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Practical Business Advice from the Independent Experts

Issue 42

January ‘11

Keeping Your Employees Motivated - Reward employees with the highest rank and status justified by their aptitude, performance, and contribution to the success of the organisation. - Provide salary and wages based on the employees' performance and value to your organisation. - Provide a meaningful annual review which includes recognition for work accomplishments and an honest assessment of areas where the employee could improve. - Give employees effective feedback on their work, including giving reasons for work assignments, the assignments contribution to the organisation, and how the assignment contributes to the success of the organisation. Keeping your employees motivated with high morale is the most important function of a manager.

- Delegate as employees as effectively.

much authority to they can handle

If you find that the suggestion can’t be implemented, give a full reason for not adopting it.

This article provides a list of actions that can be taken to keep employees producing for the success of the organisation.

- Provide positive incentives rather than negative incentives.

- Show a genuine interest in each employee without becoming a bore.

Consider the following actions related to communicating effectively with your employees:

Now that you've been presented with a series of actions that you can take to improve the morale and motivation of your employees, here's one more important point to remember:

The first three suggestions are related to the physical characteristics of the work place: - Make sure that the work place is clean and well-lighted. - Give employees the proper equipment (furniture, computers, machinery) to perform their jobs efficiently and comfortably. - Design the work flow such that there are few bottle-necks and downtime. The following are suggestions for keeping employees' morale high:

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- Listen to employees - really listen. - Allow employees to air their grievances even if they reflect on your perceptions of your own performance. - Give credit for actions, ideas, and suggestions for improvement to operations. (Never take credit for actions or ideas of your employees.) - Organise your operations so that everyone can make a contribution by offering suggestions for improvement. Consider all suggestions seriously.

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Each manager comes into the job with a set of attitudes and behaviours that have developed over a period of years. In most cases a new manager needs to take stock of his or her attitudes and behaviours that might not be effective as a manager. Most new managers don't take the time (or even realise that they need) to assess their skills related to being an effective manager. Let the list above serve as a checklist of areas where you need to make improvements to be successful as a manager.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2011 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Positivity In Business And Life When life hands you something that you don't naturally agree with, or when you seem to be having all sorts of problems, it can seem all too easy to get down about it and to get upset and negative.

Sometimes people give too much credit to luck for the success of others. If you studied carefully the traits of these people, you will find that luck has nothing to do with success. What are these traits?

However, there are many reasons that you should always attempt to be as positive as you can – whether you are dealing with the stresses of family, of your job, or of your life in general.

1. Talk with people they do not know If you think about some of the things you have achieved, you will realise that some of them came out of talking with people you have not met before. People who are in sales will know this better than most others, as this is something that they need to do.

Being positive is going to help you make sure that you never need to worry about anything else. There are always times where it seems like it is tough to look on the bright side of things. It can be that you have too little time on your hands and too much to get done, or that you have stresses that you simply cannot combat no matter where you go. However, usually, with some practice, you can learn to see the positives in these things as well, and you can learn to train yourself to always look on the positive side.

If you can learn to pull yourself away and look at the big picture, chances are good that you will learn how to start to look more positively at your entire life. Studies have shown that when you are able to focus on the positive, you are going to be able to attract even more positive energy to yourself.

The first step to staying positive is to be able to step back from the issues at hand and to learn how to look at everything as a big picture.

People who are more positive are more attractive, more comfortable with themselves and are in better spirits – and these things attract only good things and opportunities as well.

This is very important because it means that you are going to be able to look at everything put together as a whole, and you won't need to worry about all of the small details.

Therefore, the more positive that you can be about the world in general, and about your life, the more positive aspects you will be able to attract to yourself.

As you begin to pull away and look at the big picture, you are going to see the positives that are there – you might have very well behaved children generally, who are very smart and strong – and suddenly the spilled soda on the floor doesn't seem so bad. You might have a great career with a boss that you respect, and suddenly the issue with one project doesn't seem as important or as huge as before.

Luck Has Nothing To Do With Success

Whether you are dealing with a business, your home life, or with anything else that might be going on with you, you are going to find that there are lots of great things for you to consider about each of the parts of your life. And, the more that you focus on these positive and great aspects, the better you are going to feel about your life in general.

2. Do something different - Sometimes we move on auto-pilot doing the same thing and seldom something different. But think about others and even yourself, when you chose to do something different. This could result in a complete new path and even new careers for some people. 3. Exit when you are ahead - How often have you seen very successful people hold on to their positions long after their popularity has waned? This applies to heads of organisations, entertainers, politicians amongst others. It is best to move on at the peak of popularity and people will remember you at your best. 4. Saying "Yes" when others say "No" - With the heavy workloads that some people carry, time management principles suggest that you say "no" to additional tasks. Sometimes, you may be throwing away opportunities if you rejected all such requests. Consider carefully first, and take on some tasks that may result in you getting "lucky". 5. Listen with empathy - Listening with empathy helps to provide the most appropriate response that elicits appreciation from others - not just listening to what you want to hear and dishing out the standard responses. 6. Giving and getting help - Not only is it good to help people when needed but also to ask for help if necessary. There is no great value in trying to do everything through your own knowledge and effort. It just takes too long to achieve things that way.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: More interesting articles on how to improve the performance of your business © 2011 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Is Your Website Working? Does your website attract a steady flow of targeted traffic, build an opt-in list, supply you leads and income from sales of products and services? If it doesn't, then you need to examine your website content, design and structure. In most cases, websites are designed and built first. Then the business owners try to figure out how to attract visitors.

What should you measure? The most obvious category that can be measured is the amount of traffic that your website is generating. The key value is the number of unique visitors that come to the website.

Issue 41

December ‘10

Testing Once you have your measurable elements, traffic and conversions, you can test various ways to make your website work. You can test various techniques for increasing traffic. Options here include search engine optimisation of your website, pay per click advertising, press releases and article writing.

There are other values that are important, such as page views and average length of stay.

This approach is backwards.

As you measure these values over time the goal would be to have a steady increase in all of these values.

Before you have a single web page built or content written you should have clearly identified your strategy for attracting visitors and converting them to leads or clients.

Of course, if these visitors are not doing anything when they are on your website they are of little value. Do you have a call to action?

Using the web to market your product or services requires a web marketing plan. The web has the potential to be a powerful communication tool, but your website needs to be designed in order for you to achieve your marketing goals. These goals also have to be measurable. A website built and managed without a clear marketing plan is usually a waste of time and money. Many websites are nothing more than web billboards. These sites generally do not attract clients and provide little marketing benefit.

Your website should be designed in such a way that your visitors are presented with a call to action. This call to action should be obvious to the visitor. Your call to action is another element that can be measured. How many visitors perform the call to action? The call to action can take many forms. It may be opting in to a email newsletter list, or filling out a lead form. The ideal action is the purchase of a product or service. When a site visitor performs the call to action, you have a conversion. The number of conversions divided by the number of website visitors is the conversion rate. One of the goals of the website should be to increase the conversion rate.

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Then you will also want to increase your conversion rates. Split testing is used to determine how various elements within the web page affect the visitor. You can change the elements on the page such as the headline or colour of text and graphics, to measure the affect on the visitor. Website Goals You now have the understanding that your business website should be working for you with a marketing plan. You need a call to action. You need to measure traffic and conversions, and then test to improve the results. With these measurements in hand, you can now set goals for your website.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


How To Succeed At Public Speaking Make sure you've covered all areas of what you will be discussing. If you know what you are talking about, you won't feel as nervous or flustered. Try to anticipate what questions others may have and be ready with an answer. If it's at all complicated, try to think of different ways to say it, so everyone will understand. Diagrams may help you here to illustrate your point. Once you've done this, practice out loud somewhere by yourself if possible at first then in front of a friend or co-worker later if it's important. If you are afraid to speak in public, don't feel bad you are not alone - over 40% of the adult population is.

If it's appropriate you may want to hand out either an outline or a few illustrations.

In fact, fear of speaking in public is the highest ranked fear that all people have.

It may help to have some eyes looking at these occasionally and not all of them looking at you all the time.

Mostly this is due to a feeling that you won't succeed but rather fail and be ridiculed or laughed at and no one wants that.

As much as it's humanly possible, try to relax.

Some people avoid it at all cost, including the potential to succeed or excel in their field. It doesn't have to be this way for you.

Since most people fear public speaking, others know it's not easy and will be rooting for you not against you.

We've got some tips for you here which, if implemented should help you tremendously.

If you are the type that can make small jokes, you can try one if appropriate. It helps your audience to relax as well.

For most people, the most common place where they need to speak in public is in the workplace.

If someone asks you a questions you don't know or aren't sure about, you can say something like "that's a good question" and think for a few seconds, then if you know the answer great, answer it.

Usually, you either need to inform your co-workers of the project you are working on or you need to sell an idea across to people higher up in the company. Don't panic yet. If you take some time to plan it out you'll do ok.

Breathe deeply.

Arrive early to your meeting or presentation to make sure everything is there that you need and working properly. Don't say anything about being nervous to your audience, some people may not notice and you don't want to bring it to their attention if they don't. You may do better than you expect. Try not to speak to fast, semi-slow and clear is the way to go. Try not to speak in a monotone voice either. Add some inflection to your speech. Keep things simple and to the point. Try not to drag on if at all possible. You don't want to bore your audience. A lot of people in sports use visualisation to imagine themselves accomplishing their goal. This can work for you too. Visualise yourself succeeding with your public speaking. Public speaking is a valuable tool you can learn and use throughout your life. The more you practice it and gain confidence the better you will get.

If you don't know the answer you can say something like "I'm not sure about that, I think Bill might be able to answer that for you".

Preparation is key.

Make sure you name someone who you think would definitely know the answer.

One of the most important things before speaking in front of others is to know your material thoroughly.

Other wise, you can tell them you will check into it and get back to them.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Keeping Your Employees Motivated :: Positivity In Business And Life :: Luck Has Nothing To Do With Success Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 40

November ‘10

Ten Top Business Time Management Tips 4) Programme in some 'me' time into every day.

In today's fast-paced world, time management is more important than ever. Here are ten tips to improve your management of your time. 1) Plan goals a week in advance. The key tasks you need to accomplish each week should be worked out in advance so that you know where you need to focus your energies in the coming week. 2) Make sure you have a clean and tidy desk. It has been proven that one of the biggest business time wasters is a desk that has less than 80% of its surface area free from clutter. If you maintain a clear and clutter free desk, you will maintain your productivity at its maximum. 3) Learn to use your programme's filter system.

No matter how busy you are you should always make time for yourself to do something entirely non-business related.

Make sure that you have a clear list of everything to be discussed at every meeting and that every attendee gets that agenda ahead of time.

Recharging your batteries in this way will help you to deal with your work commitments at maximum efficiency.

During the meeting make sure that you keep from becoming sidetracked so that you waste the minimum amount of time.

5) Tackle the task you dislike the most first.

9) Get used to saying 'no'.

Putting this task to the bottom of your todo list will lead to a lot of wasted time fretting about it. If you get this task out of the way as quickly as possible you will feel such relief that the other tasks on your list will be a breeze. 6) Don't think you have to be totally accessible all of the time. When you have important tasks to complete try to make sure you switch off your cell phone and stop checking your emails for the duration. This will allow you to make optimal use of your time by focussing entirely on the single task at hand without time-wasting distractions.

If you get asked to do something that doesn't fit into your schedule then learn how to refuse to do it. This can be hard to do at first but will get easier when the benefits become apparent. 10) Try to reduce the number of meetings you attend to the absolute minimum. Excessive meetings can be the biggest business time wasters. Try to only attend essential meetings to avoid this drain on your time and energy. Of course, there are many more time management techniques you can use but the above will be a good starting point to help you manage your time more effectively.

7) Allow time in your day for the unexpected.

email

Set up a priority email folder and have all of the emails from your most important clients and contacts routed to it automatically so you don't have to wade through a mountain of email manually to get to them.

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8) Have an agenda for each meeting.

If you give yourself a task list that takes up every second of your day, an unexpected event will throw a complete spanner in the works. But if you allow time for the unexpected, when it occurs you'll be able to cope.

Fax: 0709 280 8482

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Time Management: Keep It Simple

Dealing With Communication Overload 1. Schedule advance.

They come via email, voice mail, fax, instant messages, pager, Blackberry, cell phone, Skype, Twitter. You receive even more during meetings, be they teleconference, video conference, web conference, or the good old fashioned face to face kind. Even before we get to the office in the morning and, for many of us, well into the evening, we are inundated with incoming communications from these sources and more. It seems as though during every moment someone is trying to inform, teach, solicit to, solicit from, question, update, delegate to, warn, disagree with and sometimes even entertain us. This tidal wave of incoming communication can be overwhelming, leaving us feeling fatigued, irritable and/or distracted. It can negatively impact everything from our work performance to how we interact with our families and friends. It can result in something as minor as forgetting to buy milk on the way home to as major as being involved in an automobile accident. In other words, communication overload can be harmful to our health. While for the most part we are unable to control or lessen the amount of incoming messages we receive each day, we can develop strategies for dealing with them more effectively rather than letting them engulf us. Incorporating the following tips can enable you to nip communications overload in the bud:

your

time

better

in

Are you checking your email between every other task you perform? Break that habit by trying to limit your trips to the inbox to specific time periods during the day, such as an hour at the beginning and end of the day, or 10 minutes at the top or bottom of each hour. You'll be amazed by how much more time you'll have to accomplish things that matter more to you. 2. Cloak your instant messaging / Skype screen name. If that's not possible, put up the "Do Not Disturb" sign on your instant messenger once in a while to carve out some uninterrupted time. During this span, also let your phone calls go to voice mail and text messages go temporarily unanswered. These actions are particularly important during times when you're interacting with people face to face; except in rare circumstances, live interaction should always take precedence over technological devices. Watch how your interpersonal relationships both at work and home soar when you begin to give people more undivided attention. 3. Learn to determine and rank the urgency of each message you receive, regardless of means. Delete, file or ignore unimportant ones, and devote as much time as possible to only those that pertain to pressing or essential issues. When you look back on your day, you'll discover that you'll experience a greater sense of accomplishment when you do this. Taking a few proactive measures to confront communication overload is so much healthier than multitasking your way into a state of exhaustion or allowing incoming communications to control your life. Not only that, but you'll also see immediate improvements in your work, home life and overall sense of satisfaction as well.

When it comes to time management, many people often over complicate what should be a simple process. By using fancy electronic organisers and the latest software programmes, they are actually making the process more complicated, and in the end most people don't use the electronic organisers and software programmes at all. Many people don't realise that just using a simple piece of paper as their to do list is far more convenient and easier to use than any electronic organiser. What could be more natural than putting pen to paper?

There is no way an electronic organiser is faster than writing on your to do list manually. Also, with electronic organisers, you have to worry about recharging it all the time. Another thing is trying to set it up so it is compatible with your computer. The same goes for using the latest time management software programmes. Again, most people won't even use the programme the way it is intended, and then go about stop using it. The best and the easiest way is to keep your to do list on a simple piece of paper that fits easily in your pocket so you can carry it at all times. This way you have instant access and can update it as thoughts come into your head. Also with a piece of paper you can organise your thoughts on it anyway you want. You don't have to lock yourself into having to organise your thoughts the way some computer programmer thought you should. Time management should be about making your time easier to manage, not making it more complicated. By sticking with a simple sheet of paper you can accomplish all your time management goals. Electronic organisers and time management software often just complicate and add frustration to the situation.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Is Your Website Working? :: How To Succeed At Public Speaking Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 39

October ‘10

Building Relationships With Your Customers No matter what kind of business you're in, building customer relations should be one of your top priorities. All customers, whether on-line or off, like to feel that they are appreciated when they shop in your bricks and mortar store or through your website. It's easy in today's hurry up, not enough hours in the day society we live in, for business owners to get all caught up in their everyday schedules of running their businesses and lose focus on why they have a business in the first place...Customers! Below are 5 techniques every business owner can use to help increase relations and build trust with their client base. Emails Email opt-in list building is creating a list or a collection of emails of people who have a similar interest. List building is largely about building relationships with your customers and should be considered your business life line as it can directly effect your prosperity as well as profits. Building a high quality, robust and responsive mailing list can be worth its weight in gold. An opt-in list for your business is and important commodity and should be one of your priorities no matter whether you have a website or not. Building lifetime customers is arguably the most important thing you can do for your business and building a successful list can sometimes mean the difference between success and failure.

While newsletters and ezines are pretty much the same thing it's important to use one or the other to keep in touch with your customers. Auto-responders

Just place a small subscription form box on your website, or place printed forms in your business somewhere, explaining the benefits of your product or service. Launching your own email ezine is a good and fun way to help you build customer loyalty and build a communication link to them other than through traditional advertising. It builds trust in the eyes of your customers when done right. Doing it right means including useful information about different topics of interest. Make it cheerful and fun so your subscribers will be counting down the days until they receive your next edition. In addition, be sure to include a note about your special promotions, offers and sales to all members.

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Article Marketing Marketing by using articles can be one of the most effective and least expensive ways to promote your business. This is especially true if you have a website. Writing articles about subjects you know about that include keywords related to your business is one of the best ways to get search engines to notice you which can lead to increased traffic to your business. And no, contrary to popular belief, you don't have to be an expert in order to write articles.

You can even include coupons that can only be found in your ezine that will allow customers to get secret, unadvertised discounts. This can also help you to track the effectiveness of your ezine. This method will also work with newsletters and emails. Conclusion

Newsletters An email newsletter is similar to a regular newspaper but it delivers news directly to your email electronically.

Ezines This is a great way of capturing the email address of those who are interested in your products or services.

An auto-responder is an easy, webbased email marketing software that delivers your email campaigns, special promotions, sales notices, newsletters, ezines and follow-ups automatically. This is an absolute must for today's business owners. Once set up, it will allow you to put your marketing efforts on auto-pilot.

Most companies have an email sign up form on their website for their newsletters. Your subscribers should be able to set their watches by the arrival time of your newsletter.

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Which ever way you choose to promote your business, always remember that the customer is the only reason you have a business in the first place, and you should do everything in your power to make their experience the absolute very best it can be. It's not always about the lowest or cheapest prices either, sometimes it's about how they are being treated that keeps them coming back.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


How Do You Improve An Existing Product or Service? If you already have an existing product, how would you go about finding ways to improve it?

2. Give something away for FREE: Free samples, trials, demonstrations, consultations, or information are all exceptional ways of getting customers to give your product or service a hands-on try. Sometimes that is all it takes to close the sale.

What did they like if they purchased, and if they did not purchase, what caused them to hesitate?

Did the copy fully explain what the product does for them and how it will be valuable to their situation? Asking for suggestions and comments will often prove to be invaluable marketing advice and sometimes can come as a surprise. A meeting can be over a conference line or it can also be a net meeting online. Whichever feels most comfortable to your participants would be ideal. The objective of the session is to not become too long, say maybe two hours, and have the participants brainstorm the product. It is very desirable that the participants do not know that you are the owner of the product so that they feel free to give ideas and opinions without any retribution. The moderator should be able to get people to feel uninhibited by asking questions of the group. What hot buttons are there that can be investigated? Questions regarding the product's method of use or lack of creativity can spur direct comments from the participants that will become very valuable.

1. Feature the offer: Everyone loves a good deal. Your job is to design an irresistible offer and make it a key focal point of your letter or email. A strong offer can often be the extra incentive that will convert your "maybes" to real live orders.

One way would be to conduct a focus group where you get a group of maybe ten customers or even people that did not purchase your product, and ask questions.

Is there something that could be done to improve the product in their eyes?

9 Marketing Tips

The idea is not for the participants to be negative or destructive, but to try to build on or improve the product being presented. The ideal time to have this brainstorming session is when the product is new and not fully developed. The session might present new ideas that can be incorporated and used which will only help the marketing and sale of the product. The brainstorming group participants will surely feel their comments and suggestions are welcome and that they have a good feel for what the product is trying to present. Maybe advising them that they will get a free product when the item is finished will make them want to provide clear and purposeful ideas. Anything that makes the new product more useful and more direct on the subject matter will be welcomed. Any ideas from potential users must be considered so that the new product will be totally successful. Have fun with your brainstorming group and do not become discouraged if some comments do not seem to be helpful. Taking the participant's comments and improving the product or service is the goal.

3. Run a contest: Give away a free enrolment in your seminar, a free subscription to your newsletter, or anything else that appeals to your buyers. 4. Use a special "before the price increases" offer: If you plan to raise your prices, make your regular customers a special offer at the old price for a limited time. 5. Repeat your offer: An irresistible offer can overcome customers’ reluctance. State it at least twice in your email or letter, and again on your order form. 6. Make a time-limited offer: Offer a special deal for a limited period of time. And do just that legally - you can't continue a time limited offer indefinitely. 7. Base your offer on a limited supply: A close-out of your inventory can create strong demand. A limited supply offer can be used to designate exclusivity and prestige. 8. Offer a special deal to the first 100 people who order: Or the first 25, 50, 250 and so on. But remember, the key here is to keep it to a meaningful limit as an incentive for customers to act quickly. 9. Make a charter offer: This approach is ideal for new products, subscriptions, and service agreements. If your product isn't new, consider starting a membership club and offering charter members special benefits.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Ten Top Business Time Management Tips :: Dealing With Communication Overload Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 38

September ‘10

How To Ask A Closing Question...And Then 'Shut-Up’ Hundreds upon hundreds of books have been written on closing the sale. You can be the most knowledgeable of presenters, you can dress the part from head to toe and put on a show like a Royal Variety performer, but if you do not how to close the sale, you might find yourself limited to a happy meal on your "night out". Many of the leading sales experts have defined closing as, "Asking a question, the answer to which confirms the sale". Once this question has been asked, you must abide by the oldest, most critical rule of selling: When you ask a closing question.... SHUT UP! The first person that speaks loses.

You may not get the much desired yes as a result of eliminating no responses to your questions, but you will unearth further objections and get the conversation going in a direction that will eventually lead to a yes. It is very important that you phrase your question in a manner directly addressing your prospects main need or desire. For example...."Mrs. Smith, would you like your new drapes to be delivered before or after your dinner party on the first of next month?" or "Would you prefer to have your new boots in red of would you prefer the black?" or "Will that be cash or credit card?" Notice that all of these examples incorporate the simple techniques of using time, choice or preference to eliminate no as a possible response. Your prospect will be forced to change the direction of the flow altogether in order to come up with a negative or no response to your closing question. The important lesson here is: Leave it up to the buyer to decide, but do not give him/her no as a possible response once you have asked a closing question.

There is a multitude of ways to ask for the sale. Your method of asking a closing question should befit your personal style of communication. The closing should be fluid and effortless when done correctly. For this reason it is important to set the tone for closing upon meeting your prospect, ideally when you walk in the door. You must ask for the sale as soon as you hear that first buying signal. One very important guideline in asking for the sale to try to eliminate no as a possible response to your question.

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Even if he does use it, you have a handy response, "...when would be the most convenient time to make the delivery?", and, once again, you shut up! The key here is that you ask your closing questions in a friendly, sincere manner without high pressure and without being pushy. Ever hear the expression "the silence was deafening"? Even a minute of silence can feel like an hour during closing. The tension begins to mount as soon as you finish asking a closing question. With enough gentle, directing closing questions, you will be on your way to sales success. Remember, the sales are there and ripe for the picking. You will receive, but first....you must ask!

Of course, it is always important to remember to confirm your prospects interest and to look for concrete buying signals before asking your closing question. For example, Mr. Rogers has stated that he needs a new printer by Thursday, but he has not said that he is buying it from you. Ask, "Mr. Rogers, would you like me to deliver your new printer by Thursday?", and then you shut up! In this case, you have given your prospect the option to say no, but it is highly unlikely that he will use it.

Fax: 0709 280 8482

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Five Ways To Make Your Advertising Work Harder One of the sharpest minds in the direct response marketing business is fond of advising potential advertisers that creativity is not a positive virtue for an advertising copywriter. Whether it is a print, on-line or broadcast ad, the worst response experts say people should give is to think an ad was exceptionally creative. Instead, the person should respond by wanting to buy the product. Here are five ideas advertising writers may use to help make their ad copy more effective.

Yes, you may have to incur some expenses paying for refunds, but your increased sales will more than make up the difference.

1. Proof

4. Accessibility

Let people know how good your product or service is by offering proof that it stacks up better than its competition, or that it has met or exceeded certain tests or specifications.

Similar to identification, it always is best to be easy to reach, so do not omit your contact information from your ads, especially ads in print and on-line messages.

When stating numbers, such as how much faster one medicine works when compared with another, round numbers are less effective.

Whether it is your phone number, Internet URL, email address or all three, make sure they are correct and working properly before you publish the ad.

Therefore, try to use uneven numbers like 23.7% rather than round numbers like 25% and your message will be more believable.

For example, if you are publishing a tollfree number that only works from the UK, if you also include your regular telephone number with area code, potential customers from other countries may also buy from you.

2. Identification Do not be afraid to let people know who you are, where you are located and what you think and feel. Rather than appearing to hide behind a post office box number, tell people that your office is located at 1234 Elm Street in the red brick Smith Building, which was constructed in 1916. This not only makes you seem more interesting, but also more believable and trustworthy. 3. Guarantee People will always be more willing to buy from you if they trust you will refund their purchase price if they are not satisfied.

5. One more thing Every sales letter should have a PS following the signature. This part of the letter will most likely be read more closely than some other parts, so utilise it to reinforce your most important point, or offer an extra bonus to motivate the reader to act immediately. By making sure your advertising message has met the above five criteria, you will ensure the next ad you write will help make your cash register ring even more loudly.

