Melanie Rembrandt,

Start up Nation

Small Business Expert Blogs

 

If you put time, money and effort into your search engine optimization (SEO) efforts, and they are not working, it’s time to make some changes. When I was a small child, I was taught several lessons to cross a road safely, and these same tips apply to your SEO program:

3 Things to Do Right Away if Your SEO Isn’t Working:

1. Stop!

If you are spending money on pay-per-click (PPC) ads, place them on pause. Why continue to spend money on a program that isn’t working?

Although it may not seem like a priority, stop what you are doing and schedule some time to review your entire SEO program as soon as possible.

2. Look!

Your optimization specialist should be able to give you statistics on your PPC account and a complete report about the words being used on your site. If not, go into your Google Analytics and review the data.

· Are people clicking on your keywords?

· Do you have the appropriate, keyword tagging on each page of your site?

· How long are people spending on your site?

· If you have a PPC campaign going, do the keywords in your campaign match the keywords on your landing page?

· Are people reading your landing page and clicking on the “buy” button?


If you do not have a specific, landing page for each of your PPC campaigns, you are probably missing out on sales. People who click on your PPC ad want to get more information about the topic mentioned on the ad. Once they arrive on your site, it’s important to provide compelling copy specific to your ad that makes them want to take a single action (buy a product, register for your newsletter, download a white paper, etc.).

And if you see that some of your keywords are more popular than others, update your site copy and PPC ads with those words. Write new pages and test different variations to see what works and what doesn’t.

3. Listen!

Once you’ve updated the copy on your site and your PPC ads, review your site statistics and any comments you receive from customers. Listen to what they have to say.

With all of the activities it takes to run a business, it can be easy to lose focus on what’s important – your customers’ needs.

Listen to their feedback, and if you are not receiving any, ask them via phone or an online survey, in-person, or whatever is most convenient for them. This is valuable data you can use to give your customers what they really want, update your optimization program and beat the competition.

SEO Safety – Avoid the Danger of Losing Time, Money and Effort Now!

When you cross the street, it can be dangerous if you don’t stop, look both ways and listen for oncoming traffic. In the same way, if you don’t take the time to review what’s going with your SEO activities and pay attention to your customers, you can lose an extensive amount of time and money.

With this in mind, set aside time to focus on your search engine optimization efforts each week or month. Monitor what is working, stop what’s not working and make changes for better results. Then, you’ll be able to provide your customers with more value, increase clicks and boost sales without wasting time, money or effort.

Do you need some help with your search engine optimization activities and PR? Please contact me at www.rembrandtwrites.com for more information.

Ian Verrender, More Ian Verrender articles

 

End of the year. You know what that means. Yet again, it means another year of hanging about the letterbox for the financial statements that shine a light on just how much your wealth has diminished.

 

 

What's the stockmarket down this year? Last time I looked, it was 15 per cent. Depending on who is managing your funds, it may well have performed a little better, or, more likely, much, much worse.

So volatile is the situation right now it is possible that by Monday, even Archimedes would have trouble calculating how much your wealth has grown.

Unfortunately, given the way modern-day Greeks are mucking about with global finance, the more likely scenario is that your rosy future has suddenly taken on rather a different hue.

That raises an important question. Why is it that our superannuation - the retirement savings of a rapidly ageing nation - is so exposed to such volatility?

The whole idea of savings is that we end up with more - not substantially less than we contributed - so we don't end up being a massive burden on society in the final years before we fall off the twig.

Paul Keating came up with the idea when he was federal treasurer more than 30 years ago. But since then, the superannuation game has spawned an industry that looks after itself before it looks after those the original scheme sought to protect.

Australian workers have a superannuation pot worth about $1.3 trillion. Each week, 9 per cent of every worker's earnings flows into that pot. And the vast bulk of that money, each week, is punted on highly volatile stockmarkets, with advisers, brokers, traders and fund managers taking a cut at each step.

You need to ask the question: is that really where you want your long-term savings invested in times like these?

If you are in a default account, as the vast bulk of Australians are, your most likely answer would be: ''Come again. Dunno what you are talking about.''

Our national savings scheme is the envy of the developed world. But while we may have led the world in how to rake in the cash, when it comes to investing the proceeds, we fall way down the ladder. In fact, some local pundits reckon it is a national disgrace.

Here is the sad truth. Our super funds are horribly unbalanced and hugely at risk. Pension funds in almost every other country look to investing in a much higher proportion of safer investments, particularly in fixed interest securities. And that is where the argument becomes interesting.

Get this. On top of investing in the local stockmarket, our superannuation funds each year send tens of billions of dollars offshore into wholesale debt markets, to capture some low-risk returns.

And guess where our very own banks go to borrow trillions of dollars? That's right, those same offshore debt markets. They then lend that money to Australian consumers and corporations, creating a foreign debt problem.

