let's talk business february 2015
DESCRIPTION
Articles; tips and ideas for business owners and staff, from a range of diversely skilled business expertsTRANSCRIPT
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 1
Let’s Talk Business Back To Basics Business Solutions - Support for Small Business
Biggest Issues Facing
Australia Today
Inside this issue
Biggest Issues Facing
Australia Today ……….......2 Do You Like to Push or Pull?
Dr Tim Baker …..….............3 Biz Snippets …………….......4 How To Achieve Direct Mail
Success Dennis Chiron………...........5
Does Facebook Increase
Productivity? Angie “Speedy” Spiterie ….6
Why Do Businesses Fail?
Geoff Butler ………………..7 If You’re Serious About
Getting Rich, You’re Going To Have To Learn To Be Lazy Dan Buzer ……..…………..8
Falling In Love With Your
Brand Karen Ahl ……..…………..9
Financial System Enquiry -
What’s important in a nutshell Paul Gillmore……..............10
Being Nimble is a Key
Element of Successful Marketing Peter Nicol ………………..11
HR Systems and Processes
Denis Keating …………… 12 Groove … Or Grave?
Brett Chamberlain ………13 Do You Have “Trust” In Your
Business? Editor ……………………..14
Editor’s BizTips ……….….15 LTB Objectives …..........…..16
Volume 3 Issue 27 - February 2015
C
Cost of Living
A
Access to Healthcare E
Employment/Jobs E
Economy T
Terrorism/Security H
Housing Affordability A
Ageing Population E
Environment/Climate Change
LLaw & Order
AAsylum Seekers
EEducation
IIncome/Poverty
PRegulation / Taxation
PPopulation /Immigration
G
Govt Red Tape
n
Infrastructure/Transport
O
Other I
Indigenous Issues
Biggest Issues Facing Australia Today
(percentage of all responses)
0 10 20 30 40 50 60
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 2
NAB has released its first annual
pulse survey on the biggest issues
facing Australians today.
The survey was undertaken during
mid to late-November 2014.
The cost of living is clearly the
biggest issue by a BIG margin.
Other important concerns include:
access to healthcare; employment
and jobs; the economy; and
terrorism and security.
Conversely, concerns over
indigenous issues, infrastructure
and transport, and taxation are the
lowest.
Other key findings are:
Cost of living is the biggest issue
across all demographics, except
for Australians over 50, where
access to healthcare is the biggest
issue.
However, there were notable
differences across demographics
in terms of the relative importance
of each issue.
Cost of living is a much bigger
issue for Tasmanians.
Access to healthcare is also a
bigger issue in Tasmania as well
as SA/NT.
Employment and jobs are more
important in Tasmania, Victoria &
SA/NT where unemployment
has also been higher.
West Australians are most
concerned about terrorism/
security, while Victorians see law
and order as a much bigger issue
than in the other states.
Women rate cost of living, access to
healthcare and an ageing
population as a much bigger issues
than do men.
The economy and terrorism are
more important concerns for men.
Many Australians aged between 30
-49 view employment/
jobs and housing affordability as
bigger issues, but more
young people identified with
education and income inequality.
Access to healthcare was a
relatively bigger issue for those
earning less than $35,000 and for
the unemployed.
Top 4 issues Australian facing small
business: Realcommercial.com.au spoke to Nick
Behrens, General Manager of
Advocacy, CCI Queensland, and
Steven Wojtkiw, Chief Economist,
Victorian CCI, regarding the main
issues impacting on Australian Small
Business today.
1. Patchy consumer sentiment: First
and foremost are concerns over weak
consumer sentiment, with Wojtkiw
saying: “Concerns about employment
prospects are influencing consumers to
keep their spending to a minimum.”
Behrens agreed: “There is a real
disconnect between business and
consumer sentiment, driven in part by
concerns over debts and deficits and the
measures in the federal budget to limit
welfare and transfer payments.”
2. The cost of employment: Both took
aim at inflexibility in workplace
arrangements and national wage case
Biggest Issues Facing Australia Today A survey of what matters to Australians
decisions by the Fair Work
Commission.
Wojtkiw summed it up best saying:
“Many employers don’t have the
capacity to absorb increases in
labour costs when there are no
matching increases in productivity.
Many employers don’t have the
capacity to absorb increases in
labour costs.
3. Canberra: The theatrics in
Canberra are viewed as a major
drag on business sentiment.
Wojtkiw sees it as an ongoing
problem, and there is still a sense of
shifting goalposts.”
Behrens agrees. “The federal
government’s inability to pursue its
mandate through the Senate is
certainly affecting business
sentiment,” he says.
4. Rising input costs: Apart from
the cost of employment, rising
input costs are also landing blows
on small business sentiment.
In Queensland, it is the cost of
insurance front of mind, with
business premiums rising a
whopping 58.2% according to
Behrens, leading many owners to
under insure assets or discontinue
policies.
Both men also mentioned rising
energy costs as a significant
challenge for small business
owners.
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 3
Push and Pull are the two styles of
influence. Which of the two styles do
you use most of the time when trying
to persuade someone else about
something? One is not necessarily
better than the other; they are both
effective in the right place, at the right
time, with the right circumstances, and
the right person.
Following is a table that illustrates the
two styles side-by-side. You will
notice that the two styles are polar
opposites.
I'll run through the differences in the
table briefly. As I am doing this, think
about which characteristics you tend
to favour most of the time when
working with other people.
Driving - Enabling
Driving means the influencer is
attempting to take others on a path he
or she has specifically and clearly laid
out. Enabling is more about the
influencer facilitating a process so
that others are persuaded to find their
own path to a broad destination.
Proposing - Testing understanding
Proposing entail the influencer
offering suggestions based on their
own experience or vision. Testing
understanding on the other hand is
evaluating an incident and facilitating
course corrections in a collaborative
fashion.
Giving information - Seeking
information
Giving information is informing an
inspiring a group so they may be
better equipped to undertake a task.
Seeking information is testing the
group's understanding of a task and
adjusting an approach based on
teamwork.
