Beliefs drive reality and they are intrinsically linked to our values – the things that are most important to us. What you believe to be true you make right by finding evidence to support it.
So, if you believe that your target market is struggling at the moment and has no money to spend on your product, you’ll easily be able to prove that to be correct. And yet if you were to say to yourself that your target market is making more focused buying decisions, you’ll take a different approach to your next sales or marketing conversation. Whatever is true doesn’t really matter. It’s the attitude and energy you take to it that will make the difference.
“If you believe you can, or you believe you can’t, you’re right” – Henry Ford
Thank heavens our brains are wired to filter information according to relevance. Without that filtering we’d have more than two billion bits of information flying at us at any given second. How paralysing would that be?
Because of this filtering, we’re wired to focus on what we decide is important – our values. This focus drives behaviour and therefore business results. So, what we believe – and then say to ourselves is the truth – can mean that we don’t see evidence to the contrary. This can act as a positive or a negative, depending on what your beliefs are.
To make sure you are doing all that you can in this area to create success, begin to notice whether your beliefs are acting as ‘cheerleaders’ or ‘critics’ by considering these questions:
“What are the beliefs that you are running in terms of your customers, your product, your team or the market in general?” Grab some paper, make a list and then ask yourself…
“Are these beliefs building strong foundations and motivating me and my team to grow the business or are they looking for flaws and reasons that things go wrong?”
Whatever your beliefs are you have choice. You can make a change. Change your thinking and change your reality.
It’s natural to see your competitors as the enemy. In reality, though, they’re not (ignorance and blindness-to-change are what you should really be watching out for). At Cartridgesave.co.uk, we’ve found that building relationships with our competitors has been invaluable in terms of support and knowledge sharing, while being fun, too. Here are the top five things we’ve learnt along the way.
Each business has very few real competitors. Operating in the same market as another business does not automatically make you rivals, because it's rare that you will ‘play’ in exactly the same space, targeting the same demographics with the same model, products and/or strategy.
Furthermore, it’s unlikely you’d disclose a secret that will unlock the key to your kingdom, even after one drink too many. This is because it’s not that easy to copy a business. Even when imitators try to rip off your business model, they’ll often copy the wrong thing, because they are not privy to your informed thought process.
Once you’ve pushed these two assumed ‘cons’ to the side, you can embrace the ‘pro’, which is, by creating relationships with businesses similar to yours, you develop a network of contacts you can speak to when you need to talk through issues affecting you both.
Social media channels LinkedIn and Twitter provide great ways to test the water. You can’t guarantee that your approach will get a good reception, but they allow your recipient the opportunity to politely decline without either of you losing face.
However, you need to be clear on what you’re trying to achieve when you first approach a competitor (usually just a chat/social in our case). A few years ago, on our first ever meeting with a competitor, the owner had misunderstood our intention and thought we wanted to acquire his business. Needless to say, that was a mistake we haven’t made since.
Industry-relevant exhibitions provide a great backdrop for meetings. You’re both there already, so the pressure is off and no one has had to make a special journey. Plus, you’ll both have a packed itinerary, so grabbing a quick coffee between other appointments will keep things nice and informal.
Organisers release delegate lists in advance, so you can scour these to get an idea of who is going. Then all you need to do is drop them a quick ‘be good to meet up’ line via LinkedIn.
Over the course of your business life, you’ll meet a number of like-minded entrepreneurs who you’ll not only respect, but also get on well with. Make sure you keep in touch. Not only will they make great company when you fancy a drink after work, but they may become invaluable at key times.
Keep these meet-ups casual. On most occasions you’ll find yourselves sharing the gossip over a drink. But you’ll find these contacts important sounding boards for problems, lead-generation, knowledge sharing and even mentorship over time. For example, at The Sunday Times Fast Track event, we met an MD whose business (on the surface) had little relevance to ours, until we got chatting and discovered he ran a massive call centre. His advice, over the course of that night and a few subsequent meetings, has really influenced and improved our customer service provision.