Does that make sense? In essence, our retirement money is being sent overseas, borrowed by our banks, and then repatriated and lent here. Fees are raked off at every opportunity and currency hedging or insurance costs add to the financial burden.

You have to wonder. Why not just cut out the middleman and have a mechanism where Australian superannuation savings can be lent to Australians? It may be a little cumbersome with consumers but when it comes to our companies, surely it couldn't be too difficult.

One of the great difficulties is that we no longer have a corporate bond market in Australia. If companies want to borrow money, they either have to go to a bank or head offshore to a foreign debt market where they just may be borrowing Australian funds.

With all the hoo-hah about debt and debt crises in recent times, there's a few fundamental principles that most people forget. The first is that debt is safer than equity. When a company goes under, creditors stand before shareholders. And that's why debt pays a fixed return. It is far more secure. And the risk is lower.

If you get your head around that, you'll understand the madness at the heart of the Australian superannuation industry. We are all hugely exposed to the highest risk investments with which you could possibly be associated.

So how do we change it? ''With great difficulty'' is the obvious answer. But next week, some of our brightest minds will gather together to try and nut out a solution.

Led by David Livingstone and Mark Burrows, the investment bank Credit Suisse will host a seminar on Tuesday aimed at shifting the behaviour of our superannuation guardians that, if successful, could rank as one of the greatest revolutions in our national savings plan. Given the uncertainty on global markets, the timing couldn't be better.

The Treasurer, Wayne Swan, along with a coterie of Treasury officials, were quick to sign up. They want to see the evolution of a corporate debt market, where Australian companies can raise funds directly from Australians, where savings are invested directly into the debt of local companies.

There is no logical reason why it shouldn't happen. In the 1980s, Australian corporations could raise cash from local lenders by issuing corporate bonds. For some reason, in the intervening decades, the market has all but dried up. Maybe it was the growth of our banks. Perhaps it was the rise of globalisation and the liberalisation of global credit markets.

Reviving the market here is more difficult than it seems. While there is almost universal agreement in the principle, convincing the participants - the companies, the banks, the superannuation funds - to alter their behaviour is far from simple.

Government regulation would be one option, but it would be far from ideal. A better solution, perhaps - and one that no doubt will be debated on Tuesday - is whether the newly defined superannuation default funds, where the bulk of Australians have their cash parked, should include a benchmark portfolio.

In this way, a certain percentage of funds could be allocated to a local corporate bond market. That could be enough to resuscitate this once active market.

Given the massive infrastructure requirements of our rundown cities and regional centres, a benchmark portfolio for default super funds could make billions of dollars available for infrastructure investment. That would be a low-risk, long-term investment ideal for those approaching retirement. Should it happen, the evolution of this market could benefit both ends of the investment spectrum. It would give our companies greater choice when it comes to raising debt. And it would provide our super funds with a safer alternative to park their funds, or at least a proportion of them.

No matter which way you look at it, Australia needs to reduce the volatility of its superannuation savings pool. And with storm clouds gathering over global markets, time is of the essence.

Do you trust your supperannuation fund will deliver when you need it most?

Lauren Drell , Mashable 

 

 

 

 

 

Are you a techie looking for work? We recently offered some tips on landing jobs at Google, Apple and Facebook, but there are more companies in the Valley than those three. And you might be wondering what the culture is like at each of these companies, as well as at LinkedIn, Twitter, Eventbrite, Gaia and Tagged.

Back in August, we brought you word of awesome perks at various startups; now, we bring you perks at a number of Silicon Valley’s largest and finest. From yoga to catered lunches, 401(k)s to dry cleaning, sports teams to vacation days, these tech companies seem to understand that quality of life affects productivity — and that having to run fewer errands after work means you’re more likely to stay at the office.

Check out the infographic below from ResumeBear for a breakdown of who offers what perks. Do you work at any of these companies and take advantage of any of these perks? Let us know in the comments below.

 

 

 

How does this stack up to your workplace? Would these benefits entice you to try your chances overseas for future business?  

By Alex Tilbury News.com.au  

 

There is no such thing as the best franchise. The question should be: What is the best franchise for you?

 

 

Image: There's a wide range of franchise business options available. Picture: Herald Sun

One person might be successful running a McDonald's restaurant, considered by many as the daddy of all franchises, but for others it might be a struggle to make it work..

You are technically buying a job, but there is no guarantee you'll make a million doing it.

DUE DILIGENCE

Jason Gehrke, the director of the Franchise Advisory Centre, says that for every $1000 the franchise is going to cost, you should spend an hour on due diligence.

"Economic turmoil provides good opportunities for entrepreneurs to launch businesses and to tap into new markets and introduce new products and services," he says.

Gehrke says often if you tried to start a similar business, you'd spend more as people often underestimate the capital required, and this shortfall is the killer of small businesses.