Blocking/shutting out - Building/
opening up
Blocking and shutting out is based on
asserting a position on an issue in a
compelling way that effectively
eliminates other possibilities. Building
and opening up is the reverse
approach: it is about exploring a range
of possibilities and then reaching
agreement.
Taking the idea to the person -
Getting the person to come to the
idea
When a leader decides to sell an idea
to their team, this is a more direct
style of influence characteristic of
taking the idea to the person.
Conversely, when the leader
encourages the team to talk through an
approach and get agreement on a way
forward, they are adopting a pull style
of influence characteristic of getting
the person to come to the idea.
Which style do I use, push or pull?
The rationale for using the push style
is that people are influenced by
compelling proposals, well supported
by factual argument or a clear and
motivating vision of the future. This
implies a more direct and systematic
manner of influencing. While the
rationale for using the pull style is that
people are more influenced readily
when their needs, motives, aspirations
and concerns are uncovered and
catered for.
The key variables that determine the
best style are your preference, the
preference of the person(s) you are
attempting to persuade, and the
circumstances you are in.
Bottom line: Use them both at the
right time, in the right place, with the
right people, and in the right
circumstances.
Dr Tim Baker
Managing Director
WINNERS AT WORK Pty Ltd
www.winnersatwork.com.au
www.about.me/tim.baker
Telephone. +61 7 3899 8881
Do You Like To
Push or Pull?
Editor’s Note:
Dr. Tim Baker is an international consultant, successful author, keynote speaker, master trainer, executive coach, university lecturer and skilful facilitator.
In a nutshell, he has conducted over 2,430 seminars, workshops and keynote addresses to over 45,000 people in 11 countries across 21 industry groups.
"“Dr Baker leads the world in offering an
innovative new approach to appraising
employee performance. His research and
energy in the specialised field of
performance management is evidenced
by his international profile as a
renowned speaker, management
consultant and facilitator".
Testimonial from Stephen Hartley,
Australia’s leading expert on project
management and author of "Project
Management: Principles, Processes and
Practices.
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 4
You Know You're Having A Bad
Day When...
Your horn sticks on the freeway
behind 10 Hell's Angels
motorcyclists
Everyone avoids you the
morning after the company office
party
You call the suicide prevention
hotline and they put you on hold
You invite the peeping Tom
in...and he says “No!”
The Gypsy fortune teller offers to
refund your money when she
sees your future
When the doctor tells you are in
fine health for someone twice
your age
You call your spouse and tell
them that you'd like to eat out
tonight and when you get home,
your find a sandwich on the front
porch
An elderly
gentleman.... Had serious
hearing problems
for a number of
years. He went to
the doctor and the
doctor was able to
have him fitted for a set of hearing
aids that allowed the gentleman to
hear 100%
The elderly gentleman went back in a
month to the doctor and the doctor
said, 'Your hearing is perfect.. Your
family must be really pleased that
you can hear again.'
The gentleman replied, 'Oh, I haven't
told my family yet. I just sit around
and listen to the conversations. I've
changed my will three times!'
HUMOUROUS
BUSINESS CARDS
An Australian
lawyer and an
Irishman are sitting
next to each other on
a long flight. The
lawyer is thinking
that Irishmen are so
dumb that he could put something
over on them easily...So the lawyer
asks if the Irishman would like to
play a fun game.
The Irishman is tired and just wants
to take a nap, so he politely declines
and tries to catch a few winks.
The Aussie lawyer persists, and says
that the game is a lot of fun. I ask you
a question, and if you don't know the
answer, you pay me only $5; you ask
me one, and if I don't know the
answer, I will pay you $500, he says.
This catches the Irishman's attention
and to keep the lawyer quiet, he
agrees to play the game. The lawyer
asks the first question. 'What's the
distance from The Earth to the
Moon?' The Irishman doesn't say a
word, reaches in his pocket pulls out
a five-dollar bill, and hands it to the
lawyer.
Now, it's the Irishman's turn. He asks
the Aussie lawyer, 'What goes up a
hill with three legs, and comes down
with four?' The lawyer uses his laptop
and searches all references he could
find on the Net. He sends e-mails to
all the smart friends he knows, all to
no avail.
After one hour of searching he finally
gives up. He wakes up the Irishman
and hands him $500. The Irishman
pockets the $500 and goes right back
to sleep.
The Aussie is going nuts not knowing
the answer. He wakes the Irishman up
and asks, 'Well, so what goes up a hill
with three legs and comes down with
four?'
The Irishman reaches in his pocket,
hands the lawyer $5 and goes back to
sleep.
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 5
How To Achieve Direct Mail Success
Dennis Chiron Marketing Means Business
0451 184 599 www.marketingmeansbusiness.com
[email protected] Skype: dennis.chiron2
It has often been said that the success of a direct mail campaign can be broken down into three primary components: 1. The mailing list or target
audience 2. The offer or incentive for the
customer to buy the product 3. The creative package or
communication message conveyed in the overall package
Experts in the field of direct mail have gone further to say that 40% of a campaign's effectiveness is driven by the mailing list, 40% by the offer, and 20% from the creative package. In the direct mail field, there are many key components to a successful campaign. Direct mail campaigns can easily flop, so learning proven techniques for ensuring success is crucial for marketing departments developing plans for future direct mailers. The first step towards victory is reviewing the misguided traditions of failed direct mail campaigns Many successful businesses use direct mail to get new customers, thank existing customers, and bring old customers back into the fold. You can be part of this success too. But what you can't do is send out a sloppy letter; flyer; postcard; or catalogue. Sending out a shoddy direct mail piece is like taking postage stamps and pushing them down the drain. Or, even worse, it's like giving the postage to your competitors. Not an appealing scenario. But, lucky for you, you can avoid the trauma of a misguided mailing. Not only that, but you have the opportunity to make significantly more money than you spent on the mailing -- which is almost always your goal. How?
