Let’s Talk Business
Let’s Talk Business Back To Basics Business Solutions - Support for Small Business
Volume 2 Issue 25 - December 2014
Merry Christmas & Happy New Year A Successful & Prosperous 2015 To All (From all of the Authors who have contributed to LTB during 2014)
Inside this issue
Inventors & Inventions ........2
5 Questions Every Boss Needs to Ask and Answer Dr Tim Baker …..….............3
Biz Snippets …………….......4
The Small Business Marketing Plan
Dennis Chiron………...........5
Volume 2 Issue 25 December 2014
7 New Year Resolutions for Better Time Management Angie “Speedy” Spiterie ….6
Continuous Partial Attention Geoff Butler ………………..7
7 Uncomfortable Facts About Not Forecasting Your Business Cash Flow Dan Buzer ……..…………...8
A Pleasurable Outcome Avoid Distractions Karen Ahl ……..………..….9
“So, This Is Christmas” Jo-Anne Chaplin………….10
Your LinkedIn Lifestyle John Bellamy ……………..11
Why Credit is Declined Paul Gillmore……..............12
Setting a Calendar of Events Peter Nicol ………………..13
Celebrate - But In Moderation Denis Keating …………… 14
Ethics in Business Dennis Chiron ……………15
Editor’s BizTips ……….….16
LTB Objectives …..........…..17
Page 1
Let’s Talk Business
Inventors & Inventions Potential Millionaires Miss Out
Karaoke was invented by a little - known Japanese musician Diasuke Inoue was born in Osaka, Japan in May 1940. He was the son of a pancake vendor with a stall behind a train station. He started playing drums in high school, but was not recognised as being particularly skillful, so he took on the business management of his band, which provided back-up music in a club for businessmen who wanted to take the stage. He developed the basic idea of karaoke, which means "empty orchestra", when one client wanted Inoue to back him during a business trip that Inoue could not attend. He supplied the businessman with taped accompaniment instead. Thinking that the idea might have widespread appeal, in 1971 he began renting machines outfitted with tapes and amplifiers which he had assembled, to bars in Kobe. They proved popular, and so a trend was born. Karaoke quickly become huge not only throughout Japan, but throughout the world. However, he never patented the idea, nor ever received a penny for the millions of units sold that were based on his concept
Windows XP Wallpaper Creator Retired National Geographic photographer Charles O’Rear was driving through the semi-rural countryside of northern California, when a he spied a vista of rolling green hills and clear blue sky. He set up his camera and took four shots of the vista before the clouds rolled in. Charles sent this four photos to a stock - photo sales group, Corbis, and then thought no more about it. Then a few weeks later, Microsoft contacted him, and wanted to buy the four photos outright. Charles had no idea what Microsoft intended to use the photos for, but accepted their offer, and he was paid a flat fee - an amount that he has never revealed. It was only later that he the photos were used as the default desktop background for every computer running Windows XP, arguably making them one of the most sighted pictures in history. Charles has since stated that had he know what would have happened to the images, he would have negotiated some sort of royalty deal. But that doesn’t mean he is bitter. “I’m just thrilled that so many people gain pleasure from my photographs”
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World Wide Web Creator Never Patented It The person who is most recognised as creating the World Wide Web, is Tim Berners-Lee. A graduate of Oxford University and a computer scientist, in 1989 he proposed a system for exchanging information between computers and he designed the language of accessing and linking documents online. This was the Hypertext Transfer Protocol or better known as http. A few months after proposing the concept, he had developed the system and had in place and, in August 1991, the world’s first website info.cern.ch (http:// info.cern.ch/) went live. Berners-Lee is now director of the World Wide Web Consortium, which monitors international standards and research. But what did he get for creating the World Wide Web? Nothing!! In 2004, he was knighted by Queen Elizabeth II for his pioneering work, and is now Sir Timothy John Berners - Lee He could have patented it, but chose not to because he thought it was too important to be owned by any one person. Page 2
Let’s Talk Business
Dr Tim Baker Managing Director WINNERS AT WORK Pty Ltd
Five Questions Every Boss
www.winnersatwork.com.au www.about.me/tim.baker
Needs to Ask and Answer
tim@winnersatwork.com.au
Telephone. +61 7 3899 8881
Editor’s Note: Dr. Tim Baker is an international consultant, successful author, keynote speaker, master trainer, executive coach, university lecturer and skilful facilitator. 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" . Testimonial from Stephen Hartley, Australia’s leading expert on project management and author of "Project Management: Principles, Processes and Practices. There are really only five questions that a manager needs to ask and be able to answer to improve the performance of employees. What are they? The first question is: What exactly are my expected standards of performance? If a manager has trouble answering this question then they can be confident that the people who are suppose to meet those standards will be unsure or confused. So the second question is this: Have I communicated my standards
persistently and consistently to my team? Many managers will strongly suggest to me during an executive coaching session that they have done this; that is, communicated their standards. But when I get the opportunity to ask employees to indicate the standards of performance expected of them by their manager they quite often give a different answer to the manager. The key here is to constantly explain and reinforce those standards moment-bymoment, incident-by-incident, crisisby-crisis, situation-by-situation and so on. The third question then is: Do my employees each know how they are faring against my standards of performance? Again, the feedback I get from employees across 21 industries is that we don't get enough feedback from our manager. This is one of the many problems with the traditional performance review. It happens once or twice a year. The manager saves up all his or her feedback until this event and then lets fly. The employee hears nothing throughout the year between performance appraisals. The fourth questions is: What can I do as a manger to assist you to either consistently meet those standards or to exceed them? Once employees know where the cross bar is on the pole vault, they have something to aim at. The manager is partly