"But franchising won't make you immune," he says.

Entrepreneur Michael Sherlock, who co-founded and turned Brumby's Bakeries into such a success that it was later bought by the Retail Food Group in a hostile takeover, says people need to do their homework before leaping in.

"Go and sit outside the prospective store and count the customers," he says in his new book Jumpshift!

"Spend a week there and try to figure out how many people turn up, at what times, and what the average spend per customer is.

"Franchising can be a lot of hard work but it can be so rewarding. Work hard, follow the system and don't continually argue with head office.

"If you really want to change the system, then either sell or comply."

Sherlock cautions against placing too much importance on titles such as franchisee of the year awards.

"The trick is to obtain the right balance between working on the business and working in it," he says.

GROWTH

PricewaterhouseCoopers private clients partner Greg Hodson says nationally franchisor revenue has risen, on average, by 17 per cent and profit by 22 per cent.

"Franchisee revenue is also up, on average, to 12 per cent exceeding last year's 10 per cent forecast. And, profit is up too, to 13 per cent to meet last year's target," he says.

"Good luck has nothing to do with the franchise sector's strong year-on-year results."

Hodson says the key ingredients are a proven and replicable business model, franchisees with "skin in the game", extensive operational and marketing support, and branding, marketing and buying power that comes from strength in numbers.

Tightening lending criteria and reduced risk tolerance continue to make obtaining finance difficult.

"Despite the sector's success, the banks continue to make the accreditation process extremely difficult and have been inconsistent in their lending approach to the sector over the past 12 months," he says.

WHICH ONE?

Website whichfranchise.net.au says you can expect to pay about $300,000 to buy into a Healthy Habits or bb's cafe, while a Price Attack, Brumby's or Chemex franchise will set you back $350,000.

The Coffee Club franchises sell for $400,000 and Clark Rubber stores $500,000.

Australian franchises are big business turning over $81 billion a year, and for every $100 spent in Australia, $10 is spent by or in a franchise.

AMP financial planner Dianne Charman says franchising has become the fastest-growing business model in Australia, with more than 50,000 franchises.

``So, what is a franchise and will buying one make you your first million? Possibly. However, you need to be prepared to play by the rules and follow the plan set out by the franchisor,'' she says.

``When you buy a franchise you are basically buying someone else's business or brand, along with all the processes and marketing that comes with it.

``In essence, you are buying a business in a box.

``Much of the hard work has been done for you.

``Product development, production processes, branding and marketing, are all there on a platter waiting for you to serve up to the public.''

NUMBER CRUNCH

It is important to work with your accountant before jumping into any business.

All franchises will have a start-up cost, some greater than others. The cost will depend greatly on the type of franchise you choose.

Franchise fees can range in price (for up-front fees and set-up) from as little as $5000 for a mowing business to as much as $1 million or more for a McDonald's restaurant.

Typically, franchisees are also required to pay ongoing fees for support, which may be a fixed monthly amount or calculated as a percentage of their turnover.

Monthly amounts may start at $50, while percentage fees may range from 2-15 per cent.

Some franchises will have a geographic boundary from which they can draw their customers. Real estate agents work by a postcode area and can only list and show properties in that area.

Similarly, you may find your dog washing or gardening franchise has limitations and you need to be aware of these before you jump in.

GET ADVICE

James Hooper, an HLB Mann Judd partner, says franchise agreements need to be perused by a professional, preferably a lawyer and accountant with appropriate advice, to ensure the franchisee understands what they are signing up for.

``A franchisee needs to understand that there is generally a capital payment upfront for the franchise, the ongoing franchise payment each month, advertising and marketing fees paid,'' he says.

``They also need to understand that the franchise agreement will conclude at a point in time (notwithstanding there will probably be options to renew), which may affect their ability to potentially on-sell to a third party.''

DO YOUR HOMEWORK

Preparation is the key to success and to avoiding legal disputes if relations turn sour, says commercial law firm Kelly & Co.

Kelly & Co partner Luke Dale, who has represented both franchisees and franchisors, says a lack of knowledge is often the biggest cause of problems for franchisees.

``No one should buy into a franchise without doing sufficient research and getting appropriate advice,'' he said.

Dale says the most difficult legal disputes arise when a franchise agreement comes to an end or is terminated early.

This is because franchisees are often either unprepared or simply unaware that this could happen.

``Franchisees who have not done their homework and sought legal advice at the outset can be left in a vulnerable position when a franchise agreement ends.

``In the event that a franchisee wants to end their franchise agreement early for example, because they have realised the franchise model will not be successful enough for them to earn a sufficient income they may have to pay ongoing fees to the franchisor even after the agreement has ended due to the nature of the contract they signed.

``Another important scenario for a franchisee to consider is what happens if the franchisor is made insolvent.

``How will that situation impact on the franchisee's business, lease and the future of the trading brand?''

