scale. This means being able to buy at better prices, improve your efficiencies by batching production or investing in more technology to improve output. Secondly, and just as importantly, growth is only better if you can maintain the efficiency of a small tightly managed business. It’s a sad fact that as any business gets bigger it becomes more inefficient. This means that it takes more sales to generate profit. When we start our business we know where every dollar is, and where they go because there are generally so few of them. Unfortunately, as businesses grow we tend to lose this tight control and costs creep, wastage increases and efficiencies suffer.
You also need to have in place the structures, system and measurement so you can manage it strategically, and not just operationally.
Once again structure, systems and measurement will be your saviour if done well. Remember, when it comes to business Size isn’t everything!!
The second myth is that Bigger is better. We are constantly bombarded
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Let’s Talk Business
Dan Buzer Profit Mechanics 0414 567 188 www.profitmechanics.net/ dan@profitmechanics.net
How Do You Increase Your Sales, While Charging More Than Your Competition? The better your business communicates your products or services deliver benefits the customer wants, in a way that they want it - the higher the price you can ask. When you take the time to understand the needs and wants of your target market you can establish your uniqueness in the market place. ‘A Grade’ customers prefer to pay more for benefits. If your customers baulk at prices, they either don’t care about the benefits you are offering or they simply are NOT ‘A Grade’ customers. ‘C Grade’ Customers (Challenging) tend to want cheap, not extra benefits. Think of the car manufacturer, Ferrari. Why can Ferrari sell its cars for up to twenty times the price of many cars on the market? Is a Ferrari twenty times faster, more fuel efficient or more comfortable than other cars on the market? The answer is no. So why does Ferrari have the ability to charge twenty times more than most cars? Because Ferrari is unique! Ferrari focuses on developing a reputation of a unique, high quality brand. Their USP of excellence is not only reflected in the cars they sell. Ferrari demonstrate their USP of obsession with quality to every area of their business. For example; Who they sponsor and how they present themselves, their website, letters, brochures, show room floor, customer service and even their
factory floor! Your USP should be so powerful and identify with your ideal customers so clearly that you can confidently “shout it from the roof tops”. Your USP should be on your stationery, signage, vehicles, banners, business cards, radio ads, TV ads, promotional material, etc. Your USP could even be a headline to your advertising.
make sure your USP is being delivered consistently?
When will you ‘check in’ with your customers to make sure your USP is perceived as being an important factor to them?
Your USP may stay the same for the life of your business, or it may change regularly. Develop a system to monitor the effectiveness of your USP.
Some successful businesses have even used their business name to share their USP!
Take the time to get this right. It is a key element to your sales, marketing and business success. Your USP is your unique businesses identity.
What is unique about your business that your customers would consider a fantastic benefit?
How do I know my USP is not working?
Here are some examples to consider … Absolutely, positively overnight! Get it first time or get it free! At your door in 30 minutes or it’s
free!
If
we waste your time the appointment is free AND we’ll pay you $50 for wasting your time!
Coke is it! 11 Secret Herbs and Spices
Once you have established your USP, the next task is having a strategy to integrate it into your business. Some things to consider are …
How will you insure that your market place knows about the ways that make you unique from your competitors? What systems need to be adjusted to
Answer … you compete on price! If you drop your price to make sales, something is not working the way it should be. The goal is to continually innovate and find ways of adding value to your customers so that they are happy and willing to pay more for the experience of dealing with your business. If you would like to experience a complimentary review of your business that takes less than an hour, call me on 0414 567 188. I’ll rush to you an easy to understand Business Diagnostic Tool! Remember … “Business is More Fun When There’s Profit!” (PSSST … that is our USP J) 7
Let’s Talk Business
Karen Ahl Bac. Bus (Mark, Man), TAE40110, Cert IV IT Caboolture, Queensland Ph 0415 142 178
www.web-sta.com.au info@web-sta.com.au
How To Choose Your Perfect Web Designer Many small business owners have never had a website created for them. Most people wouldn’t even know where to start.