Try following these solid tips for
successful Direct Mail:
Before you write, do a couple hours
of research. Ask a handful of your
current customers to tell you in their
own words what they like most about
doing business with you. Ask them in
exactly that way. What they will tell
you will be the most important
benefits they perceive. Use those
benefits to start your letter.
Come up with a really dynamite
reason for someone to respond to the
letter. Make an extraordinary offer.
Find a new and appealing way to
bundle together a number of your
product or services. Or offer special
payment terms. Or an unusual
guarantee.
When you start writing, use short
words and short sentences. People
can't, won't, and don't read long,
complicated stuff. Not if they don't
have to. It's bad enough that their
Aunt Peg uses complicated words.
They won't read your letter unless it's
easy to read. Life is hard enough,
without your direct mail letter
contributing to the complexity.
Count the number of you's and
your's in the letter. Your letter
should have at least twice as many
you's and your's as I's, me's, our's and
your company's name. A ratio of four
to one is even better. When they read
your letter, your customers like it
when you talk about their dreams,
their problems, solutions you can
provide to their problems, and the
benefits they will receive. And
they will show their appreciation
-- with sales.
Whatever you do, Don't mail it
out the minute after you write
it. No matter how good a writer
you are, let it sit a day or two.
Then, rewrite your letter to make
it simpler, clearer and more
compelling. After that, read it out
loud. Then, show your letter to
some customers. If their reaction
is "interesting" or "well written"
you may have a loser. A sales
letter isn't an essay. It's a sales
piece, first and foremost. So, after
reading, if your customers say,
how can I get one of those? --
they want to buy what you're
offering -- you've got yourself a
successful letter.
Check to see if it's clear what
you're offering and how a
reader can take you up on the
offer. One great way to find out is
to have a child read your letter.
Children often see the obvious
that adults -- caught up in the
more abstract problems and
distractions of life -- miss.
Do a test mailing and measure
the results. Don't send out all
your letters at once. Just send out
a few dozen. Or a few hundred.
When the results come in -- when
your mail is good, they'll come in
fast -- then do the maths. Did you
make money?
Did the letter get you more profits
than you would have earned if you
had put the time to other use?
If the answers are yes, then roll it out.
And let the profits roll in.
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 6
a choice, they could eat a marshmallow
now or if they waited approximately 10
- 15 minutes they would get two
marshmallows. The kids are hilarious
as they struggle inside between
immediate gratification or the reward
of 2 marshmallows.
Have a look at them here. https://
www.youtube.com/watch?
v=QX_oy9614HQ
Fifteen years later they followed up
with these children and they found that
90% of the children who were able to
resist and wait longer were more
successful and had better life outcomes.
So how do you keep going until you
achieve what you want?
How do you keep focusing until you
finish what you need to do?
How to you keep doing activities that
make you money, when you really
don't want to??
Well Mark suggests you give yourself a
regular pleasure breaks! Five to ten
second breaks, three times every hour.
Or a minute break at the end of the
hour.
Our motivation to keep going is driven
by pleasure.
The best type of activities to during the
break...
Self-massage like a head or neck
massage.
Yawning.
Stretching.
Doing an exercise activity you
enjoy doing eg a quick jog on the
TimeEqualsMoney
Angie 'Speedy' Spiteri Business Efficiency Specialist
www.timeequalsmoney.net.au
Ph: 0403 970 732
http://www.facebook.com/time.equals.money
spot or a samba move.
Be playful... (ever wondered why
cat videos are so popular?)
Look at pictures of smiling faces
(now you know why you can't
get enough of face book!!)
These activities are the best because
they stimulate the brain, increase
confidence, relax and reinvigorate us
so we are able to be more productive.
Mark stresses we must have constant
rewards to keep us going and have an
accountability partner (your boss? a
coach?) and support group to cheer
us on so keep us going when we feel
like giving up.
Fascinating!
Of course there were a lots of other
information he went through about
how to motivate yourself and break
procrastination... if you can't wait for
my next article where I talk about
this and you want to find out more
about Mastering your mind, click this
link here for a free ticket the a Brain
a thon!
If you can wait, 'see' you then!
**Angie Spiteri is a highly sought
after speaker, author and consultant
that specialises in Productivity and
Results.
To connect with Angie visit
www.timeequalsmoney.net.au or
email her directly at
Ever wondered why it's difficult at
times to stick to what you are trying
to get done? Why we allow constant
interruptions and distractions, like
text messages and social media to
steal our attention??
I was recently listening to a webinar
from Mark Waldman on "The
Science of Motivation". Mark is one
of the world’s leading experts on
communication, spirituality, and the
brain.
Mark was talking about how our
brains are inherently lazy and how
we hate to work and hate things that
take a long time to do. We are
motivated by pleasure and want it
instantly!
When we see something we really
want, that is going to take some time
to achieve, we have an interesting
problem on our hands... You see our
brain just wants to go out and get
it... it doesn't want to wait BUT
because we know we are going to
have to wait, and we are going to
have to work to get it - we have a
dilemma... what do we do? Take the
action that will be of benefit to us in
the future, and keep taking action
until we achieve our goal (delay
gratification) Or not (instant
pleasure eg sleep, watch TV, eat
whatever you want, drink....)???
In the late 60s Walter Mischel, then
a professor at Stanford university
lead a study called "The Stanford
marshmallow experiment".
In these studies, a child was offered
Does Facebook Increase Productivity?
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 7
There have been many attempts to
define what makes businesses
successful, and unfortunately no
one has found the secret formula to
guarantee success.
Luckily there has also been a lot of
research done on why businesses
fail, and here there does seem to be
a more quantifiable theme.
Worldwide research indicates that
approximately 60% of all new
businesses will disappear within
their first three years, and 90% in
the first ten. This doesn’t mean that
they all went broke, as many
business owners simply give up
because it’s all too hard and gone
back to working for someone else.
Others will have been taken over by
their competitors or moved into
other markets, but the cold, hard
statistics are still very sobering for
anyone considering venturing into
the world of business ownership.
This same research has found that
90% of business failure can be
attributed to faulty management –
more particularly, poor financial
management.