5 Direct Marketing Tips Direct Marketing has to be the most exciting area of marketing. The results of a winning mailing are truly thrilling. Few things can compare with opening your mailbox to find a flood of emails or envelopes filled with orders and cheques made out to you! And if you can increase the response to your offer by just a fraction of a percent, you can turn a slight profit into windfall profits. 1. Carefully target your audience: Sales volume can be directly connected to your ability to accurately identify your most likely customers. If necessary, create different versions of your package tailored to each specifically targeted audience. 2. Solve your customer's most irritating problems: Most customers don't buy products, but they do buy solutions to problems that plague them. If your product solves a critical problem, pull out all stops to let your customers know.

3. Help your customers achieve significant goals: This is the complement of the prior point. If you can clearly show that your product or service will make your customer's lives easier or better, your sales volume should shoot straight up. 4. Focus on your customer's needs, not your product: Customers have limited interest in your product or company. But they have unlimited interest in their needs, solutions to their problems, and making their lives better. Concentrate on fulfilling their needs through the use of your product or service. 5. Always stress benefits: Always concentrate on how your product will benefit your customers - both logically and emotionally. Hit the right hot buttons and your sales will increase significantly.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Building Relationships With Your Customers :: How Do You Improve An Existing Product Or Service? Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Wake Up - Your Customer’s Speaking as much profit as a well known brand, it will start to alienate its customer base; particularly in the supermarket business, there is a lot of competition around, and it only takes a few customers to become disenchanted with a supermarket they use and start trying out one or more other supermarkets, before the profits start to fall from the original supermarket. They will tell their friends about another supermarket and before long a small trickle of exiting customers becomes a stream. Have you ever felt really peeved when a supermarket decides not to sell an item that you’ve tried from their store, liked it, and then incorporated it into your general shopping requirements? Or perhaps an own-brand item from a pharmacy that is not only cheaper than anything else on the market but also does the job so much better, and then the pharmacy decide to withdraw that product? Or maybe you’ve put yourself out to support a local farm shop and buy much of their produce which isn’t particularly competitive but nice quality and their home cured ham is exceptional, well worth the 20 mile trip every now and again, and then that shop replaces their home cured ham with ordinary supermarket ham at the same price? If the answer to any of the above questions is yes then you will be among many thousands of shoppers who feel they have been let down by a company that they have supported. Many big companies especially seem to have lost touch with their customers and actually treat their customers with contempt and really couldn’t care less about individual customers; the bottom line profit figure is the only thing that counts. If a supermarket takes off its shelves an own-brand item that is popular with the local community because it isn’t producing

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A similar sort of thing has happened whereby big corporations have thought that they were being so clever by saving a lot of money by outsourcing certain services, for example call centres, to countries with cheaper wage bills; in the short term this policy does appear to be good, but what about the customers? Pretty well anyone that you talk to will say that they get confused and frustrated when dealing with foreign call centres, not for any racist reasons but purely because most people at the foreign call centres may be able to speak their language pretty well but they still have a difficult-to-understand accent and they are not aware of the way of speaking, mannerisms, humour, etc., in a particular country. It is pretty well universally agreed that people in call centres should be brought up and educated in the same country as the people they are supporting. Many banks in the UK are finally waking up to public reaction to call centres. So these corporations using foreign call centres will eventually become losers, big time, when one or more of their competitors realise that satisfied customers are the corner stone of their business and that if their business is built on a shaky foundation of bottom-line profits, then a small tremor in public feeling and awareness could bring their whole corporation down.

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Issue 37

August ‘10

5 Tips To Improve Customer Service Good customer service is one of the most important parts of your business. It's essential to get repeat customers, the backbone of most businesses. And unsatisfied customers are always fast to spread their unhappiness. So here are a few tips about customer service: 1. Be polite and use appropriate style. This is a must. Your clients will respect you a lot more if you act and sound professional. 2. The customer is always right. That is an old saying, but always true. The problem or blame may be on the customer's side, but you should never tell this outright. If it's a problem on his side, just tell him the steps to fix it and be understanding. And, if the problem is on your side, do not be afraid to say sorry and explain the problem if the situation warrants it. 3. Be willing to go the extra mile. It's the little things that count. When you can do more than asked do not be afraid to, your customers will love you for it. 4. Make your customer feel comfortable asking questions. Answer all questions you receive promptly and politely. The fact that they may not be taking part in your latest promotion or buying your latest product doesn't make their question is less important. It may be less profitable for you, but your customer could not care less about these things. Who knows, they could be planning a big purchase, or would have if they had been treated well. 5. Always follow-up if you expect a problem. You do not need to follow your customers every step of the way. But if you notice a problem, or just answered a particularly complicated request, it's best to make sure everything is resolved before you move on. Make it easy to contact you if there is still something wrong.

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Outsourcing Can Be Your Ticket To Success Outsourcing is when you hire someone from outside of your business to perform certain necessary tasks. Different marketers have different reasons for outsourcing their business tasks. It all depends on what they want or need to accomplish, how much time they can personally devote to particular tasks, and how they value their time. One mistake that many small business owners make is thinking they have to do everything themselves, either for reasons of creative control, or because they think outsourcing is not a justifiable expense. The truth is, if you can outsource part of your business workload, you will be able to devote more of your time to tasks that hold more value and importance for your business. In some cases, business people outsource some of their work because they do not have the equipment or resources, or they do not have the expertise to do it themselves. Or they may simply need help through a busy period. Whatever the reason for outsourcing, if planned with purpose, it can contribute to the productivity and ultimate success of a business. One advantage of outsourcing is the fact that it is much more efficient than hiring, training and supervising new employees. Simply hire a professional, tell them what needs to be done and let them go to it. A side benefit is you won't need more office space to accommodate more people. Not only does outsourcing leverage your time, it can also help to leverage your resources. Additionally, when you outsource some of your workload, you won't need to worry about additional paperwork involved with hiring an employee, such as tax forms and scheduling. And you won't have employee costs like taxes, vacation time, workers compensation and so on.

Another advantage is that you won't need to purchase or lease new equipment or go through the ever-challenging process of learning new software or new skills. The key benefit to outsourcing is the time it frees up for you to concentrate on more important business-building tasks. You can focus on your marketing efforts; work on improving your customer service; devote some time to new product development; speed up your delivery system; develop new markets; land some bigger customers and larger orders; expand your services to take on any overflow your competitors can't handle. Some small business marketers may look at outsourcing as a burden of expense rather than a benefit. "How can you justify the expense," they ask, "when sales and income are low?" The thing is, if sales are low, that is exactly why you need to outsource some of your tasks – so you can devote more time and attention to your marketing and advertising in order to generate more sales, faster. The key is to have a solid marketing plan. Know what you need to do to achieve your sales and income goals; identify the tasks that are critical for you to pay personal attention to, and determine which tasks can be delegated to an outside service. Outsourcing is just one of many resources at your disposal. When used wisely, outsourcing can definitely contribute to your business and marketing success.

Outsourcing: Identifying Reliable Sources As a business owner, outsourcing is an important component that you may want to add to your business so that it may continue to grow and not become stagnate. To develop a good outsourcing process, you need to determine who you will use as a resource to fulfil your outsourcing needs. As a business owner, it is important to trust and know who you are outsourcing your business projects to. If you do not manage the outsource process correctly, you could end up with a bad outsourcing experience. Case in point, you win a bid for a large project that has sections that you want to outsource. You choose to outsource to someone you find online. However, you did not take the time to check their reference and you end up with someone who does not meet with your expectations. Unfortunately, before the project was completed, you realised that the person's words in writing about their expertise does not equal with the skill set shown on the project. Now you are stuck with a project that has gone bad and a situation where you may have to fire someone from the project. To find good outsourcing personnel, you much start with the basics. Make a list of what you need this person to do and then make sure the to do list lines up with the overall project goals. Once you have the list, determine the experience that your outsourcing candidate must have in order for you to consider them for the project. Use a reputable service as a middle-man for your outsourcing personnel search. When the list of outsourcing candidates have been narrowed down to your final list, interview them and check their references. When searching for outsource personnel, keep in mind that you can use temporary agencies (you want to use one that has a well documented track record of success matching of businesses to candidate). Some local vendors which are temporary agencies may have an online presence and would also be considered online resources for your outsourcing needs.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: How To Ask A Closing Question…And Then ‘Shut-Up’ :: Five Ways To Make Your Advertising Work Harder :: 5 Direct Marketing Tips

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Practical Business Advice from the Independent Experts

Achieving Results Through Processes

• •

Everybody in an organisation follows processes. Unfortunately, many of these processes are not designed from the outset and are almost invariably not documented.

• • • • •

• Work instructions procedures that:

Processes can be defined in many ways, such as the following: 'Directives to communicate established methods for performing and administering work' 'Mode of Conducting Business’ A specific way to perform an activity The flow of work that links people together to produce a defined output Implementation of Policies A document describing a specified sequence of actions within a process (WHO, WHAT, WHEN, WHERE, HOW, WHY)

• • • • • • • •

are

essentially

Are specific in nature. Detail a task (HOW to). Are directed to one job function. Support one part of a procedure. Reference standards. Invariably have a specific output. Are necessary where the method is critical to the result. May be combined into Manuals (e.g. for an operational activity).

Q: Why will documenting processes help your company?

Q: So how should you go about documenting your processes? The best way to go document your processes is to use the following 6 step process: •

Step 1: Define the high level Business Process map

Step 2: Decompose each Process into Sub-Processes (NB: Some sub-processes will be based on Life-Cycles, such as Development, Maintenance etc and will need further breakdown to lower level sub-subprocesses)

Step 3: Select a Sub-Process to document

Step 4: Map the Sub-process (Capture the information needed to draft the initial Process Definition).

Step 5: Review the draft and update as required until approved

Step 6: Implement the process, train the users and support while in the early stages

If process are not documented, there is a lack of clarity about “WHO does WHAT, WHERE, WHY, WHEN and HOW”. Q: So what are the benefits of documenting your processes?

A process involves more than 1 person and can be understood at different levels of complexity, so a "High Level" process might be "Operate the business", one of its sub-processes might be the

The following are some of the key benefits: • • • • • • •

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• •

You define WHO does WHAT, WHERE, WHEN, HOW and WHY. You can identify where processes are breaking down. You can assess the value of each activity in the process. Accountability, Authority and Responsibilities are defined for the people involved. The boundaries between processes are defined. Critical process flows are defined. The process can be measured.

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July ‘10

Dependencies between processes are identified. Processes can be changed in a controlled way. Process costs are known. Quality of the deliverables improves. Resource requirements can be identified. Processes can be replicated. It becomes easier to establish whether processes are capable of doing what they were designed for. Cycle times are reduced.

your

Q: So, how does a process differ from a procedure or a work instruction?

"Procurement process " and a sub-subprocess (often called a procedure) might be "Purchase Stationery".

• •

Your Questions Answered

Q: So what is meant by a process?

Issue 36

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© 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Team Roles

Handling Confrontation

Do you work as part of a team?

Confrontation gives us a picture of two people with their foreheads pressed against each other.

Do you know what roles you take on in a team?

However, not all confrontation is bad and as business managers we need to know how to handle confrontation.

Many of us take on several roles in our teams, so why not see where you fit, by identifying yourself with the following roles:

The following addresses how to collapse the barriers that prevent confrontation and then use some techniques on how to confront positively.

Coordinator:

Confrontation is perceived as a threat, so we need to start by recognising the internal tensions arising from the threat.

You coordinate the team in meeting its goals and targets and you are preoccupied in achieving objectives. You are dominant, but not domineering and you instinctively trust people unless proved otherwise. Driver: You drive the team’s efforts and are very often self-elected. You are full of nervous energy, impulsive and impatient, easily frustrated, quick to challenge and quick to respond to challenges. Rows are over quickly and then forgotten. You do not hold grudges. Creator: The ideas person. You have an original and radical approach to problems and obstacles and are the most imaginative and intelligent in the team and can bring new insight to a line of action. You do, however, ignore details and make careless mistakes. Evaluator: You are serious and a natural critic and can see flaws where others can’t. You are objective and are good at assimilating, interpreting and evaluating large amounts of data. You can be lacking in warmth, imagination and spontaneity, but your judgement is seldom wrong.

Implementer: The practical organiser who can convert plans into objectives. You get upset when plans change suddenly. You need stability.

We overcome the avoidance of confrontation by looking at the consequences arising from the threat. By doing this we have taken control and are now in a position to build confidence in confronting.

People come to you because you know what is supposed to be done.

6 Step Process – NO FEAR

Investigator: You go outside the team and bring back information and ideas. Unlike the Creator, you build on other people’s ideas. You are relaxed, sociable and enthusiastic and you are a good improviser. You may relax too much and are prone to putting things down as quickly as you pick them up. Communicator: You are the most sensitive person in a team and react to the emotional undercurrents in the team. You are a good listener and you like to build on other people’s ideas. You are sympathetic, loyal and understanding and if not present in the team your absence is greatly missed. Finisher: You worry about what might go wrong and need to get involved in the detail. You have a sense of urgency, but you can lower the team’s morale by worrying too much. Your instinct to follow through makes you an important member of the team.

Now - Don’t wait, DO IT NOW (Unless anger is at boiling point, in which case wait until you have cooled down). Open - Be open about why you are confronting and be clear about what outcome you want. Be honest. Listen to the other party and use “I” statements, such as “I would like to know why you told my manager about this problem”. Don’t use phrases like “What did you go and do that for?” Feelings – Express your feelings in a way that is not aggressive. Effect – Describe the effect on you or on others, but don’t quote what others have said. This will only create further problems. Alignment – Stay in alignment with the other party. Respond with respect to what they say and do it honestly. Use “and” instead of “but”. Return to common ground to show commonality rather than differences. Request – make a request, clearly stating what you want. Use SMART (Specific, Measurable, Achievable, Relevant, Time bounded). Using NO FEAR will enable you to confront more effectively.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Wake Up Your Customer’s Speaking :: 5 Tips To Improve Customer Service :: Outsourcing © 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 35

June ‘10

How To Win People Over You have a great idea that will increase revenue and improve profits, but you have a challenge on how to win over people. There will be the typical naysayers who will be able say exactly why it will not work. There may be supporters but can they overcome the negativity of the naysayers? There are ways on how to win over people to help implement your great idea despite the negativity of naysayers.

The good news is that you do not have to focus on the naysayers! The more you focus on them, the greater the power you are allowing this group.

In driving the initiative, it is best to work on things that you have full or at least limited control. It is also important to let go of things that you cannot change.

Other than the supporters and the naysayers, there are a whole bunch of people, who form the greater number of your employees. The technique is to focus on these people.

Another point to note will be not to create any more resistance than is necessary by controlling every aspect. While you provide guidance for delegated tasks, make sure that you give enough freedom.

They are neutral and with the right presentation of the initiative and the benefits it will bring to the organisation, this group of people can be won over to help you implement the initiative. Remember to make sure you include benefits to the individuals to motivate them in making it a success.

If there is any resistance, do not take it personally. The resistance is targeted at the initiative or the extra work that needs to be done.

Of course, the supporters will be a great help in moving this forward. Once the resisters see the rest of the organisation supporting the initiative, there is little else they can do but to join in. If they really feel opposed to the idea, they may leave. That, however, may be better for the organisation. While the group of people to focus on is a key part of the technique, it is crucial that the leader is mentally tough. This is a key ingredient in winning over people.

Often people get carried away by a small group of people who are typically very supportive of initiatives that are rolled out. These people do not need winning over. On the other hand, there are the naysayers who typically know all the reasons why an initiative will fail and are resistant to management initiatives. These people can really drain your enthusiasm and energy if you let their negativity get to you.

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Mental toughness is the ability to remain internally focused, relaxed, determined and confident in the face of the external stress that you will face. You need to be able to perform at your peak even under pressure. Be mentally tough. Be determined and persevere against whatever objections and the related stress that comes with it. This is possible if you are convinced that the initiative you are planning has been thought through and thorough. Your sheer belief that it can succeed will give you the motivation and the mental strength to see it through.

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If it is against the initiative, take this as a good sign as people are actually giving thought to it. Take some time to study this and you might get some valuable feedback that will help you improve on the initiative. Resistance to the extra work and needing to learn new things is normal in any organisation when change happens. Just go about your normal steps in managing change.

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Š 2010 - UK Business Advisors Limited – No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Success Starts With A Plan

9 Marketing Tips

Everything successful starts with a plan and selling is no exception. It does not matter what you are selling. It can be insurance or real estate, advertising or cars.

1. Repeat your key benefits in the beginning, middle, and end of your email, letter or brochure: Tell your readers once, tell them again, and then tell them one more time. Remember, people buy benefits, not products.

It all requires networking at the highest level or just simply communicating with people either face to face or via any of the modern systems you like. It does not really matter but communicate you must.

2. Use the "4 to 1" rule: Your sales copy should contain four "you's" to every one "I." Customers want to hear about their number one priority themselves. One of the best ways to convey that you understand your customer's needs is to use plenty of "you" language.

We have all heard the story of the successful car salesman that sent out thank you notes, birthday cards and purchase anniversary cards to all his past clients and prospects.

3. Use a stop-them-in-their-tracks headline or first sentence: Some letters and emails benefit from a headline while others don't. Either the headline or first sentence must be very powerful in order to convince your prospects that your letter is worth reading.

A simple act with a subtle sales message embedded in it that produced a ton of business and made him very successful. Of course there are scores of variations on this theme but very successful salespeople follow through and continue this year after year. So plan to contact a specified number of people every day. Break it down into types of contacts and methods. Do not make it too difficult. Ring ten new contacts or existing prospects (anybody you are not currently doing business with). Talk to two new people in a public place. Preferably people you have noticed on a regular basis like shop assistants or fellow commuters. Email any number of old clients with useful information. In everything you do try to follow up. Always follow up current clients, no exceptions. There is no secret to being successful. Just look successful and dress appropriately to look successful for your position. Talk like a successful person and believe you are successful without appearing arrogant. Keep up the accumulation of contacts, most of them probably will not buy from you but they all talk to other people and your public awareness will grow exponentially.

Along with that will come the increasing success and wealth. This is true of small town sales people and internet whizz kids. Get out there and get your name spread around. Garnish your reputation with a respected name for good service and valued advice. Always remember the basics of honest dealing with people, a ready smile and remember to say thank you. Two very powerful words often forgotten these days. Selling is not difficult or complicated and you should not make your plans difficult, otherwise it can get very hard to implement the plan you have decided on. You can put whatever you like in your plan. But try to keep it simple. Keep working with it. At the beginning fine tune it or even change it. But when you have got it right use it throughout your sales career. Plan, focus, follow through, succeed and enjoy a happy life. Consider these factors when you next think about how to win over people for the next initiative or project that you want to launch.

4. Use sub-headings liberally: Subheadings help break up long blocks of copy. They also act as a "hot point" outline to pull the reader through the key ideas of your email or ad. 5. Seize the reader's attention immediately: Don't waste space building up to your blockbuster points. Start with them. You have only a paragraph or two to convince your prospects to keep reading your letter. Give them what they need to make sure they continue. 6. Flatter your reader: These days people are much more sophisticated when it comes to advertising. They know that you got their name from a mailing list. You can turn this fact to your advantage by suing this kind of copy. 7. Share some "inside" information: Direct mail offers a perfect opportunity to appeal to a person's need to feel special. An ideal way to do this is to share some exclusive information. Make it clear that this offer is being made only to them. 8. Issue a personal letter from the MD: People like to deal with the person in charge. Using this type of personal message builds confidence. 9. Never end a sentence at the bottom of a page in a sales letter: Always use a broken sentence to carry your reader forward onto the next page of your letter or email.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Achieving Results Through Processes :: Team Roles :: Handling Confrontation Š 2010 - UK Business Advisors - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 34

May ‘10

Delivering Great Service Many companies are rightly proud of the service that they offer to their clients, but from time to time things do go wrong. Very often it’s the same sort of little niggly things and often things noticed by clients more than by the company owner or manager. So what causes these things to happen time and time again with no-one doing anything about it? Let’s look at an example: Complex Metal Shapes Ltd, who make really clever casting for the aerospace industry. It’s not a big place, fifteen people in total, but major recent investment in five-axis machines. Castings leave the factory time and time again with damaged packaging. What is frequently the manager’s response, “we’ve got a motivation problem in here, the staff just don’t care”. In a bigger company it’s often, the “management structure does not deliver great customer service, we’ve got to sort out the structure”. Damaged packaging is not a grand issue like staff motivation or management structure, but it is vital that we zoom in on the issue and work out what happens when this comes to light after many months, but it has been giving a picture of sloppiness to our customers for all that time. Jane, the Sales Administrator was told but did not know what to do about it. She sees her job as keeping the customers happy and being pleasant when they complain.

Key Message1: Be obsessed about the customer. Talk to them often with open questions about how they feel about your products and service. Mix face to face with phone calls and electronic communication. Make resolving customer issues everyone’s job. First person to talk to is Dave, who loads the pallets onto the lorry. Dave can’t see the problem, the goods are never returned, generally go out on time and everyone seems happy. Dave’s a decent sort of bloke, three kids, gets the job done in a cheerful way, worked for the company for fourteen years.

The company just spent £550,000 on the new German five-axis machine and that’s where the main effort is, to get the best out of it. Key Message 3: Work as One Team. Make sure that everyone has the chance to talk to each other formally and informally. Give the chance to talk about the apparent conflicts between costs and good service. Make it clear, by personal example, that great service is everyone’s job.

Talking to Dave it seems that one of the forks on the fork lift has a twist in it from an accident a few months ago. It just catches the wooden crate sometimes when you load it, but it’s OK and in any case, the boss has said that we’re on a cost cutting drive and can’t afford to hire in a fork lift too often. Key Message 2: Get the Processes right. Specify the standards to be met at all stages of production and delivery especially the way that the product or service will look to the customer. Measure them, with simple systems. Measurement of the production process gives earlier warning than measuring finance. It is often too late when the customer has left you and it shows in the revenue.

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In any case, it is Steve the mechanical fitter who should be looking after the forklifts. Steve is based in the main factory where most of the machines are. Dave was waiting to bump into Steve to tell him, but it has never happened.

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All of these messages must work together. If you do a heavyweight system like ISO 9000 and not the other two, you end up delivering consistent rubbish; only working as one team gives a warm glow for a while, then angry customers; whilst only looking outward to the customers, delivers rubbish and eventually customers fed up of hearing apologies. So it’s rarely the people. Most people come to work to do a good job. It’s rarely the management structure, the comfort zone of big management consultancies. Start with the detail and drill down. See what must be done to improve the Processes, working as One Team and get everyone connected and Obsessed with Customer Requirements.

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Creating A Positive Work Environment 2. Change Where Change Is Needed Change is something that cannot be avoided. Either you change with the times or you get left behind. It is necessary to be aware of customer needs, changes in the economy and trends in the industry to be aware of the changes. However, make changes where it is needed and not just for the sake of changing. 3. Groom Your People Your people are crucial to the success of your business.

Creating a positive work environment is crucial to the success of any organisation. In the current challenging times, less people need to do more or the same amount of work for the organisation to stay ahead. What are the strategies that an organisation can apply to create a positive work environment? 1. Plan Effectively While it is important to do a lot of research and study reports for planning purposes, effective planning should include the people involved in implementing the plan. There are things that these people are aware of that can make a difference to the plan. Aside from that, there will be a better understanding of the plan and a sense of ownership when it is time to act on the plan.

Groom your people to develop skills as well as attitudes and behaviour required to take your business from where it is to where you want it to be. 4. Encourage Dissent Do not be afraid of dissent. If all your employees agreed with everything, you may not become aware of changes that are happening to your customer base or in the industry. Focus will be narrow and based on conventional ideas. Allow dissent that will generate new ideas and actions that will enhance your business. 5. Foster Leadership

7. Be Customer Oriented Ultimately, it is your customers who keep you in business. Be aware of your customers' needs and wants. When they provide feedback on your products and services or require support, listen and take appropriate action. If there are complaints, handle them. Be glad that they remain your customers despite the complaint. A complaint well handled will get you a happier customer. 8. Take Action While having ideas and strategies are great, a difference is made only when action is taken. It is necessary to study and research whatever decisions you make. However, remember that often you may not get all the information you would like to have to make the decision. Make your best judgment call and take the required action to make the decisions work out well. Creating a positive work environment may be about environment and comfort. More importantly, it is the passion that you create within the organisation by bringing people together to deliver a vision.

You need more than management personnel to run the business. Thinking like a leader is a mindset that needs to be developed in every employee. Every single person be it from sales, support or administration can also contribute creativity and responsibility to the roles they play. 6. Move Quickly Change is happening so fast that it is necessary to make your move quickly. While it is important to think through your decisions, there are changes to which response has to be fast to stay ahead of competition.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: How To Win People Over :: Success Starts With A Plan :: 9 Marketing Tips Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

The Late Payment Cycle Despite the Late Payment legislation, UK businesses are taking the longest time on record to pay their bills.

However it is usually the smaller companies who are most likely have cashflow problems. The industries who have increase their payment days most are: • • • • •

Electricity Property Pharmaceuticals Beers, Wine and Spirits Oil and Gas

The longer a company takes to pay their invoices could be an early warning indicator to cashflow problems. If you are running a business then you need to monitor the speed at which your customers pay their bills, because while the invoice is unpaid the money is at risk.

This can lead to a battle of wills between the credit controller of the supplier and the purchase ledger manager of the customer. The figures indicate that the late payment culture is getting worse. Businesses should not be acting as an unpaid bank for their customers.