6. Do you provide training/support? 7. What monthly/ annual fees should I expect & what do they include?
Think about what you want your website to look like as well as what you want it to do for your business.
8. How much of my website will you build yourself/outsource?
Start with asking yourself these questions!
9. How long will my website take to go live?
What features do I need/want? Will you need a shopping cart, online payments, slide show, member’s area, blog or just information?
10. Does your price include Online Marketing or SEO (Search Engine Optimisation)?
Look at competitor’s websites to get some ideas. Make a features wishlist. You can always start small and add features as your business grows. How many pages do I need? 3 pages may suit you for starters. How many pages may you eventually require?
11. What information/images/graphics do you require from me? designers are not always created equal! 12 Questions you should ask your web designer
Who am I aiming at? E.g. age range, gender, interests, education level etc.
Planning for your website can be tricky enough. Choosing the right person/company to work with can make this process; less stressful and more cost effective.
Do I want to update my site myself? Updating your own website can save you time and money.
Here are some basic questions to get you started and to help you better understand what they can do for you:-
What have I got to spend? Define your budget. Work out what you can afford upfront, monthly and annually.
1. How many websites have you created?
Now that you have a rough idea of what you are after, you now have enough information to get an accurate quote.
2. Can I see some live/published websites that you have done? 3. Have you done any websites for businesses in my industry?
Most web designers will ask some of these questions anyway so it is always good to be prepared.
4. Is this your full-time job & what are your Office Hours?
Now, turn the tables. You need to ensure you are going to be working with the right web designer. Web
5. Will I have access to my website to make changes like upload new images and change text?
12. If I want to add a blog or shopping cart later, will I need a new website? Getting to know your web designer, what they are capable of and if they are as passionate about your business as you are is important. Achieving the right match will ensure the overall success of your website. You want a website that will HELP you stay in business for a long time. Look out for hidden fee unnecessary bells-and-whistles.
and
Consider how easy it is to communicate and if you feel comfortable dealing with them. #1 TIP: Get more than one quote! Good luck in finding your perfect web designer. For further information, please feel free to email Karen ~ The Webgirl. 8
Let’s Talk Business
Ron Court, AMC, Dip (Funerals) ,Cert IV OH&S, Cert IV Training & Assessment TAE, MQJA, JP (Qual)
OH&S Advisor 0419 679 619 roncourt@aapt.net.au
Every accident has one identifiable causes.
or more
The employer is responsible for ensuring a safe system of work is in place and therefore must take action to prevent accidents from occurring or recurring. For some, this concept still causes difficulty. The term "accident" suggests that an event occurred itself, with some degree of chance and it implies no blame or responsibility.
The Principles of Accident Prevention
and indirect costs associated with accidents can endanger a company's competitiveness. For instance, financial losses due to increased insurance premiums, lost production or disruption to production schedules, damage to equipment and plant, loss of time for other employees (eg, supervisors) during the accident investigation, training of replacement employees and the possibility of fines and adverse publicity are all issues to consider.
Some people associate or equate an accident with injury or damage, when on many occasions accidents do not result in injury or damage.
Whilst it is possible to insure against some of the expenses associated with injury, ill health and damage to property, the hidden uninsurable costs could well exceed the insurable costs. These events are often termed "near In the increasingly competitive market misses". place, it is becoming common for clients to request companies to provide safety Determining where, why and how records as part of tender analysis accidents occur is fundamental to processes or pre-qualification. understanding the causation and implementing preventive measures. A number of beliefs are crucial to the success of the accident prevention Once the circumstances and causes have process:been identified, effective measures can be taken to prevent similar occurrences. People are our most important asset. An employee who is injured is likely to suffer financial loss and either disfigurement, disability, pain or in extreme cases death.
The effects of an injury may not always be temporary and can have devastating long-term consequences on an individual's personal life, social and other activities.
The majority of accidents and incidents are not caused by "careless workers", but failures in control (either within the organisation or within the particular job), which are the responsibility of management. The preservation of human and physical resources is an important means of minimising costs.