Volume 2 Issue 25 December 2014
responsible for helping his or her team to meet the cross bar. The employee is still accountable for his or her results. But good managers see themselves as a facilitator of achievement. Their job to get the very best from their team members. And the fifth and final question is: Are you (the employee) committed to meeting these standards I have set now and in the future? This is often not put to employees as a question by managers. They assume that the employee is committed to meeting the set standards. This is not necessarily the case. If you ask an employee: Are you committed to meet these standards? it puts the employee in a situation where they have to verbally commit. What you are after is a nod, or grunt or yes. But you want acknowledgement that there is a pledge to meeting standards. Of course if you don't get a positive reaction, you can ask why? And this then becomes an interesting conversation in its own right. Merry Christmas and Happy 2015 to you and your families. Page 3
Let’s Talk Business
English Is Such a Crazy Language
HUMOUROUS BUSINESS CARDS
HUMOUROUS SIGNS
FYI: Homographs are words that of like spelling but with more than one meaning: 1. The bandage was wound around the wound 2. The farm was used to produce produce 3. The council tip was so full that they had to refuse more refuse 4. He could lead if he could get the lead out 5. When shot at, the dove dove for cover 6. I object to seeing that object 7. The insurance was invalid for the invalid 8. They were too close to the door to close it 9. The wind was too strong to wind the sail 10. I had to subject the subject to a series of tests. __________________ FAMILY TREE OF VINCENT VAN GOGH (always pronounced as Van GO)
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His dizzy aunt - Verti Gogh
The brother who ate prunes Gotta Gogh
The brother who worked at a convenience store - Stop N Gogh
His magician uncle - WhereDiddy Gogh
His Mexican cousin - A Mee Gogh
The Mexican cousin's American half-brother - Gring Gogh
The nephew who drove a stage coach -Wells-far Gogh
The constipated uncle - Can't Gogh Page 4
Let’s Talk Business Dennis Chiron Marketing Means Business 0451 184 599 www.marketingmeansbusiness.com
dennis@marketingmeansbusiness.net.au Skype: dennis.chiron2
The Small Business Marketing Plan Every business owner shares one thing in common: The desire to create a stable, steady business that achieves profitability and grows over time. But not every business owner knows the secret formula that makes that possible. So what is that secret formula? In a word, it's marketing. Marketing is for all business - big or small Without customers, your business would not survive. To attract and retain customers, your business needs to understand the value of marketing. People are unlikely to simply walk into your business and buy something from you if they don't know who you are, what you are selling and why they should choose you over the competition. Many smaller businesses don't place enough importance on marketing. They often see it as something that requires a lot of money and fancy advertising campaigns. However, marketing is about much more than advertising and sales. "But what does the word 'marketing' mean?" you ask. "Is it just getting the word out about my business? “Because I've done that, and I can't really see any difference." In its most complete form, marketing is about much more than letting people know your business exists (although that's an important piece of the puzzle.) In fact, in many ways, getting the word out is one of the last steps in a good marketing plan. A strong marketing campaign goes much deeper, and provides benefits that help you attract customers at the same time as you clarify achievable goals and create realistic plans to meet them.
At its best, a marketing plan helps you Most business owners have an good understanding of their customers understand: needs -- but that understanding Your business becomes a much more powerful tool if you articulate and analyze it. Your customers Your competition The
full range of opportunities available to you
The optimal way to attack those
opportunities Appropriate pricing The
marketplace in which you operate
Only then can you fully understand how to most effectively build the kind of customer relationship that will help your business succeed over time. As a starting step in your marketing plan, ask yourself the following questions:
Who are my customers?
and a whole host of other issues that will help your business grow.
Who are customers?
Whether you own a small or large business, if you're in the game to succeed, a well thought out marketing plan is one of the best tools you can employ along the way.
What kind of people are they?
One of the most important tenets that you should find in all marketing plans which is common in all businesses, whether it is a small, medium, national or international company, is “The Customer Is Always Right”
Can they buy? Will they buy?
In order to succeed, companies must establish relationships with customers. The strong, lasting relationships that will ensure a company's success are built on:
my
potential
What are their incomes? What are their needs? Where do they live? Am I offering them real benefits, when and how they want them? Is my business in the best place? Is my pricing right? How do customers perceive my business?
Establishing trust and rapport
Who are my competitors?
Understanding customers' needs
Providing real benefits
How does my business compare with my competitors'?
In many ways, these three imperatives all reiterate one central concept: The relationships between successful businesses and their customers depend on careful understanding and reliable fulfillment of human needs.
A good marketing plan can help you reach your target audience, boost your customer base, helps you set clear, realistic and measurable objectives for your business and ultimately, increase your bottom line.