The majority of businesses fail because of cashflow issues – they simply run out of money, are unable to pay their bills and subsequently have to cease trading. Please visit our website for a free cash flow template to help you better manage your finances.

Remember a sale is not a sale until the invoice is PAID. If the invoice is not paid then the money is at risk and could be lost. Therefore, businesses should press harder to be paid on time with in the terms of the agreement. Companies are all under pressure to hold onto cash for as long as possible.

Telephone: 0333 444 8522

Nine Basic Steps To Prevent Identity Fraud

Identity Fraud is becoming a major problem and anyone can have their identity stolen and in a recent case in the paper the thief was the person's sister.

Cash is king.

They have all increased by over five days

April ‘10

Identity Fraud is one of the fastest growing crimes.

Businesses are currently taking over two months to settle their debts according to the credit checking company Experian. This is an increase of two days in the last year. As usual the larger companies are taking longest with an average of 82 days and smaller companies now averaging over 61 days.

Issue 33

Fax: 0709 280 8482

With the amount of information about you on the internet and held by all sorts of organisations including the government, banks and suppliers (i.e. supermarkets etc.) you need to manage the information you are giving out and try to keep it to a minimum. The precautions to be taken are: 1. Never give personal information to someone who calls you on the telephone. Especially if you are not expecting the call. Banks, shops and companies may do cold calling for market research. If they say it's for market research always ask for the phone number of the supervising body. 2. If you are interested in what they have to offer. Either check their identity by calling them back or ask them to put some information in the post. 3. If you have not had dealings with a company. Do not give them personal information. 4. Always destroy any documents which a fraudster could use. Bank and Credit Card Statements, cheque book studs and till receipts should either be shredded or burned and the ashes broken up. …..continued

Email: info@ukba.co.uk

Web: www.ukba.co.uk


© 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved

10 Ways To Speed Up Customer Payments Q: What Are The Three Most Important Things In Business? A: Cashflow, Cashflow, Cashflow

…..continued

I have an incinerator in which I have a fire about once a month to burn all my confidential waste.

Cashflow is the life blood of any business and more businesses go bankrupt because they fail to keep the cash flowing than fail for any other reason.

For me this includes accounts and envelopes which my name and address.

The Inland Revenue and HM Customs are much more aggressive in chasing monies they think are owed to them now that they have lost their privileged creditor status.

5. When you get emails requesting personal information - Delete them. 6. Don't respond to emails that offer you amounts of money for using your bank account to transfer cash from banks in third world countries.

Insolvency A company or business is insolvent if they cannot pay their creditors as the invoices fall due. In order to avoid this happening you need to ensure that you get paid on time by your customers so that you in turn can pay your suppliers when their invoices fall due.

These are scams and people have lost large amounts of money.

If it is good, if it is not ask why! And also find out what you have to do to get it onto the payment run.

The ten steps you can take are: 1. Make sure your customers know your terms of trade. i.e. payment is due in 7 days. Many companies take 30 days to pay but make sure they know what your terms are and the reasons for them. 2. Make sure you raise your invoices for work done promptly. 3. Send out statements at the end of each month to all customers who have outstanding invoices. Many Finance Directors will only pay when they have received a statement, so send it early. 4. Telephone the customers purchase ledger manager and ask if your invoice is on the next payment run.

Nine Basic Steps To Prevent Identity Fraud

5. Get to know the purchase ledger managers and talk to them regularly. 6. Find out when each customer does their payment runs and diarise them so you know when to chase your payments. 7. Where possible hand over the invoice when work is completed and let the customer know that you expect prompt payment as the work has been completed. 8. Where possible get either staged payments for a project or a payment up front for materials, etc.

7. Always arrange for your mail to be re-directed when you move to a new address. 8. Keep a list of all your Debit and Credit Card numbers so that if you loose one you have the details to cancel the card. The earlier you inform the bank of a lost card the better. 9. Always check your financial statements, banks, credit cards, etc., and if possible check them online. The quicker you spot an error or misuse the better the chances of stopping it escalating. If you follow the above steps, you have a good chance of avoiding identity and other frauds.

9. If the relationship is ongoing ask for a standing order to be raised in your favour so that you get a regular monthly payment without chasing the customer. 10. Remember to have the Standing Order changed when you re-negotiate your charges each year.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Delivering Great Service :: Creating A Positive Work Environment © 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 32

March ‘10

How To Develop Leadership Skills Leadership abilities come naturally to some, but for many, leadership skills have to be honed and developed. Observe the following requirements to improve and build upon your leadership skills.

Don't accept failure. Look for ways to turn failures into successes. Think outside the box and make an effort to improve your weaknesses. Education and Training If your level of education is holding you back, bite the bullet and sign up for the appropriate course. Be Disciplined A curious mind is an asset, as leaders are expected to have a good standard of education and general knowledge. Choose a topic and spend half an hour a day researching it - this should build your knowledge base.

Always arrive early for appointments. This shows that you are disciplined and respect other people's time. Seek the support of your family in everything you do. Be Courageous

Positive Mental Attitude Be the best you can be by spending time on self development. Condition your mind to reject negative attitudes - try NLP (Neuro Linguistic Programming) to channel your mental energy.

Strength and courage in the face of adversity is a must. Trouble comes with the territory but be determined to face it off. People will respect you more if you show courage. Optimise Communication Skills

Read self-help and motivational books, and the biographies of prominent leaders. Immerse yourself in the arts: do an art appreciation course.

Be Committed and Responsible People are more likely to follow you if they perceive you as committed. Show commitment by following through on your promises.

A commitment to positivity will bring about that relaxed countenance that many successful leaders exhibit. Inner Circle

Accept responsibility for your successes and failures - playing the victim is not an option. Follow up on issues and review projects regularly to make sure you have done all you can. Keep an eye on projects so that you can head off problems.

Telephone: 0333 444 8522

Besides your family, cultivate an inner circle of people who build you up. In your work environment, surround yourself with colleagues you can trust; people who have the right skills for the job. Spend time with friends who make you feel good about yourself.

Fax: 0709 280 8482

People make assumptions about your level of education based on the way you speak and write. When speaking, pay attention to the way you form sentences and pronounce words. If need be, do a business English course. In written communication, avoid long, drawn out sentences. This is frowned upon, as it represents the old style of business communication. Plain English is now the acceptable standard for business English. Sentences should be short and contain simple phrases. Know your audience and tailor your communication appropriately.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2010 - UK Business Advisors Limited – No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Success Is An Open Mind At the base of our brain is the "Reticulum" - the section of our brain that filters everything that comes into our brain and directs the impulses to wither our subconscious brain or our conscious brain - By being "convinced that I would see a CLK", I set the filter to search for a CLK - and when I saw one, I became aware of it. If I hadn't set the filter - I probably wouldn't have even noticed it.

What does this mean? What is a Closed Mind? Have you ever noticed - when you get a new car that you thought was "uncommon and distinctive" - that once you are driving around in it - just how many of then there are on the road! Or how you can manage to pick up on a conversation that piques your interest across a crowded room...

But what point is there in all this? - The driver didn't get out and hand me the keys - they just drove off when the light turned green...

Or even - just how stunningly attractive that person across the room is - and yes they seem to have noticed you - how the rest of the people in the room fade into fuzzy insignificance. We can somehow "Tune Out" the background noise and concentrate on just exactly the sounds we are focussed on? Have you ever wondered how this happens? Have you ever been frustrated that you can't seem to find people wanting to listen to you about your product or opportunity? The first examples are of an "Open Trained Mind" - The frustration comes from having a "Closed Mind" - or working with people that have a "Closed Mind". With a "Closed Mind" they never see the answer to their problem even though it may be staring them in the face; they never see the opportunity they are desperately seeking to change their financial situation. They never find new customers or new team members to recruit.

Try this simple test - Think of an uncommon luxury car.... Don't make it too hard on yourself - Choosing a Zonda or a Mclaren F1 are probably not good choices - I tried this the other day thinking of a Mercedes CLK hardtop convertible silver of course... When I got off the train in the city, I had to walk about 20 minutes to reach my appointment - and I was "convinced" that I would see this Silver CLK - and guess what? - after just 5 minutes - there it was - stopped at the traffic lights while I waited to cross. I checked the tag on the back just to make sure it really was a CLK - and not an imposter. Was I cheating? - was the Mercedes dealership right across the street from the train station? - NO - and let me tell you there aren't too many CLKs in my city!

Simple - by convincing ourselves of a positive outcome, we can achieve that positive outcome. If we "tell ourselves" that something will be difficult - like finding a new customer, or recruiting a new team member; nobody wants to know about my products, nobody wants to join my business team... Then that is exactly what we will get - No sales, No recruits. No business. Failure... On the other hand - If we go in with a positive attitude - We will be more aware of the signals that people give us every day that they are looking for a solution to a problem that we can help them with Either by purchasing our product or by joining our team. OK - so they won't be queued up at your door as soon as you open it - but you will find that by "opening your mind to successful positive outcomes" - you will notice more and more of the "right kind of people" more opportunities to discuss what you have to offer. Open your mind to success. Don't open it to failure by keeping it closed.

Why did I see it? There may have been a little "manifesting" - have you read or watched "The Secret" - Was the Law of Attraction working for me? Possibly, but the real reason was simple that I was expecting to see one - and so my subconscious mind was tuned to see it.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: The Late Payment Cycle :: Nine Basic Steps To Prevent Identity Fraud :: 10 Ways To Speed Up Customer Payments Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

What Is Social Networking All About? There are many different reasons that social networks exist. Likewise these social gatherings serve many purposes for those who use them. If you consider yourself Internet savvy, then you probably already have a pretty good idea what social networking is. Whether you are that savvy or just getting introduced to the Internet, social networking web sites are increasing and doing quite well for the network creators as well as those who join them. So what exactly is social networking and what’s it all about? Read on as we explore this phenomenon.

Today the Internet connects people from around the world into social networks for sharing pictures, blogs, live chats, instant messaging, emailing and virtually any other social idea you can come up with. Affiliate Marketing Here are opportunities to promote products and services through exposure that comes with belonging to a social network. You’ve probably seen the advertisements that are placed on the pages of social network members.

A basic definition of social networking is paramount to understand what it’s all about. A broad definition is the gathering of people in an online community for the purpose of sharing interests and activities together. This leaves a world of possibilities when it comes to what social networking is all about.

Additionally, when you have the necessary coding, you can place their notices on the pages of other members. It has become one of the greatest ways to get affiliate sales by marketing your business on every available social network.

Socialising This may speak for itself on the surface but actually socialising is one of the primary ways that we communicate with each other. And,thanks to the Internet, it is now possible to socialise on virtually whatever level you desire with people from all walks of life.

SEO (Search Engine Optimisation) Many website owners are turning to social networks to gain added SEO with general information about a particular subject. These articles can be placed as blog comments or stand alone pieces that must be placed in the applicable forums.

Networks exist for every interest; from the simply frivolous to the absolute essentials. And, because the Internet affords a level of anonymity that many people appreciate, this electronic form of socialising can be intimate, therapeutic, confidential and just plain fun.

With the proper use of certain key words placed as back links in the articles, an article can create a wonderful search engine placement benefits for those working to generate new customers and increase profits.

Networking This normally brings to mind the idea of people gathering together to create a group of people with a common goal such as finding jobs or raising funds for a charity.

So if you have not joined a social network yet, go to your favourite search engine, and search for some social networks related to your interest. Find one that you are comfortable with, one that looks active, and join the crowd!

Issue 31

February ‘10

Why Use Google Analytics On Your Web Site? Google offers a free statistical tool to analyse your website visitors - it is called Google Analytics. It is very easy to use. Once you sign up with the service and add the URL of your website, you get a snippet of Java Script code that you add onto every web page you want to track. Google Analytics tracks visitors from all sources, including display ad campaigns, PPC (pay per click) campaigns, organic searches from search engines, email marketing, bookmarks, websites that have your inbound links, and other digital sources like URLs embedded in PDF files or Power Point slides. It designed for online marketers who want to track visitors to their sites for improving user experience and conversions.

Why do you want to use Google Analytics? There are several reasons for that. You want to know if your marketing campaign is going in the right direction or not. For example, if you are doing article marketing to drive traffic to your site, you want to know the article directories that are the most effective in sending visitors to your website. You don't want to waste your time submitting articles to directories that are not sending you any traffic or a very low amount of traffic. You can write more articles and submit to only those directories that are sending you a good amount of traffic. If you are using a pay per click (PPC) marketing campaign, you should use split testing to test the effectiveness of different ads. ….continued

Telephone: 0333 444 8522

Fax: 0709 280 8482

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2010 – UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


7 Must Use Internet Social Media Avenues One type of Internet marketing that you must be taking advantage of is social media. The truth is your Internet business will not survive unless you are involved in various forms of social media. The only exception to that would be is if you do paid advertising such as Google Adwords or Yahoo Marketing.

4. Social Bookmarking Directories such as Digg and Technorati serve as search engine bait for your blog posts and for new traffic from people who read your blog articles. Bookmarking a blog post is very easy to do and the rewards can pay off for years to come.

Perhaps you do not understand the various ways you can utilise these many types of social media to brand yourself and expand your business. Here are 7 types of Internet social media you should be doing everyday. 1. Blogging Your competition has a blog and so should you. Blogs can serve many purposes. A couple of key points are to host your own blog and consistently add fresh content. Never let your blog go stale.

5. Discussion Forums This really was one of the first forms of social media and still is a great way to learn about the niche of your business and to drive traffic to it. Spending time in discussion forums can be addictive so be careful to use them the right way and not waste time. There is an art to forum marketing and you must learn to do it correctly, but the benefits are many. 6. Email Marketing

2. Social Networking My Space and Facebook are 2 of the largest. Building relationships online are a big part of having a successful Internet business. Social networking allows you to hang out with people that have similar interests to you.

There has always been money in having a list. The trick is to build relationships with your list and then sell to it after you have done that. For that reason we include it in social media. Today you can add video, audio, graphics, and other things to make your email more interactive.

7. Video Marketing

3. Micro Blogging Twitter.com is a combination of social networking and blogging. Building a large list of followers is a great way to meet people and increase traffic to your blog and websites. Plus it is fun to Tweet!

Why Use Google Analytics On Your Web Site?

When Google bought YouTube everyone was put on notice that video marketing was going to be important. Today internet marketers can drive traffic and build credibility by adding videos to their blog and website.

….continued

You want to know which ads are performing better than the others in terms of conversions. If you integrate Google Analytics with your AdWords PPC campaigns, you will be able to track the effectiveness of each ad you are using in your PPC campaigns. Using data from Google Analytics, you will be able to find the pages that are getting the most traffic from search engines, bookmarks and inbound links. Knowing this information helps you spend time on optimising only those pages that are getting the most traffic. You can work on providing improved user experience of your site on those high traffic pages. Make it easy to navigate those pages from anywhere in your site. Place a "What is new" about your site on those pages. If you're selling ads on your site to advertisers directly, you need a visitor’s portfolio of your site. This portfolio contains information about the number of monthly unique visitors to your site, visitors' geographic locations, the number of page views per visitor, the bounce rate of visitors, etc. The more information about your visitors you can provide to your prospecting advertisers, the better is your chance of commanding a premium price for advertisement spots on your site. Google Analytics will help you develop a visitor’s portfolio of your site. Even if you are not going to use visitor’s data immediately, you can still sign up for Google Analytics and let the tool start collecting visitors data about your site. When you need that data, you will have it in your Google Analytics account.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0333 444 8522 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: How To Develop Leadership Skills :: Success Is An Open Mind © 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 30

January ‘10

Conflict Resolution And Anger Management Control Stress Stress happens to all of us -- deadlines, conflicting demands, constant interruptions, financial pressures, our kids, other people's kids, and often the unpredictable actions of the people who work with us who are also suffering from stress.

Conflict resolution is such an important issue that organisations exist, whose sole function is to provide training in conflict resolution. Conflict resolution is about teaching people new ways to work through and resolve disputes that don't involve violence, and is an immediate priority for many organisations today. Conflict resolution is being used with increasing frequency to supplement, and in some cases, supplant traditional decision-making processes at all levels of government. Conflict resolution is tricky because from the very beginning it takes setting aside the ego and listening to the other party, which does not usually come naturally to most of us. Conflict resolution is a very important topic under the key knowledge area of Human Resource Management in Project Management. Conflict resolution is a skill based in good communication practices and an understanding of interpersonal dynamics, therefore, successful implementation of conflict resolution policies and procedures is often contingent on providing supervisors with appropriate training and coaching on the policy, procedures and interpersonal skills.

Telephone: 0870 420 2756

Stress is merely a load on the system -anything that gets our hearts going and our breathing rate up. Stress, like exercise, can make us stronger if we take it in regular, increasing doses, but if stress is allowed to take over our lives, then it can affect our personal physical health and could even lead to a fatal heart attack. Many men who batter their wives use anger as an excuse for their abuse, much as they blame alcohol, stress, or other individuals. Communication in Management Communication in management is a vital part of running a successful company. Communication involves more than the words that come out of your mouth; good communication in management involves managers talking to their workers on an equal basis and finding out what problems the worker might be experiencing (either personal or to do with them doing their job efficiently), and trying to find a good compromising solution. Heavy-handed management that doesn’t consider the workers’ problems will inevitably result in a badly run company, low morale, and bad customer relations.

Relationships The key to a successful relationship lies in communication. Anger destroys relationships, leads to violence against others and ourselves, makes us depressed, and generates chemicals that eat away at us at the cellular level. For a good relationship, we need to control the effects of anger on our finances, our health, our relationships, our work, the way we drive, the way we react to our children and pet s, and the way that we react to authorities, people in customer support areas, Doctors, teachers, etc. If you need medical attention, GET IT, otherwise you jeopardise your mental health, your physical health, your relationships and your life by your anger. We may not be able to change our mental capacity and personality but everyone can learn good communication skills to improve the way they get along in all relationships, not just marital type ones. Often relationships fall apart due to things people say to each other in anger.

Communication enhancement and anger or stress management techniques are often used especially in Japanese firms in order to control anger.

Fax: 0709 280 8482

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Conflict Resolution And Anger Management Control

How To Handle A Difficult Discussion

‌.continued

2. Focus on the possible positive outcomes of having the discussion sooner rather than later. The employee's performance could most certainly improve. Or you may have the opportunity to replace a poor performer with someone more willing and able to do the work and follow company or departmental policies. Either way, the performance of your team as a whole will benefit, which will be a positive reflection on your own performance.

Anger Control The behavioural skills promoted by anger control include: Arousal reduction, Communication enhancement, Problemsolving Anger control is designed to make the individual more aware of this process and enable him or her to intervene in it. Anger control no doubt contributes to the redirection or reduction of anger and of aggression in many individuals. However, anger control fails to account for the premeditated controlling behaviours associated with abuse. Anger control is often misrepresented as a quick-fix solution that may endanger battered women. However it tends to consider the abuse from the psychological point of view rather than accept the more uncomfortable task of confronting the economic, social and political injustices that perpetuate the problem. Anger control is possible once you decide you want to control the anger and not let it control you. Anger Treatment Cognitive behavioural treatment is sometimes used to try and overcome severe anger in posttraumatic stress disorder cases. The cognitive aspect is therefore emphasised in treatment, as is improved assertiveness and communication skills. Arousal reduction uses stress management techniques such as progressive relaxation exercises and calming visualisations. Conclusion 95% of the time, anger makes things worse instead of better. Thus some of the benefits of anger control are: You will be able to calmly handle stressful situations that otherwise would put you "over the edge". You'll be happier and more relaxed at home, at work and whilst driving. Your health will improve, as well as your relationships. A person you love could have been badly hurt if your anger had got out of control.

Whether it involves talking with your teen about sex or drugs, your spouse about finances or housework, or your employee about attendance or performance issues, the prospect of initiating a difficult discussion is daunting to many, if not most, people. Mix in the tendency to procrastinate tackling unpleasant tasks, then feeling guilty about putting something so important off, and you can wind up feeling even more miserable and anxious about the impending conversation. You might even lose sleep over it. Initiating such a discussion doesn't have to be nearly so painful. With the proper mindset and some preparation, you can learn to handle even the most difficult topic with ease and confidence. The following tips will enable you to do just that. 1. Realise that by having the discussion, your goal is to benefit others as well as yourself. Whether or not he shows it, your teen will most likely appreciate that you care enough to talk to him about things that concern or matter to you. In the case of the employee with the performance issue, she will have an opportunity to correct or improve on it, or face consequences. In either event, the other members on your team will certainly appreciate that you took steps to address the situation, because they will see the poor performer either stepping up to the plate or terminated.

3. Prepare for any possible reaction to the discussion. Have contingency plans for handling any behaviour or response to what you have to say, whether it be anger, denial, silence or disbelief. Knowing in advance exactly how you will deal with any of these will give you the confidence you need to proceed. Understand that you cannot control a person's reaction, and in many cases you cannot predict it either. But you can always prepare for any possibility. 4. If the topic for discussion is an especially difficult one for you, have a reward planned for yourself when you complete it. Take a half day off to do something you enjoy, or treat yourself to something you ordinarily would not. After all, you just accomplished something that doesn't come easily for you. You deserve something special. Following these tips will not make handling difficult discussions any more fun, by any means, but doing so when the necessity arises will make you a better and more competent communicator, manager, parent and/or spouse. And who wouldn't benefit from that?

If you are experiencing staff issues that are impacting the performance of your business – please call us today to speak to one of our HR specialists.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: More interesting articles on how to improve the performance of your business Š 2010 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

10 Steps To A Successful Negotiation It is about both sides feeling that they have achieved what they wanted and are feeling satisfied with the outcome. This ‘Principled’ negotiation results in all parties believing that they can work together and do business again in the future. It is not about just getting the business, but is really about getting good quality business, be it good price, larger volumes, long term contracts or repeat orders.

Issue 29

December ‘09

7. Do not forget the difference between cost, price and value. Aim for a win-win. 8. Don’t slice the bread, (slicing up the total cost into individual items and providing separate costs for each). Start with a complete value-orientated price. Only slice when you have to and only sparingly. 9. Never rush. Always say ‘Maybe’ and ask for clarification and make certain that you understand the full offer before you agree to any single part of the offer. Give yourself time to check your own position.

The 10 most important rules to follow are: It’s a tough marketplace out there and strong negotiating skills are fundamental to achieving and more importantly sustaining career and business success, particularly within a competitive sales and marketing environment. Those of us who want to achieve better results, both at work and in our private lives, need to develop effective negotiating skills. If your technique is too aggressive or even too soft, revenue and profit will be lost. The key to effective negotiation is preparation and recognising what makes a good negotiator. It is important to understand when and how to negotiate, how your prospect will react and when your ‘opponent’ is trying to use his/her own negotiating techniques on you. Contrary to popular belief, good negotiation is not about you winning and someone else losing. A satisfactory outcome is when neither side feels that they have compromised too much, given away when they did not want to, felt unnecessary pressure, threatened or were forced to make sacrifices that they could not avoid.

Telephone: 0870 420 2756

1. Do not negotiate unless you need to. Always evaluate your needs honestly and never negotiate if it’s unnecessary, as it always requires a compromise, usually at a cost.

10. Never disclose your bottom line. Not at the start. During or after the conclusion.

2. Never negotiate with yourself. Understand your own bottom line. Decide in advance what matters to you and what does not. 3. Never accept the first offer. There is always a better one still to come. 4. Never make the first offer if you can help it. Remember rule no 3 above. 5. Listen more and talk less. (one mouth and two ears) Good negotiators lead by listening, not talking. Let them ramble and leak information. While you listen you are not giving information away. 6. Do not give away ‘freebies’. A free gift today is tomorrow’s starting point.

Fax: 0709 280 8482

Wishing all our readers a very Merry and Happy Xmas and an extremely prosperous New Year.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Strategies For Business Success – Buy Or Lease? You are starting or expanding your business - great! But you are looking at many more demands on your finances: office equipment, tools, furniture, computers and peripherals, vehicles, etc. Deciding whether to buy or lease what you need might seem overwhelming. Leasing is tempting to many, as it requires less cash up front. Having enough cash is essential for survival when beginning or expanding your business, as you will also need to invest in many intangibles such as marketing, licensing, or hiring help. But, leasing usually costs more in the long run, often quite a bit more, and you are normally committed to a contracted time period. There are advantages and disadvantages to both.

(You might be amazed to learn how much time is lost and headaches created in many small businesses by confusing and challenging management and record keeping software and systems.) With hardware, it is far easier, for example, to call the lessor and have a broken copier replaced immediately than to wait for the repair serviceman for your purchased copier, wait out the downtime, and then face the bill for his services. 3. Flexibility - When you buy something, even if your needs change or better technology becomes available, your investment is tied up in the purchased item. Leasing may allow you to update or replace your equipment or furniture when you need to, or even get rid of the commitment if you no longer need the item.

Some Advantages of Leasing: 1. Lower Costs at Start-Up - Few businesses have "more than enough" cash on hand, especially when just beginning or expanding. Lower start-up costs can give you more time to get settled into the marketplace and get the word out about your products and services, giving you a much better chance of surviving those risky first years. You can get a lot more for a lot less immediate expenditure by leasing. Buying 20 computers will cost you thousands of pounds; leasing 20 computers may only run you a few hundred pounds per month. 2. Support and Maintenance - Leased equipment usually includes ongoing support, maintenance, upgrading, and possibly even training for you and your staff. You can even "lease" your business management software and services by way of online subscription. This can enable even the smallest business to have the latest software versions automatically provided, and support staff on-call in the event of trouble.