There may also be a significant impact on the injured person's family and friends.
Control of health and safety is achieved through co-operative effort at all levels in the organisation.
The employer should be concerned with accident prevention because the direct
Competence in managing health and safety is an essential part of
professional management.
All accidents, ill health and incidents are preventable.
Health and safety; and quality, are two sides of the same coin.
Three basic steps All employers, employees and selfemployed persons have a duty of care towards their own, and others' health and safety at their workplace. Additionally in some cases, ongoing OHS performance evaluations are conducted on behalf of the principal contractor *Identifying the Hazard - involves recognising things which may cause injury or harm to the health of a person, for instance, flammable material, ignition sources or unguarded machinery. *Assessing the Risk - involves looking at the possibility of injury or harm occurring to a person if exposed to a hazard. *Controlling the Risk - by introducing measures to eliminate or reduce the risk of a person being exposed to a hazard. You can get information about your OH&S obligations and other valuable OH&S resources both in hard copy and online from their websites. http://www.deir.qld.gov.au Always seek independent legal advice on what is applicable to your situation.
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Let’s Talk Business Jo-Anne Chaplin Tax & Superannuation Professionals Pty Ltd PH 07 3410 8116 / Mobile 0457 960 566 Email : taxandsuperprofessionals@gmail.com Web: www.taxandsuperprofessionals.com.au
I am a qualified Accountant and will celebrate my 20 th anniversary as a Registered Tax Agent this year. During my time in Public Practice I have assisted clients to achieve business growth and prosperity. My earlier career included positions in banking, manufacturing, construction and retail. My particular interest is in promoting a culture of using local industries and business in order to build a strong community.
Management of your business cash flow is incredibly important. Here are a few tips which you can employ to get control of your business cash flow: Prepare a cash flow budget for the next twelve months. Using a spread sheet or analysis pad with at least 15 columns across, list your income sources and then your expenses down the left hand column. Leave a couple of rows between the income and expenses that can be used as a total amount. Head up the columns across the page for the months ahead. Enter estimates of monthly sales and other income. Using historical sales as a guide will assist you in identifying trends and volume of sales. Also build in special events that relate to your business eg, Christmas sales, holiday period sales, end of financial year etc. Next, enter the known costs of your business, i.e. fixed costs such as rents, insurances, loan repayments and other expenses which are the same every month. Then enter estimates of the non-fixed costs – replacement of stock, wages, advertising etc. To calculate your cash flow total each column’s income and expenses and write the surplus/shortfall at the bottom of the page. It should be
CASHFLOW MANAGEMENT FOR YOUR BUSINESS
instantly clear which months are slow, and which are profitable. Examine your figures to see where savings or adjustments can be made to increase the surplus or minimise your shortfalls.
15% of gross sales is enough to meet these commitments. Use appropriate software for your business so less time is spent on administration.