Most importantly, don’t be afraid to ask your contacts for help. We’ve found that people are flattered when called on for advice. The key is making sure you have a relationship in place before you make the call. It’s for this reason you need to grow your networks with people who can offer informed advice that is relevant and based on their own experience.
Blog supplied by Cartridgesave.co.uk
Would you be interested in working harder and smarter on your business if you knew that it would be very easy to do better than 80% of the people in your sector?
Factually, right now, about 60% of the people in your sector are only doing OK and 20% are struggling. This means that by stepping up and standing out, you could be in the 15% that are doing very well and if you really excel, you could be in the 5% that are exceptionally successful.
So how can you achieve this?
Most people think small and therefore play small; there is less competition for bigger goals. You just have to act with courage. So whatever you’re thinking about doing right now, what would a goal that was ten-times larger look like?
Obvious and not news, but you need to recognise at the start that this is your business’s most useful asset, so spending some time at the start thinking about what information you need and how you plan to use it, will be time well spent once your business is up and running.
Instead, be a marketer of your business. The most successful business owners market their business in equal or greater measure to “doing” within the business. Every interaction you have going forward is an opportunity to market yourself. Use every opportunity.
Most new business owners are procrastinators who don’t spend the time doing the stuff they really to do to make their business successful (the frog!). Deal with the thing you need to do first thing in the morning, to make your business successful and then get on with your day. (Clue – if it isn’t generating sales or marketing related, you’re still doing the wrong thing!)
It is not your customers’ responsibility to remember to come back to you, it’s your job to remind them you exist. And don’t give up. Regular contact will bring you business, but in some cases it might take years to land a target client.
I once heard a brilliant marketer say he had a mantra – “If I had to do X by Y or else I would die, could I get it done?” I’ve never missed a deadline by using it.
Blog supplied by Anne Mulliner, author of Empowered! – How to change your life in your coffee break (RRP £12.99 Panoma Press). She is an award-winning executive coach and leadership development expert, who works with clients all over the world, sharing her passion for getting them to access their full potential. For more information visit http://www.jdicreativesolutions.co.uk/
For most start-ups, bookkeeping might seem like a daunting task. However, when carried out properly, up-to-date financial records can bring about huge benefits to a business.
Apart from ensuring that financial records are correct for the end of the financial year, it can also provide businesses with a realistic and forward-looking view of how the company is performing.
Fortunately, there is technology available to relieve the burden of bookkeeping. And with the right system in place, online accounting systems can enable small business owners to stay on top of their books.
Although some people may be put off by technology, online accounting systems are actually designed to be very simple to use. Financial information can be uploaded automatically through electronic files or even scanned directly into the system. This can dramatically reduce the time it takes to enter data.
The information is stored and analysed in the system and small-business owners can look at key reports (eg outstanding bills, outstanding invoices) anytime, anywhere, from all devices that can launch an internet browser.
Not only are these systems a cost-effective option for businesses, with a pay-as-you-go model, a growing range of customised solutions delivers vertical market specific bookkeeping to add further value.
Don’t throw the book at bookkeeping – business owners should embrace technology and stay on top of the books!
Blog provided by Barbara Kroll, managing director of online accounting services provider Twinfield UK.
When I started my business, the biggest drain on my resources was time. Many people say the flexibility of being your own boss is a major reason why they start up, but budding business owners be warned – it could be a while before that flexibility comes into play.
Of course, initial start-up capital also proved to be quite a shock. No matter how many friends you have giving you advice, nothing quite prepares you for the shock of the amount of capital you need to start up. Thankfully, I was able to sell my car, which gave me a decent amount of capital to begin with.
Now, however, as my business has started to get established, the matter of time has reared its head once more. As such, my current priority is to hire someone who can help me out and give me that flexibility I desire.
One of the primary pieces of advice I’ve been given is to not hold back on employing someone because you fear losing money. This is easier said than done, but I’ve also noted a great way of saving time and money when it comes to future employees.
Not only will employing someone help me save time in the long run (along with sharing the workload), but by engaging with current technology, training and management will also be reasonably straightforward.