4. Tax Advantage - Most lease payments can be fully deducted in the year you paid them, whereas major equipment purchases may have to be depreciated over several years. Since your money will likely be tighter in the beginning months and years of your business, the ability to offset lease expenses against your initial investments may help you greatly at tax time.

3. Assets Rather than Liabilities - What you buy outright becomes an asset of your business, and so enhances your "bottom line." Lease payments, on the other hand, qualify as liabilities, and so lower your company's value. This may be important if you need to get a business loan or decide to sell your business. If you move or go out of business, your assets may be sold or taken with you, but it may be much harder to dispose of your lease contracts. 4. Tax Advantage - Since HMRC allows you to deduct a large amount of your business purchases from your gross income, if you are having a good year you may save significantly more by purchasing outright rather than leasing. So, obviously there are pros and cons of buying as well as leasing. Here are some tips to help you make the best decision: •

1. Lower Lifetime Costs - Many things will cost you far less in total if you purchase them outright rather than leasing. You might pay £300 for an ergonomic desk chair that will serve you well for many years. The same chair, if leased, might run you £30 per month. You would then be paying £360 per year for the leased chair.

Leases are best for more expensive items, and cash purchases for less expensive items. Lower cost items can usually be afforded from income on hand, but it may not be advisable to deplete your funds to make larger purchases. If you lease the larger items, you can budget to save and purchase your own later, and still have management and promotion funds available now.

2. Lower Monthly Overhead - When you lease, you must pay the lessor on time, regardless of the level of cash on hand. If the income of your business varies widely from month to month, you can choose to only purchase equipment when you have the cash on hand and you will have fewer problems meeting your monthly budget.

Find out the financial and tax implications of leasing versus buying for your individual situation.

Last but certainly not least, don't be tempted to buy what you don't really need. If your company is to grow and thrive, cash in the bank is worth much more than beautiful furniture or the latest techno-marvel.

Some Advantages of Buying Equipment and Supplies Outright:

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Conflict Resolution And Anger Management Control :: How To Handle A Difficult Discussion © 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Companies may be able to survive for a while if managers aren’t using data to make decisions, but they will eventually see their demise; likely sooner than later.

A lot of people create excitement around ideas, but then those lofty goals more often than not, fall to the wayside. Why is this? To begin with, let's look at the excuses we use to justify why our goals fail. Notice,

Those companies to benchmark off are the ones who are not only surviving, but thriving!

- I don't have time / I'm too busy - I don't have enough money - It's (insert someone else's name)'s fault - It's too hard / harder than I expected - I'll do it later - I don't know how - It's just not "the right time"

S – Specific M - Measurable A - Attainable R - Realistic T - Timely

Watch how others start regarding you when you take yourself seriously.

If someone offered you a million pounds to do something you "don't have time to do," would you find time? Keys to accomplishing your goals:

What happens if you don't meet your goals? It's ok! Just take a realistic look at what happened, and set a new milestone date. Just don't go back to the excuse list! If you don't respect yourself or hold yourself in high enough regard, why should other people? Learn to keep your commitments to yourself first, and then you will be better prepared to deal with the commitments to others in your life your clients, family, and employees.

Telephone: 0870 420 2756

Pick your favourite phrase: TQM, Process Management, Quality Circles, Improvement Teams, Standards and Measurement departments or any other title you prefer.

What if you really don't have time? Oh right...you're *different*. The truth is, that everybody has time for the things that are important to them. If you don't have time, the maybe it just isn't really a priority for you (and, that's OK!).

Common Business Goals: - Make more money (how much?) - Generate more sales - Meet more people (how many? / How?) - Generate more leads

November ‘09

If You Can’t Measure It, You Can’t Manage It

Being SMART About Setting Goals

Let's talk about setting goals. You have to be SMART about your goals. SMART goals are:

Issue 28

- Write them down - tape them to your wall, or carry them in a notebook. Look at them every day.

The function is the same. Look at baseline data – percentages, pounds, hours, quantities – and continuously monitor the performance. There should not be any task that a supervisor or staff members perform that cannot be measured. If you can’t measure it, you can’t manage it. Take a fast food restaurant for example. There are a plethora of areas that can be measured such as days without an accident, customer wait time in line, length of time burgers are in the warmer, amount of money off in the drawers, customer complaints, etc.

Tell other people - enlist others in helping to make you accountable.

Graph it out and keep a spread sheet of your figures. Clearly you’re looking for improvement. If there was a decline, brainstorm, find the root cause and then fix the problem. The process is the same no matter what industry you’re managing.

- Ask people for help - don't assume people know what you want or need. Try being direct it's a rare trait these days.

Whether you manufacture widgets, if you are the CEO of an internet marketing firm or if you sell cookies, take a look at all the steps involved in day to day operations.

In conclusion - being SMART about your goals, is the key to achieving them.

….continued

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Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


How To Plan, Schedule And Run A Meeting 3. Maintain a consistent lack of focus on what topics will be covered – (don’t use an agenda). 4. Ensure there is a poor level of rapport in the group – (people don’t talk to each other, or they complain, or engage in other unsuitable behaviour).

Meetings have become an inevitable part of doing business for almost every business owner. There are meetings with clients, meetings with employees and meetings with peers or associates. Almost everyone has suffered through too many meetings that take up too much time and accomplish too little. In fact, you may find that you yourself have now become numb to that fact that your meetings aren’t as good as they could be. And everywhere you look, it seems as if somebody has another idea about how to fix your meetings, and make them more focused, more productive, and – dare I say it? More fun! So what can you do about it? Relax and keep reading, because you’re about to find the information that can help you maintain the status quo – a list of tips and ideas for meeting planning – the wrong way! 1. Schedule your meetings at bad times - (for example, how about setting up a “must attend” meeting late on Friday afternoon or right after lunch?) 2. Make sure your meetings all start late and run overtime - (and whenever possible, scheduling meetings when someone is up against a deadline, or on a tight schedule).

5. Don’t arrive at a decision - (find new ways to keep covering the same ground, or continue asking for input rather than creating a plan of action.) 6. Don’t use parliamentary procedures - (so that the correct methods for amending or making a motion, following the agenda and taking turns before speaking are not being followed). 7. Choose a poor location and environment for your meetings - (for example, trying to fit 15 people into a closet-sized room that doesn’t have windows or a proper ventilation system.) 8. Schedule meetings to go over routine topics - (instead of sending a memo or email.) 9. Don’t talk to your group, or make your meetings interactive - (talking “at” them, lecturing or going off on wild tangents.) 10. Never asking for feedback from participants, or allowing others to present ideas or get involved. There you have it! Just follow those ten simple tips, and you're guaranteed to instil fear, loathing and boredom into even the most intrepid of meeting participants!

If You Can’t Measure It, You Can’t Manage It ….continued

Assign values to the process. Set goals. Review the results on a daily, weekly or monthly basis. Charts and graphs are an excellent tool to visually remind you of where you have been and where you plan to go. In the midst of measuring your subordinates’ performance, don’t neglect to measure and manage your own operations. Don’t think for a minute that your boss isn’t looking at your performance. And if you’re the top dog, you had better be managing yourself well, or you will never succeed at managing others.

Key Performance Indicators (KPI) are financial and non-financial metrics used to help an organisation define and measure progress toward organisational goals. KPIs can be delivered through Business Intelligence techniques to assess the present state of the business and to assist in prescribing a course of action. KPIs are frequently used to "value" difficult to measure activities such as the benefits of leadership development, engagement, service, and satisfaction. KPIs are typically tied to an organisation's strategy (as exemplified through techniques such as the Balanced Scorecard).

If you are not measuring the performance of your business, please contact us now to find out how to implement this important aspect of business management.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: 10 Steps To A Successful Negotiation :: Strategies For Business Success – Buy Or Lease © 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 27

October ‘09

The Importance Of Branding For Your Company It is said "you can't judge a book by its cover." But people do. It is the packaging that sells it. The title and design of the cover will make all the difference in its appeal. You can do the same to develop a big booming business with something called BRANDING.

Satisfy any of these cravings once for your customer and you can add one product after another to your business and the customer will buy. It will be because YOU are the brand the customer has gotten to know with fondness and learned to trust.

Branding is the immediately recognisable "ah-ha there it is!" That is what you want in your product and especially your business. People may see it as in a picture, or hear it in a phrase that identifies the product or service as the one that focuses on them and their desires. Upon entering the brain through the eyes, ears, or both, good feelings are triggered and drug-like chemical reactions in the body flood all nerve receptors with desire for the product.

Get personal with customers and keep in contact. When Dave Thomas started doing commercials for his Wendy's Restaurants, the business revived from its slowdown because people could see what a likable guy he was.

Branding is a form of mesmerism by easy memorisation to your prospects, who then become customers, because when they go to buy the product they think of you. You get famous through branding. The brand is you, how you get known, how you get success, and how you will get to charge more for what you have or do. The jingle they cannot get out of their heads screams at them to buy and try your product. It is a response, not a choice, because people know what they know, and through branding what they know is your product. Branding makes your product sexy, seductive, irresistible, and "must have." Coming up with tactics for branding is your chance to be creative. Come up with an overwhelming benefit of your business above what other businesses have and make it catchy. Make it sing an opera, dance the twist, and sparkle like fireworks. This is what drives your marketing into the minds and hearts of your market.

Telephone: 0870 420 2756

Take what you do and present it to the public over and over in advertising and promotion and prove it in performance to your buyer.

Be bold, be different, one-of-a-kind, outstanding, magnetic! Use branding to be what only you can be and people will buy when you fill their need. Here are some things people need: They need things FAST. They need things that make them FEEL GOOD. They need things that ELIMINATE PROBLEMS. They need things that ACCOMPLISH GOALS for them. They need things that FILL VOIDS in their life. They need SECURITY. They need to BE IMPORTANT. They need GUARANTEED RESULTS. They need LOVE. They need BARGAINS. They need HOPE. They need RELIEF. They need a FRIEND and ALLY. They need to SURVIVE and THRIVE. They need YOU to FULFILL THEIR DREAMS.

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Let's say your business fills the need in people to have what they want fast. Here are a couple successful slogans that went far to brand these companies. For Domino's Pizza - "30 minutes or it's free." For Federal Express - "When it absolutely, positively has to be there overnight." Such branding made an impact, made a reputation, and made sales. If you want to establish yourself in business, you can have no better strategy than branding. It is how cotton swabs become Q-tips, how tissue became Kleenex, how a copy became a Xerox. Branding is what makes franchises so successful. You pay a lot of money for a franchise because if you work at it, it is sure to work, because it is already branded. McDonalds Restaurants are found worldwide as well as next door. Brand yourself, your business, with the right ideas to motivate and excite, and whenever people think of your product or service, they will think ONLY OF YOU!

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2009 – UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Positioning Gives You The Market Edge That is how positioning works, and the reward is great. Having a list built up of targeted, loyal, and responsive prospects is the very best thing a business can have. Not only can you tell them how to catch more fish with the least possible effort, but also how your products can help them to do it even more so. Since you are an expert, it's only natural that you would have the greatest tools and tackle. There is a special thing about having a list, so treat it special. Consider it for what it will be - the marketing life-blood of your business.

Positioning is the best plan that any business can implement. Positioning is putting yourself in the right place in the eyes of your market. You get your market to know you as an expert that can be trusted. You get looked on as a reliable resource for information. Positioning is easy to do. Just give free information of interest to your market. Your market is the people who would be likely to buy the services or products you offer. Let's say your market is people who like to fish. What they buy are reels, poles, lure...things they need to fish with. You could tell them the Best Ways To Fish For Salmon, Bass, Trout...The Fine Art Of Fly-Tying...How To Cast For The Best Catch...How To Find The Best Fishing Spots...Cleaning And Cooking Fish In A Snap. If you sell reels, poles, lure, etc. - then such reports will attract readership from your target market - the people most likely to buy from you. Chances are if those readers found something useful in your report, then they would be interested in reading more. Give it to them - have them sign up on your list.

Most businesses, if they keep lists, just have lists of customers who bought from them, and yet do not even send them as much as a Thank You Note or Christmas Card. The people on your list will have a more connected relationship with you. You are not just a seller to them, and they are not just a customer to you. They will look forward to contact from an expert giving out the latest fishing tips and you will be ready for any questions they might bring you. Your answer will most likely be of interest with your whole list, so share it with all of them.

It pays to know as much about your market as you can. Communicate with your market about the ups and downs, advantages and disadvantages, progress and problems associated with it. Do what they do, read what they read, know their likes and dislikes, search and study resources. Above all, look for answers and innovations. Then find a way to use them in your marketing and advertising. People will always be interested in new and better things and are drawn to those who have them. This will not only help in positioning yourself as an expert, but also in finding ways to position your products or service as having unique benefits. You do this by finding unsolved needs and thinking up solutions. Being the first at something also affirms you as an expert par excellence. If you do these things, you and your business will be positioned. You will have the MARKETING EDGE.

The more you can make the people feel privileged to be on your list the better. You can give your list exclusive deals, free offers, deep discounts, holiday specials, even the chance to sign-up for a paid subscription service where they get the meanest down and dirty underground secrets of fishing success where the fish don't stand a chance in Neptune. This works for any marketing niche you happen to be in, not just fish. Positioning is the very best way to 'fish' for prospects in your market. Lure them with the knowledge and service you provide, and soon you have your own stocked pond full of hungry fish that you can catch over and over again.

Call us now for a free, no obligation assessment of your marketing, positioning and branding.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Being SMART About Setting Goals :: How To Plan, Schedule And Run A Meeting :: If You Can’t Measure It, You Can’t Manage It

© 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 26

September ‘09

Why Provide Good Customer Service? It does help to remind yourself that the organisation promptly pays you and it is only fair to deliver your responsibility. The next reason is that good customer service is the best pre-sales effort for the next purchase by the customer. People go all the way out to run promotions and write great copy to entice customers to buy their products. Nothing though can beat good customer service. There are customers who will repeatedly buy from the same company because they are happy with the service provided.

Have you heard people say that if not for customers, work will be a lot smoother? They ask questions for which the answers are so obvious. Or they can find the answers if they will just read the instructions that are provided with the product. They just have to call and ask all kinds of questions and sometimes you are not even the person who is supposed to handle such questions. Are you looking for good reasons that will help you feel better about this? First thing is, if there are no customers, then there is no business. If there is no business, then you do not have a job. It does not even matter if yours is not a customer-facing job. Customers are needed. The question now is how you can look at the situation differently so that providing good service to the customers is something that you can be happy doing. The basic reason, of course, is that you get paid to do the job and providing good customer service is part and parcel of the job.

Telephone: 0870 420 2756

Good customer service is not about falling over yourself providing everything the customer asks for, but it is about providing the customer what they rightfully should get for having bought a product from your company. There is also a completely personal angle that you can look at where service is concerned. Most people nowadays are conscious of their social responsibilities and like to donate or make contributions to worthy causes. Why not make good customer service as such a contribution? In this case, you also get paid for it. In the words of N. Eldon Tanner, "Service is the rent we pay for the privilege of living on this earth". The moment you can start thinking that service is something that you want to do, then every customer request will be much easier to respond to. Is it going to be easy? Not all the time. There will be difficult situations but there will also be customers who will be very appreciative of the service that you provide. For those difficult situations, say to yourself that this is why you are paid a salary and just do it. The moment you stop fighting it, handling the situation gets less difficult.

Fax: 0709 280 8482

Now, how do you handle difficult situations so that they do not upset you? The best way to handle this is to calmly listen to the customer. Many a time service representatives have a solution even before the problem has been described. Stop to listen first. Then ask clarification questions if necessary before providing the resolution. Theodore Roosevelt said, "Nobody cares how much you know, until they know how much you care". It will do well to remember these words. If you can listen with a sincere desire to help and be happy to help the customer, you will feel good providing service. Some people even enjoy it. In addition, your whole attitude and listening with care will come through and even the customer's demeanour will change. Good customer service is not about having a good customer service week once a year. It is about providing good service every day. As you start work daily, if you can accept that your purpose for being there is to respond to customer needs with concern and a desire to help, it will be a lot easier to get through work. You can even start enjoying it. Remember at a minimum you are getting paid to respond to customer requests. You are also helping to drive more sales from customers because of the excellent service you help provide. Besides this, from a purely personal perspective, you get an opportunity to be of service even without getting out of your normal routine. Start having a different outlook to providing good customer service. It will make a great difference to how you support your customers and importantly to how good you feel deep inside you.

Email: info@ukba.co.uk

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Š 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


7 Tips To Achieve Peak Performance Do you find yourself struggling to complete your work at home or at the office, despite all the organisational training that you have attended? Try out these tips to achieve peak performance. 1. Know What Motivates You: If you can figure out what it is that motivates you to provide the best performance, then you can create these circumstances to help you. So often, there are competing activities with which we are torn apart. Sometimes we just do not feel motivated enough to start on a task. Start by identifying what motivates you. Then you can make the right preparations to get you moving on with the most important tasks at hand. 2. Decide Your Priority Items For The Day: A simple activity of listing all the actions required and prioritising them can a make a significant difference. Make sure you prioritise the activities, to ensure that at least the significant ones get completed. In planning for the day, do not overwhelm yourself by planning more than you can finish. Set appointments with yourself over a few days. When each of the days arrive, the activities for that day gets into your list for the day. Listing and prioritising your activities is half the battle won. 3. Take Action As Planned: Use your list of prioritised activities to take action. Your thinking and planning has been done. Now is the time for you to focus on getting the activities completed. It is so easy to get distracted with phone calls, emails or chat with a colleague who drops by. Set aside a given time frame to handle emails. For people who drop by, take a note of what they want to discuss. Tell them you are busy with something and you will get back with them. For phone calls, unless it is urgent, take a message and tell the person that you will call back. There is a tendency to get dragged into a discussion. Sometimes it is not even about the reason for the call.

Often matters that are thought to be urgent may not be. So, check it out first and then re-prioritise if needed. Soon, people will know how you operate. You will be surprised but you will find some of them asking if you can spare the time before they get into a discussion with you.

If you let your mind have a free hand, it will have a tendency to fill it up with concerns and issues. So, feed your mind with success images and you will attract the right things to succeed. 6. Keep A Journal: A journal is a great companion to have. Write down your dreams, record your successes, note down corrections needed, set your goals and objectives. Your journal is your friend and confidant. It does not give you advice or argue with you. It is probably your most patient friend who will listen attentively to anything you say, any way you say and any time you say. 7. Stop Procrastinating: Find ways to stop procrastinating. Procrastination will bring to waste all the efforts that you put in as sometimes it is as good as not completing the activity. What are things that you like to do? Reward yourself with one of these only when you have finished a task.

4. Celebrate Both Small And Big Successes: Do you just celebrate big successes? It is important to celebrate both big as well as small successes to keep yourself motivated. Do not wait just for the big successes. These may not happen often enough to keep your spirits up. Take every opportunity to celebrate. Completing a task towards a project is reason enough to celebrate. You need to find successes to reinforce your efforts and to be continually energised to stay on track with your plan. 5. Mentally Prepare Yourself: Mental preparation is key to success. It is important to see yourself succeeding in your mind before you succeed in the real world. This is very much like what is said in programming computers. You put garbage in and you will get garbage out. The mind works likewise. So, if you want great results, visualise them. Do not let your mind focus on all the fears and what can go wrong. If your mind comes up with anything that can go wrong, plan an action to counter that and include it in your list.

Do you remember the times when you were in school and you were given a star or points each time you did well. This motivated kids to aim to complete work and to perform well. Use this same technique. All these tips may sound useful but are only as good as the actions that you will take. First, decide on the system that you will use to stay on track. Will it be a coach, a friend or writing into a journal? Second, think of successes every day that you can celebrate to create the energy and momentum to keep you going. There is no rule on celebrations except the ones that you make. Waiting only for the big successes will only depress you and sap you of the energy that you need. Learn from everything that you do. When are the times that you actually enjoy what you do? What are the circumstances? When you find such instances, apply them to subsequent activities. Be continually learning on how to keep yourself at a high energy level. Take action today and see the difference it can make in the results that you produce.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: The Importance Of Branding For Your Company :: Positioning Gives You The Market Edge Š 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 25

August ‘09

How To Get Money Out Of A Business So say you set your salary at £40,000 and decided to make a £10,000 pension contribution. You only need to actually pay out £7,800 into the fund and the government puts in the balance. So instead of simply seeing your tax going into the government coffers it is set aside for your old age…getting maximum value for your money. This must make sense.

1. Background Do I pay myself salary or dividend or make a contribution to a personal pension fund? I must caution the reader that you must talk with a Financial Services Authority registered individual if you want to take this further. However this article tries to demystify some of the tax issues and opportunities to get money out of a limited liability company

Secondly there is a pension contribution your company can make on your behalf. Although the government doesn’t gross this up, it does reduce your tax liability by the rate of corporation tax you pay – somewhere between 20% and 30%.

2. The detail Lets start with the basic tax rules Salaries are subject to income tax and Employers National Insurance Contribution. Without getting too fussy about it the rules are as follows: 2.1

For Income Tax

In the year to March 2010 the first £6,475 of income is tax free. This is called the personal allowance and it slowly creeps up each year. The next £37,400 is taxed at 22% with anything over £43,875 at 40%. Simply you can pay yourself £500 per month tax free. 2.2 Employers national insurance This is levied on your salary as well. There is now the same tax free band up to £5,720. There are all sorts of wonderful twists and turns, but the main rate that is probably applicable to you is 11%, on top of your income tax; reducing to 1% over £43,888. So the basic rate of tax your salary will suffer is not 22% but 22%+11%, i.e. 33%. Higher rate tax will kick in at £37,400 plus your personal allowance of £5,720 - £43k in round figures.

Telephone: 0870 420 2756

2.3 Pension contribution There are two ways of paying pension. The first is out of your salary, the second is out of the company. Which you choose really depends upon your situation, which I’ll explain in a second. But the main thing to bear in mind is that pension contributions reduce your tax bill. When the time comes to draw down your pension you will probably have less taxable income so you can get your money back with less tax attracting to it. Furthermore, the government wants to encourage you to put money on one side for later years so it makes it attractive for you to do this. As I said there are two types of pension contribution: Firstly there is a pension contribution out of your own salary. You can put in up to 100% of your salary should you so wish (up to £215k a year or £1.4m in your lifetime). Not only would this reduce your tax bill to zero but the government will also put in a further 22/78 into your pension i.e. a further 28%. Where else could you get this rate of return on an investment?

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2.4 Dividends The important thing about Dividends is that they don’t attract Employers National Insurance Contribution of 12.8% One clever aspect, that is not immediately obvious, is that if you pay yourself a £10k dividend it is already assumed that you have paid 10% tax on that – so that there is no further tax to pay – unless your total income goes above £43,400k. 3. •

• • •

Summary Pay as much as you can afford into a pension fund by way of an employers contribution. This reduces your corporation tax bill. First tranche of money: pay as salary – around £6k, or £500 a month. Next tranche of money: pay as dividend - around £37k or say £3k per month. Final tranche of money, do a careful calculation depending on what your personal circumstances are. Dividends are slightly cheaper but there’s not much in it.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


The Benefits Of Outsourcing Your Business Functions Whether you own a small or large business, chances are very good that you can benefit from outsourcing some of your business functions to outside vendors. Ideally, you want to be in a position where you are working on your business, rather than in your business.

For example, if you'd like to make £200,000 this year, and you work 3 productive hours each day, 5 days a week, then your time is worth roughly £260 an hour. With this scenario, you could benefit from outsourcing any function that you can pay someone to do for less than £260 an hour. In order to outsource effectively, you must understand your own business and processes. Take some time to write down job descriptions for different functions, as well as the processes you use in your business to accomplish certain tasks (like how you enter your invoices and receipts, how you generate new leads and clients, etc.).

Running and operating a business positioned for growth requires many different key functions. For starters, you must handle accounting, administration, customer service, as well as sales and marketing. Many new small business owners attempt to tackle all of these functions on their own, and find that they work long hours and can begin to burn out quickly. By outsourcing some of your routine tasks, you can leverage your time to spend on the functions that you do best in order to grow your business. When trying to determine whether outsourcing will benefit your company, you need to determine how much money your time is worth. A simple way to figure this out is to estimate how much money you would like to make in a year, and divide that into productive work hours. Most of us are only productive about 2-3 hours a day.

As part of this exercise, include clear expectations of what you hope to accomplish. A clear vision and business plan is key to setting up clear expectations. Once you have written down the job descriptions, you'll have a better idea of what you would like to outsource first. There's no hard and fast rule as to which job functions you should outsource first, but many business owners like to hand off the functions that they enjoy the least. If you really dislike customer service, you may want to find a customer service rep first. You have many options when looking for companies or services that will handle your outsourcing needs. Check with others in your industry to see who they use to outsource their functions.

Many business owners hesitate to outsource some of their functions because they want to have complete control over their business, or they believe that it will be too difficult to train someone to do what they need. If you fall into this category, you may want to try outsourcing some very simple, routine tasks to get started. It will be well worth the effort! When choosing an outsourcing firm, or freelancer, make sure you set clear expectations up front. Share your vision about how you see that function growing your business, and offer incentives for work well done, or work done under budget, or before a deadline. In addition, take time to properly document how the work should be performed. This can be done easily with screen capture video software, and/or written processes and procedures. Taking the time to properly train and motivate your outsourced personnel will benefit your business greatly. By now, you will see that outsourcing some of your business functions will help free up your time to work on your business, rather than in your business.