The business owner understands what A good marketing plan can help you people need, and does everything he or reach your target audience, boost your customer base, and ultimately, she can to meet those needs. increase your bottom line. Understanding Customer Needs
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Let’s Talk Business
TimeEqualsMoney Angie 'Speedy' Spiteri
Business Efficiency Specialist www.timeequalsmoney.net.au Ph: 0403 970 732 http://www.facebook.com/time.equals.money
7 New Year Resolutions For Better Time Management have time or till all your ducks are in a row = it's never going to happen. Just start… Just do it. You will learn, you will make mistakes and you will get better. Just keep taking small steps till it's done!
Investor resigns after daughter, 10, hands him list of 22 milestones he's missed - Telegraph This was one of the most popular social media posts from in the last 30 days. (http://buff.ly/1zRgMWm) Why so?? Because it strikes a familiar cord with so many… Because it motivates us to evaluate how we are doing things so we don't end up resigning too? A study by Harris Interactive indicates a 74 percent of people would today consider finding a new job. Mercer‘s What’s Working study says 32 percent are actively looking for a new position. As 2014 closes and another year opens it's time to sit down and make new year resolutions… It's time to get a grip and to decide once and for all how you are going to do things THIS YEAR. How are you going to own the work lifebalance unicorn? Here are 7 New Year resolutions for better time management. 1. Always make time to connect with those important to you and to have some time for yourself. In the end, another meeting, another call… another <fill in the blank> won't mean squat if you don't have your family and friends. There is always another day to do work. Always another goal…. but the whole reason many of us get into business for in the first place is for those that are most important to us.
Having a life beyond work is the spice of life! 2. Stop doing stuff that adds no value to your business now or in the future. Before adding something new to your plate stop to decide if it's going to be of value to you now or in the future? (and if you don't know what to stop doing download my Instant Profit Calculator to find out) 3. Do more of what counts. Get this into your week first. Do it before everything else. Kick off your day with money making activities… or the activities you are paid to do. 4. Keep things simple. Keep your systems simple. Your filing simple. You don't need a million ways to remind yourself of what you need to do… you only need 1! Streamline your processes. Cut out steps that don't need to be done. Leverage technology. 5. Chip away… it's a progress not perfection… Waiting till you
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6. Plan… Planning helps you do less. Have patient time lines… remember you still have LIFE to do as well… and most of our stress comes from self-imposed deadlines. Most people overestimate what they are going to get done in a day and underestimate what they will get done in a year. 7. Do 1 thing at a time… Doing 10 things at once is STRESSFUL and gets you nowhere fast. Stop scattering your energy and attention… Rushing, does not help you get things done faster. Leave space to get to things. Doing 1 more thing is not going to get you ahead. There will be lots of things to do tomorrow too. Laugh as often as you can. Breathe. Be in a good mood. Everything is easier when you are in a good mood. Need some help identifying what to read and what to ignore? Try our free tool: Instant Profit Calculator Angie Spiteri is a highly sought after speaker, author and consultant. To connect with Angie visit www.timeequalsmoney.net.au
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Let’s Talk Business
Geoff Butler FAIM AP, MAITD MACE Principal/Business Improvement & Implementation Specialist Business Optimizers
Continuous Partial Attention
Mobile: 0414 943072 Fax: 3036 6131 Email: geoff@businessoptimizers.com.au
My Boss said that I don’t listen At least I think that’s what he said
Skype: business.optimizers1
Become more alert by doing less online.
instead of ‘live’ with the people in front of us.
We are living in a world that is more connected than ever. There are some definite pitfalls in our hyperconnected world as it intersects with our business relationships and networking.
We have probably all experienced getting pinged while we are in conversation with someone at a networking function. When we take our attention off what is happening in front of our nose to take a look at what is happening on our phone, we lose the connection with the person we’re speaking to.
Hyperconnectivity can lead to a state of ‘continuous partial attention.’ A state of continuous partial attention is a state where people are giving partial attention to what they are doing – continuously! Face-to-Face Social Media
Networking
and
Continuous partial attention can hamper your relationship-building efforts – both in your personal and professional lives. When attending a function of any type, it is increasingly common to find people who remain connected to their social networks (beyond uploading a photo or tweet about the event) with mobile devices during the meeting. I see this all the time at networking meetings, a Chamber of Commerce luncheon, or even a gala dinner event. Our desire to connect and be connected is one of the strengths of business, but when we are actually in person at an event where we want to effectively connect with others, this desire can actually dilute our efforts by driving us to stay ‘live’ on our online social media sites
We will not remember this part of the conversation well, if at all. And we will send a subtle message to this person that he or she does not matter as much as the various pings coming in on our mobile device. Continuous partial attention can hamper your efforts to build profitable business relationships with people. We are paying the price for our constant connectedness that is affecting our real-time relationships. The truth is that our brains are not capable of multi-tasking. They don’t work like a computer which can have many programs running simultaneously. Our minds have to switch between tasks, and whilst some of us can task switch extremely quickly, seemingly multi-tasking, we really aren’t. Others of us task switch with a little more difficulty, making it extremely challenging to really pay sustained attention to anything when we try to multi-task.