However if we can avoid these
seven deadly sins, we may not
entirely avoid the risk of failure, but
at least we can maximize our
chances of success:
1. Failure to plan properly before
start up. Otherwise known as
errors of omission; it involves
getting your structure right,
having access to adequate
capital, knowing your market,
and determining your human
and physical resource
requirements. All of the things
that a good Business Plan should
tell you. The good thing about
not planning however, is that
failure comes as a complete
surprise, and isn’t preceded by a
period of worry and depression.
2. Failure to monitor financial
position. Developing a profit
plan and cash flow budget, and
then monitoring performance to
determine variance. Looking at
ratios and benchmarking to
determine stability and
efficiency, against industry
benchmarks and your own
targets. Remember if you’re not
doing so well and the rest of your
industry is, chances are it’s your
fault.
3. Failure to understand the
relationship between price,
volume and costs. Understanding how each of your
expense categories vary with
sales so you can accurately
determine your contribution
margin and breakeven sales.
4. Failure to manage cash flow.
There is an old accounting saying
that profit is a matter of opinion,
but cash is reality. If you can’t
manage your cash flow to
maintain your liquidity, it doesn’t
matter how profitable you are,
your creditors will simply shut
you down.
5. Failure to manage growth.
Growth is good but it can also
bring you down if it isn’t
controlled. It never ceases to
amaze some people that the
majority of businesses that go
broke each year are actually
highly profitable. They simply
grow too fast and therefore run out
of the ability to fund the
uncontrolled expansion.
6. Failure to borrow properly. The
golden rule of borrowing is to
match the term of the loan with the
life of the asset. Even bankers will
agree that the worst product they
sell is an overdraft, and yet many
business owners put their cash
reserves at risk by using this
facility to make major capital
purchases. Dealing effectively
with banks and other finance
institutions is critical to success.
7. Failure to plan for transition. In
the end for most owners there are
only three ways to get out of their
businesses. Sell it, shut it down or
give it away (usually to your kids).
With the emerging demographic
bubble as the baby-boomer
generation approaches retirement,
and the majority of owners seeing
their business as a major
component of their retirement
income, planning your exit strategy
early will become crucial.
Potential investors will target well
managed, systemized businesses
that do not rely on the current
owner for their continued success.
As I said before, there is no magic
formula for success and avoiding the
above will not necessarily guarantee
you achieve it, but it at least gives you
the best chance of realising your
personal and business goals in the ever
-changing world of business.
Geoff Butler FAIM AP, MAITD MACE
Principal/Business Improvement & Implementation Specialist
Business Optimizers
Mobile: 0414 943072
Fax: 3036 6131
Email: [email protected]
Skype: business.optimizers1
Why Do
Businesses Fail?
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 8
“… Dan, if you’re serious about getting rich, you’re going to have to learn to be lazy …”
Advice I was given from Mr Cyril
Maloney, a self-made BRW Rich List
member worth $350 Million Dollars.
I didn’t know Mr Maloney was worth
that amount. I knew he owned the
Bondi Beach Hotel, but not the other
vast portfolio of Real Estate he
controlled.
Mr Maloney personally met with me
every few weeks to review the
performance of an area of his
business I was managing and gently
gave me advice.
I was 19 years old and had nothing
but enthusiasm and a vague idea in
my head to become an employer
someday, instead of an employee.
Mr Maloney taught me three lessons
…
Lesson 1: If you’re serious about
getting rich, you’re going to have to
learn to be lazy.
Mr Maloney did not work hard. He
had lots of people working hard for
him. He had managers, accountants
and employees that did the work. Joe
Polish, Branson’s biggest charity
fundraiser, asked Richard ‘How do
you manage over 300 companies,
when most people struggle to manage
one?”.
Richard’s answer … “The secret is I
have to make sure I do nothing”.
This is the biggest mistake many
business owners make. They’re not
comfortable to not be seen as the
hardest worker, biggest contributor or
smartest person in their business. This is
what keeps them small.
Lesson 2: Business is about ‘who’ you
know.
I found a better butcher to supply meat. I
took the initiative and sought out better
quality for a better price. After
interviewing several suppliers I chose
one and started ordering from him. I
gave the previous butcher a chance to
match the quality and price and he
didn’t, so I went with the new supplier.
A few weeks later the old butcher turned
up with the order of meat. I was
surprised by 2 things. First, the quality
was much better and second, the price
was reasonable. The 60 year old local
butcher said that Mr Maloney was going
to ‘have a chat’ with me.
Mr Maloney said I had done the right
thing for the bistro, but he had other
businesses dealings that involved a few
key people. Many of these key people
were involved with this butcher.
The lesson was to look beyond the first
connection and learn to be aware of and
manage the next levels of connection.
Lesson 3: Make a little bit of money
every day and put it away.
This is probably, the simplest, most
commonly known and yet the most
challenging lesson for most people.
Small steps done regularly compound
into bigger things.
The actor Will Smith was taught by his
father at a young age to “focus on laying
each brick perfectly, rather than the big
wall you’re aiming to build”. Mr
Maloney was always experimenting,
tweaking and changing things in his
businesses, but he always
remembered the important thing was
to consistently put a little bit of
money away every day.
At the time I didn’t understand how
lucky I was (and how rare the
opportunity) to be mentored by
someone like Mr Maloney.
He was wealthy, happy and a true
Gentleman. He calmly managed and
built a very successful chain of
businesses. Since this time I have
read many books, attended many
seminars and owned a few companies
of my own.
Only after I have had more
experience in the world have I come
to realise that these lessons are the
most important and helped guide me
in my journey of becoming a
successful business person.
I hope these lessons resonate with
you as well.
Mention this article and you can also
have a copy of the Profit Mechanics
Sales & Marketing Diagnostic
Questionnaire along with a 30 minute
phone chat to help guide you through
the tool and apply your business
objectives to it.
Remember … Business is More Fun,
When There’s Profit!