As a small business, you need to be The process of budgeting can be quite sure that your invoices are going out time consuming at first, but once a on time, and your debtors are paying workable budget is in place, it can be on time, and your business activity easily updated regularly. statements are up to date. Have a strict policy for collection of The software should provide you with debtor accounts. streamlined invoicing of clients, Be sure to have a strict collections recording your expenses and liabilities policy, and make your clients aware of and due dates for payments, provide this at the point of sale. Contact the you with sales, debtor and creditor debtor as soon as possible after the analysis as well as a payroll system if trading terms have been exceeded to you have staff. see if an oversight has occurred, or Also important is the correct whether an arrangement can be made calculation of GST liabilities. to clear the debt. Use the services of an Accountant Set aside funds on a regular basis to If you don’t have one, you should find meet GST/ PAYG commitments an Accountant with whom you can Transferring a percentage of your discuss business issues at any time of gross sales into a separate bank the year. Professional fees vary widely, account will mean that you will have and most advisors are happy to provide enough cash to meet your BAS/Payg fee estimates prior to accepting a commitments when they fall due. This client. Obtaining advice in relation to method can also be applied to amounts the structure of your business, the deducted from employee wages. There recordkeeping requirements, staff are a wide variety of bank accounts issues, tax issues and cash flow and which offer high interest on at-call general management issues is balances which can be used to hold paramount in making sure you monies required to meet GST and succeed. payg instalment commitments. Usually a percentage of about 10% 10
Let’s Talk Business Dennis Chiron Marketing Means Business 0451 184 599 www.marketingmeansbusiness.com
dennis@marketingmeansbusiness.net.au Skype: dennis.chiron2
Apologize, Don't Debate If a customer has a problem, apologize and fix the problem. Make sure to let customers vent their grievances, even if you are tempted to interrupt and correct them. Then give them a refund, new item, or whatever will fix the problem. Debating or haggling over a refund creates ill will. Repair mistakes immediately. Keep in mind that a complaint about your company is an opportunity to turn the situation around and create a loyal customer. Obviously, there will be some customer requests that are too outrageous to comply with. If that's the case, do your best to offer a moderate, appealing alternative. Feedback Keeps You Focused Ask your customers to rate your service on a regular basis. This can be done via a short questionnaire included with every product sold or mailed to key clients. Keep the questionnaire short so that it is not a burden for customers to complete, and make sure they know they can decline to participate. Always let customers know the purpose of the survey is to serve them better. If they fill out the survey and have no problems, it is a reminder of what good service you offer. If issues do arise, they can be addressed. Stay Flexible You must be flexible when it comes to your customers and clients. This means doing a project for a client in a pinch, having an early morning meeting even if you like to sleep in, and meeting on Saturday even if you usually reserve your weekends for yourself.
Flexibility can also mean getting information for your client, even though it may not be in your area of expertise. Say, for example, you're catering a wedding and your client needs information on Irish wedding customs. It's just as easy to make a call to your local library and fax the information to your client as it is to say "I don't know anything about that." And making that extra effort will ultimately pay off with a very satisfied customer.
Estimate that a job will cost more than you think, and bring it in lower. Many small businesses make the mistake of reversing this maxim over promising and under delivering. This is a true recipe for disaster. You may get the business, but your level of service will make it difficult to compete. If 24-hour turnaround is excellent service in your industry, don't promise it in 12 just because the customer requests it.
Always Say "Yes!" This doesn't mean giving up your personal will to your customers but it does mean finding a way to help customers with their requests. If you run a gift business you might wrap a present for an important client, even if you don't usually provide gift wrapping. You might stay up late to finish a project if a client suddenly has a deadline moved up, or travel in a snow storm to meet a client even if it means an unpleasant trip for you. Always saying yes, means the words "that isn't possible" should be forbidden from use in your business. You cannot afford to use them. If this sounds expensive and inconvenient, it is, but it is less expensive than losing a customer and having to spend money and time landing a new one. Under Promise, Over Deliver Make your customers believe they are important to you by always appearing to go the extra mile. Build a little cushion into a deadline and deliver early.
What Makes You Different? Why should customers buy from you and not from someone else? What does your attitude and actions say to your customers? Do you make your customers feel welcome and wanted? What lasting impressions will your customers have from purchasing your products or using your services? Make the experience for your customer a memorable one and let them remember your for your superior customer service. Concentrate On Service The businesses who thrive in increasingly competitive markets are those that focus on service. Give free reign to your experienced, knowledgeable salespeople to convey their passion for your products, and encourage them to build relationships with your chosen customers. Be a wealth of information to customers, and advertise your experience by offering seminars or workshops. When feasible, offer to order hard-to-find items and sizes. ďƒž 11
Let’s Talk Business
Objectives of “Let’s Talk Business” Small Business Publication One of the primary objectives of “Let’s Talk Business” (LTB) is to provide a regular, monthly information service to support the Small Business Community. Our goal is to provide a publication offering a wide and diverse range of topics and information which may assist business owners and their teams to gain more insight, knowledge and skills in the overall running of their business, thereby assisting them to build a strong, viable and sustainable business.
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