Working While Distracted Most of us work at our computers, laptops or tablets with notifications switched on: email, Facebook, Twitter, Instagram, Google+, LinkedIn, Pinterest, Skype, YouTube, Tumblr, and Snapchat pinging and whistling as notifications fly across our screens shouting, ‘Look at me!’ Even people who do not have ADD are working in a state of attention deficit due to the distraction of all these notifications! These are the people in the ‘Prayer Neck’ posture – hunched over looking down at their hands while holding their mobile device. Continuous partial attention keeps you from being alert, attentive and focused and can hamper your post-event follow up, not to mention your day-to-day activities. Be honest. Who do you greet first when you get up in the morning - your spouse, kids, the dog OR your virtual community? Do you reach for your smart phone before you even throw your legs out of bed to get up? I have found myself doing that. I used to never turn my mobile phone on until after I was up, had exercised, showered and eaten my breakfast. I think social media is great. I use it regularly to stay in touch and build relationships. But knowing when to focus on the face -to-face interactions and put notifications on “Do Not Disturb” is also extremely important in this ever expanding digital age.
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Let’s Talk Business
Dan Buzer Profit Mechanics 0414 567 188 www.profitmechanics.net/ dan@profitmechanics.net
7 Uncomfortable Facts About Not Forecasting Your Business Cashflow 1. Increased stress level Not knowing the future cashflow of your business, either good or bad, increases your anxiety about your business. This then distracts you from focusing on productive activity and if you work with other people, they will feel this uncertainty through you. 2. Lower sales Having a forecast of projected sales sets a target to aim for. Most people understand the simplicity of setting a goal will help you make more progress than not having a goal at all. 3. Poor Morale It’s important to have a feeling of purpose and achievement in your business. If your business is not making a profit, or even if you are making a profit but you don’t know it, your energy to strive ahead will be negatively impacted. Productive people are happier people. 4. Hinders your confidence An important part of being in business is the confidence the leader and Team have in that business. If you don’t have a cashflow forecast of your business, you don’t know how likely the business is to perform well. Not having an idea of where the business is at reduces your confidence in the business. How can negotiate better deals, set up Joint Ventures and attract high calibre people without truly feeling confident about the position of your business?
5. Not measuring your cashflow makes you go broke
believed they would never enjoy doing.
Let’s be honest. Its common knowledge that most small and medium businesses go broke. Many are started and run by very intelligent technicians who deliver excellent products and services. Their downfall is they don’t know how to be excellent business managers. One of the most important tools of any professional business manager is their ability to form and update a cashflow forecast.
Summary
6. Leaky bucket syndrome Many people in business believe that increasing sales is always the best solution and will guarantee the survival of any business. They fail to realise that if they are selling a product or service that when all things are taken into consideration is costing more than what it does to produce and sell, they are digging a financial hole for themselves. Just like a leaky bucket, there’s no sense filling a bucket with a big hole in it. 7. It’s so easy to do People tend to put things they don’t normally do in the ‘too hard basket’. Often, once they commit to doing that thing, they find it easier than expected and often even enjoy doing it. It gives you a sense of achievement for doing something you normally put off but know it can only be good for your business. It’s a similar scenario for many people with their physical fitness. Once they actually commit and do extra exercise they feel better about themselves while doing the activity they
Volume 2 Issue 25 December 2014
Having a cashflow forecast is one of the most important fundamentals of business. Large businesses and companies are forced to continually update their cashflow forecast because their shareholders demand it. The challenge for small and medium business is the person in charge can very easily ignore the activity and convince themselves they are doing something more important than planning the future cashflow of the business. Time and time again, successful business owners are advising other business owners either starting out or struggling, to take a moment and document the current and most likely in the near future income and sales of their business. Experienced business owners know that this is the difference between a professional business and one that just means to get by. So why not get it done today. Go to www.profitmechanics.com.au or call Dan Buzer 0n 0414 567 188 for your complimentary Profit Mechanics Cashflow Forecast template and instructions. Plus, if you mention this article you can have a complimentary 1 hour session with a Profit Mechanics Business Development Manager (BDM). Business is More Fun When There’s Profit! Page 8
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
a pleasurable outcome ~ avoid distractions As the saying goes...
“Do something you love and you will never work a day in your life”. Many of us are fortunate to work in business that IS pleasurable. Our work brings us pleasure. We enjoy it. But, how do we avoid the allure of more pleasurable activities. You, know, those fun little distractions that seek out attention preventing us from what we would be better off doing in and for our business?
“...being social on social media instead of being savvy...”
Many of us LOVE to “stuff” about on Facebook; keeping up to date with our friends, family and gossip, but what about our WORK? Whole Hours can be wasted spent “being social” on social media instead of “being savvy” and promoting our business, building a reputation and increasing our credibility.
So, here are some basic, time-saving tips that we use to manage our FACEBOOK TIME!
Make a schedule: A time to “be you” outside of business hours & a time to “be the business” during business hours - this will help you maintain a healthy balance between your need to “be social” and your business’ need for you to “be savvy”. Put it in your dairy; your daily or weekly schedule. I personally spend a few moments over breakfast “being me” on Facebook and spend at least 1 hour a week attending to the Web-Sta Business Facebook Page. Give yourself a time limit: Get in, get it done and LOG OUT. e.g. 20mins a day. Remind yourself WHY you have logged into Facebook and what you need to stay focused on. Look at the clock and be mindful when you need to have your task/s done by. It’s about being efficient and practical. Scheduling future posts: Using Facebook’s built-in scheduling tool, you can login, once a week, add your weeks’ worth of posts and it let go. Your Facebook Business Page will be on autopilot (not available for personal profiles). This has to be one of my favourite tools. Prepare: Type up your Facebook posts in Microsoft Word BEFORE logging in. I also pre-save a folder of images ready to upload to Facebook before I log in. This is specially
Volume 2 Issue 25 December 2014
when
scheduling
posts.