Dan Buzer
Profit Mechanics
0414 567 188
www.profitmechanics.net/ [email protected]
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 9
It is more than just a pretty logo. We have to work hard to get potential customers to fall in-love with us (our brand), then to ensure the passion remains. As business owners, what do we do? How do we get potential customers to even like us let-alone get them to love us.
Be Seen, Be Seen and Be Seen again
Marketing 101. By being seen often, potential customers (quite often subconsciously) feel more comfortable dealing with you. It is a matter of repetitively popping up where your ideal customers hang out. Whether this be on Facebook, at a physical networking event, on billboard advertising, via email newsletters, in print media (newspaper/magazines), TV advertising, radio...even on local shop pin-boards.. This is why so many "once-off" advertisements and promotions rarely work. Have you ever placed just one ad into the local newspaper and wondered why you go very few or even NO calls? There is no follow through, no repeated 'popping-up' in-front of those ideal customers and no reminding them of who you are. Advertising in a magazine for one issue, doing one round of letterbox drops or posting once a month on Facebook is a sure way of NOT being remembered.
Consistency = identifiable
Getting your branding right is really important and quite simple to do. The way your logo appears on cards, letterheads, invoicing, signage, flyers, advertisements and uniforms needs to be considered. Do they match? Is your colour scheme consistent throughout all of your advertising and marketing (including on your website)? Imagine investing time and money in advertising, so that you can
be seen again and again and again, but each time you are seen, your potential customers have a hard time realising they have indeed already 'seen' you. You are effectively watering-down the strength of your brand. It is more then about having a logo or colours that are easily identifiable... it is also about people easily identifying what you do or offer as well. If you are a plumber, a business coach a yoga instructor or a retailer of ladies fashion...make sure that this message is also consistent throughout your advertising and marketing. Subliminal messages usually only work when you have a massive marketing budget ~ be obvious, be clear and be identifiable!
It starts with 'LIKE'
A potential customer is more likely to deal with you if they simply LIKE you. It involves everything from how they interpret the wording on your website to how they feel when dealing with you on phone/email. You could have the most amazing advertising in the world, but if a potential customer calls you/your staff and they don't like they way they are dealt with...you have lost them. If you issue a quote and it is messy and unprofessional you are less likely to earn their affection. YOU, your staff and the way you communicate (written, verbal and even body language) makes up part of your brand.
"I love you Brand"
This is where customer loyalty comes in. Once a customer has dealt with you at least once, you have an opportunity to maintain the relationship so that the like turns to LOVE. When they LOVE your brand, they will refer you to others. When they love your brand, they will provide you with great feedback (you may need to ask). When they LOVE your brand, and stay in love with your brand,
you are a lot more likely to keep them as a customer.. You can do this by calling them to see how they are, provide regular email updates, consistent branding on invoices and communications, personally thank them for referrals...even something as simple as sending out Christmas Cards is a nice touch.
Don't be afraid to test and measure too. Test different advertisement layouts and colours, ask your existing clients for feedback and work out what does and doesn't work. Give your staff better training on how to deal with new inquiries, test out different email communication. Test what Facebook posts and on what days get more attention, ask potential customers where they heard about you. Research!
And the biggest hurdle - GET CLEAR
Get clear with any suppliers that have anything to do with your brand. Sometimes it is fun to see what else a new provider can 'come-up-with'. Ensure they all working to match in with your consistent look and that each of them isn't trying to reinvent the wheel (the BIGGEST reason why so many businesses have such messy branding). Create a folder on your computer of your official logo, colour samples, wording, previous advertisement layouts that have worked, slogan/s, service/product list and images so that each of your service providers are creating websites, business cards, car signage, advertisements, banners, flyers and letterhead that are all consistent.
Take responsibility and control of your
brand!
For further information, please feel
free to email Karen ~ The Webgirl.
Karen Ahl Bac. Bus (Mark, Man), TAE40110, Cert IV IT
Caboolture, Queensland
Ph 0415 142 178
www.web-sta.com.au
Falling in love with your brand
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 10
The Financial Services Inquiry
headed by David Murray (ex CBA
CEO) delivered its final report to
the federal government in
November 2014. Amongst the
recommendations were:
Make Financial Product
Providers more accountable
-for their products – such as
managed funds. The report
discusses design and distribution
and recommends that the
institutions be more accountable.
Institutions such as large fund
managers and big banks seemed to
get off ‘scott free’ after the GFC
and not held responsible for the
failure or poor performance of their
products, investments or managed
funds allowing advisors to be
blamed for something over which
advisors had no control.
MySuper
-has been legislated to be the
default option for superannuation.
It appears to be a blunt and a ‘one
size fits all’ approach.
Murray prefers an option where
each super fund would have to
compete for the business of new
workforce entrants.
This would save awards having to
specify a default super option -
better outcomes would be expected
to flow to clients
Murray questions the “General
Advice” terminology
-which essentially generic product
info. He believes the term can
mislead clients into believing that
they are receiving personal advice.
Specifically Murray focusses on the
ownership of the financial advice
firm.
This is significant because 80% of
advisors are employees of a big
bank or institution. He questions
that true independent advice is as
freely available as consumers would
prefer. Currently, disclosures can be
in Financial Services Guides (FSG)
or Consumer Credit Guide (for
loans) but Murray believes that all
documents should be branded with
the name of the owner for
transparency purposes.
Independent Trustees for all
Superannuation Funds.
Murray believes that Australia is out
of step with the rest of the world by
not requiring independent directors
and board member into Australian
Superannuation Funds.
He says “it’s international best
practise to do so” and believes that
greater competition, transparency
and more representative of the
broader membership.
Longevity Pooling
- is the concept of creating specific
products to better tailor to the fact
that we are all living longer and
therefore need our retirement
savings to last longer.
The requirements are income, risk
management and flexibility which
must be managed over the long term
(i.e. the several decades we will
spend in retirement).
Murray recommends the removal of
impediments to Comprehensive
Income Products. These could be a
combination of Life insurance,
account based pensions and income
Paul GILLMORE DFS
Founder and Director
Southern Cross Financial Services
07 5429 5561
0402 685 032
products like annuities.