Many outsourcing firms not only specialise in certain functions (like customer service), but also in certain industries (like finance). You can use freelancers, virtual assistants, or any number of outsourcing firms.

For a free, no obligation finance review for your business, please call us now.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Why Provide Good Customer Service? :: 7 Tips To Achieve Peak Performance © 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Characteristics Of A Good Business Process The key aspects of a “Good” Process are as follows: •

Process Ownership

People are multi-skilled, with clear accountability, authority and responsibility (Jobs are multi-dimensional, with several jobs being combined into one. Hand-offs are minimized (Involves as few people as possible)). Teamworking is the order of the day. People are empowered to make decisions.

The process is also designed to be failsafe and has quality built in. Technology supports the process. •

Organizational Structures

Resources

Such as Information, Tools, Materials and Documentation are aligned to the process flow, (available at the point of need, with steps in the process being performed in a natural order. Work is performed where it makes the most sense. Smart documentation reduces errors). •

Process Interfaces

Interfaces to other processes are clearly defined. •

Process Management

Process Flow

Each step adds value to the previous step (Checks and controls are minimized). The process has clearly defined inputs (interfaces to other processes, supplier interfaces, data, materials) and has clearly defined outputs (the deliverables, interfaces to other processes, customer interfaces).

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of to to or

Thirdly, people need to know What to do, How to do it, When to do it and Where to do it. In particular, those who are in control of the process (typically team leaders or managers) need to know how things are progressing. For this there is a need for measurement.

Follow the process.

People Consideration

People know and understand how they contribute to meeting the process objectives. The competencies needed by people to perform the work are clearly identified.

How Do I Know My Processes Are Working Effectively?

Secondly, people need to know their accountability, authority and responsibilities for actions required to ensure the process works effectively.

Process Requirements

The requirements of the process are defined, such as; addressing the needs of the Stakeholders, meeting Business desired states, identifying constraints (such as Policies, Customer Requirements etc.).

July ‘09

All processes exist for a number reasons. The first reason is primarily deliver products and services customers, whether they be internal “real” customers.

The Process is owned, with Process Ownership responsibilities being clearly defined. •

Issue 24

Measurement is used to manage, review and drive continuous improvement in Process, Product and Service. Changes are managed. Processes are designed to be flexible, to deal with central, regional and local variation.

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Processes are designed (or often emerge) to meet some objectives (sometimes stated, but more often assumed) and to know whether these objectives have been met, attributes of the process need to be measured. Typically these are associated with the following: • • • •

Cost/Value (e.g. Materials, Manufacturing, etc) Quality (e.g. Pass/Defect rates) Time (e.g. Cycle times) Quantity (e.g. No processed)

By careful use of measures (where, when and how they are collected, analysed, reported and acted upon, process capability can be determined and used to control how effective the process is. Other methods include the following: • • •

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Internal and External Audits Self Assessments (e.g. EFQM) Customer & Supplier surveys

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© 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Principles And Steps Of Risk Management The term Risk Management is not only applicable to economics. It is also applied to diverse disciplines such as psychology, social sciences, biology, systems analysis, operations research, decision theory, toxicology, engineering, and statistics, among others. Risk Management is the process of gauging or assessing risk and developing Risk strategies to manage it. Management is the process of prioritising risk with the greatest loss and the greatest probability of occurrence. Risk that would have lower loss is handled later. Risk Management identifies a new type of risk, the kind wherein it has a 100% probability of occurring but continues to be ignored by the organisation due to lack of identification ability.

Risk Management is not about generating lots of paperwork. It is not about reducing protection of people from risks that cause real harm and suffering. It is also not about scaring people by exaggerating trivial risks. It does not stop important recreational and learning activities for individuals where the risks are managed. Lastly, Risk Management does not aim to create a totally risk-free society.

Risk Before anyone can start Management, a statement of risk must be made. Such statement must compose of a description of the loss and a description of the current conditions that may lead to a possible loss. A sensible Risk Management is all about ensuring that workers and the public are properly protected. It enables innovation and learning. It provides overall benefit to society by balancing benefits and risk. A good Risk Management enables individuals within the organisation to understand that aside from the right of protection they too have to exercise responsibility.

Business Continuity is the discipline that an organisation applies, in order to ensure continuity in the face of unforeseen or difficult circumstances. When applied to IT, this is often called Disaster Recovery. The company, and more critically its Customers and Suppliers, can be affected by something going wrong that compromises the organisation’s ability to deliver products and services to its’ Customers and more fundamentally be able to survive should those difficult circumstances arise. All organisations continuity risks.

Another problem encountered in Risk Management is difficulty in allocating resources. Consequently, the ideal type of Risk Management is one that reduces the negative effects of risks. Risk Management can cover almost anything, depending on the field of discipline. For bankers and financial officers, Risk Management may be the sophisticated use of techniques such as currency hedging and interest rate swaps. Hospital administrators think about quality assurance when they think about Risk Management. To safety professionals, Risk Management involves the reduction of accidents and injuries.

What Is Business Continuity?

face

business

80% of those with a tried and tested Business Continuity Plan are likely to survive a major business discontinuity; only 20% of those without a Business Continuity Plan are likely to survive. Over 90% of organisations that suffer a significant data loss are not in business two years later. Similar to all types of processes, Risk Management follows certain steps. The first step is to establish the context. Identifying the objectives or the basis upon which risks are being evaluated does this. The framework for the process and agenda for identification must be established. Lastly, analysis of the risk involved in the process must be developed. After the context has been identified, the next step is to identify potential risks. The chosen method of identifying risks would depend largely on culture, industry practice and compliance. The next step is to create the plan, proposing applicable and effective controls for managing risks. The last two steps are implementation of the plan and review and evaluation of the plan. Chances are, the initial Risk Management plans would have imperfections. Review and evaluation allows for improvement of the plan.

What is involved Continuity?

in

Business

Recognise that there are risks to the organisation and that these risks have been identified, the impact of them occurring has been understood and steps have been taken to address them, so that if they occur, the organisation is able to respond in a way that enables the business to survive. The following can be considered to be the elements of any Business Continuity activity: • • • • • • •

Risk identification Risk Assessment Risk Ownership Mitigation (Prevention) Contingency Planning (Disaster Contingency Planning) Disaster Response Planning (Communication) Disaster Recovery Planning)

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: How To Get Money Out Of A Business :: The Benefits Of Outsourcing Your Business Functions © 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 23

June ‘09

How To Achieve Sales Targets Sales personnel often ask themselves how to achieve sales targets? Prospects are more savvy now when buying products and there is a wider choice of products in the market place. What can sales people do to achieve these targets? 1. Selling Is About The Value The Customer Gets - Many sales people study very well the features and functions of the products and services that they sell. What is more important is to understand what value the product or service brings to the person who buys it. For a given product, different people buy it for their own unique reasons. It is therefore necessary to know what are the kinds of needs that the product or service serves. You can then find out the needs of the prospect first and then only present your product or service in the light of their requirements. This approach will not only help you close the sale with the prospect that you are dealing with. It will help to increase referral sales that you can get. 2. Serve Before Selling - Sales people can be so focused on selling that they may not realise that this approach is normally seen as very aggressive by the prospect. To understand the prospect needs and to serve the prospect with no expectation of selling is actually proving to be a much more effective way of selling. Once you know the prospect’s needs, be generous about tips on how the person can meet their needs. One of the options, of course, is to use the product or service that you are selling. This approach is subtle and nonthreatening.

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In the event that other people are involved, clearly state who is accountable for each of these actions. Identifying results or deliverables is important, as these will indicate if the actions have been successfully completed. Use these results and deliverables as a basis to make any adjustments to your action plan, or even to the strategy if required. Even if the prospect did not buy, the chances that they will refer you to someone else is high. In addition, they may later decide to buy your product. So, do remember to give your contact details even if you do not make a sale. 3. Strategise And Follow Your Strategy - When you are faced with a question of how to achieve sales targets, the first step must be to strategise. Without a strategy, you will be aimlessly going through actions not really knowing if you can achieve your target. Then, of course, follow your strategy. In following your strategy, monitor the results to check if your strategy is working the way you intended it to. If it does not, then it is time to evaluate and make adjustments based on your findings. This simply means that you have minitargets and dates against which you track your progress. While strategies are high level, they are still not cast in concrete. It will be pointless pursuing a strategy that you realise is not making headway. 4. Develop A Plan Based On Your Strategy - It is important that a strategy is converted into a working plan with dates and expected results or deliverables at each of these dates.

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5. Enjoy The Journey - Make sure that the whole process of achieving sales targets is an enjoyable journey for you. If you find that it is not, you may want to find ways of creating some fun along the way. There are people who use fun stationery when planning and tracking their work. Even strategising can be fun when using colours and pictures. Mind maps are a great way to get your creative juices flowing. Another way will be to reward yourself not just at the end of achieving your objectives, but also at milestone achievements. These do not have to burn a hole in your pocket. While you could take a holiday at the end of the project, at milestone achievements, you might want to reward yourself with watching a movie or buying that new pair of shoes. It could even be as simple as having that ice cream only when you achieve the milestone. Steps on strategising, planning, tracking and rewarding are common thoughts on how to be successful at sales. Add to this the concepts of serving before selling and the value you bring to the customer, and you will have a winning strategy on how to achieve your sales targets.

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© 2009 - UK Business Advisors Limited – No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Sales Techniques That Will Close Sales There will, of course, be competitive products and prices to be considered. Having described the concept, how can you do this in a well-organised way? In this case, first list all the product features and their related benefits. Now for each of the benefits, write down what is the business need that can be met. Once you have written all of these down, convert these to questions that you can ask the customer. You will find repetition in this first version. Clean it up and organise the questions in a natural flow. Note down also the benefits and features along with the questions.

Have you wondered why, despite being able to describe the benefits of the products you are selling, the customer did not buy? You were told not to sell features but the benefits of the product, and that is exactly what you did. Yet you are not able to close the deal. What is that missing element that is needed? The answer may be that the benefits you described are not benefits that apply to the customer. The question is what is in it for the customer to be interested in what you are selling. If you are selling to a business organisation, focus first on the business requirements that are driving this deal. Whatever you sell had better give returns to the business. Otherwise, this might be your last sale to this organisation. Once you know the business needs, connect them to the benefits that your product can offer. This means you must know your product's features and related benefits. If you already know your product well, that is half the battle won. If not, you must find out. If yours is a technical product, a user-based understanding is all that is needed for a sales person. Later, you can bring in technical expertise as needed. The next thing to do is to establish the needs of the business that your product can meet. Present this from the customer's perspective and your chances of closing the deal are very much increased.

You can now use this questionnaire when you meet the customer. If required, you can also discuss benefits and features of the product. Getting quantifiable information will help in the business justification later. When the customer sees that you know your contents, you can expect a better response, as the customer knows that you are not wasting any time. The respect you show for the customer's time is a very good basis to build a good customer relationship. This technique will help you establish which benefits will help the customer, based on the business requirements as established by the customer. The next step is for you to understand the customer's industry and to be able to articulate the trends and why requirements not articulated by the customer should also be considered. Typically, customers appreciate this additional knowledge that you bring to the situation. So far, it has all been about value to the business. Successful selling also needs empathy to human needs. Quite often, the person you are selling to will be well versed in the operational aspect of the job, but will have a limited knowledge of the industry direction. They are typically driven by the daily operations. While they may know industry directions, they normally appreciate any specific information that will help them.

The impact of technology has made people look differently at how a business can be successfully transformed. Here again, is another opportunity for you to be of value to your client. It is not sufficient that the customer buys a good or great product. They also need to know how to use it such that they can maximise the returns on the investment. You need to be able to justify why your product will give better returns. If necessary, you may also need to meet others in the business to show how your products will have an impact on their business. You must articulate how the products uniquely benefit the business. You must be able to provide information and data related to the business. You know how it will help their business. If you can do this very well, they will even sometimes call on you to ask your opinion because they know you care about the success of their business, and not just on the sales and commissions. There will be other challenges, especially regarding prices. Even if the product price is lower than the competition, if you cannot relate the value of your product to the business's needs, it will be tough to close the sale. With the kind of value proposition that you can bring to the table, you will stand a much higher chance of closing the deal. One exception will be when you find out during the investigation stage that the customer is not ready for your products yet or does not need them. Be big enough to walk away. You would have established your credibility. When the customer does need your products, he will call you because he knows that he can trust you. Take some time to prepare a questionnaire as described above, if there is none right now. Use it to understand the customer's business requirements. Then present it based on the unique customer requirements. With these techniques, you will get the customer's attention because you are helping to solve their business issues using your product. You stand a much better chance of not only winning the deal, but building a rapport and trust with the customer for the longer term.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Business Processes :: Risk Management :: Business Continuity Š 2009 - UK Business Advisors - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 22

May ‘09

Taking Stock Of Your Biggest Asset: Your People

I am nervous when articles talk about cutting people costs by 10% as it implies a degree of indiscriminate cost cutting. The feeling of action taken (redundancy) may only put off the evil day of really looking at what you want your business to achieve. There are ways to reduce the salary bill – stop the use of temps, stop overtime, introduce flexible working (reduced hours, flexible hours, job share), reducing salaries (with consultation! and starting at the top), introduce unpaid leave, retire staff at 65 (following due process). This might be seen as window dressing but demonstrates to staff that the business position is serious and that you are trying to consider their needs so if, or when, redundancy occurs, staff are prepared and may even return during the eventual economic upturn.

If you are going to make people redundant then do remember that you are talking about the job that is no longer required rather than the person. And then what are you going to do with the core team who are going to help the company survive – tell them its OK and we’ll ride out the storm (do they believe you?) or are you going to do something more proactive? Some thoughts arise: 1. Sales & Marketing: You need more sales through either marketing or new product development. Fine, but if that were the case and it was that easy you would have done it already. What stopped you from doing that last year or the year before? What has changed, apart from declining sales or a fear of declining sales? What needs to be done differently, or, more specifically, what do you need to do differently? 2. Leadership & Management: Then what about your leadership team. What’s working and what isn’t? Until there is clarity on this the old adage will probably apply – “if you always do what you’ve always done, you’ll always get what you’ve always got” – in other words back to where you are now.

With the future in mind, there is the opportunity to deal with the problem children that you may have ignored in the past by managing them more overtly (out of the business?) rather than the compliant latest recruit. It costs money (which increases over time – so will be more expensive next year) yet sends powerful messages and may enable you to get others to resign before being pushed. Imagine the effect this will have on other staff.

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3. Motivation: Assuming by the time you have read this you have already made redundancies, the remaining staff are not only worried that they are next, but they are also likely to be doing more of someone else’s job so they may now be both fearful and overworked. How are you going to turn this into positive energy, to get people to think and act differently because they want to? How are you and any other managers monitoring the situation for stress to, at the least, avoid long term absence and potentially at worst a stress claim.

4. Communications: How are you going to improve communications? Which of the following statements is likely to encourage staff to be more focused on the future and help you maintain the business: a. We are in trouble and you need to work really hard to keep the company afloat or; b. We need to generate £100K in sales a month (and this is likely to decline in the next quarter) and our costs are £80K a month – how can you help to make a difference? What ideas have you to cut costs or increase sales? Approach (b) creates greater ownership and if business really is dire, it makes the redundancy process much easier by managing expectations. Some of this may be counter-intuitive. The first step is to understand what the change is. The second step is for you to believe it and be committed to it. And then, thirdly, do it.

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© 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Decision Making For Good Leadership Decision making is of prime importance for good leadership. Generally it is thought that a good leader takes all decisions and they have to be the best. In this modern age it is impossible for one person to take all the decisions and for all the decisions to be the best. There are too many unseen variables and too many people involved in implementation for a leader to take all the decisions and for them to be the best ones.

However, understanding the types of decisions and the people involved in making them can help the leader to manage the complexity of decision making. The factor that makes decisionmaking easier and the types of decisions are given below.

They help team members and leaders to take the right decisions when they are faced with a dilemma. Such decisions need to be made with the involvement of everybody. The consensus process is a very useful methodology to make such decisions. 2. Policy Decisions Policy decisions are necessary to provide for resources and official permission for the operations of an organisation. For instance, if the Performance Appraisal Process needs to be reviewed, then a couple of policy decisions need to be taken. A decision needs to be taken to set up a committee which will analyse the existing process. The different teams in an organisation need to volunteer a representative to become members of the committee. The management team needs to allocate money and time for this team to function and come up with an insightful report.

Decisions are Data Based

All decisions that are taken to ease the functioning of the teams are policy decisions.

A good leader makes decisions based on data, which is analysed for patterns of information. The information is then used to make thought-through decisions.

Policy decisions are taken in a participatory mode with the involvement of everybody who will be involved in the execution of the task.

While it is true that you cannot know everything, doing an analysis of available data about a predicament will, nevertheless, lessen risks of failure.

3. Procedural of Functional Decisions

While all decisions need to be databased, there are at least four different kinds of decisions. 1. Paradigm Decisions

Procedural decisions are taken by a few people who will be carrying out the plans/policies/goals of the organisation or who will be impacted by the decision. These are decisions that will help implement a process.

For instance, outlining the procedure of recruitment and selection in an organisation, is a process of detailing the actions that a team will take when they follow this procedure. It will also detail the actions to be taken if there are exceptions. 4. Structured Decisions Structured decisions are taken by individuals who are directly executing the plans of the organisation. These decisions are informed by the data available to the employee, the procedures/structures that have been put in place, and the knowledge of the policies and paradigms of the organisation. The decision maker could be the CEO or the security guard at the gate. Understanding the kinds of decisions, the number of people who need to be involved in taking them, provides the leader with a confidence to take decisions - sometimes alone and sometimes with others. This will also give the leader the confidence in the decisions of his team members - as they are taken with an understanding of the values and procedures of the organisation.

Contact us now to find out how you can develop your staff and leadership skills to impact the profit and performance of your business.

Paradigm decisions are those which provide guidelines for decision making for all people in an organisation or team. Decisions such as: Having a smoke-free organisation, having a non-discriminatory people policy, etc. are paradigm decisions.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: How To Achieve Sales Targets :: Sales Techniques That Will Close Sales Š 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 21

April ‘09

Getting Your Company Ready For Sale Getting a company ready for sale is a bit like getting your car ready for sale. Polish it up, get rid of the rattles, make sure you can find the log book and the service record. How do you get your company ready for sale? We consider that the following points are key: 1. Vision - Do you have a compelling vision which an interested party can buy into? Is your business clearly moving towards the realisation of this vision?

Does it sometimes look like a series of random chances that your product or service ever gets out the door intact? If the owners weren’t there to supervise the business, would the staff know what to do? How well would the business run if the owners are away for a week/ a month? The better it could operate, the more valuable your business would be. What about your suppliers? Do you have access to favourable sources of supply, or excellent discounts? Are these formally agreed and tied down? Could a new owner benefit from them?

5. What are the finances like? - Do you have sustained growing earnings, or do they make a roller coaster look like a walk in the park? Can you demonstrate financial control? Are the accounts useful or simply something to keep your accountant out of the way? Can you explain the trends? Even if you don’t sell the business you know that what gets measured, gets done. Resolve to take more notice of the accounts and use them as a signpost of progress.

2. How does the company generate its revenue? - Is this through a well honed process based on lead generation, qualification and closure which is clearly producing a regular flow of high quality new customers– or is it, like most companies, based on your own personality and the fact you’ve been in the market for 20 years. If the owners are the company’s greatest asset how are you ever going to exit?

4. What are the resources like? - Do your staff have an employment contract, backed up by a staff handbook? Are there decent processes for recruiting staff into the company, motivating and developing them, and even removing them without involving an industrial tribunal. Can they cope with change and think for themselves – or do they really depend on your dictatorship?

Do all your customers sign a contract, or will they simply walk away once they know you’ve left the business. Resolve to get all new customers to sign a contract.

What about the buildings and equipment? You wouldn’t try to sell your car without at least putting it through the car wash – so does the office and or warehouse look a mess and what could you do about it?

Its not rocket science, its not even very clever, but it is very difficult.

Do you have an unhealthy dependence on one or two large customers? Resolve to deliberately seek out a number of mid tier companies rather than a few larger ones.

Are the IT systems coherent without dependency on the intuitive skills of Fred in the corner? Strong IT can help you and the new owner make better decisions faster.

In fact, in our view, you need help to do it. You’ve known you’ve had to do it and simply not got around to it. Working in the business, rather than on the business, you’d have done these things by now if you were ever going to without help.

3. How does the company operate? Have you patented everything that you can? Do you have registered trademarks or any other intellectual property (licence agreements and the like). Are they secure? It’s not always easy to do this, but it does “lock in” the value.

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6. Make a plan of what you’re going to do - Set aside some time and take a cold look at the business • • •

Where are we now? Where do we want to get to? How are we going to get there?

Call us now for a confidential conversation about how you can maximise the value of your business.

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Email: info@ukba.co.uk

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© 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Improve Profits With Innovative Business Ideas Innovative business ideas are key to sustain and improve your business profits. This ability is needed to stay ahead of competition even as competition responds to the ideas that you implement. How do you keep generating these ideas?

If the first one does not look like it will be profitable, then move down your list and pick one that will. Any more good ideas left can be filed for future use. 3. Involve Your Staff Sometimes, the people who carry out the operations are aware of some things that you may not be aware of. Involve these people to generate innovative business ideas. Brainstorming with the staff will provide you additional ideas that you could use.

1. Involve in Activities to Trigger Your Mind

The important point about this approach is that your staff will be much more inclined to carry out ideas which they were involved in developing.

Take a walk, go for a swim or read something that will get your creative juices flowing. Just sitting at your desk may not work. Albert Einstein used to day dream in the park. Thomas Edison used to go fishing. It seems like the mind works best when it is allowed to relax doing something else. Then somehow, it is able to come up with ideas relatively easily as compared to if you sat at your table and tried to force them out. 2. Apply Constraints Last

Learning cannot be restricted to just what we learned at school. It must continue beyond that. It will, of course, include learning in the area of your business. It should, however, include also learning in other areas. Sometimes, ideas come from an experience in life. The Internet provides information in a wide variety of areas and is also one place where you can get a lot of information.

4. Do Not Be Afraid to Fail Having new ideas brings along with it the necessity to implement them. Some people freeze even before they think of any ideas because some previous ideas have failed.

When generating innovative business ideas, it is important to allow the ideas flow spontaneously. Focus on volume first. Do not worry about the cost, skill or the effort required.

If you fear failure, then it is tough to scale greater heights in your business venture.

If you applied constraints as you are generating ideas, you will have a tendency of not listing out all possibilities that you can think of.

Thomas Edison apparently failed 10,000 times before he got the light bulb working. J. K. Rowling submitted Harry Potter to more than 5 publishers before one decided that it was worth publishing.

Only after generating a whole list of ideas, then think through them and prioritise them. Then start looking at the cost, skills required and the effort. How can these be managed in way that the initiative will be profitable.

5. Keep Learning

Generating innovative business ideas is a must for businesses to stay competitive. Not a question of choice. Try it out if you have not. You will enjoy it more than you think, and be very motivated when some of the ideas start succeeding.

Accept that you will fail at times, but there will also be times when you will succeed.

You can be assured that the best have had failures. They are but a way to know what doesn't work.

Do you have a business idea that you would like to profit from? Call us now to find out how to exploit your innovation.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Taking Stock Of Your Biggest Asset: Your People :: Decision Making For Good Leadership Š 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 20

March ‘09

Evaluating Your Business Idea You may have several ideas for a new business or only one. Before you start pouring your effort and money into an idea you need to see if it will stand up to some analysis.

This type of analysis can show you if your business idea is viable and should encourage you to exploit opportunities and help you decide how to tackle threats.

Try a SWOT analysis.

Decide on your Proposition (USP)...

This requires you to think about the Strengths, Weaknesses, and Opportunities your business will have, and the Threats it may face.

You could get friends to ask for quotes from the competition, or use a more direct approach and have discussions with a local expert.

Selling

Remember, a company could be a potential competitor or a potential joint venture partner.

Why should a potential customer come to you and not a rival? Will you specialise in a certain area?

Perhaps you could approach them with an idea for a product or service that would complement theirs.

You should be able to identify where and how you can contact your potential customers and have an idea of the demand for your type of service or product.

When setting prices, do not immediately assume undercutting is the only solution. You need enough income to cover your overheads and a low price may give the impression that your skills and work have little value.

Unique

Write a Business Plan... There are many versions and it seems every bank and business advisor has slightly different requirements. However every version should keep you focused on what you want to do with your business and the strategies to achieve this in a certain time frame. It should identify the services or products you intend to offer initially, and those you hope to expand into later. A high level of skill with a range of equipment, or a friend that is prepared to loan you some money would be strengths. If you have never run a business before that could be a weakness. A ready, enthusiastic market would be an opportunity, while several businesses almost identical to the one you are thinking of starting or a weakening economy would be threats.

Telephone: 0870 420 2756

Remember the plan is a working document. If you miss deadlines you should be able to modify the plan to get your business back on course. Once you have decided on the type of business you want to start do some research to see if there are any gaps in the local market. Find out your competitor's pricing.

Fax: 0709 280 8482

Cash flow is another important element in starting and running a business. Make sure you do not have to make too big an investment before you get paid. You should know how much you have to earn to at least break even.

To help with your business idea, please go to our website and download a free business plan template and free cash flow template. You will also find other useful resources to help your business achieve sustained, profitable growth.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Reviewing Your Business Plan It is essential for your business that you have a route map which shows exactly how you will achieve your business goals.

