May 18, 2012

Share your nuggets of business inspiration

Every single enterprising company across the country is being invited to share their nuggets of business wisdom as part of campaign called 100 Thoughts.

The campaign, organised by HSBC, has been designed to both promote and celebrate nuggets of business inspiration, with businesses invited to share their insights on Twitter.

To take part, businesses simply need to tweet their thoughts, making sure that they include the #100thoughts hashtag.

For example:

“#100thoughts Never forget to listen.”

There is, of course, also the ability to read other people’s thoughts and keep up to date with all the latest news by following the 100 Thoughts campaign on Twitter.

The businesses behind the best tweets will be invited to attend invite-only networking events that will be taking place across the country, hosted by business luminaries such as Sir Eric Peacock (Chairman of ‘What If’ – rated by the FT as the number one company to work for in the UK) and Andrew Neil (host of Daily Politics).

The most inspiring contribution – as voted for by the public – will also be offered business consultancy to help their business take advantage of the networked world.

So, if you’ve got any inspirational insights to share with the world, then get tweeting!

The problem of defining a marketing budget

pile of moneyThis is a guest post from Crispin Read, co-director of Optimum Financials, specialist bookkeepers and accounts support. As Crispin knows a thing or two about how to use accounts to guide business decisions, I asked him for his experiences when it comes to deciding on a marketing budget.

Google for ‘How Much Should I Spend On Marketing’ and you are going to get about a half million pages of suggestions – from the sublime to the ridiculous; from everything you can afford to a clinical 20% of all revenue.

Taking the cold hard 20% of revenue as an example, let me tell you my story as a specialist bookkeeping service of three staff serving Lincolnshire and the East Midlands.

The routes we chose

The majority of marketing that we do at Optimum Financials is:

  1. Telemarketing
  2. Membership of tight referral networking groups
  3. Loose networking groups
  4. Advertising
  5. Web-based approach including new website, blogging, and email marketing

Quantifying results

Clearly the ideal is to know your target market and the channels you need to use to get to them, so that they can choose your products and services.  One of the first steps that we took was to engage a marketing consultant who specialises in supporting SMEs to help us define these very points.  After this, however, when you are starting out there is a temptation to spend as much as you can afford until you can work out what works and what doesn’t.

So, the most important question became, ‘how can we quantify which marketing method is the most effective?’ because, as one commentator has said: you have to insure against those impulse decisions which may result in nothing.

Because there are many ways in which you can calculate your marketing budget I suggest it matters not which method you choose, only that you quantify the results.  After all, this decision is like any other business decision – you need to show a return on your investment.  So whether you decide to invest 20% of revenues on Marketing, or everything that you can afford, each marketing method will have costs and revenues which must be quantified allowing you to calculate that ‘return on investment’ (ROI) .

Our marketing results

In terms of ‘getting out to the market’ – we do this well, we do a lot of marketing.  Some of this is a time investment, and some is an outsourcing investment.  Ultimately, based on what we have said must be done, we calculate our marketing AND sales based on the ROI as we see below:

Budgeting table

The jury is still out on web-based marketing, although as with each method with the exception of telesales/marketing there is a fairly long lead time and I don’t expect technology to provide any quicker results – just a quicker way to achieve a presence.

Factors influencing your return

In conclusion, my results suggest that doing almost anything consistently will produce a return.  That return will be dependent upon:

  1. What type of business you are
  2. The value of your product/service
  3. How likely you are to gain repeat purchases
  4. The cost of the marketing method

And if you don’t know how to answer those questions, well – that’s when you might need to ask for help.

Are you a blogger? March is Be My Guest month, and we’re encouraging bloggers from all over the world to swap posts and reach new audiences. See Be My Guest for more information.

Lincolnshire enterprise: secure a bright future for your business

IMAGE - clouded blue sky

The Epic Centre in Lincoln, UK will play host to the launch of a new initiative, Innovation Advice and Guidance – Developing a robust future for business on Friday 12th March.

The launch event takes place 10.30am – 2.15pm and is free to attend, with lunch and free parking for provided.

It will feature a keynote speech on Turning Business Adversity into Opportunities by ex-Dragon Rachel Elnaugh, as well the following presentations:

  • Beyond the recessionchallenges and opportunities for businesses in Lincolnshire with Professor Ted Fuller, University of Lincoln
  • The challenges facing our economy with Graeme Leach, Chief Economist, Institute of Directors
  • How Innovation Advice and Guidance can help your business with Professor David Rae, University of Lincoln

There will also be a networking lunch and a question and answer session with the panel.