CGT relief for switching out of
outdated investment products.
Murray suggests that up to 25% of all
investment products are out of date
with legislative changes, market
changes government policy changes.
Commonly called ‘Legacy Products’,
Murray recommends that a system of
rationalising old products to newer,
more efficient products be adopted.
Currently, people are loathe to switch
out of legacy products because of
CGT.
Simpler, more understandable
Bond Market.
Australia trails the world in simplicity
of issuance of bonds which results in
in unnecessary complication and
expense of these basic investment
products. He believes that standard
terms and conditions to make bonds
simpler and reduce costs.
There were 44 recommendations by
David Murray in the Financial System
Inquiry. However the issue of
‘independent advice’ remains topical.
Large institutions make money from
products that their advisors (who are
mostly employees) are required to
recommend.
Called ‘Vertical Integration’, this
business model seems inherently
focused on profits for large banks and
institutions rather than on building
wealth and security for clients.
Southern Cross Financial Services is
a fully independent practise with no
allegiance nor ownership by any large
corporation.
Financial System Inquiry –What’s important in a nutshell
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 11
Peter Nicol Wisdom Marketing & Management Services
0417627097 www.wisdommarketing.com.au
Jack be nimble – Jack be quick
Being nimble is a key element of successful marketing.
Much is said about Marketing Plans
and, done properly they can and will
serve you well. However every plan
must have contingencies. Why?
Because good and bad things can
happen in the marketplace. It is your
job to monitor markets if you are to
keep a steady course.
Market threats and opportunities
abound for every business. Some are
complex, others, present the potential
to make a lot of money. For example
over recent months the price of fuel has
dropped significantly. This means that
there is a fair bit of surplus cash
floating around in “Joe Public’s”
pockets.
Now most people will see this as a
windfall and save the money but, there
are those who will want to use those
funds for a purchase. Is it going to be
with you? You have to plant the seed
of an idea in the market that they
“might” now have the funds to buy.
When you first started the marketing
plan you could be forgiven for not
factoring in the significant drop in fuel
prices. Nor could many of us factor the
horrible events of the GFC.
It is not about blame it is about being
flexible and nimble to take advantage
of these unexpected market conditions.
Interest rate drops also put more
money into the market. Are you ready
to capitalise on that?
Sitting down and navigating your way
through today’s complex world of
politics, terrorism, market contractions
and falling commodity prices makes
life pretty complex. Yet, charting your
way through the big and indeed small
issues is just so important.
There can be a surge in crime in your
area. This is a perfect opportunity to
have cameras installed (provided you
sell them!), perhaps more night watch
men/women are needed.
Sudden bush fire danger could present
as a market for guttering’s to be
covered or small firefighting
appliances. Look for the opportunities
that can be found in many a negative
situation.
When the GFC hit we were all given
$900 to spend. Most of us will
remember that.
Good or bad is not the issue.
There was a heap of money in the
market and many of us went on
holidays or purchased high end
electronic equipment for our homes.
It was unexpected and was a windfall
for those who got off on the front foot
and started to promote their wares.
Your job is to see the endless
opportunities or threats that spring
up on a daily basis that can have a
positive or negative effect on your
business. I always feel sorry for
retailers who have road works
done outside their premises for
weeks on end.
People are steered away from the
store and sales drop. Could it be
possible that to avoid interruption
to trade that a group of disaffected
shop owners could plead their case
to Council or Main Roads. No
point in complaining once the
work has been done.
Markets change, policy settings of
Government get delayed or put on
hold. Markets contract for no
apparent reasons.
The money just gets turned off and
it is the job of the driver of the
business to set in play nimble
tactics that take the maximum
advantage of the situation or
mitigates the negative effects on
the business until circumstances
change.
Yes, have your Marketing Plans in
place and maybe the sometimes
surprise market conditions will
never present.
But it is key to your success that
you maintain vigilance to move
nimbly to maximise the advantage
or mitigate the harm.
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 12
Denis Keating
Everest Resources
Brisbane, QLD
HR and WHS Protection for Your Business
Mobile: 0419 029 606
Fax: 07 3112 4072
Email: [email protected]
Web: www.everestresources.com.au
Skype: denis.keating1
Last month we reflected on the quote
from Jim Collins’ book “Good to
Great” wherein he states that the
greatest barrier to individual business
growth is “….the ability to get and
keep enough of the right people”.
We looked at the diagrammatic
representation of the National Standard
HRF 101:2010 Human Resources
Framework:
And we reflected on Section 1 from
the HR cycle above: organisational
measurement and planning. This is
about the need to analyse where you
are at and develop a plan for HR for
the year ahead, broken down into
achievable activities on a month by
month basis.
This month we look at the next step in
the HR cycle: Systems and Processes
– what are they and how do we use
them to attract and retain the right
people?
We are talking here about the
necessary HR documents and how
they are used in an organisation. The
problem for micro and small
businesses is knowing where to start
and what you need to do. If you have
employees, even only one, you need
documentation in place to help set the
structure and guidelines, to maintain
records and thus to protect you and
your business from potential
difficulties as far as possible.
Think about what is required, how it
will be communicated and how you
will involve your employees. Keep
your system simple and purpose-built
for your business, and include an
annual review process.
Start with a well-constructed
employment agreement or contract for
each employee, and have a position
description for each different role in
the business.
For new employees these should be
agreed and signed by both parties
before commencement. Where these
are not in place for existing
employees, now is a good time to
tidy up your process and implement
the correct paperwork.
Every business should have a code of
conduct, which is simply a set of
guidelines and expectations for staff
and management – “How we do
things around here”.
Then consider what other specific
needs your business has. These days
for example, most organisations
should have policies that cover
computer, email and internet use, and
social media. The risks in these areas
and the opportunities for misuse and
damage to your business are
significant.
Once you have drafted a suite of
policies and procedures and related
forms where necessary, it is important
to induct your workers into them –
this is part of good process and
correctly done can have a positive
impact.