Share someone else’s content: Check your business page news feed and share relevant posts created by someone else. Saves you coming up with EVERYTHING. If you like other Pages as your Business page, you can share other people’s content. Save even more time by only liking other Business pages that are useful to you. This way, when you look through your Business Page “Feed”, you are reading posts that relate to your business/your customers and minimising the risk of being distracted. Save that stuff for your personal account.
Other activities: channel all of this time saved into keeping your website up to date, writing blog articles, listing your business with on online directories and utilising other services like LinkedIn. Working ON your business is more than just adding a few good Facebook posts.
To MANAGE your Facebook distraction you can;
To be more specific, I an talking about the modern-day distraction of being ONLINE. The biggest distraction of all being, Facebook.
helpful
“..add your weeks’ worth of posts and let it go. Your Facebook Business Page will be on autopilot...” Make it a pleasure doing business online not a pain.
For further information, please feel free to email Karen ~ The Webgirl. Page 9
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 I have celebrated 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.
“So, This is Christmas”
The words of John Lennon's beautiful song "So this is Christmas” haunt me each year….
If your business is seasonal, schedule more meetings in the quiet times, and only a few in the busy times.
“So this is Christmas, and what have you done, another year over, a new one just begun", is a timely reminder that a whole year has passed, and it’s time to review and track our progress.
A business that has a steady cycle of activity is best served by evenly spaced meetings.
Each year it prompts me to remember the good, bad, the beauty and the ugly of my business over the past 12 months.
By measuring your performance in the different areas of your business you will be able to identify those areas which are not performing, or have some negative effect on the overall business.
Now is the time of year that you should be looking at your business from the “outside”
How did you do this year? Did you achieve any notable goals? Time passes so quickly, and if you are like most small business owners, you've spent the last 12 months trying to keep up with everyday tasks and problems with no thought of where you're headed or what is going to happen when you get there. The start of the New Year is the best time to stand back look at your business from all angles. Being the middle of our financial year, there is still time to make tax planning and investment decisions, rejig budgets and generally make a plan for the rest of the year. Actively manage your business by looking at it from the “outside”, so that you get the big picture. There are many facets to consider, financial & budgets, productivity, supplier and business inputs, human resources, sales projections, marketing just to name a few.
You won't be able to address all of these areas on one sitting, so make a plan and divide them into sections that can be addressed one at a time. List in order of urgency & put a due date for review on each, and then log into the diary.
Once these problems are addressed, the business can then move on to the next stage of development. Changes in strategy don't need to be mind-blowing. Subtle changes can make a huge difference.
You will need to be careful when organising review dates that you don't choose dates which are already claimed for other reasons / events. Don’t give yourself any excuses to get out of this!
For example, making workplace changes for employees can significantly change their attitudes, which in turn will make for a positive projection of your business.
The best way to achieve solid growth for your business is have these reviews on a regular basis, and enlist the assistance of a trusted colleague, friend or business coach to be your sounding board.
Don't let John Lennon catch you out at Christmas 2015! Make sure you have a strategy and action plan so that next year you can list what you've achieved with pride & confidence.
You will find that you will feel more on control of your business, and soon see positive results in performance. The number and schedule of the business meetings will be determined by the business you have.
If you would like assistance in developing your action plan, then please don't hesitate to contact us.
Have a Christmas
Very
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Page 10
Merry
Letâ&#x20AC;&#x2122;s Talk Business John Bellamy Co-Founder Phone: +61 404 473 755 Email: john@heartcentredmoneymakers.com
John Bellamy is recognised as one of the foremost LinkedIn experts in Australia, having spoken to thousands of business owners, helping them to turn their LinkedIn profile into a virtual ATM where they can withdraw cash at will.
Your LinkedIn Lifestyle
In the new age of the digital economy, it is no surprise that more and more people are ditching the typical constraints of the 9-5 job and opting in towards building lifestyle business.
2. Communicate: Respond to any connection request, emails, comments on your posts: When responding to connection requests you want get curious, and go on a discovery mission to uncover information about your new connection - problems, challenges, opportunities.
One that supports you, your family, and the freedom you have always wanted to create. Unfortunately for most, they become stuck in the rat race, going full circle and no further along to creating that ideal lifestyle they most desire. WHY? Well, for most part I believe that people get caught up in all the fluff and excitement of building a business and ultimately end up stagnate and confused as to what actually needs to happen next in order to turn the dream into a reality. Take Social Media for instance, and specifically LinkedIn. I would have it a guess that the majority of users on LinkedIn really have no idea as to why they are on the platform and how to best use it. It's not your fault though, as in reality, you have never been shown how to best work the platform for your specific requirements. Whether that be to get a job, to gain speaking engagements, to generate leads etc. Most people I speak with (and that's
hundreds a month) are really lost when it comes to this very, very powerful platform. So how do you then utilise LinkedIn to support the lifestyle you want to create? Well, here's the thing... When building your lifestyle business, LinkedIn for the most part is only utilised to connect, communicate and engage with your audience and you really only need to be on LinkedIn for around 27-minutes a day. Any more and you could possibly be wasting your time. So what should your time be spent doing then? Here's the top three top level actions I recommend taking on a daily basis: 1. Connect: Send 10 highly targeted connection request each day: The purpose here is to search and connect with highly targeted people on LinkedIn. NOTE: Make sure to send personalised connection requests opposed to just a generic one.