The Innovation Advice and Guidance programme has been established to help local, forward-thinking firms fight the downturn. It is presented by the University of Lincoln, and jointly funded with its strategic partners, East Midlands Development Agency and Lincolnshire County Council.

For more information and to book your place at the launch event, visit Innovation Advice and Guidance.

In Scotland? Pitch your business idea to win cash

pile of money

New Start Scotland is a national business event targeted at start-ups and small businesses.

This year, its being held on 19th and 20th March at the Scottish Exhibition and Conference Centre.

The event’s seminars are being headlined by Shaf Rasul and Doug Richard – both of Dragon’s Den fame.

New Start Scotland will also feature of series of workshops, including help with increasing efficiency and managing staff. There will also be the opportunity for visitors to take part in The Bright Business Idea Competition, where entrepreneurs pitch to a panel of judges for the chance to win a £5,000 cash prize.

There will also be a Small Business Club clinic, a networking area, as well over 120 exhibitors.

The event is free to attend and runs from 10am until 5pm on the Friday, and 10am until 4pm on the Saturday.

For more information, visit New Start Scotland.

Want to give your start-up a jump-start?

Electric spark wire

The Business Start Up Show is a national event geared towards fledgling businesses.

Held at the Excel Centre in London on the 20th – 21st May, the show will feature several special guest speakers including West Ham United co-owner David Gold, Apprentice winner Michelle Dewberry, and Richard Farleigh from Dragon’s Den.

The event will also feature exhibitors from a wide range of industries, as well as seminars covering subjects such as writing a business plan, managing your finances and cash flow, branding and advertising.

Attendees will have the opportunity to attend one-to-one business advice sessions with business experts, as well as taking part in speed networking – a great opportunity to widen your business network.

Businesses in need of funding will be queueing up for ‘The Midas Touch’, a Dragon’s Den style event where entrepreneurs pitch to a panel of potential financial backers in the hope of leaving with an investment.

The event runs from 10am – 5pm on both days, and is free to attend.

For more information, visit the Business Start Up Show.

Use your business links to bag an award

helping hands

If you are one of LinkedIn’s European members and have made some great advances in business, you might consider nominating yourself for the LinkedIn Business Awards 2010.

The judges are looking to recognise those who have mastered the possibilities of shared intentions and ideas, and who can prove that this has helped them perform exceptionally.

These awards are open to individuals and companies (depending on the category entered) of any size based in Europe who are members of LinkedIn, with the deadline for nominations falling on 7th January 2010.

Once nominations close, LinkedIn members will be able vote for the winners in each category until 1st March 2010.

There are four categories of award:

  • Best Business Innovation of the Year
  • Business Leader of the Year
  • Rising Star of the Year
  • Best Business Startup of the Year

Visit the Linked In Business Awards 2010 for further information.

Two days of celebrities and support for start-ups

Crowd silhouette

The Business Startup Show 2009 is a star studded national business event held at London’s Olympia on the 26th and 27th of November, which is free to attend.

Now in its ninth year, the show offers a range of events, speakers and seminars designed to appeal to start-up and expanding small businesses.

The show includes a number of seminars and presentations on subjects such as finance and cashflow, stress management, website management and motivating your staff.

Speakers include Richard Farleigh of Dragon’s Den fame, Richard Reed, the founder of Innocent drinks, and Levi Roots, the founder of the Reggae Reggae Sauce brand.

The show also features Midas Touch, its own pitch-to-the-panel Dragon’s Den style event, where visitors are invited to pitch a business plan to a panel of potential backers with a view to walking away with a real cash investment.

Visitors can also take part i speed networking sessions, which look to match great minds together for future collaborations, or book one-to-one advice session to help them identify the key strengths and weaknesses of their business to help move it forward.

The event runs from 10am to 5pm and tickets are available free of charge.

For more information, visit  The Business Startup Show 2009.

Case study: the tea & cake approach to networking

cupcakes in a row

This is a guest post is by Sam Pearce, co-founder of Mum’s The Boss, a networking and support group for mums who work from home, run their own business or franchise, or who would like to set up in business on their own.