Proving that the plan is working effectively in the early stages is essential in demonstrating that the overall plan is achievable. So, check that every detail of your plan is being achieved.

Without a plan you are planning to fail.

What went wrong? Was the system used flawed? What did you need to do to actually complete the task? You will need to adjust future tasks of the same type to accommodate the revised procedure adopted.

Not everything works out as planned, so you must find out the answers to the following questions: 1. - Did you achieve the financial goals for the period within the timeframe allocated? Maybe you achieved some, but not all of them. 2. - Did the systems that you used to complete the tasks work well? Maybe some worked very well, but others were not so successful. Analyse the answers that you obtain. For those systems that worked successfully, continue working with them for the future tasks.

The plan that you develop needs to be a living document that is constantly checked and updated. If not done on a regular basis then there is really no point in generating it in the first place. It is critically important that you know that you are actually achieving the plan. If not, then you will need to adjust the plan to accommodate any revisions that occur. The very basics in a good business plan are to detail the tasks and systems that you will use to progress the plan. You will need to review your plan on a monthly basis initially to ensure progress is being made as planned. You may choose to change the frequency of the review at a later stage when the initial kinks have been ironed out and the planned progress is being achieved. The initial goals in the plan are usually small in terms of financial profits, but it is just as important that they be achieved on schedule as the larger goals that occur at a later date.

For those items that did not meet the targets set it will be necessary to evaluate why they did not work effectively.

Continuous improvement is essential in a good business plan. Adjusting and tweaking the elements within the future plan based on your experience can only improve the effectiveness of the plan and generate confidence that it can be achieved. Plan your work and work your plan and you will be well on the way to achieving your goals.

What does a business plan do?

Gets the ideas from your head onto paper Gives you clarity and focus for your business Allows you to budget and manage your cash flow Helps you identify your products, services and the market

What’s in a business plan?

Vision – your future aspirations Mission – what you do for your clients Objectives – defined targets for your business Strategies – how are you going to get there Plans & Actions – what you are going to do to successfully achieve it

A working business plan need not cost the earth or take weeks to develop. We can do this interactively with the managing director/business owner in less than a day at a cost that is probably a lot less than you think.

CALL US NOW TO FIND OUT MORE

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Getting Your Company Ready For Sale :: Improve Profits With Innovative Business Ideas © 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

The Truth About Sales & Marketing At a time when the world is facing its biggest economic test in years and retailers are slashing prices to shift stock, it is valuable to step back and have a look at the sales and marketing process being deployed in your company.

Knowledge

Is your sales team performing?

Do you have a sales strategy?

Having a full understanding of the marketplace and how your products serve its needs. Do your homework. This is usually the basis of your competitive advantage. Strategy

Providing a focus and direction for the sales and marketing effort commonly understood through the company. •

The division of work among individuals and the coordination of the work once it has been divided. Even if you only have one sales person, tasks have differing priorities. •

Marketing Operations

Relating customers’ needs to your products. Driving customers to being positively disposed towards your products. In many businesses this is largely driven by consistency and service delivery.

An effective approach is based upon six universal principles of sales and marketing effectiveness that impact performance. These principles are relevant to all types of sales organisations irrespective of size, sophistication or location.

Sales Operations

Making it easy for customers to buy your products. •

These are just a few of the sales issues facing businesses today. The success of any company is very much dependent on generating revenue through your products or services in the market place. Are your sales people using some of the following key elements to sales success?

Structure

To connect the powerful commercial ideas of the business to the necessary levels of sales or customer retention the sales and marketing function should be treated as a process that is 95% graft and science, 5% natural ability.

The exact weight that each principle carries in producing final results will vary between markets and, to some extent, between companies. A critical foundation is forming a common view of those weights between customers, senior and front-line management.

All of these principles need to be incorporated into the process and actively managed to take control of the sales and marketing function.

Fax: 0709 280 8482

Promoting benefits, not features of your product or service Being clear on your sales proposition and your unique selling points Planning the sales meeting beforehand Understanding the customer need and where they are in their “buying cycle” Listening more than speaking Being open minded, not defensive and welcoming objections Working to sales targets

As the person responsible for sales in your business, maybe you should consider the following:

People

Recruiting, integrating and developing commercial people to achieve maximum performance (and removing any under performing people quickly).

Telephone: 0870 420 2756

February ‘09

Are you hitting your sales forecast?

Over the years, sales and marketing has been portrayed as a specialist art that only the few, naturally gifted, can excel in. Proponents of this view can often be found with CV changes every two to three years and a trail of organisations left with a feeling of disappointment that things “didn’t quite work”.

Issue 19

How do you motivate your sales team? Can your sales people sell? Are the sales targets in place and are they being achieved? Are you getting a return on the investment for your sales channels? Is your sales team being managed effectively?

Sales are essential for a company to survive.

Call us now for a no obligation review of the sales strategy within your organisation.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2009 - UK Business Advisors Limited/Harold Forbes - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Is Marketing A Luxury In Times Of Trouble?

If you go to networking events, make sure you go regularly; if you use advertising, it is better to be in every issue of the same publication or in several publications at the same time rather than taking a scatter-gun approach.

Many small & medium enterprisesSME’s - (and some large ones for that matter) have difficulties when it comes to marketing. Quite a surprise, really, when Amazon in the UK alone lists more than 65,000 titles on the subject; but that may be where the problem lies. In difficult and complex areas of business it is sometimes difficult to see the wood for the trees.

Aim to have 8 to 12 communication activities running every year with clear messages and lots of opportunities for your prospective customers to see them. And make sure your staff understand what you are doing as well.

Over the years of working with SME and start up businesses with little or no marketing budget we have developed a simple view of what marketing is and the critical elements to be managed for success.

Really put yourself into their shoes to try and understand this and if you find it difficult have a conversation with some of them and listen to what they tell you (there are sometimes real benefits to getting a third party to do this for you so there is no “baggage” in the conversation). Once you have built this understanding, can you build a database of potential clients or customers? The second area of consideration is why should they choose you? Even if you think you have a unique offer for the market, people will have alternative choices even if it is simply to do nothing. Try to draw a picture of the choices available to your target customer. Some will be closer substitutes than others (e.g. tomato soup versus chicken soup or tomato soup versus sandwich).

The first point is to understand what marketing really is and the authors view is that it is the process of defining who are the people in the market wanting to buy your product or service and why they should choose your offer; the action on that understanding is to communicate with them so that they are motivated to buy. A common error is to think that “everyone” is part of the target market: they are not. Virtually all businesses will derive about 80% of their business from just 20% of their customers. This is called the Pareto Principle and it turns up all the time. It is therefore critical to understand who that 20% are. Where do they live? What are their interests? What motivates them? What do they value in life? How frequently do they buy your product or service? What else could they choose to buy instead?

Try to write a single statement of the benefit to the customer for each choice and then add six points that differentiates each choice. For you own product or service, look to see how your customers can learn about your points of difference from how you present yourself to them. This can be hard work but do it well and you will be rewarded in the third stage. If you understand who and where the people are that may consider buying from you, what motivates them and how your product can satisfy them better than other offers, then the third stage of attracting motivated prospects is comparatively easy. The key here is to be consistent and to be seen (or heard). If you distribute leaflets, make sure you distribute them frequently.

Finally, don’t forget that communication is a two-way process. You must measure what you get back from your activities to understand how effective you have been with getting your message across. And if you are not getting the results you wanted you are either not saying anything of interest or your message is not getting noticed. In either case, you need to go back to the start of the cycle because, if you are not saying anything of interest, you probably haven’t really understood your customer’s motives and if you are not getting noticed you probably haven’t understood where they are. Even when you are getting the results you want, make sure you are getting feedback from customers about how happy they are with your product or service and the relevance of your communications with them. The world is constantly changing and evolving and what was important yesterday may not be tomorrow. Marketing is not a luxury in times of trouble or at any other time: it is the bedrock of keeping your business alive.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Evaluating Your Business Idea :: Reviewing Your Business Plan © 2009 - UK Business Advisors Limited/Harold Forbes - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 18

January ‘09

Optimise Employee Training and Development With cost cutting being a common occurrence in business, it is important to optimise employee training and development to ensure that both the organisation and the employee can get the best returns.

by the employee. This provides the manager with an opportunity to review and provide feedback on the employee's plan.

An employee development planning form should be used to document the training and development plan details. An action plan should be included with planned dates for the training and subsequent reviews of the plan.

Employee development is too crucial to the success of the organisation to be sacrificed. However, there also are not unlimited funds for employees to attend every training that may be deemed useful. A proper program needs to be in place to identify important training stints required to ensure money is well spent. It will also be necessary to fit in the training programs within the work schedule of the employees so that work is not disrupted. The best way to do this is by having an employee development program on an annual basis. The key steps in this program should be as follows: 1. Employee Self Assessment The first step is for the employees to do a self-assessment of the kind of development required. The assessment will be based on the person's job scope and performance plan for the year. Based on this, the employee can review both internal and external training programs and identify those best suited. In addition to this, opportunities to work in specific projects should also be included. The employee should also consider the future role and function that he or she aspires for. The intent is to share this future plan with the manager so that they can also plan for the employee's future aspirations. All these should be documented in a self-assessment form. 2. Document The Employee Development Plan The manager will meet each of the people reporting to him individually, to go through the completed assessment form

Telephone: 0870 420 2756

The significance of this is also in the fact that this request can be noted down, so that when such a role becomes available, the employee can be recommended for it.

The manager also has the opportunity to suggest other training programs that the employee may not be aware of. This includes opportunities to work with another team as part of skill development, as the manager probably has a broader view of the organisational activities. In cases where the number of training days exceeds the guidance provided by the organisation, it will be necessary to prioritise the training programs. This whole exercise provides the manager with an overview of the training cost. The employees will be able to identify the training programs that are already scheduled and block it off in their calendars, so that they can plan their work activities around this. While this helps, there might be times when the employee may have to forego some of the training due to work pressures. Feedback should also be provided on the employee's future plans. Knowing this helps the manager in two ways. In the immediate future, he could arrange for the employee to be assigned to some other project or team to gain experience and exposure on his or her desired future role.

Fax: 0709 280 8482

3. Periodic Reviews An employee development plan can be effective only if it is regularly reviewed to ensure that the planned actions are being done or changed as required. Even if the plan is done with the best of intentions, the daily activities take over and unless these reviews are done, the development activities will not get the priority that they should get. The employee development plan should be reviewed quarterly or at least every four months. It may sound like a laborious task, but doing these steps streamlines the employee development exercise. The employees also feel that the organisation cares for them. The best way to do this is to block off these activities in your calendar right at the beginning of the year. Your other activities should be worked around these. However, if you need to miss one of these due to some good reasons, then make sure you reschedule. Well-planned and executed employee training and development brings benefits to both the organisation and the employee. This, in turn, will benefit your customers who ultimately decide the continued success of the organisation.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Effective Training Techniques Through Employee Involvement Some points for investigating learner needs are as follows: Employee involvement is key to effective employee training. Employees attending training are preoccupied with their own thoughts and problems. Some are willing to learn and some are not. There are those who are open to new ideas and others who resist. How can you get them involved so that they can take ownership of their own learning during the training? 1. Put Yourself In The Learners' Shoes When delivering training, there is course content to be covered. While this is important, priority has to be given to the fact that the learners are able to receive your content. What better way than to put yourself into the learners' shoes and ask yourself a few questions that these learners have when attending training:

What is this session about? Will it be of use to me? How can I apply this to the real world? What motivates me to attend this session? Is the content delivered in an easy and simple way? Are different teaching methods involved or is it a boring lecture?

Answering these questions to yourself will help you better prepare to deliver effective training. 2. Assessing Learner Needs Checking out on learner needs is essential to get learner involvement. This task could be difficult due to time, budget or information constraints. However, it is important and some kind of assessment will make a difference.

How many participants will be attending the session? What are their current job responsibilities? What are their skill levels as applicable to the training subject? Is attendance voluntary or mandatory? How will the training affect their current or future job responsibilities?

If this investigation is not possible before the training session, then when the session starts, it is a good idea to request the participants to introduce themselves and to mention what they would like to achieve from the training session. 3. Communicate With Your Learners Communicating the objectives and program outline to the course attendees before the session will help them prepare for the training. Properly written, this communication can also be used to motivate the learners such that they will have a positive outlook towards the training. If this is not done for some reason, then it is important that this be done at the start of the training. Communication is two ways. Therefore, feedback from the learners must be somehow incorporated into the training. This is extra work. It will be much easier to just deliver the content as is, but the purpose of the training is to enable the learner via effective training, not just delivering content. 4. Switch On The Learners However well you may be prepared to deliver the session, if the learners are not switched on, the training will not be very effective. Switched on learners will be ready to receive content, which means there is a need to conduct activities to achieve this.

Switching on activities include creative opening exercises that develop positive first impressions, which are crucial to gaining learner commitment. These warm up activities are learner-centred and content-relevant. The intent is to get learner involvement and for the trainer to develop relationships with the learners. These are not the same as icebreakers, which are usually used to entertain and energise learners. When people arrive at the training venue, they are probably still preoccupied with their own problems and thoughts. The warm up exercises will also be a means of addressing this. Employee training can be made effective with some extra effort in getting their involvement and hence ownership for the training. You will find that the extra work pays off because you will find the session much more satisfying and feedback from the attendees will be positive.

Contact us now to find out about the extensive range of training programmes that we can offer covering all aspects of your business:

Leadership Management Sales Marketing Finance Operations Personal Development Health & Safety IT …and many more areas

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: The Truth About Sales & Marketing :: Is Marketing A Luxury In Times Of Trouble? © 2009 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Different Types of Funding R&D tax credit - This allows a reduction in your taxable profit by 150% of the spend on R&D, or if you are making Corporation Tax losses to recover £24 in every £100 of R&D spend in cash. Export - To start exporting or moving into new markets grants of 50% of costs up to £20,000 each.

Finance for business can be obtained through a number of different sources. Let's review some of those channels to help you decide what's right for your business needs: Grants There are over 930 different EU and UK grants and loans available from over 100 issuing bodies. This is the cheapest form of finance and an important part of the funding package that companies and individuals need. We can help you find your way through this maze. Grant for Research and Development (R&D) - for businesses looking to carry out research or development of a technologically innovative product or process. This is quite carefully defined so don’t assume it’s available regardless. Amounts available: £5,000 to £500,000 35–60% of eligible project costs available. Grant for Business Investment (GBI) To assist businesses to increase their productivity through investment in capital equipment and technology. For businesses looking to modernise, expand or diversify to maintain or establish sustainable growth and provide skilled jobs. Amounts available: £10,000 to £2m - in exceptional cases larger grants may be available. Up to 35% of eligible project costs dependent on area and case.

Telephone: 0870 420 2756

Issue 17

December ‘08

Overdraft - Banks are surprisingly supportive when presented with a well thought through plan and competent management. Bank Loans - Lenders tend to look for a good business plan and security. Typically the loan is approved by a centralised back office function rather than the person you meet. Terms and rates depend upon the risk. Repayments can be very flexible to meet your specific needs.

Training and Education - Knowledge Transfer Partnerships, Achieving Best Practice in Your Business, Investors in People, Modern Apprenticeships, New Deal for various grants. Leadership and Management grant £500 towards leadership development. Environment

BOC Foundation for the Environment: 25% to 50% of Project cost, typically £20,000 to £100,000 Clean up Fund: Emission reducing equipment up to 75% of cost Community Chest Fund: Up to £25,000 for projects near active SITA sites High Impact Fund: £150,000+ for larger projects near SITA sites Assisted Areas Regional assistance grants of between 10 and 35% for capital expenditure in less favoured areas of the UK.

Loans Loans are an excellent source of finance if you have suitable security to borrow against or a reliable earnings stream. This needs to be planned and presented well to obtain funds. Credit cards - Provides up to 56 days free credit if you play the game!

Fax: 0709 280 8482

Mortgages - These can include flexible repayment terms to meet your business needs. This can even be incorporated into your overdraft finance so that you have one flexible account for both personal/ business mortgages and overdraft Small Firms Loan Guarantee Scheme Up to £250,000 unsecured loan - these are much misunderstood and nothing like as easy to get as the name implies.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Different Types of Funding …..continued

Equity This is not as easy as the papers would have you know. Only 1% of business plans received by Venture Capital Funds are successful. However, a good business proposition consisting of a strong demand for the product or service, management track record and a sound financial plan will enhance the chance of success. Business Angels - These are high net worth individuals who are successful businessmen looking for investment opportunities. They can provide both time expertise and money. Typical investment size is £25,000 to £250,000 but can go as high as £2m for the right opportunity. Exit within 3-5 years. Microfunding is a new organisation supporting new innovations and inventions from entrepreneurs: http://www.microfunding.co.uk. Venture Capital - These are investment funds seeking high rates of return. However typically investments are over a million pounds. Some funds are targeted at lower amounts depending upon the sector and region. These funds are looking for exponential capital growth over 3-5 years.

The Factor will own and place a first charge over the book debts and they might also take other charges, depending upon the strength of the financial information. Invoice discounting – is either Confidential or Disclosed; it depends upon the strength of the financial information. The service is the same as Factoring, except that the sales ledger administration and the debt collection is the responsibility of the client and not the Factor. Pre payment of the approved sales invoice is still up to 95% and the factor will still have a first charge on the book debt and therefore own the debt. This service can also have credit protection cover. All sales invoices need to be for a business to business debt, and some proof of delivery is generally required.

Business Relationship Funding This is another source of funds that can be overlooked. It may be possible to introduce potential alliances to add value to both parties. It may produce an ultimate exit route in the medium to long term.

Trade Finance - This is funding provided against stock purchases, signed contracts and orders whereby the funder will prepay a certain percentage of the value.

Asset backed finance

This can cover machinery, sales invoices even sales orders. It can be a very flexible source of finance to the growing business Leasing - This will cover your capital expenditure and spread the cost over a three to five year period. It is particularly useful if you do not have taxable profits to maximise your capital allowances. Sale and leaseback of a property you own is another good source of funds. Factoring - Factoring offers a sales ledger administration and debt collection service. Up to 95% of an approved sales invoice is paid within 48 hours, quicker if required. Credit protection is also available to protect against a bad debt.

Payroll Finance - it is possible to borrow up to two months worth of your payroll provided you meet certain criteria. Pension fund - It may be possible to use your pension funds for a loan back to the business or as a way of reducing your exposure to tax.

Joint Ventures: Requires a legal agreement embodying the deal and another company Partnerships: Two companies collaborate with possible funding. Joint working relationships: These are an informal partnership which may be more project specific where the parties can share resources. Agencies: These can be geographical or product specific and generally incorporates a payment for the right to the agency. Distributors: Very like an agency but may not necessarily involve up front payment. Alliances: These do not require a separate company and can be embodied by a legal agreement to work together. Trade investors: Otherwise known as Corporate Partnering. This can be a good way to involve a much larger company in the business with a view to possible trade sale further down the line. Associates: This can be a loose arrangement with no fundamental commitments either way, rather like a preferred supplier. Equity Swop: Two companies exchange shares to a similar value to develop both businesses. Franchises: This can allow the business to grow without further direct investment. Licensing: This involves licensing a product or service to enable others to sell it. This requires you to own the intellectual property.

Call now for a no obligation financial review of your business.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Optimise Employee Training and Development, Effective Training Techniques Through Employee Involvement © 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 16

November ‘08

Key Steps to Developing a Quality Business Plan There are many important steps to consider when developing a business plan for your company, but the first step is to fully understand the main uses of a business-plan. The four main uses of a business-plan are as follows: • A Business Plan is a written document that you can use in your search for external financing. • A Business Plan is a tactical planning and management tool for your business. • A Business Plan is a document showing the capacity of your team to control and manage all the aspects of the company. • A Business Plan brings you new ideas to refine your project by checking and estimating the induced hypothesis. The necessity of Business Plans The drafting or update of your businessplan is essential to the good management of your company. It can be used when searching for a business partner, for obtaining external financing, and for defining some stages of the development of your company, such as: • The creation of your company. • The launching of a new product. • The establishment in a new market. • The transfer, buy-out, or the structural development of your company. Should you call in a consultant or write the Business Plan by yourself? You should be the main (if not single) author of your business-plan, because the Business Plan is, so to speak, your own "baby", it is a reflection of your personality; it is by this means that your investors will discover the person with whom they collaborate.

Telephone: 0870 420 2756

But your project may be too important and you may want to call in a consultant for help and consultation. Even so, you should stay in control of its development! Tips for developing a quality Business Plan. 1. To be credible, a business-plan must be coherent and each parameter in the Business Plan must be based on facts. 2. There are many methods to build Business Plans, but very few can help you correctly carry out reliable financial projections based on a preliminary commercial engineering and market study. Indeed, one frequent mistake when building Business Plan's is to first define the target in terms of market share, and then try to "find" the number of customers necessary to fill these objectives! This process should be reversed.

They should be proceeded by a commercial engineering study which projects a realistic estimate of sales. 4. In a Business Plan, the marketing plans as well as the financial forecasts require a basic understanding of how these important elements are calculated. You can use good software – some of which is free – to faciliate the development of your Business Plan. 5. The last point and certainly not the least significant: A Business Plan is never ended "once and for all". A regular followup and comparison between the theoretical Business Plan and the reality of its execution are essential. You can then modify your Business Plan and adapt it to improve performance and achieve your goals.

3. In addition, one essential point in a Business Plan is to define concrete policies and measures. This definition aims to gain a reasonable number of customers, based on a sufficient knowledge of the market. The quantitative estimate of this gain must be calculated on realistic monthly and annual increase rates. A well-founded pricing policy then makes it possible to estimate the sales turnover in the years ahead. The calculation of the costs of the planned actions in your Business Plan are essential and make overall financial projections possible. In short, financial forecasts – including those related to the financing of the project – must be elaborated from the basic elements of the project.

Fax: 0709 280 8482

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


How Important Is Strategy In Your Business? On a scale of one to ten, having a good business strategy rates about a fifteen! No matter what kind of business you have -- whether you sell products or a service, as the saying goes, "if you fail to plan, then you're really planning to fail."

Figure out what resources you've already got, and what resources you need to get you past those barriers. And then create an action plan that clearly lays out how you will achieve your goals. Involve key employees with this part of the planning process.

Creating a strategy can mean the difference between you working 60 to 80 hours a week all year long -- and then breaking even, or worse, losing money.

9. Follow the same cycle next year. (Dream, Plan, Act, Check). Creating a business strategy and following it will ensure that you enjoy the journey as much as getting to your final destination.

Apply now for a no obligation, strategic review of your business.

On the other hand, many successful entrepreneurs who have a strategy work fewer hours and make piles of money -and they usually attribute their success to having a strategic plan and following it.

A strategy review could help your company make a step change in its performance, productivity and profitability.

So what is strategic business management? Very simply, it's the process of defining the goals and objectives for your business, creating an action plan so you can reach them and then following the plan.

Our review will develop an agreed Business Development Proposal, which will identify the key steps needed to move the business forward, such as: · · · · · · ·

How do you create a strategic plan for you business? 1. First, know what your vision for your company is. If there were no barriers, nothing stopping you from taking your company as far as you could -- what would that look like? 2. Next, what are your company's core operating values? What are its guiding principles? In other words, why are you in business and how do you do business? 3. Now create a 3 to 5 year plan. Your long-term plan is based on the broad objectives that will help you get from where you are now, to where you want to be. 4. Develop a plan for this year. These are the specific objectives you plan to accomplish this year that will lead you closer to your long-term goals. Remember to be "SMART" when setting your annual goals (Specific, Measurable, Attainable, Realistic, Time-oriented). Include a list of the barriers that are stopping you from getting where you want to go.

5. Create a set of milestones or benchmarks. This is very important, so that you can measure your progress. 6. Share the plan with your employees, and anyone else who will be involved in the process. Your annual strategy is the roadmap that will make sure everyone ends up at the same destination - but to be effective, everyone needs the same map! 7. Put the plan into action. Now that you have the roadmap, it's time to begin the journey. 8. Check your progress. Just like any trip, you need to check the map every now and then; to be sure you're still on the right road. If something isn't working, the sooner you figure it out and make the necessary adjustments, the sooner you'll be back on track.

Vision & Mission The Marketplace Sales & Marketing Operations Resources Finance Actions

What do we actually do? Plan: Meet to plan the review. This will provide us with the overview of the business. Assess: One-on-one reviews with company stakeholders. Feedback: This brings all the participants together for a two-hour session. From this a Business Development Proposal is facilitated. Implement: develop an action based, time lined plan to deliver the objectives. Review: meet regularly with you to measure the performance to targets.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Different Types of Funding © 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 15

October ‘08

Ten Tips To Improve Your Networking Skills Effective networking makes the world go round so it is a vital skill for expanding business and making life easier.

Think Beyond The Box. We tend to get a bit narrow-minded about where we should be networking but airplane trips, waiting in line, public events, weddings and any other place where people gather can present easy networking opportunities.

That is all very well but it is also an investment of time and energy and for some people this is a nightmare as they have to conquer their social fears and the desire to melt into the crowd until it's time to leave. Here are some simple tools and tips to make your networking more effective. They basically involve taking initiative and refining your conversation skills. Be Prepared. With a bit of light research before the event you can find out who will be there and what the occasion is. For a business event, you can brief yourself on the topic of the occasion and at least be able to hold a conversation. Be Positively Charged. Arrive at the function with a positive attitude and look like you are glad to be there. The host will appreciate someone who is not hanging around waiting to be entertained or introduced to someone. Help liven up the event with genuine warmth and enthusiasm and you will find yourself being invited to more events. Set Goals. If the thought of going to a social event where you might not know anyone leaves you in a cold sweat then setting a few goals can ease your anxiety. Decide on a minimum time that you can bare to stay for - like a hour. Then decide that you will not leave before making at least one new contact. You can amend the goals as you gather more confidence. Know Your Lines. Have a few opening lines prepared to help initiate conversations with strangers. Ask them how they know the host or if they've been to the venue before. This will usually lead the conversation to what you both do and why you were invited.

