Archive for the ‘Finance & Accounting’ Category

How effective are your business meetings?

October 30th, 2009 Linda Mattacks

This post was prompted by a company selling a webinar about meetings; more specifically, how to have effective meetings.

It reminded me of one of a series of training videos that were used a generation ago that often used humour to put the main points across. This particular one was “Meetings Bl****y Meetings!” and reading the webinar promotional blurb this morning made me think that maybe not much has changed if managers and bosses are still making the same mistakes (I guess they’re a different set of people now).

There are statistics from surveys quoting the number of hours per week spent in meetings, percentages on how many are ineffective and even a claim that the level of meeting effectiveness is the single most powerful factor in job satisfaction (?)!

It seems to provide reasonable content, though a bit basic but, in my opinion it shoots itself in the foot in two ways:

  1. Though it goes on at length about people resenting their time being wasted in ineffective meetings, it assumes there is a valid purpose to each of them in the first place and doesn’t once say we should ask why we’re planning a meeting – is it necessary?
  2. Neither does it tackle the question of who should attend and why (maybe that’s because it goes on to suggest you get everyone in your office – whether they set-up or attend meetings – to join in because as many as you like can attend for the one price…)

To me these two issues are key before any meeting is arranged. The skills we bring to making our meetings effective should be addressed, yes, but only after we’ve satisfactorily answered these two questions.

Posted in Business, Finance & Accounting, Marketing, Sales No Comments »

Control Costs, Win And Keep Customers

October 23rd, 2009 Linda Mattacks

More than 40% of small firms want more support to survive the recession, according to research by Lloyds TSB Commercial.

  • Two thirds of firms put advice on controlling cost top of the agenda
  • 60% want advice on attracting customers
  • 44% want help on how to keep them

So we had a quick look around the guides on website and watched the customer video.
And it’s the Lloyds TSB customer (business owner) input that’s really down to earth:

  • Keep your name out there
  • Bring the customers in
  • Look at your sales figures weekly not monthly or quarterly
  • Keep in close contact with everyone to avoid nasty surprises: Bank Manager, Accountant, Suppliers, Customers
  • Provide value for money: Maintain quality and standards
  • Don’t be too inward looking
  • Keep a keen eye on budgeting, planning and cash flow
  • Tighten credit management – it’s often not necessarily bad debt but too slow payers
  • When you get your customers look after them: Understand their problems

We’ve picked up on the final point we’ve listed from the video and the fact that many small firms want help on how to keep customers.

Lloyds TSB has a Guide on Market Research. They’re right to have it up there yet we believe they’re wrong not to put it into perspective as, in our experience, small firms tend to see this is as questionable expenditure in good times, let alone in a recession.

Focus groups need an experienced facilitator and should probably be outsourced to a company that knows its stuff – once you’ve decided on what the purpose is and that focus groups are the best way to achieve it.

On the other hand, telephone market research is something many small businesses can do themselves with a little thought and preparation. And the good news is, if you provide good products or services, you should find that your customers are happy to help you.

Posted in Business, Finance & Accounting, Market/Marketing Research, Marketing, Sales Tags: , No Comments »

Is your business booming?

October 23rd, 2009 Linda Mattacks

We’ve said before that your business isn’t your life. Yet if it’s taking up a large part of your waking (and maybe even sleeping) time in this crazy economy, it ought to be contributing to you leading the best life you can.

If you wake up every day raring to go about your business that’s great – maybe you’d like to share some tips here!

If you’re more often dragging yourself out of bed, dreading the day ahead, ‘shoving the reasons under the carpet’ won’t help. Here’s your chance to be honest with yourself and give them an airing:

False bravado won’t get a business through this recession and if what used to work doesn’t anymore it’s time to get creative!

  • What one, two or three things would you change about your business if you could?
  • What one, two or three things would bring back your enjoyment and help make your business soar?

Don’t worry for now about whether or how you think you could bring these about – that’s likely to stop you in your tracks – just concentrate on the ‘whats’ for now.

The ‘hows’ come later and are for us to work towards together – if you want to.

What we’re aiming for here are the biggest issues and blocks that are holding businesses back.

Once we’ve identified them we can set about systematically removing them.

Put your responses up here in the comments or, if you prefer, send me an email privately.

Posted in Business, Finance & Accounting, Market/Marketing Research, Marketing, Sales No Comments »

Tagged: 5 things you didn’t know about me

October 23rd, 2009 Linda Mattacks

Mark White at Better Business Blogging has tagged me in the “5 things you didn’t know about me” meme so I thought I’d join in the fun:

1. What I can only refer to as severe errors of judgement and monumental short sightedness on my paternal grandparents side back down the line (one married out of his faith and the other ran off with her gypsy – so both were summarily disinherited from their respective well-to-do families) meant that I wasn’t born wealthy!

Do I see a disturbing familial trait? Well:-

2. At the age of about five, encouraged by these same grandparents, I entered and won a colouring competition in the local Evening Argus. Great! The prize was two tickets to see Swan Lake. Mum and Dad ended up forking out for three more tickets so the whole family could go.