The group, founded in September 2008, runs monthly networking meetings, drop-in business surgeries and start-up events. We asked Sam to explain how Mum’s the Boss events work; to illustrate that networking events exist to suit almost any walk of life.

A year ago, when I was trying to get a new business off the ground, I found myself invited to some local networking meetings. However, with a business that was not yet making a profit and two young children aged 1 and 2, I wasn’t in a position to attend an early breakfast, expensive lunch or early evening event. Nor, if I’m honest, was I comfortable with the idea of networking with ‘proper’ business people – this was my first experience of self-employment and I still felt more ‘mummy’ than ‘entrepreneur’.

The creation of Mum’s the Boss

“I can’t be alone,” I thought – and, as it turns out, I wasn’t. So we set up Mum’s the Boss to target this niche, but growing market of ‘mumpreneurs’, setting up businesses from home, offering an informal, supportive, child-friendly environment to meet other mums in business, to learn from each other and to promote each other’s businesses wherever we can.

Bringing work and life together

While many women return to work after their first child, we had found it was often after the birth of the second child that the reality of commuting and double childcare costs really hit home. Therefore we tried to make our meetings accessible for mums, whatever age their children are – meeting from 10-12 to allow plenty of time for dropping off school aged children and providing a crèche so that babies and toddlers could come along too.

Another prohibitive factor for a lot of small business owners and start-ups wanting to network is the cost of membership and meeting fees. Therefore we purposefully adopted a low cost approach and secured local sponsorship to cover the costs of our venue.

Networking without the scary bits

The last thing that stops lots of people networking is, quite simply, fear – so to counter this we have adopted an informal, supportive style, with no dress code, no 1-minute speech and no 1-per-profession rule, encouraging people working in the same sector to collaborate rather than compete. We like to think of ourselves almost as a ‘stepping stone’ for complete novices towards traditional networking, where they can develop and grow both their business and their confidence.

But what I hope makes us really different is our welcome. I don’t know anyone who really enjoys walking into a room of strangers, or full of people already deep in conversation. So the first thing we always do when people arrive is offer them tea or coffee and homemade cake!

Facing challenges together

Now to some people this may all seem a bit twee but to us it is all about niche marketing – understanding our audience, removing the obstacles that stop this particular group of business owners from networking, and making it as pleasant and useful an experience as we possibly can. Working from home, and running a business around a young family presents its own set of unique challenges which are best understood by people in the same situation, so it is just as important for our members to feel just as able to talk about their families as to talk about their businesses. After all, for most of our members, their children are the reason they are in business.

Building relationships

And it is the personal nature of these relationships that make the connections so strong. We support, encourage and promote each other through a genuine desire to help. Our speakers, who are generally successful businesswomen, have all given their time freely to provide practical business advice as well as inspiration and motivation when our own is fading. Our business connections may be made over tea and cake, rather than expensive lunches, but the results are just as positive.

This post is part of a week-long series of guest posts on the topic of real world networking. Read all about it here: Online networking is booming, so why network in the real world?

Can I stop all this ‘real life’ networking now?

group idea

This is guest post from Rob Hanson, a web developer based in Grimsby. Rob is also involved in GeekUp, “a community of web designers, web developers, and other tech-minded folk from the UK”.

With the abundance of social networking web sites and ways to access them, using social media is becoming ever easier. These are not just social and promotional tools, they can also be very useful tools for improving your knowledge base in whatever area you choose.

Take Twitter for instance. I use Twitter a lot, and not purely from a social angle either.

“Aaah, Twitter. Isn’t that just for seeing what celebrities had for breakfast?”

Yes, it can be, if that is all you want from it.

One of my biggest uses for networking these days is to increase my knowledge on a specific subject. I’m involved in producing websites for small to medium enterprises, and I follow a number of web designers, web developers and graphic designers on Twitter.

I follow them not just for their more mundane tweets – although they can be fun too – but for the information they freely impart to their followers. This might relate to how they solved a coding problem, an idea they had for something new, something that inspired them…You get the idea.

Online beats offline?

“Ok, so I’m signed up with Twitter & dozens of other social networking sites. Can I stop all this ‘real life’ networking now?”

Actually, no. Not if you want to make the best of your connections. Online social media is great to a point, but there’s really no substitute for face-to-face interaction. Don’t get me wrong, the online networks are a great way to broaden your ‘friend base’, but I still reckon I get way more from an hour having a coffee with someone than two hours online.