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Remember we're all people - not brands... So connect with the individual. 3. Engage: Taking conversation off LinkedIn
the
The objective here is to be accessible, and encourage the right connections to have an actual conversation with you. Actually help them out and give them value. This may be done via the phone, in person, over Skype - what ever your preference, and take it from there. That's it! Nothing else to do. Alright, so let's get back into reality for a moment. As I'm sure you all know the key to success in anything in life is daily consistent actions, and LinkedIn is no different. So whatever it is you are looking to achieve from LinkedIn: a job, speaking engagements, or more leads - just remember Connect, Communicate, and Engage. ď&#x192;ž
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Let’s Talk Business
Paul GILLMORE DFS Founder and Director Southern Cross Financial Services 07 5429 5561 0402 685 032 paul@sc-fs.com.au
Why Credit is Declined We are all familiar with through home loans, credit store cards, personal equipment leasing etc but why we have credit declined?
credit cards, loans, might
Serviceability Serviceability is a fancy word for your ability to make payments on a loan. Your total income less your expenditure is taken into account including commitments such as living expenses, and other loan commitments. If you do not have enough funds in your budget then you will be declined for as loan. LVR Is short for Loan to Value Ratio which is the proportion or percentage you borrow. So, if you have a 20% deposit for a home loan, you will borrow 80% and the LVR will be 80%. Different lenders have different LVR’s based on the asset, its location and their lending policy. For example you might be able to get a 90 or a 95% lend on a property (if you pay mortgage insurance) but you will not get a 90 or 95% lend on the same property if you buy it in your Self Managed Super Fund. Type of Asset Most lenders will lend to buy a home in most towns but most will not lend to buy a large rural property more than 100km from town. Both are real estate assets but most lenders will not
lend on the latter. It’s similar with commercial or industrial property. You must speak to a specialist lender to secure this type of finance Valuation Naturally, lenders will do their independent research on the value of a property before they lend. In fact, they have their own panel of valuers that they trust and will not accept a valuation done outside this. Lenders also ‘instruct’ valuers as to the way they want a value to be assessed. For example, a lender might instruct to value based on rental returns for an investment property, they might ask for it to be based on comparable sales of similar properties recently sold in the area or they might instruct to achieve a price to guarantee its sale in a short period of time – commonly called a ‘fire sale’ price. Valuers Licenced Property valuers are required if necessary, to defend their valuation in court. This actually occurred after the GFC when property values fell dramatically. Many valuers were grilled by barristers about how they could be so wrong. As a result of this, valuers tend to construct a ‘relatively conservative’ value for a property. Value v LVR If a lender will lend up to 80% of the value of a property but the property valuer values at significantly less than the purchase price, the bank will only
Volume 2 Issue 25 December 2014
lend up to 80% of the valuation. For example, if you want to buy a property for $400,000 borrowing 80% ($320,000) but the valuer says $360,000, the bank will only lend to 80% or $288,000 regardless of whether you can afford to make payments on $320,000. If you still want to buy the property, you will have to put the balance of an extra $32,000. In other words, instead of you original deposit of $80,000, you will need a deposit of $112,000, otherwise you will not be able to purchase the property. Credit History Many of you will know that I already work hard to protect your credit history file because I know that ALL applications for credit will result in an entry on your credit file irrespective of whether you take the credit or not. Further, with the recent changes from negative to positive credit reporting, a default or a missed payment will now be listed. Lenders ALWAYS consult your credit file and a bad entry could result in a decline. For more information from an experienced specialist, please contact Paul Gillmore DFS Founder and Director Southern Cross Financial Services 07 5429 5561 paul@sc-fs.com.au Page 12
Let’s Talk Business
Peter Nicol Wisdom Marketing & Management Services 0417627097 www.wisdommarketing.com.au manager@wisdommarketing.com.au
Setting a Calendar of events Avoids costly surprises staff members (that might have to be a work day) can help you quickly get a good idea on what you think you can and indeed cannot do. Maybe staff are not there, maybe you have no emotional connection with the timing.
No matter the business, no matter the industry, you have to plan a calendar of events and, other key happenings in your business. I recommend to all my customers that they get a Sasco Year Planner from any of the large stationery suppliers. They cost very little and allow you (with some types) to re-use them over and over. You then set about filling in the public holidays, trading days in each month, who will be on leave and then see what you need to do to make best use of the times you are trading and, get optimum advantage of the days you can trade and, special events. Easter is a movable feast and, can be in March or April. A few years ago Goondiwindi had a real problem. It had a show holiday and ANZAC Day on top of that Easter. It meant that close to 10 days of trading were gone. Many employees took a few extra days and they ended up with almost 2 weeks leave with little decay of the holiday entitlement. Not sure but, I think it was a quiet month that April. Would the planner have worked? Well, maybe if you knew in advance and planned for poor sales in April then maybe those who did plan might have a better plan for May or indeed the March. Planning a year in advance for promotions is key to any marketing for any business large or small. Many events in a year can be of great
benefit to any business. Easter sales, the beginning of the seasons Spring, Summer, Autumn or Winter for example are opportunities to leverage off. Even promoting opening hours during these times can be a great marketing tool. In the latter case however be wary of the costs of labour as many small business owners will simply not open as, the labour costs are too high. Those decisions can only be made after carefully plotting out the potential of the event. Filling in the basics and then setting a plan can give you the edge on the competition and also get you ready with stock and other things you need to make it the success it can be. Those with social media platforms can be ready to push the buttons well in advance and have promotions and “deals” ready well before the event.