3. Then, at about nine I was elected Queen of the May at our school. Huge honour but, again, Mum had to buy the material and spend hours making the dress for the grand occasion. And all that fancy foot work I’d been practising for dancing round the maypole went to waste as I sat there all day on my throne watching the proceedings with a stupid grin plastered on my face.

4. I passed the eleven plus exam and was lucky enough to get into the best grammar school in the area. That was really rewarding for me but, er, meant that money for the uniform (only available from one exclusive school outfitters), sports kit and social activities then had to be found by my parents for the next five years.

5. Fast forward a few years and guess who bought into a Tessa just before the market bottomed out?

Am I downhearted? You bet not! Because that paternal grandmother of mine worked hard and worked smart and carved out success in what was then well and truly a man’s world. So I have a brilliant role model and I’m following her!

You’ll have to excuse me for now, I need to go find someone else to play tag with – have a great and glorious Christmas if we don’t “speak” before hand.

Posted in Business, Finance & Accounting, Market/Marketing Research No Comments »

How to Get Paid in a Recession

October 23rd, 2009 Linda Mattacks

It’s been over 2 years since we addressed the subject of getting paid for work done and services provided, yet that subject is probably closer to the hearts of many a small business owner than ever before in these recession-hit times, when:

  • Companies big and small are ‘going to the wall’
  • Even good, established customers are taking longer to pay
  • Cash isn’t flowing as it was even 6 months ago

    • So let’s have a quick update:

    The telephone can be your best friend – a very useful tool in chasing money, second only to presenting yourself at the customer’s premises, so keep lines of communication open!

    1. Be prompt in chasing – you’ve provided the service or product
    2. You are entitled to the money by the agreed time
    3. The longer you leave it to chase your money, the further down the queue you’ll go when the cheques do get written out
    4. Speak initially to the Decision Maker who bought from you – three reasons for this:

      5. This is the person who values the purchase

      This is the person with whom you are building an ongoing business relationship

      In short, this person has a vested interest in keeping you sweet – don’t know about you but I can remember numerous occasions standing over Financial Directors and making them write out a cheque after ‘getting it in the neck’ from a totally fed up supplier!

    5. Don’t back down – be prepared to state your case to the top man or woman
    6. Be pleasant but firm – no-one wins if a slanging match is allowed to develop

    Over to you and best of luck!

Posted in Business, Finance & Accounting, Sales Tags: , 1 Comment »

Customer service and customer care

October 23rd, 2009 Linda Mattacks

Estimates vary but most agree that it costs between five and six times as much to gain a new customer than to retain an existing one, so having invested so much in winning the customer, for heaven’s sake look after him!

As you win more customers you will see the 80/20 rule come into play: Often 20% of your customers provide 80% of your business. (You need to be aware of numbers as well as percentages here to ensure that your customer base is large enough and that your business remains profitable should one (or more) big customer defect to the competition or go out of business).

There can be a natural but dangerous tendency to concentrate the majority of your time and resources on keeping your key customers happy whilst ignoring the smaller ones (and not going after new ones at all). However, it takes time to develop a relationship with each customer so it may not be immediately obvious which ones have the most potential over time.

A startling potential result of this can be found in a book called “Keeping Customers For Life”, by Richard F Gershon. In it he states the reasons why companies lose customers as the following:

  • 68% are upset with the treatment they received
  • 14% are dissatisfied with the product or service
  • 9% start to deal with the competition
  • 5% seek alternatives or develop other business relationships
  • 3% move away
  • 1% die

Don’t you find it frightening that nearly five times as many customers go away because of the way they are treated rather than being dissatisfied with the actual product or service on offer?

You don’t necessarily need expensive software or systems to manage your customer relationships. Just give them that extra little bit of professional, polite attention and see how well you are rewarded!

Don’t forget to add your comments – or you may have a story you’d like to share that illustrates or refutes my thoughts…

Posted in Business, Finance & Accounting, Sales, Telemarketing 4 Comments »

Poverty and Plenty: Don’t Panic!

October 23rd, 2009 Linda Mattacks

Sally’s comment on the original Poverty and Plenty blog was so insightful I wanted to give it more exposure:

“How do small businesses figure out what are the best things to invest in during the financial downturn if they can’t afford all of the things they want to do.

How do they measure the potential ROI before embarking on judicious investing?”

The first thing that springs to mind, Sally, is Douglas Adams’ “Don’t Panic!” and that’s not being facetious.

We do panic and feel we have to take action: we must do something to stop the rot. And that’s where we can make the BIG mistake of ‘throwing the baby out with the bath water’.

So, have a quick panic by all means and get it out of the way then just stop, take a few deep breaths and think before acting:

  • Why am I in business?
  • What is this business supposed to support in my life?
  • Chances are many of my customers and suppliers are hurting just as much as me – how can we help each other?
  • What is it that my customers/ potential market want that I can provide better than anybody else?
  • What are my assets and resources?
  • How can I trade them?
  • How can I improve them?

We invest in three ways, not just one:
Emotion
Time
Money

And, whilst we many of us may be perilously short of the third , we’re not bankrupt on the first two, so we need to invest them wisely. The above questions do help.

Thanks for taking this deeper, Sally.

Posted in Business, Finance & Accounting, Marketing, Sales Tags: , , , , , 1 Comment »
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