The best of both worlds

“Now I’m confused. So I don’t actually need to bother with Twitter & the other sites at all?”

It’s simple really: online and offline work brilliantly when used together.

Here’s an example: I recently decided to improve my knowledge of CSS & HTML (they’re programming languages for those not in the know), and a trawl through Twitter produced a number of people tweeting information & links on those very subjects.

Chatting with them online has led me to meet some people local to me who can benefit from my knowledge and who can in turn help me improve my knowledge in just the areas I wanted – all without hours spent poring over Google Results and clicking through to countless websites that wouldn’t be quite what I wanted.

Tweetups and other gatherings

A quick way to meet like minded folks is to use one of the online methods such as Twitter to set up a meeting at a local pub or coffee house (if organised through Twitter, they are often called ‘tweetups’).

If you’re not keen on the idea of instigating such an event yourself, a couple of great resources to help you find relevant events in your area are Twitter Search (use this facility to search for relevant keywords along with mentions of towns local to you) and Upcoming (a user generated directory of local events).

Pretty much all other social networking sites come with some kind of search facility or events section, but if you’re struggling just send out a post asking about future events.

Just do it

I guess my main message is: go do it! All of the ways I’ve mentioned can help you improve your level of knowledge on a subject of interest to you, not to mention broaden your horizons too…and it’s fun. So, give it a try – you may be pleasantly surprised at the results.

This post is part of a week-long series of guest posts on the topic of real world networking. Read all about it here: Online networking is booming, so why network in the real world?

Opening doors: selling without selling

open doors

This is a guest post by Gary Gorman, group leader for 4Networking Grantham, and director of Paradigm Training, a company that works with businesses to attract more customers and increase sales.

In every networking organisation, large or small, there will be some people who treat every meeting like a sales pitch. These are the people who pounce on any new visitors, stuff a business card in their hand and virtually say, “Well? When are you going to buy from me?”

To me, it’s no surprise when I later hear them complain that networking isn’t winning them any sales. Their approach is like going into a bar and grabbing the nearest group of drinkers to saying, “Hi! My name’s X. Here’s my card. Let me place an order for you now.” You just wouldn’t do it, would you?

Put it this way: would you buy from somebody who did this to you? I know I wouldn’t. I’d get away from them within 30 seconds, if not sooner!

So why would anyone take this approach when attending networking meetings? They might as well cover themselves in sales repellent spray – it simply won’t work, ever.

But what if that same person took time to get to know you, found out a little bit about your circumstances, listened to the issues you’ve had in the past? What if over the course of a couple of conversations, you realised you liked the person and would bear them in mind whenever you had a real need for their product or service? You might even begin to trust them and refer them onto another contact who might have a specific need right now.

Would you have felt like you’d been sold to? Probably not. Would you have felt that you’d been listened to and understood? Probably, you would. Would you buy from them if the time was right? Again, probably you would.

So, in any networking situation, I firmly believe that it’s far better to forget the initial sale and instead concentrate on building rapport and listening to the other person, giving them time to get to know, like and trust you. Then, when the time is right, the sale will come.

This approach is, and always will be, the way to get networking working for any business.

Building rapport

Here are my top 10 tips to help you build rapport and increase your chances of winning business in the long term:

  1. Listen more than you talk.
  2. Show that you are listening by occasionally nodding, saying “yes”, or confirming that you understand.
  3. Maintain good frequent eye contact, without staring.
  4. Ask open questions such as “What’s the biggest challenge you face right now? What have you done about this so far?”
  5. Link your next open question to what they just said, not what you prepared to say.
  6. Listen for their speech patterns and mirror their language. If they are a visual person you might say, “Yes I see what you mean” or if they are an auditory person you might say, “I hear what you say.”
  7. Get them in a “yes” frame of mind by saying something that they are unlikely to disagree with such as, “growing sales can be a challenge for any business, can’t it?”
  8. Use light and shade. Ask probing questions but lighten the mood where possible with humour or an observation. They shouldn’t feel that they are being interrogated.
  9. Let them decide how they would like to carry the conversation forward. See whether they feel a further phone call or meeting is the next stage. The more they own the next step the more likely they are to be open and receptive to your proposal.
  10. Overall, forget the sale – just concentrate on them.

This post is part of a week-long series of guest posts on the topic of real world networking. Read all about it here: Online networking is booming, so why network in the real world?

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