Involve your staff in the drafting and
implementation, and you will generate
buy-in.
Important Tips:
Get advice
Keep it simple
Tailor for your business
Implement well to create a high
level of trust with your staff
HR Systems and Processes
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 13
You’ve probably heard the term ‘in
the groove’.
Sports stars use it to describe the
feeling of effortless, perfect
performance which they sometimes
attain after countless hours of training.
Chances are you’ve experienced it
yourself at different times. After doing
something many times you
occasionally have that marvellous in-
the-groove feeling of being “on top and
in control”.
Everything goes smoothly and it
doesn’t even seem like you’re really
trying.
There’s just one problem …Too often,
I’ve seen business people who’ve
mastered various functions, processes
and parts of their lives.
They’ve done these things the same
way on countless occasions and have
reached the stage where they can
consistently achieve the same result
without any real thought or effort.
As a result of their many repetitions,
they’ve created their own ‘groove’,
which they slip into the moment they
hit the buzzer on the alarm clock each
morning.
Without even thinking about it, they
get up, get dressed, eat breakfast, go to
work, complete their assigned tasks,
get home, have dinner, watch TV and
go to bed. Next morning, they repeat
the process.
Problem is, the ‘groove’ can easily
become a ‘rut’.
Avoid the trap of letting your
grooves become graves by doing a
periodic check on what you’re
spending your time on. List
everything you do in a typical day
… and ask whether you’re really
the best person for the job. (This
includes asking whether it’s
something you really enjoy doing.
If you’re good at something but
don’t like doing it, you are NOT the
best person for the job.)
Once you’ve identified those things
you’re well suited to, go back
through the list and check to see
which functions generate revenue or
other rewards. Hopefully you’ll
find there are some functions which
you’re good at AND which
generate rewards.
Guess where you should be
focussing your efforts and time.
Clearly, it’s counterproductive to be
working on things which don’t
produce worthwhile outcomes.
And it’s particularly
counterproductive to be doing those
non-productive things when you’re
not the best person for those jobs.
So stop doing them, as soon as you
possibly can. Farm them out.
Delegate them.
Outsource them. Find another way
of getting those things done … but
don’t do it yourself for a moment
longer than you need to – or you’ll
run the real risk of building a
groove that becomes a grave.
Contact Brett via
[email protected] for a free, no
obligation chat if you’d like advice on
how to build your business
Level 23, 127 Creek Street
GPO Box 1092
Brisbane Qld 4001
Telephone: 07 3218 2172
Email: [email protected]
Editor’s Note:
Brett Chamberlain is an
International Speaker; Author;
Advisor and Consultant, and is one
of Australia’s leading business
improvement consultants and
management advisors.
During a 20 year consulting career
he has been responsible for
dramatically improving the
profitability of literally hundreds of
businesses around Australia and
overseas, including many major
corporations and hundreds of
smaller businesses, by showing
how to master fundamentals that
deliver profitable growth.
This is what some people have
to say:
Frank Green … Business
Improvement Specialist at
Business Fundamentals.
I first met Brett in 1994 when I
was working as a Small
Business Advisor with the
Queensland Small Business
Corporation. He...View
Rod Webster … Founder
and CEO at Webster
Business Coaching
I initially met Brett when I
engaged him to help me to work
on my business over ten years
ago. Brett’s ideas and his
ability...View
Groove … Or Grave? CorpDev
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 14
Marco Carbajo writes that he
believes that the most valuable
business commodity is trust.
Richard Branson, author and
founder of Virgin Group says,
“Building trust in your brand isn't
easy to achieve and it may take time,
but it doesn't have to come at a high
cost. With honesty, ambition, hard
work and attention to detail you can
instill a level of trust that will enable
you to move forward.”
The fact is that integrity impacts all
aspects of business and is among, if
not the most important character
trait for a company to have.
It is the barometer by which your
customers, lenders, potential
business partners and employees
evaluate you and your business.
Trust in a business speaks volumes
on how a company services and
communicates with its customers.
A trustworthy business can be
defined many different ways
depending upon the person,
business, or organization reviewing
it.
Marco Carbajo suggests that there
are five ways you can build trust in
your business:
1. Deliver on your promises –
Doing what you say you are
going to do when you say
you’re going to do it is crucial to
building trust. Famous
entrepreneur and motivational
speaker Jim Rohn said, “One
customer well taken care of
could be more valuable than
$10,000 worth of advertising.”
2. Have a solid reputation –
Potential customers and
business partners will search for
handles its financial obligations.
“All of this can be done by
taking the initiative. Increased
credit affords businesses better
relationships with partners,
vendors, trade sources and the
community at large” says Jeff
Stibel, CEO of Dun &
Bradstreet Credibility Corp.
People often define integrity as
doing the right thing even when no
one else is around. It is the ability to
act with honesty and be consistent
in whatever it is you are doing based
on the particular moral, value or
belief compass you have.
Beliefs, values and morals all relate
to the culture in which you operate,
so culture plays a significant role in
determining exactly what integrity
involves.
Trust and integrity are inextricably
connected and many business
relationships halt or proceed based
on this basic determination whether
there is trust in the relationship.
Let this be a guide for you in
building and maintaining trust in
your business. Integrity and
credibility are invaluable business
commodities.
Take the time to study the habits
and behaviors of those businesses
who have gained trust in the
business world. Adopt or adapt
those that you can authentically
incorporate into your own behavior.
With time and consistency, you can
build up trust and credibility for
your business in the marketplace.
information about you and your
business online. According to a
survey conducted by Dimensional
Research, 90 percent of respondents
who recalled reading online reviews
claimed that positive online reviews
influenced buying decisions, while
86 percent said buying decisions
were influenced by negative online
reviews.
It’s crucial to manage your online
reputation and establish an active
social media presence, website and
blog.
3. Communicate effectively –
Effective communication is the
cornerstone of any successful
company. In today’s fast paced
business world, having a range of
communication channels available
such as phone, e-mail, instant
messaging, fax, etc. is key to
maximizing your ability to
communicate effectively with
customers.