With the rise of BYOD (bring your own device), there’s no reason not to apply this to small businesses and start-ups as well. However, one of the best time-savers (and long-term money-savers) is to ensure that everyone in the business is “on the same IT page”.
Investing in the same smartphone as my own means I know what software is available, and I can easily train future employees on how to use the device, along with the many apps installed.
Because Microsoft now offers a mobile version of Office, it’s never been easier to manage a small business. Chances are, until my business fully takes off, employees will work part time, so training them completely on a device used across my company is one of the best time- and money-saving decisions.
I want to understand everything I ask my employees to do. In fact, regardless of the help my friends offer me, it’s been my aim from the start to tackle everything independently, because it’s the best way to tackle the steep learning curve.
Hiring a new employee seems daunting, especially as my business is still in its infancy. However, with the right training across a device and software I understand, I have confidence that it’ll run as smoothly as possible.
Blog supplied by Frederick Miller of Helpingu2save.co.uk.
There are only so many hours in a day and there’s only so much you can charge for your products or services. Once your start-up hits these inherent ceilings, you’re at full capacity in terms of financial return. You’re probably near the end of your tether, too. But there is a way to expand your business beyond this point, without the responsibility of employing staff.
Gone is the need for an endless list of “Stuff I need to do” (aka everything). Instead, have two lists:
Write down what you’re best at. You will be far more productive, with better results, if you only do the stuff that interests you, the things you are best at, the jobs your skills are best suited to – in short, the reasons you started the business in the first place.
Deep down you probably know that while you love analysing customer feedback (List One) or coming up with new product ideas (ditto), you usually put off writing your blog or doing your accounts. Or maybe there is something you put off because you just don’t know how to do it (that new e-commerce part of the site maybe or the wireframes for your new mobile app). Those are the jobs that belong squarely in List Two.
This includes everything else. Whether it’s not the best use of your time or you don’t have the right expertise, be honest with yourself about what would be done better or more quickly by somebody else. As a business owner, knowing when to delegate work can be one of the most difficult decisions. Remember that your time is finite – and probably your most precious resource. Here are five suggestions for jobs you could hand to someone else and get some valuable hours back in the process.
Faffing around with fonts, colours, symbols and swooshes is a) fun and b) a gaping black hole of productivity. Twiddling with our logo or letterhead is what we do when we’re avoiding doing something more difficult and more useful. Better to browse designer’s portfolios to find a design pro who matches your requirements and let them get on with it.
Good businesses communicate – regularly. But when you’re short on time, generating engaging, fresh, on-brand, unique, SEO-rich content for that weekly blog, e-shot or customer newsletter can feel like a millstone round your neck. Hiring a freelance writer to create your copy is easy: just give them a few topics to work from and enough information to help them capture your voice. Bingo! A 500-word blog post. No more trying to be pithy and punchy in your kitchen at 2am.
If your website is your main customer-facing platform, you need web analytics to make sure it’s doing the best job possible. But it’s way too easy to get sucked in. Nicotine, alcohol, Candy Crush… compared to the addictive and hypnotic glow of the Google Analytics dashboard, they got nothing. Outsource it, read the top-line report and free yourself from this time-zapping peril. Similarly, buying and optimising keywords on Google, Bing and Yahoo has become a complicated science with ever-morphing algorithms. Get an SEO expert to keep an eye on your clicks and conversion rates for you.
Managing a social media campaign is a 24-hour, rapid-response activity, and as the leader of your business, you just don’t have the availability. By all means, check in on Twitter, Facebook and LinkedIn every now and then, but delegate the day-to-day campaign stuff to a freelancer who can dedicate himself or herself to making your business a social media success.
How many hours a week do you spend on basic admin tasks such as data entry, research, database management, transcribing, planning events or organising travel? It’s blatant misuse of your most valuable business resource (yes, that’s you!). You’ll find thousands of freelance virtual assistants online with a good broadband connection and a typing speed way faster than yours. Get one.
• Blog supplied by Hayley Conick, Country Manager for Elance UK & Ireland, which enables small businesses to find freelances.
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