Mechanics can tell folk to get their cars ready for Easter, Bakeries can say to order Hot Cross Buns and talk about opening hours or ordering Christmas Cakes, Butchers can ask for early Ham orders and, so it goes. This is not rocket science but simply common sense. Failing to plan is planning to fail. Get the 2015 year scoped out asap and, then start the planning process as to what you are going to do. It might need brochures or emails or mainstream media planning but, do it. One last thing, do not leave the chart for all to see. I once saw it left out for a competitor to see and sure enough they beat them to it. Plans need to have some people involved. Make sure they know it is in confidence.
So you become strategic rather than reactive.
Happy Christmas and New Year.
A Sunday afternoon at home looking at a year planner with a few family or
Volume 2 Issue 25 December 2014
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Let’s Talk Business
Denis Keating Everest Resources Brisbane, QLD HR and WHS Protection for Your Business Mobile: 0419 029 606 Fax:
Celebrate - But In Moderation
07 3112 4072
Email: denis@everestresources.com.au Web:
www.everestresources.com.au
Skype: denis.keating1
Denis Keating is an experienced business owner and manager, now specialising in HR and WHS for SME’s. He offers a variety of products and services including HR and WHS documentation (contracts and agreements, policies and procedures, SWMS), online WHS and HR systems, performance management and coaching, and other HR processes and advice. Christmas time is the season of the office parties and work functions to celebrate the end of another hopefully successful year of business, and a chance to “let your hair down” and enjoy some food and drink with the staff. However it is also the time when we see a spike in the number of incidents of bad behaviour in the workplace including physical injuries, bullying and sexual harassment, which can lead to time -consuming and expensive processes of resolution, thus ruining your start to the New Year. In most cases, these can be easily prevented by reminding staff of their obligations and your expectations, which should already be spelled out in your Code of Conduct and various policies. This
helps
to
promote
business as a responsible employer and a safe and healthy workplace. options to beer and wine (no spirits). As a fun option, try serving mock-tails at the beginning of the event.
The Christmas lunch or drinks organised by the employer is considered to be part of employment even if it is held off-site. It is an opportunity to demonstrate that you care about your employees, by ensuring that there are processes in place to ensure their safety at the end of year function, and especially on their way home. This reduces your liability as an employer too. Most of the problems that occur during and after Christmas functions result from the consumption of alcohol, so you need to think carefully about moderation. Here are a few tips to keep in mind to ensure the safety of your valued employees and reduce the risks to them and yourself as an employer and business operator:
Before the event, remind your employees of the Code of Conduct, that it applies during and after the function, and that you expect them to behave accordingly.
Provide drink options including plenty of water, non-alcoholic and low-alcohol beverages, and consider restricting alcohol
your
Volume 2 Issue 25 December 2014
Ensure that food is provided before and during the function, and if appropriate that there is entertainment supplied – other activities provide distractions which tend to reduce the alcohol consumption. Pause the service of drinks during any formalities / speeches.
Have someone from management appointed to refrain from drinking and be available to monitor behaviour and prevent excessive drinking by employees.
Think ahead with regard to transport options so that public transport / taxis / designated drivers are planned and organised before the function begins. Have a strategy in place to prevent intoxicated people from driving, and ensuring that they have a safe means of getting home.
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Let’s Talk Business
Ethics in Business False or Misleading Advertising Dennis Chiron Marketing Means Business 0451 184 599 dennis@marketingmeansbusiness.net.au www.marketingmeansbusiness.com Skype: dennis.chiron2
False or misleading claims by big retailers, including supermarket giants Coles and Woolworths, have always been the main source of complaints from consumers and the small business sector. But, it’s not just the giants who do it (and appear to get away with it). Let me give you an example of what I mean, and what continues to peeve me: I need to fly from Brisbane to Sydney to meet up with a client, and will need to hire a car while I’m there, and also stay overnight. I do all of the bookings online, and pay the respective fees or give them my credit card details (and that’s another thing I hate doing.) Land in Sydney, and it takes the usual 10-15 minutes to get off the damn ‘plane, and then wait at the carousel for my luggage for another 10-15 minutes. Then go to Avis, or Budget, or Hertz to pick up my car. Patiently (not) wait in line until it’s my turn and then the “fun” starts. “Do you want insurance?” I am hastily asked. “It doesn’t
matter who caused the accident, if you don’t take out the insurance, you could be up for at least $2,000.”
made aware of these necessary, extra charges and fees until you’re committed.