4. Stay in compliance - Staying up to
date and compliant with all federal
state, and local rules required to
keep your business in good standing
where it conducts business is
essential.
Failure to meet the necessary
requirements can cost you loss of
good standing, not to mention fines,
penalties, reinstatement costs and
even business closure.
5. Creditworthiness - Lenders,
potential business partners and
investors will check your
company’s credit reports.
With positive business credit
reports and ratings (link is
external) with a credit agency such
as Dun and Bradstreet, a creditor
can assess how your company
Dennis Chiron Marketing Means Business
0451 184 599 www.marketingmeansbusiness.com
[email protected] Skype: dennis.chiron2
Small Business Marketing
Do You Have “Trust” In Your Business?
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 15
Lack of Training Can
Mean Poor Business
Performance
Surveys in Canada and
the USA have revealed
that companies who do
not invest in training
have stagnant or failing results.
Nabisco Biscuits (USA) reported a
$20 increase per $1 invested in
training as part of an integrated
‘Planning & Selling’ program. In
two years the dedicated training and
response program lifted Nabisco
from third in market share (31%) to
leader (48%).
The Nabisco President said that the
increase in sales flowed from two
major factors - first, the total
management team supported the
investment, and the training was
reviewed regularly to ensure strong
rapport between the company and
the training provider.
Flexible Working
Means Looking
Beyond Terms &
Conditions
The workplace is
experiencing a
multiplicity of changes, including a
new industrial relations regime,
retructuring and increased
competition. So vast and diverse are
these changes that business owners
are experiencing increased pressure
to deliver more productive, less
stressful working environments that
require reduced hours of work and
reduced workloads.
There is a misconception that long
working hours are a sign of a
productive employee. In fact this
belief causes men and more often
women, to work longer hours in an
from product brokers who carry
them for 90 days, then give a
discount for paying “early”.
They are subsidised by producers
who pay for premium supermarket
spots and contribute to brand
advertising. And their turnover is
huge, so they don’t suffer the costs
of keeping goods on shelves.
If you’re a provider of professional
services, the reverse is probably
true. The big fellas are ‘chocked up’
with huge overheads and are usually
totally uncompetitive on price. Your
problem is more likely to be the
little fella who undercuts the
“market”.
A Satisfied
Customer Usually
Means Repeat
Business.
In most cases, the
information that
you can obtain
through a
customer’s complaint is impossible
to get through any other means. You
are being presented with a real
opportunity to prove your
commitment to your customer by
addressing these concerns, even
when the complaint may seem
minor or trivial.
Complaints that customers bring
directly to you are the most efficient
and least costly way of obtaining
information and under-standing
customer expectations.
So, appreciate the fact that your
customer bothered to tell you first,
and take full advantage of the
situation.
attempt to maintain their roles under
current socio-economic conditions.
The focus on personnel should be on
their effectiveness, the quality of their
output and the achievement of
objectives, rather than on physical
presence in the workplace. The need
to satisfy customers, meet
organisational objectives and have
fulfilled employees is of far greater
importance and of much higher value
to the organisation.
Developing and
Controlling Your
Advertising Budget
Many people wrongly
think that marketing is
only about promotion.
This could be like saying that
manufacturing is only about
production.
Advertising poses a dilemma for
many small business owners because
it is simultaneoulsy a cost, and also a
potential builder of revenue through
increased sales.
A carefully prepared advertis-ing
budget will balance these two aspects
so that the maximum amount of
benefit is obtained from funds spent
on advertising.
A budget is a blue-print of the
planned activities of the business in a
given area.
The advertising budget, there-fore,
will set out what amounts are to be
allocated to which media, and when
these amounts will be spent.
Pricing: Ignore the
“Big Fellas”
If you’re a small retail
business, you simply
can’t compete with the
pricing of the big fellas. They buy
Dennis Chiron Marketing Means Business
0451 184 599 www.marketingmeansbusiness.com
[email protected] Skype: dennis.chiron2
Let’s Talk Business
Volume 3 Issue 27 February 2015 Page 16
“Let’s Talk Business” Small Business Publication
PO Box 569 Bribie Island QLD 4507 P| 0451 184 599 [email protected]
www.marketingmeansbusiness.com
PUBLISHER: Marketing Means Business
“Let’s Talk Business” is
distributed to 3,341 business email
addresses within Australia and
Internationally.
We welcome contributions,
suggestions for articles and letters
to the Editor from our readers.
Please address correspondence to:
The Editor, LTB
PO Box 569
Bribie Island, Qld 4507
Phone: 0451 184 599
Web: www.marketingmeansbusiness.com
You are welcome to re-produce
any of these articles. However,
please quote the source as “Let’s
Talk Business”. While every effort
has been made to ensure that all
information contained herein is
accurate, no responsibility will be
accepted by the publisher.
Likewise, the publisher accepts no
responsibility for illustrations or
photographs supplied by
organisations or individuals and/or
typographical errors.
Views expressed in contributed
articles are not necessarily those of
the publisher.
You are also encouraged to
contact the individual authors
direct, if you are seeking specific
advice.
Letters to the Editor
are most welcome
Please send your letters to
Objectives of “Let’s Talk Business”
Small Business Publication
One of the primary objectives of “Let’s Talk Business” (LTB) is to provide a
regular, monthly information service to support the Small Business
Community. Our goal is to provide a publication offering a wide and diverse
range of topics and information which may assist business owners and their
teams to gain more insight, knowledge and skills in the overall running of
their business, thereby assisting them to build a strong, viable and
sustainable business.
We believe that by offering this free service, we are achieving our goal, and
this is evidenced not only by our constantly growing database of businesses
receiving the publication, but also by the quality of the authors who
unselfishly contribute regular articles to LTB.
We pride ourselves on the fact that we have a range of authors who are
recognised experts in their industry, and these experts give freely of their
knowledge and their time to assist us to offer you quality, practical,
professional advice and information.