Telephone: 0870 420 2756

Improve Your Listening Skills. Ask questions and show interest in those around you, especially if you are at a seated event that includes a formal meal. Learn to ask questions with sincerity and interest and then keep quiet and listen to the other person's reply. Take A Risk. Most people are quite relieved to have someone approach them first, so do not miss out on meeting someone interesting just because they look a bit cold and disinterested. They are probably nervous and if you approach them with warmth and interest, they could turn into quite good company. Leave Gracefully. Always thank the host or organizer of the event before leaving and say farewell to guests you have spoken to. Promises Kept. Your integrity and reliability are resting on this. If you told someone that you will fax them, e-mail them, phone them or contact them after the event, then do so as soon as you can. Stay In Touch. Once you've made contact with someone stay in touch with them. People like to know that they are thought of and important enough to be contacted even if you do not need them for anything.

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Networking skills take time to perfect and even the best professional networkers can still make blunders. Learning new tools and practicing your skills will certainly make networking easier with time and probably a lot more fun too.

The Importance Of Networking On a hot July day several years ago people gathered in droves to drink, talk, and do business. This wasn't a convention, reception or staff outing. The event was called Young Professionals, a local business networking group for, as the name suggests, young working professionals. This event acted as a magnifying glass on the importance of networking in business. The first thing you'll notice at an event like this will be the amount of people that attend. Discovering an opportunity like in the business world can be a refreshing feeling, especially to those that are constantly scrutinized at work. If nothing else, networking provides members of the business community an outlet to reassure one another that their current job doesn't have to be the only job they ever do. The first step in networking is putting oneself out there to be met by others, and engaging in conversation about business, and life with other likeminded individuals.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


The Importance Of Networking

Business Networking Puts More Money In Your Pocket

‌..continued

The next thing you'll notice at the event are the prevalence of business cards. The importance of business cards in networking is essential. If you have business cards be sure to bring them everywhere, if you don't yet have a card, make one. Many of your employees might be people you'll meet networking for business. If they don't have a business card you won't be able to hire them. Having a business card and distributing it freely will help you become successful at networking.

Business networking puts more money in your pocket by helping you overcome the number one biggest problem facing new business owners - prospecting for new customers. Business networking events can go a long way towards making the whole prospecting problem go away. There are two main kinds of networking opportunities available to the average entrepreneur. Passive networking and strong networking. Both have unique benefits and drawbacks.

What if you don't have a product for sale? You may have a service, or an idea, whatever it may be, market it while networking. You will be surprised at how many people can help you achieve your dream. A few things you'll want to bring to a meeting are a pen, pad, and something to hold things in, like a portfolio. While networking be sure to take notes if necessary, ask questions of others, and capture the moment. Many rely on fate to bring them to success in business, and life. But for those seasoned veterans of business, and life will tell you, diligence and hard work are as important as anything else. When you are networking try your best to get the most out of the situation. Next time you are at a networking event, instead of enjoying the free pigs in a blanket, make the most of it by actively networking.

So what are the advantages and disadvantages of each kind of networking? They both have their place but strong networking groups represent a bigger commitment than passive networking groups. By belonging to a strong networking group, you are committed to be on the lookout for referrals for group members. Strong networking groups also usually meet on a weekly basis whereas passive networking groups usually meet monthly.

If you need reassurance, look at those that profit off networking the most, real estate agents, stock brokers, and other broker types. Do you ever see a drought in business cards among these individuals? Some people have stacks of cards high enough to hit an 11 foot ceiling. Another thing you'll notice happening at the event are the unabashed marketing of products, and services. Market your product when networking.

They also allow only one person from each profession or industry to belong to the group. This keeps the quality of the referrals high. One such group is Business Network International (BNI).

The most well known networking is your commerce. You can commerce chapter in city worldwide.

example of passive local chamber of find a chamber of almost every major

Your local chamber of commerce gives you the opportunity to meet with many of the movers and shakers in your local business community. Through the many events they plan on a monthly and yearly basis, they offer you a chance to connect with a number of potential prospects for your products and services. Weekly networking groups or clubs are an example of strong networking opportunities. These kinds of business networking events can be found in many major cities worldwide. A strong networking group will meet on a weekly basis for the sole purpose of exchanging business leads with one another and learning better ways of networking to grow their business. The most successful networking groups require your weekly attendance and insist that their members provide fellow members with referrals throughout the year.

Passive networks can have multiple people from one profession or industry as members. They also have no requirements for passing on referrals to other members. Referrals do occur in a passive networking event but it is not facilitated by the meeting and is totally up to the business owner to initiate. You can belong to multiple passive networking groups. Any business you get from passive networking will most likely be a result of the amount of effort you put in. Strong networks on the other hand restrict membership to only one person per industry or profession. This greatly increases the likelihood that you will receive referrals from participating members. Meetings are structured in a way to encourage referrals and there is a formal referral exchange that happens every week. It is strongly recommended that you only belong to one strong networking group in order to keep the quality of your referrals high. In either case, it is important for members of these groups to see you as professional and competent. Referrals will go to people the referrer knows, likes and trusts. Want more business? Start attending business networking events in your area.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Key Steps to Developing a Quality Business Plan, How Important Is Strategy In Your Business Š 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts 5 Ways Great Managers Improve Employee Performance It may appear that all great managers know the secret to improving an employees performance. But what these managers know is no secret at all: everything you ever needed to know about enhancing the productivity of your employees is actually contained in a few simple techniques that are guaranteed to increase the efficiency of your business.

2. Setting Goals Make sure you have a vision for how you want your business to operate now and in the future. Communicate your vision to your employees so that they are directing their energies toward a common goal. They will feel like they are a part of the business and this will enhance performance. 3. Praise Take advantage of big and small opportunities to praise your employees for work well done. Your recognition of their performance means a lot and it is important that you acknowledge their efforts.

Issue 14

September ‘08

The Bottom-line on Satisfied Employees The success of an organization does not solely depend on management but on the work of its employees as well. An employee that enjoys his or her position and feels rewarded by their efforts will ultimately be the most successful in their careers and the most beneficial to the company. There is nothing like being around happy, satisfied employees who bring their optimism and productivity to the organization. These are the employees who are the most attentive to the needs of the customer and strive to go that extra mile to be the most helpful.

4. Feedback 5 Things That Every Great Manager Knows These five things are not profit margin, gains, losses, tax deductions, or assets but instead are the human factors of management. You cannot put a price or value on the factors that drive an employees performance. This is because most people remain with an employer because of the quality and satisfaction derived from a rewarding and balanced workplace. Great managers recognize and respect this "x factor" of the business world and work to improve it with these simple tips. 1. Motivation Every employee is unique; therefore the motivation to perform better will be different for each person. Identify the motivator for each employee and provide opportunities that encourage their interest and performance.

Telephone: 0870 420 2756

Be lavish with praise but selfish with criticisms -but do offer kind words of constructive feedback that makes your employees feel respected and valued.

5. Management Be available as a resource to your employees. They should feel comfortable to approach you with questions and concerns and not feel as if they are imposing on your time. They should be able to depend upon you for guidance and as a model of what excellent performance is all about. A Last Word... As you can see, there is no one secret to improving the performance level of employees. You can start today with these simple tips that are easy to implement into the everyday workings of your business. After all, your employees and business deserve anything and everything that will help them flourish and continue to grow.

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A positive attitude is contagious and can change the attitude of every staff member around. However, just as a positive mindset is easily spread, so is a negative one. If a member of the team is unhappy, watch out! His or her negative attitude can become infectious - contaminating fellow co-worker and customers alike. Pessimistic employees can breed an atmosphere of low morale which equals decreased productivity, employee turnover, and unproductive time spent gossiping and complaining among coworkers. In order to combat negativity in the work place, it is essential that employees receive ongoing motivation from management to perform their work to the best of their abilities. Regular contact with employees is necessary to show that you care about their contributions.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


The Importance of Performance Reviews If you employ people in your business, you're going to be faced with a number of tricky management issues - dealing with tardiness, sick leave, and keeping your staff motivated.

For instance, some Key Performance Areas for a receptionist might be:

Performance reviews can be useful for motivating employees, but only if they are accurate. An inaccurate review, which fails to recognize the employee's value to the organization, can be worse than no review at all.

If a performance review fails to take note of an employee's shortcomings, it won't be taken seriously.

If an employee consistently performs poorly, it's vital to document this, as well as any corrective action that is taken.

answer incoming calls within 3 rings take messages accurately and pass them on quickly type at a rate of 25 words a minute

The more measurable a Key Performance Area, the better. Some other measurable Key Performance Areas include: number of sick days number of absent days number of instances of tardiness number of customer complaints number of customer compliments number of co-worker complaints

Your staff may be genuinely unaware that their performance in some areas is poor (or exceptional!), unless you tell them. Most employers conduct performance reviews annually, in order to decide on salary increases and bonuses. Since performance reviews should build on previous reviews, it's better to conduct them more regularly - every 4 months is a good frequency. Employees thrive on feedback, and regular performance reviews provide a consistent framework for providing positive reinforcement. Under-performing employees can also benefit. Regular reviews can identify weak performance areas, and allow you to set clear goals and expectations, and to coach and mentor the employee to improve their performance. Objectivity is vital. You need to concentrate on measuring performance, and not on quirks of personality. The performance review should relate directly to the employee's job profile your employees do have job profiles, or job descriptions, don't they? The job profile should identify the Key Performance Areas for the job.

Of course, you would have to keep accurate records of all of these, in the employee's personal file. You should prepare a performance review form for each employee, which lists the Key Performance Areas for the job, and provides a matrix for you to record the performance in each area. For example, you might rate the employee's performance in each Key Performance Area against a scale of 'Poor, Satisfactory, Good, Very Good, Excellent' Performance reviews should be a collaborative process - as far as possible, the employee should agree with your assessment .

The Bottom-line on Satisfied Employees …..continued

Another way to beat low morale is to develop an employee satisfaction survey. This is an easy, anonymous way for employees to voice their concerns and problems without being identified. Issues that are brought up from the survey can be addressed during an organizational meeting. Other ways that an employer can create an environment that motivates employees include:

Staff lunches Holiday celebrations Employee of the month Continuing education programs

An organization that recognizes that its employees are valuable and deserve to receive a certain amount of praise and recognition will benefit from increased productivity and employee satisfaction and retention, which in turn, will positively affect customer satisfaction. Otherwise, the expense of training each new employee so that they may excel in some other organization is foolish, timeconsuming and expensive. Management with the "easy-come-easygo" mentality creates conflict, confusion and quite a bit of turnover in the workplace. Nothing positive can be gained by treating employees in such a manner. It's no wonder that some employees treat their positions as a 9-to5 job. Any organization can make changes for the better and help create an environment that is conducive to employee happiness. After all, the success of your business depends upon it. The organization with the right approach will be the one to reap the rewards of success.

Managing staff, being responsible for them and staying within employment law can be a pain! Contact us now for a no obligation review of your HR practices.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Ten Tips To Improve Your Networking Skills, The Importance of Networking, Business Networking puts More Money in Your Pocket

© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 13

Are You Still Having Cashflow Problems? You have agreed trading terms with your customers, you are invoicing your customers promptly, and you are chasing your debtor ledger in a structured way, thus ensuring you are paid promptly. In addition, you have spoken to your suppliers, negotiated on their trade terms to you (including price), have looked around for competitive quotations, planned your cashflow for payment and sought their help in promoting their product(s).

Different items can be dealt with in different ways but it is normally possible to shave at least 10% from the overheads by doing this exercise firmly and objectively. This could make all the difference between success and failure. If you are still finding it difficult to balance the books then there is one more question before you embark on getting into (further) debt.

But you are still having problems with cashflow!

Produce an up-to-date set of management reports. Look at the total expenses of the business to date, and prioritise them starting with the largest expense and ending with the least. Starting at the top ask yourself the following questions about each line: Does this item contribute directly to my sales?

Does the business really have any future?

Could I eliminate this item altogether (or reduce its cost by doing it another way) and still make the same sales?

If the business is just starting and/or going through a temporary lean period, then outside finance might be the right thing to do.

Does the 'sundries' line account for more than 5% of the total? If so it needs to be broken down and examined. Are there any bad debts (either certain or potential)? Have I learnt anything from these?

Telephone: 0870 420 2756

The Office Administrator There are a number of descriptions of the administrative function but quite often it is the oil that keeps a business ticking over efficiently. Without a workable administrative system amazing things can happen in a business. Some of the usual problems have to do with lost papers, lost vat returns, Inland Revenue dates missed and general muddle. What is worse is to discover that work has not been invoiced or records about jobs are lost or inaccurate. There is many an MD who is well aware that administration is not his strong point and he will quickly get someone to help him. The essential skills of that administrative support person is an ability to multi task, to keep records straight, to be able to find essential bits of paper immediately and to keep the MD informed of any potential untoward happening while allowing him to get on with the essential business of the organisation. But, of course, there is much more to the administrative function than this.

Before turning to finance sources for more money then start to examine your cost base.

Is the item being paid for on a loan, HP, lease etc., if so would the finance source consider reducing the repayments in some way on a temporary (or maybe even permanent) basis?

August ‘08

But you must look long and hard and possibly take outside objective advice before embarking on this road. It is so easy to delude yourself into thinking that there is a business there at all sometimes. So go back to basics and do (redo) your market research and review your sales methods. Maybe this will highlight some modifications that could change your approach and improve the business.

Fax: 0709 280 8482

There are a number of areas that loosely fit under administration, especially in a small company. This may include:-

Insurances. Most companies will have office and contents insurance, employer and public liability insurance. There are also special insurance policies to cover company cars, professional indemnity insurance and other key man insurance policies. Pensions. All companies where there are more than 5 employees should be offering a pension to employees. These are usually Stakeholder pensions and can include pension contributions by the company to employee’s pension plans. Pension control sits loosely between the HR function, the payroll and the accountant – but whoever looks after the pension, the detail is important.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


A Purchasing Focus A purchasing strategy is not the domain of the larger company or corporation. Without an effective strategy to manage supply chains or coordinate the purchasing function you will never be in control of your costs. The lack of strategy can result in poor customer service, missed delivery dates and reduced staff moral. This is largely never calculated but has a draining effect on the business. Purchasing and supply chain management should never be seen as a back room function but a key area of business. In today’s commercial environment purchasing can often redress the continuing lower price pressure from clients by maintaining or improving the cost of sale (COS) equation. Cost reduction policies/ strategies over recent years have traditionally focused on what can be seen and touched,’ headcount’. Their reduction has been the result of Productivity improvement, Automation investments, Outsourcing (sub contracting) and cutting out some activities see as unimportant. Headcount as a result has fallen and in many cases this has been a correct and modernisation process. In some cases though it has been in blind panic to reduce costs and has obvious drawbacks. These polices have an effect of short-term cost increases, take time to administer and when not professionally implemented have a further drain on staff morale. In many cases can also lead to industrial action and a skills shortage in the staff base. Once done Directors have to look else where for the next wave of cost reductions. Procurement is the obvious place. Bought in services and material can amount to as much as 80% of the revenue base. With these sorts of numbers it is clear that a saving of 10% (which is very realistic) can have a

dramatic effect on the profitability of enlightened companies. As a model if a company spent: • 50% on purchases, • 44% on other costs, they would have • 6% profit. By improving the purchase process by 10% the results are dramatic. • 45% on purchases, • 44% on other costs, they would have • 11% profit.

The Office Administrator …..continued

This doubling of profits has been achieved without any staff reduction or reduction in customer services. In two of the recent cases we have been involved in, a small engineering company has improved the material purchase costs by 16% and in a larger company we produced savings of 26% the first year and 9% the second year.

A coordinated approach is needed to avoid supply failure. Increased rather than decreased costs are likely to result if the decisions are not consistent or inline with company ethos, structure and objectives. Companies should avoid jumping on the bandwagon of fads and fashions. To get you thinking and moving forward to a purchasing strategy and lower costs here are six questions to ask yourself. 1. What is the % ratio between bought in goods / services and staff/facilities costs? 2. Who is responsible for purchasing, are they trained or qualified? 3. Are the purchasing decisions made in a rigid policy or is there flexibility to adapt to situations? 4. Are all purchases made centrally, does everyone involved know what is being purchased? 5. Are you confident you have the right buying process for both low and high volume /value items? Are your confident you have the right policy to cope with the future needs and trends?

Health and Safety. Any company with over 5 employees should have a health and safety policy in place, and this includes having first aid available for employees. Keep in mind that, should there be a claim, the MD is the person who would be prosecuted. Facilities Administration. In small companies, to have an in house IT support function is not usually one of the priorities, although it is essential for the smooth and efficient working of the office and someone will need to attend to computers, e-mail problems, printer malfunction and the like. Similarly the functioning of the telephones, alarms and security all fall under administration. Likewise, the ordering of essential supplies is vital to the efficiency of the business. Accounting. A number of small companies will outsource the accounting function but even when this happens there are finance related functions in the office which need to controlled. One of the essentials is to have an easily visible record of cash in and cash out so that there is an at a glance view of current liquidity. Excel is a flexible vehicle for having these controls in place and easily managed. But some accounting software is very reasonably priced and user friendly and worthwhile investing in while the business is young. Payroll. Payroll has become a complicated business. Most companies will outsource the payroll function but if it is kept in house it needs to be run by a competent trained person using software that is compliant with the Inland Revenue criteria.

There are so many more areas that will fall to an efficient administrator in a small business, areas that will, in the organic growth of the business be eventually hived off to an in house accountant, an HR manager, an IT consultant or a facilities manager. In the meanwhile those efficient administrators are like gold dust, so please give them the value they deserve.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: 5 Ways Great Managers Improve Employee Performance, The Importance of Performance Reviews © 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

21st Century Leadership - A People Focused Approach One of the greatest challenges of leadership is the definition. There are literally thousands of books, documents, and lecturers that have each defined what their idea of leadership is. There are definitions for corporate leadership, civic leadership, home leadership, and more. We attempt to break down leadership and make it more complicated than it is. At its core, leadership is an individual achieving results through people. In many cases you are considered a leader if you hold a particular title, have a certain set of personality traits, a particular skill, or lucky enough to be a born leader. None of these by itself define leadership, mainly because leadership is an individual decision.

The people focused leader has the interpersonal skills to develop relationships throughout the organization especially in the new millennium where many workers have more knowledge than those that are leading them. The people focused leader is quickly replacing the autocratic leaders of yesterday. They recognize the importance of the people element to be critical to the success of the organization. With the marketplace becoming more global, competitive, and turbulent, characterised by a highly mobile, skilled, and educated workforce. The people focused leader will need to demonstrate their "people skills" to drive organizational performance and business success.

The people focused leader realizes that it's not just management that drives performance in the organization, but also its people. Happy employees are productive employees. The people focused leader understands the importance of creating an environment that encourages diverse views and stimulates employees to take initiative, work as a team, and continuously learn.

Telephone: 0870 420 2756

July ‘08

Are You A Born Leader People are not born with any particular skill. We are all born afraid of falling and of loud noises, but after that everything else is learned. So it is to become a leader. Leaders are made not born. Leadership skills are acquired over a period of time based on several factors. Here are 5 of them. 1. Leaders come in all different shapes and sizes. It is interesting to study effective leaders. At face value they are all different. They all have developed their own style based on their own personality and what works for them. 2. A true leader accepts responsibility. Everything from how they speak to how they act is part of being responsible. It is easy to follow them because you know where they are going and know they will lead you as well.

Just because someone is in a leadership position doesn't mean they necessarily exercise leadership. In some cases the informal leader exhibits leadership even though they aren't in a leadership role. The people focused leader is adaptive and receptive to change. They understand the need to change in order to stay a step ahead in order to meet the demands and challenges of a rapidly changing marketplace. They have a vision for their organization that is clearly communicated throughout and the ability to influence at all levels in order to meet organizational goals and objectives.

Issue 12

3. Leaders work at being leaders. They are always improving their skills and learning from the situations they are in. They study people and have learned how to effectively interact with them to get what they want.

As we move forward in the new millennium leadership will be the differentiating factor between successful and unsuccessful organizations. Rapid innovation and quality improvements will require even greater effort from the workforce in the future, and those that are able to change, influence, and transform his/her organization will be ready to lead their organizations well into the 21st century.

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4. Leadership starts at the top, but is best achieved when developing a team atmosphere. _________________________________ "Whether you think you can or you think you can't, you're probably right" - Henry Ford __________________________________ Leaders know they can do better when people are working together for one common goal. Sharing in leadership is part of this process. Making everyone accountable for what they do, but judging success on the overall efforts of everyone.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

Š 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Are You a Boss or Leader? There’s a difference between being a boss and a leader. Which one are you? Webster’s definitions of a boss include: A person who exercises control over others and makes decisions, usually the person of highest rank or authority, a supervisor, a person who commands in a domineering manner. In contrast the definitions for a leader include: A person who rules, guides, inspires, escorts, directs, influences, persuades, and is out and ahead of or at the head of others. They have influence, power, and commanding authority over those they lead. They tend toward a certain goal or result, are in the foremost position, and usually “pull” people toward what becomes a common vision. People usually follow a leader because they want to rather than have to. Influential leaders, who lead with great ethics, whether they are Presidents, Kings, corporate CEOs, Girl Guide or Scout leaders, bear some traits in common. They are passionate about what they do and what they believe in; they are visionaries, can see the “big picture," and are driven inside to draw people into what they believe – to jump on the train with them. A boss in a grocery store sees shelves that need to be stocked, employees that need to be scheduled, doors that need fixed, floors that need to be cleaned, and the year-end staff social that needs to be planned. They work toward these ends, seeing them to fulfilment, sometimes in very creative ways. A leader in a grocery store sees those things too, but he or she also feels excitement about being in business, or about making profit from people’s need for food and daily household products and how that profit can be poured back into the store to make it superior over other grocery stores.

__________________________________ “Man cannot discover new oceans until he has courage to lose sight of the shore” – Andre Gide

______________________________ They care about and inspire, their staff, realizing that they are the front line ambassadors of the store. They not only see where the store is at now, but they also envision what it will look like or how it will impact their community ten years from now. Whether they actually own the store or not, they make the store their own. With a good leader, people usually feel drawn, or “pulled”, into the same vision. Have you ever gone into a store or restaurant and been treated so well by the staff there that you just knew that you would return again? Not only did you just receive knock-your-socks-off customer service, but you also met employees empowered by the vision of a true leader. A leader usually develops and motivates leaders under them. People who get “fired-up” and captivated by the vision and rise to the occasion. For leaders, leadership is a way of life. If there's leadership spontaneously required at a gathering, leaders will step up to bat, even if it's just to open a door as people arrive. Can a boss be a leader? Definitely.

Are You A Born Leader …..continued

5. Situations call for different types of leadership. A well-rounded leader is able to adapt to their surroundings and lead accordingly. Coaching a football team is an example of this. Sometimes the players need a kick in the rear and other times they need a pat on the back. 6. Leaders are respected for what they have accomplished in the past. A real leader can speak from a position of practical experience and know they will be listened to because they speak from that vantage point. A respected leader is able to command more from his people than a leader who is not. 7. Leaders seek opinions and compile ideas before forming a game plan. Good leaders know that they cannot come up with every idea that will work. By allowing input they are able to make a more responsible decision. As you can see leaders have skills and they use them to accomplish something every single day. You can become a good leader if you are willing to work and to learn how to become one. __________________________________ "The problems that exist in the world today cannot be solved by the same level of thinking that created them." – Albert Einstein

________________________________

The question is: Which one are you? Or rather, maybe the question should be: Which one would you like to be?

We have extensive experience of working with managing director owners of businesses as well as our own knowledge of working with teams and managing staff. Contact us now to find out more about our leadership, management and coaching services.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Are You Still having Cashflow Problems?, A Purchasing Focus © 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 11

June ‘08

How To Conduct A Market Analysis For Your Business The term "market analysis" is often confusing to entrepreneurs, especially for people who focus on a specific niche or market segment. In fact, many small business owners don't understand the process or complain that conducting a market analysis is too complicated or too expensive and wonder why or if it is necessary.

In the most basic terms, a market analysis is an assessment of:

3. Is there room for growth in this market?

This gives you more targeted information about potential problems or opportunities in the potential market, and includes information about growth, current and future trends, outside factors and more information about specific competitors.

4. What is the size of this market? Is the industry growing? Stable? Saturated? Volatile? Declining?

Part 3 - Developing Market-Driven Strategies

What is market analysis?

Part 2 - Identifying Market Opportunities

A particular problem or opportunity in a market. The needs of the target market relating to the problem or opportunity. Ideas for marketing a particular product or service that fills the needs of the target market.

Here is where we get into what market research does for you. It helps you to pinpoint opportunities to grow your business. By understanding the market and knowing what opportunities are available you can create a marketing strategy that leaves your competitors in the dust!

When you are starting a business. When you are entering a new market. When you are considering a new product or service.

Why should you conduct a market analysis?

Here are 10 questions that can help you get started:

1. What is the market I want to reach? Who are they? (Basic Demographics) What is their biggest problem in relation to this market? Are their needs being met by the products or services provided in this market?