Of course I want / need insurance … “Okay, $47.00 thanks” … and, “Oh, by the way, if you don’t fill the tank up again before you bring the car back, we will have to charge you $3.50 a litre to do it ourselves”
The Australian Competition and Consumer Commission (ACCC) states: “Prices displayed by a business must be clear, accurate and not misleading to consumers. You should always display the total price of a product or service.” …. It goes on to say: “However, You do not need to include optional charges or extras”
I then fire up and tell them that this information is nowhere to be found on their website, nor is it anywhere to be found in the car hire contract I just signed (in triplicate). That’s when I get the “dumb” look and glazed eyes from them. But Wait … There’s more … Then I arrive at the motel I have booked online a few days earlier; and after checking in and signing relevant paperwork, I am then asked if I have a car. Naturally my response is “Yes”. “Then, if you would like to park your car in the motel parking, that’s $20 per day. Is that okay”? … is the reply from the innocent - looking receptionist. So, I fire up again. Why aren’t people advised of this when they book? Why isn’t it on their website? Is this False or Misleading advertising? Some people would say that it’s not. However, in my view, it’s certainly deceptive advertising, and you’re not
Volume 2 Issue 25 December 2014
So, that’s how the businesses Airline; Car Hire; Motel / Resort - appear to be able to get away with it. So, in my view, this sort of advertising is unethical, but apparently it is quite lawful according to the ACCC. Deceptive advertising is false advertising, and it is illegal, but it seems that unethical advertising is neither deceptive nor illegal; however, they offend moral principles of human acceptance in terms of bad intent and effects. Ultimately, I’d like to believe that ethical advertising is regulated by societal norms of acceptable advertising communications and the moral and ethics of advertisers.
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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
Get Something to Work Reasonably Well Think about this for a New Year’s Marketing Challenge: It’s better to get one specific tactic working reasonably well than to run off chasing the next “fashionable” thing. I’m guilty, as I know most small business are, of chasing the next new “gimmick” or “fad”. The truth is that most well-thought out marketing strategies will pay off, given your complete attention and a bit of time to take hold. My advice, as you begin making plans for 2015 is to find one or two good strategies and tactics, at the most, and commit to them. If you find something that shows promise, then focus on making it even more powerful. Don’t fall prey to every business coach, marketing guru, new gimmick or revolutionary new web application or app that promises to make your life better by purchasing and applying this new marketing tactic. Create one strategy, finish it, test it, improve it and use it without regret.
Spice Up Your Signage Boring signs and banners will often get boring results. You might consider revamping or spicing up your sign for better results and gain more interest in you and your products / services. Get a sign that lets you put a changing message on it. We often see church signs with a daily inspirational message. Why not consider having a changing message
on your signage? Promote a sale; tell a joke; or make a comment . People who pass it each day will start to notice. Network For Your Customers It sometimes happens that you simply can’t provide the product or service that your customer is needing. You can earn a lot of trust (and future sales) when you tell your customer; “I can’t do it for you. However, I suggest that you contact this business (name). Or, would you like me to ring them for you, just to make sure they have it in stock?” Think about networking to find other businesses who can provide additional products and services to your customers. It’s called the “Referral or Buddy System” What services or products don’t
you provide that your client may benefit from or enjoy? Can you find a business in your
area that offers that service? Are
they a member of your business network club?
Can
you business?
‘Buddy’
with
this
Why don’t you speak to the other business owners about placing your cards in their business? And you can do the same for that business. Special Event Marketing for Retailers From cooking classes to book signings, from do-it-yourself lessons to fashion shows, special event marketing is an effective way to drive customers into your store and
Volume 2 Issue 25 December 2014
encourage purchasing. Event marketing creates excitement around your store and your products by creating something out of the ordinary that entices people to your location. More than simply building store traffic, events actively encourage people to reach into their pockets and make a purchase. Work With Your Suppliers If you hold n event, you may not have to go it alone. Talk with your main suppliers about co-sponsoring an event. This can take many forms - a clothing store can have a special designer sale; a photography store can have a special “clean your camera” day with service reps from a particular camera manufacturer. In some cases, co-sponsoring will also include increased co-op advertising funds or other supplier incentives. Speak with your suppliers to find out if and how you can qualify for these programs. I have a client at Mount Gravatt, and was working with them recently, and they agreed to hold a special event with two of their suppliers and also an interior decorator. The lighting store increased its daily sales (on that particular day) by 630%, and has since increased its customer base by 17% and weekly sales have risen by 24% and are still climbing. Try it for yourself - it works !! Page 16
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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Marketing Means Business “Let’s Talk Business” is distributed to 3,318 business email addresses within Australia and Internationally. We welcome contributions, suggestions for articles and letters to the Editor from our readers. Please address correspondence to: The Editor, LTB PO Box 569
We believe that by offering this free service, we are achieving our goal, and this is evidenced not only by our constantly growing database of businesses receiving the publication, but also by the quality of the authors who unselfishly contribute regular articles to LTB.
Bribie Island, Qld 4507 Phone: 0451 184 599 dennis@marketingmeansbusiness.net.au
Web:
www.marketingmeansbusiness.com
We pride ourselves on the fact that we have a range of authors who are recognised experts in their industry, and these experts give freely of their knowledge and their time to assist us to offer you quality, practical, professional advice and information.
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Letters to the Editor are most welcome
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Volume 2 Issue 25 December 2014
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