To minimize business risks. To understand the problems and opportunities. To identify sales opportunities. To plan your marketing/sales approach.

The process of conducting a market analysis can be divided into three parts: Part 1 - Understanding Market Conditions This gives you basic information about your entire market – the size, the competition, the customers.

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6. How can I reach this market? How is my competition currently reaching this market? Is it the most effective way? What are the alternative ways of reaching this market? 7. What are the business models of my competition in this market? Are they effective? Is there a way to do it differently or better? 8. What do customers expect from this type of product or service? What are the core competencies of this product or service? What would make the product "new" "different" or "better" for the customer?

When should you conduct a market analysis?

5. How is my product or service different from the competition?

2. Who is my competition in this market? Are they successful in this market? Are they marketing a similar product or service? What is the market share of the three biggest competitors in this market?

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9. How much are customers willing to pay for this product or service? 10. What is our competitive advantage in this market? Knowing the answers to these questions will not only help you figure out if there is a need for your product or service, it will help you figure out the best ways to reach your customers, price your products or service and ultimately make more sales!

Apply for your free market analysis from one of our independent marketing specialists. Call us now.

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© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Marketing - Back to the Basics Too many entrepreneurs and small businesses dive right into the thick of operations without following basic marketing principles. In business, as in most things, it pays to occasionally take a step back and evaluate the bigger picture. Drafting a very basic marketing plan can help you focus on the right activities, target the right customers and set the best prices. The STP Process STP is an acronym for Segmentation, Targeting and Positioning. It represents the highest level of your marketing plan. Ideally, you should start this process before your product or service is ever brought to market. It can still be a worthwhile exercise for an existing product though.

Segmentation Segmentation is simply a fancy way of saying that you need to identify your customer. Think of every possible customer. Now, start slicing that population into smaller, more defined segments (thus the name segmentation). It's best to start big here – for example: split individuals from businesses. Now, go into each segment and divide it further. You could split individuals further by sex, age, socio-economic status, geographic location, interests and hobbies and so on. At this point, try not to pigeon-hole yourself by prematurely selecting segments. Remember, you're trying to find meaningful groups of potential buyers that will exhibit similar buying behaviour. Your goal is to identify opportunities.

Once you feel that you have subdivided the market finely enough, then you need to evaluate those segments. Try to quantify how large those segments are, how reachable they are and how unique they are from one another (i.e. is there considerable overlap from one to the next?). Targeting The next step in the process is to look at the segments you've created and make some decisions about which segments of the market you are going to go after. One of the first decisions you will have to make is whether to target a "mass" market or instead whether your marketing efforts will be more focused. That is to say, are you going for a larger, less defined segment or a smaller more defined segment. The general trend over the last decade has been to go after more defined segments. The extreme here would be to go after a "niche" market which is just a fancy term for a highly defined, fairly small segment. The reasoning being that there will be less competition for those segments. The segment you choose will have a profound effect on everything else you do. You need to carefully evaluate the most appropriate route for you business. When deciding between different market segments, you will want to try and identify the competition for that segment, the potential value of the segment (i.e. how large is it, how expensive will it be to reach it with advertising, etc.). Positioning You've segmented the market and you've chosen the segment that you are going to go after. The last part of your marketing plan will help you define how you are going to "position" your product or service to your selected target market. This is where you will invoke another handy acronym called the 4P's - Product, Price, Promotion, and Place. Product You need to focus your product towards your selected target. What do the people/firms in your segment want or

need? If you are working with an existing product, you need to make sure it fits your intended target market. If it doesn't, can it be altered so that it does? It's critical to match the right product with the right customer. Price Pricing your offering is an art. You must consider many factors, such as the stigma different price points carry - for example, being too inexpensive sends a message that your product may be junk. It's also critical to consider the competition here. It makes little sense to target the same market with a similar product at the same price as your competitors. Entire books have been written on the subject of pricing. The important thing to keep in mind is that you can't lock yourself into a cost plus profit margin way of thinking. Instead, consider the price independently at first in terms of your competition and the value your offering brings to the customer. Promotion This is what most people think of when they hear the word marketing. As you can see though, it takes a fair amount of work before you get to this point. Promotion is simply how you intend to get the message to your customers about your offering. Will you use commercials, magazine advertisements, radio, the internet, mass mailings? Place Lastly, you need to think about how you will bring your product to market. This is sometimes referred to as marketing channels. That is to say, will you sell directly to the customer or will you sell to distributors or retailers who will then sell it to customers? Where geographically will you sell your product? Will you sell entirely on-line or in a traditional brick-and-mortar location? Bringing it all together You probably already have some or most of your marketing plan in your head. However, following this tried-and-true process can help you formalise your marketing strategy and can help you to identify holes in your business and it sometimes can help you identify opportunities that you might not have thought to exploit.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: 21st Century Leadership: A People Focused Approach, Are You A Born Leader?, Are You a Boss or Leader? Š 2008 - UK Business Advisors - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

7 Techniques to Motivate Your Team Members You can motivate your team members externally or internally. External motivation relates to the working environment. However, internal motivation relates the interests, aptitudes and dreams of your team members. Here you shall find seven critical motivational techniques to get the best out of your subordinates. 1. Reward and Consequences: It is the most popular technique being used by the managers. It mobilises motivational energies in the team players. The reward can be in the form of special promotions, raises or words. However, excessive use of this tool may create jealousy amongst your subordinates to disturb the working environment. Fear of consequences also plays an important role. You need to be careful here too. A wrong consequence at a wrong time may backfire. Just create a balance.

4. Praise and Criticism: This motivational technique is similar to 'reward and consequences' technique. A word of praise or criticism shall have definite results upon your subordinates. However, like rewards and consequences, this technique should also be used carefully. Sometimes your team members will do better with criticism and other times they will stop working. 5. Success and Failure: To motivate your team members, you should analyze their successes in open and failures in your office. Most of the people like to continue doing what is working for them. Don't try to change their style unless you find them failing to achieve what you desire of them.

How To Be A Team Player Team players are usually the people that are known for sacrifice, sharing, and hard work. Does this sound like a reputation you'd like to have? Many strive to be a team player in the work place, but it takes more than just having a desire, it takes hard work. One piece of advice from a father figure of mine that embodies the concept of team work that he used to say to me was, "Usually doing the right thing is the harder thing to do in life". Being a team player often involves doing the right thing by not always having your self benefit in mind. This article looks at several key principals to being a team player.

Once you identify the team goals think about the best way you can contribute to the team by reaching these goals. Try to thing about reaching goals as absolute destination, rather than just a possibility.

6. Competition: It is the strongest motivational technique to get the best out of your subordinates. You can use this technique very effectively when combine with setting of efficient goals. Competitive circumstances will help your team members to perform the best. 7. Interests of Team Members: Do you know what interests your subordinates? Just find out those interests and entrust them with tasks that they love to do. It will increase their efficiency on one hand and speed of the project on the other. Random allocation of tasks may not be too helpful to all of them.

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May ‘08

To begin being a team player look at the team you are on and define the team goals. Often these goals will differ from your own personal goals. Be sure to keep the team's goals first on your list of priorities.

2. Setting of Goals: Setting of welldefined goals helps your team members to do their best. Set meaningful and justified deadlines to get the project finished within time. You need to work at two levels. First, set your objective. Second, divide that objective into goals and sub-goals. 3. Advisory Techniques: No one is perfect. Being a team leader you must always be ready to offer advice when your team members face some stumbling block in their performance. Encourage them to remove their weaknesses and continue what works for them.

Issue 10

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That is to say, look at meeting team goals as something that will happen, not something that can happen. With this attitude being a team player will become a reality. Team players must recognize their individual strengths in order to provide the team with something useful. If you have a great ability to work with numbers, nominate yourself the maths person, and try to work on all aspects of the project that deals with maths. Conversely if you're one that is not good at something, be sure to make that known to the team.

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Š 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Teambuilding For Any Business

How To Be A Team Player ‌..continued

If you are shy and introverted, and the team wants to make you the sales person for the group, tell them that might not be a good idea. By establishing your strengths in the beginning one puts themselves in a better position to excel at a task for the team in the end. Always try to help out others in need within your team. Often times team members will become so engulfed in their own assignments that they fail to realize others are struggling. If one has the attitude that they will only do what they're being paid to do, then they may only achieve so much for the team. If one applies the attitude of helping a brother or sister in need, the team can build and succeed upon such efforts.

Teambuilding can be an important way of developing your businesses most valuable assets, its employees. Especially when hiring new employees or starting a new business, building a relationship within your team is of prime importance. There are many companies that offer teambuilding courses, both residential and in house. Teambuilding courses can be expensive, so let us explore the options so that you are sure to choose the right teambuilding exercise or teambuilding course for your staff and company. In-house teambuilding, done on the site of your company, is the cheapest option as you have no accommodation fees to pay. If you need to keep the cost really low there are many teambuilding guides available on the internet that will allow your human resources department to create their own teambuilding course suited to your companies needs - all without employing an external teambuilding consultant.

Having a teambuilding consultant visit your company for a day or a week can be cost effective, however, only if you have no spare resource in your HR or personnel department. This can also be more convenient for employees who may not prefer to stay overnight away from home. Teambuilding exercises usually begin with an icebreaker, which is a term used to describe a 'getting to know each other' session. Each person will usually be asked to stand up and describe themselves in some detail. This is often surprising even when you have worked with a person for many years as there may be many things that you did not know about them. Other exercises throughout your teambuilding course will focus on interaction between members of the team. Common exercises include building bridges or crossing rivers. Tasks undertaken on teambuilding courses should be ones that would be impossible to complete as an individual, but easily manageable as a team working together.

The old cliche that teams are only as strong as their weakest member holds true in today's work environment. By defining goals, recognizing strengths, and helping others you will give your team a better opportunity of having no weak members what so ever.

Often members of a team will be struck by how simple exercises draw on the different strengths of team members. One person in the team may be a natural leader, another has good analytical or engineering skills, and another may have great communication or personal skills. All different skills come into play and will be brought out of your team members as they work through the exercises. Often after teambuilding sessions members find they have new found skills to apply to work situations, and are ready for new challenges, which is great for business!

Contact us now to find out how you can develop your staff and impact the profit and performance of your business through motivation and teambuilding.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: How To Conduct A Market Analysis For Your Business, Marketing - Back to the Basics Š 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 9

April ‘08

Sources of Finance How to get money into any business is a problem as old as the hills, so don’t feel that your situation is unusual. There are four main ways of achieving this:

• They want your business. They have sales targets just like you. If you can put up a decent plan they will fight to get your business.

1. Don’t overlook the obvious!

• Don’t leave it too late to approach these institutions. There are various different sources of funds from banks:

There are things you can do with what you’ve got that will bring money in to the business. • Is your marketing up to scratch? Reexamine how you bring customers into your business. Run a test before you commit too much money to it. There are a hundred different ways of generating new business, so don’t think that you are applying them all at the moment. • Are you collecting in your debts quickly? Even a small improvement in your debt collection can be a source of funds for your business. • Are you extracting maximum benefit from your suppliers? Could you extend credit with them? • Could you reduce stock levels? Could deliveries be closer to “just in time”? • Are you sitting on under utilised assets? Do you have a freehold or machinery that you could sell and leaseback?

• Overdrafts: Never forget that this is a major source of revenue for a bank, and they want your business. Make sure your bank manager knows what’s going on and they will be a lot more co-operative. • Lease finance: This enables you to match the costs of buying the asset with the income you generate. However, do read the terms carefully and shop around. Focus at what happens at the end of the lease as there are many options here. • Factoring: Asset based debts can easily be assigned to a third party. This means they put you in finds immediately and collect the debt for you. • Invoice finance: This is the same thing as factoring, except the customer does not need to know. This can be very flexible and do whatever you need.

So look at the obvious things before you start looking elsewhere.

• Loans: Again, presented in the right way, this can be an excellent source of finance, particularly as interest rates are so low at the moment. The small firms’ loan guarantee scheme may also be helpful in some situations. 3. The Government Believe it or not, the government wants to help you grow. There are over 1,500 different types of grants available, and it is sensible to seek expert advice in teasing out what may be available. Main types are: • People based: These tend to be support with training – such as the modern apprenticeship scheme for 18-25 year olds. • Knowledge based: Various grants are available for research and development. • Location based: The further you are from London the more likely grants are available. Again, this requires specialist help. 4. External investors

2. Banks institutions

and

other

financial

When you’re thinking of approaching banks and financial institutions remember: • Have a decent plan to show them what you are trying to do

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Do not assume that just because you have a good idea others will catch on quickly. Dealing with external investors is all in the presentation. You need something snappy to catch their interest and then well presented detail to hold their interest.

Email: info@ukba.co.uk

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© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Sources of Finance …….continued

Typically investors can break into three categories • Business Angels: These are people who have made money who would like to use that money to back others. They will typically invest from a few thousand pounds up to about a million. No hard and fast rules and they can be difficult to find, let alone close a deal with. • Venture Capital Funds: These are interested in investments of at least £500,000, and often a lot more. • Other Companies: Another company may well be interested in investing in your company – perhaps with a view to outright purchase in a few years time. All of these options will want to have a share in your company, and with that comes a loss of control.

3 Strategies For Increasing Profits It's a simple yet common question, "How can I make my business more successful?" Success can mean a lot of different things to a lot of different people but when it comes down to it, the success of your business should only be measured by one thing - profit. At the end of the day, it's not how many people came in to your store or phoned in. It's not even how many widgets you sold. At the end of the day, what truly matters is how much of a profit you made. It would make sense then that your efforts focus on profit as the end result. With that in mind, there are only three strategies to increase profits for your business. 1) Increase the pound size of each order

Be prepared to discuss this early on in any conversation.

2) Increase the number of times people buy from you

…and you must plan

3) Increase the number of people who buy from you

To improve your chances of success in gaining additional sources of finance you must have something in writing. Often the very act of writing something down will help clarify a course of action. It will also help to explain your thoughts to others in a rapid and coherent way.

For a free, no obligation review of your financial status, please contact us now. Don’t leave it to chance.

Most likely, your business is already primed to attack each of these three angles and implementing that attack should be fairly easy. Let's say that you are the owner of Happy Wicks Candle Store. Let your customers know that for every £50 they spend they will receive a free 4-inch candle. When they are eligible for the free candle, offer them the option of upgrading the 4-inch candle to a 6-inch candle for only two pounds.

Be sure to place your contact info on each and every candle. This makes it easy for the gift recipient to purchase from you. Be sure to also use this tactic when co-promoting with similar businesses such as a flower and bath and body shop. Looking at the example Happy Wicks Candle Store, the tasks of increasing profits was not a difficult one. Truly, it's a matter of putting systems in place that generate increasing profits. Take a look at your business and examine the systems you have in place. Chances are, there are undiscovered profits laying about. Put systems in place to gather those profits and you'll find your business reaching new heights of success.

Implement a customer loyalty program. Whenever a customer spends £200 with your store they receive a 20% discount on their next order. Show loyalty to your customers, too. Create customer-only events and sales, even workshops on how to make candles at home. Candles are also popular gifts.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: 7 Techniques to Motivate Your Team Members, How To Be A Team Player, Teambuilding for Any Business © 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Issue 8

March ‘08

Time Management: Accomplish More in Less Time Everyone gets his or her own 24 hours each day, but why is it that some people are able to squeeze more accomplishments into those selfsame hours? Is it because they have supernatural skills? Or is it because they work harder? Hardly. The secret to getting more done without necessarily working harder than others is proper time management. Truth be told, even some geniuses seem to struggle with managing their time and end up being less productive than those with great time management skills.

These organisers help you schedule appointments and duties and make keeping appointments a snap. These are also good productivity tools. You never know when a good idea could hit you. So, if you are constantly armed with a pen and paper - or an organiser for that matter - you are in a better position to capture the idea and put it in motion.

4. Prioritise - Time management relies upon good prioritising. This depends upon your understanding of your resource limits such as time, effort, and finance. Timely allocation of these resources to the module that requires them is of paramount importance when managing your time.

This is especially true when the idea you just came up with could make your work easier to accomplish and more efficient. The fatal mistake most people commit is to think that they can delegate all the organising and note-taking to memory. Unfortunately, just like you must have forgotten what you dreamt about last night, you are bound to forget whatever idea you whipped up a few days ago. 2. Modularise - The best way to deal with one major problem or multiple major problems is to divide and conquer. If you feel that a problem is too big to handle, then it probably is.

Time management allows you to get more done with less effort. It also helps reduce the stress that accompanies having to finish multiple jobs at the same time. If you truly are desperate to juggle all your responsibilities without having to sacrifice too much, then here are some tips and techniques to help you on your way. 1. Keep notes - Some of the best at managing their time have a handy notebook in tow in which they are able to keep track of the day and the things they need to do. Notebooks are a handy tool in organising a day. As the world becomes increasingly technology-based, more and more mobile organisers are becoming available.

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Instead of buckling under the pressure, the best thing to do is to cut up the problem into more manageable parts and deal with them appropriately. One of the biggest reasons people are unable to handle large projects is their inability to subdivide the problem into modules that can be easily accomplished. After making the problem more manageable, you can then allocate resources such as schedule, finance, and effort towards accomplishing the project. 3. Delegate - Another way to manage your time wisely would be to delegate some jobs to other people and making sure that everyone can work in sync. This will take a lot of communication, skill, and effort - but ultimately, it is the only way to accomplish anything that may be too large for one person.

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Time management is no easy task. It may even eat into quite a bit of your working time. However, you should realise that even though you spend much time planning and managing your use of time, it will prove to be well-worth the effort as good time management is the only way to successfully tackle any project.

“Insanity: doing the same thing over and over again and expecting different results” Albert Einstein To improve the way in which you manage your time and to help you become more effective in what you do….contact us now.

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Web: www.ukba.co.uk

© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


A Fresh Look at “To-Do” Lists Planning is essential to making the best use of our time. A tool that many of us use to try and maintain a sense of priorities is a to-do list. Have you ever used a to-do list?

Hyrum Smith, author of The 10 Natural Laws of Successful Time and Life Management, suggests renaming the list a "Prioritised Daily Task List." The name's a bit long, but it suggests that more important items are going to be on the list along with daily maintenance items. Smith indicates there are three steps to making a meaningful prioritised daily task list:

That is, determine the relative importance of each task. For example, the most important A task would be labelled A-1, the second most important, A-2, etc. Do the same with the B's and C's.

1. Make a list of everything you would like to accomplish today, including tasks that are not urgent. Jot down anything and everything. 2. Give a value to each item on the list. It's called the ABC valuing system. Assign the letter A to anything that is vital and must absolutely be done today. The letter B goes next to tasks that are important and should be done. Last, letter C is given to anything that is relatively trivial and that could be done. We decide to make a list, and then as we accomplish a task from the list we cross it off. What a feeling! And when we do something that wasn't on the list, we add it to the list so that we can cross it off another great feeling! We just love to cross things off the list. Why do we love it? It feels terrific and studies show that when we cross a task off our list our brain produces a rush of endorphins, causing us to feel good. Of course we want to feel good, but this is a temporary high. Traditional to-do lists are just maintenance lists - it's what needs to be done to keep our heads above water. We often reach the end of the day and realise we didn't spend our time doing the things we most wanted to. That could be because the highest priorities in our lives rarely make it onto the to-do lists. Let's change that.

If nothing else happens today, you will accomplish the A's. If near the end of the day all of the A's have been accomplished then you can do the B's. If at the end of the day you have time left over, you can tackle the C's. 3. Give a numerical value to each item on the list. Go through your list one more time and prioritise the A's, B's and C's.

So now you have a well prioritised list. But it's no good unless you use it properly. How good would you feel if at the end of the day all of the C's have been done, but the two most important things, A-1 and A-2, remain untouched? You've given the tasks their value; now proceed according to that ranking for a true feeling of accomplishment. This prioritised daily task list can be a powerful tool!

“I love deadlines. I like the whooshing sound they make as they fly by” Douglas Adams Find out about our leadership and management development courses, covering not only time management, but also including all skills and aspects required for enhancing your performance as a leader or manager within your organisation.

Call us now.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Sources Of Finance, 3 Strategies For Increasing Profits © 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Practical Business Advice from the Independent Experts

Say “No” To Cold Calling Starting at the A's and working through the Z's of the local phone book is not the most profitable way to sales success. Your cold market is all the people you do not know. You have at best a 9 percent chance that your cold market will turn into your warm market. The odds are against you the moment you pick up the phone book.

Take a close look at your ideal prospect.

Who are they? What do they act like? Why is this the type of prospect you want?

Consider the characteristics of your ideal prospect. You have selected your niche market and determined what your ideal prospect looks like. Now, ask yourself “How can I become somebody special to them in this area of sales?"

A survey of buyers discovered that:

91 percent of buyers never respond to an unsolicited inquiry

71 percent of buyers find cold calls annoying

88 percent of buyers will have nothing to do with cold calls

Who would need your product or service?

And finally,

What makes you different from your competition?

When you determine who needs your product or service, you have pinpointed your niche market.

Telephone: 0870 420 2756

This reduces the rejections and stimulates new business inquiries from others. To become a specialist you should use different types of marketing strategies. To build your reputation you must become involved in the niche you are servicing. Join organisations and trade groups of your niche market. Maybe become a member of their community. Obtain leadership positions within these organisations. You want to be visible and known. Create an awareness of you and your business. There are many opportunities to speak at lunches and weekly or monthly meetings of organisational groups. Get out there and be seen and heard.

Write letters to the editor of your local paper about controversial issues. Always end your letters with your name and the name of your business. Write a reply to an editorial opinion in a niche specific trade journal.

Your success begins by taking a creative look at what you are offering to your prospects. Why does someone need your product or service?

February ‘08

Write articles with information that your niche market would find informative. Submit these articles to trade publications for your niche. Contact your local paper about writing niche specific articles, start your own newspaper column.

Stop wasting your time on cold calling and start building your sales success with buyers that contact you. This is the best place to focus your energy.

Issue 7

Develop educational flyers or brochures to generate awareness about your product or service.

Your goal is to market yourself to this niche as the one that has the solution to their needs. It is time to market you along with your product or service. When you decide to target a niche market you have the opportunity to build a reputation for yourself as a specialist in your field.

Fax: 0709 280 8482

For help with your marketing activity and to learn about other low and no cost ways to promote your business: Contact us now for a free, no obligation review of your current marketing activities.

Email: info@ukba.co.uk

Web: www.ukba.co.uk

© 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


Say “No” To Cold Calling …….continued

If you are offering a new type of product or service, issue a press release. Stimulate inquiries from high-potential prospects by conducting seminars centred on your niche market. You do not want the seminar to be all about sales, you want to educate your prospects about you and your product or service. Advertise to your niche market. Advertising will be costly and must be ongoing in order to be effective. Start a newsletter based on your niche market. Participate in local radio interviews about your niche. Contact your local television station and find out if they produce segments on new businesses in the area.

8 Secret Tips When Writing Sales Letters Did you know that fortunes were made or lost on the strength of sales letters?

Secret six: Guarantee. Offer an unconditional guarantee. Your reader does not trust you or your product.

It is not "Build a better mousetrap" that will make you rich. It is "Create a better sales letter" that will lead you to fame and fortune.

You must reassure them that they are not taking any risk by buying what you are selling. You must make them feel comfortable.

Secret one: Know your audience. This is often overlooked. You don't use the same approach to sell teenagers that you would use for senior citizens. Analyse your audience and find out how your product will solve their problems.

You as the seller need to assume all the risks.

Secret two: Headline. This is the most important part of your sales letter. You must draw your prospect in with your headline. If the headline does not interest them, they will not read your letter. Your product may be wonderful, but if the prospect isn't interested in reading your letter, there will be no sale. Secret three: Introduction. Introduce yourself briefly and tell the reader how you can solve their problems. Tell them how you have solved the problems for other people. Use stories to relate how you have helped people just like the reader.

Ask for referrals from community leaders. Explain to them who you are targeting, who your ideal prospect is, and ask if they could introduce you to a couple of individuals that may be interested in what you are offering. Host a small casual function so that you can be introduced to these referrals. Say "No!" to cold calling. Put the phone book back on the shelf and start using marketing strategies that work. Create a marketing plan that includes various strategies and you will have a steady flow of prospects calling you.

Secret four: Testimonials. People are sceptical and need convincing. Include several testimonials from people who have tried your product and liked it. The magic number for testimonials is three. If you have more, use them. Secret five: Benefits. Your audience does not care about you or your product. All they want to know is what will your product do for them. Do not describe your product here. Instead, tell all about the benefits and what the product can do for the reader. Tell them how their life will improve with your product.

Secret seven: Close. Make it easy to buy and ask for the sale. Tell the reader how to order the product and how fast it will get to them. Include as many different kinds of payments as possible. If you streamline your payment process, it will make it easy for the customer to buy your product. Secret eight: Test. If the headline is the most important secret, this is the second most important. You need to test every aspect of your sales letter. It can be very time consuming to do these tests, but it is very important that you do this. Only test one thing in your sales letter at a time. You can test different headlines first, then test your guarantee, then test your price, but you must only pick one thing to test at a time.

UK Business Advisors Limited White House, 66 Altwood Road Maidenhead, Berkshire, SL6 4PZ Tel: 0870 420 2756 Fax: 0709 280 8482 Email: info@ukba.co.uk Web: www.ukba.co.uk Next month: Time Management - Accomplish More In Less Time, A Fresh Look At “To Do” Lists © 2008 - UK Business Advisors Limited - No unauthorised use of any of the contents of this newsletter is permitted - All rights reserved


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