MUMPRENEUR

There's a slew of franchises aimed at women often surrounding health and fitness.

Melbourne entrepreneur Michelle Wright, a former primary school teacher, saw a large gap in the personal training market several years ago when, after having her own children, she wanted to regain health and fitness.

She found that pregnant and post-natal women had limited options available to them in terms of tailored fitness classes and made the decision to use her educational skills to set up her own niche business.

Her mishfit personal training business was born which offers a combination of group classes and one-on-one sessions, catering to women of all ages including those with pelvic instability and pelvic floor issues.

It has 88 franchises available across Victoria, which have been split into geographical territories based on the number of families in each area rather than postcodes.

WHERE THE OPPORTUNITIES ARE

Administration and support services (including travel agencies, cleaning, gardening, lawn mowing) 15%

Professional, scientific and technical 4%

Accommodation and food 17%

Retail trade 26%

Other 6%

Financial and insurance services 5%

Arts and recreation services 3%

Education and training 6%

Other services (including pet services, auto repairs, IT) 11%

Rental, hire and real estate services 7%

What are your thoughts about franchises? Any advice for those looking to enter the industry?

Gayle Bryant, My Small Business - Brisbane Times

Finding new staff is a burden for small businesses, especially when the recruitment and training costs of replacing key employees can reach the order of $10,000. So if you aren't in a position to match the salaries being offered by potential headhunters, it pays to have strategies in place to keep staff happy.

Paula Maidens, founder of consulting and coaching service Recruitment Coach, says an effective way to retain staff is to put in place non-financial reward and recognition schemes.

Image: Recruitment Coach's Paula Maidens says employees like to know where they are heading. Photo: Supplied

“Google does one where for 24 hours once a year, staff members are allowed to work on anything they want,” she says. “If they come up with an idea they can offer it to Google, which may decide to do something with it. "This approach gives staff the freedom to make suggestions in areas they don't normally work in and is something that small businesses could implement as well if they want to combat a phone call from a potential headhunter." 

Maidens also suggests ensuring career paths and appropriate training are put in place.

“Employees need to be able to see their career path and where they are heading,” she says. “This is something many small businesses might overlook because they are so involved in running the company”.

She stresses employers need to understand what makes their employees tick and why they choose to work in their organisation. “If you don't know this, then money will become the only differentiator when it comes to trying to keep staff,” she says.

One of the issues employers have with staff retention can stem from the way they deal with conversations about money. Maidens says when a staff member reveals they have been approached by a headhunter, the employer can often become aggressive or let their ego get in the way.

“Instead of asking 'how much are they paying you?', they should be asking what can we do here to keep you?” she says. “Often it's not money that makes someone walk – it's that they cannot see any opportunities for advancement. Bosses need to share their vision and share where they feel their employees fit in”.

Making assumptions about what employees want can also lead to trouble. While having flexible working hours is attractive and something that many employees might want, they still need to be asked if they want it. “You cannot assume that a mother wants flexible hours,” Maidens says. “You also can't assume that a graduate will be pleased to be told he or she can work from home if what they want is to be in an office and start building networks”.

One of the most effective tools Maidens uses in her coaching is the staff satisfaction survey. She says often employees just want to know someone is listening to them.

A recently released 2011 salary survey showed that small business would struggle to contain wage increases for skilled staff this year, meaning having non-financial strategies in place is important. The Australian Institute of Management's (AIM) survey showed more than 83 per cent of the companies surveyed paid increases to at least some employees last year and about 93 per cent of respondents expected to have to pay an increase this year.

The areas where staff are seeking higher salaries include marketing, IT sales and administration.

AIM's NSW/ACT chief executive David Wakeley says although pay will always remain an important factor, developing and implementing effective training, career development and succession plans at all levels across the organisation is key to attracting and retaining good people.

“For the past two years it has really been an employer's market but that is changing,” he says. “Many staff who stayed put during the downturn are now on the hunt for new opportunities and bigger pay packets. Many employers will have big cost pressures so savvier employers are seeking creative ways to motivate people without offering big salary hikes.”

Small companies appear to be responding to this need. The survey showed about 33 per cent of small companies now have a formal training policy and almost half have a set training budget.

Do you have a recognition scheme in place that rewards your employees? Or are you an employee who finds incentive in non-financial rewards?

By Alex Tilbury, National Features, News.com.au

The end of the financial year is an anxious time for taxpayers, with many bewildered by the complexity of tax reporting and stressed by the amount of paperwork involved.

Image: June 30's just four days away, so it's time to rush. Picture: Getty Images

But if you treat it as an opportunity instead of a chore, it can be a chance to increase your tax refund with some last-minute action.

June 30 is just four days away, so here are some tips to help you grab a bigger slice back from the Australian Taxation Office.

EXPENSE CLAIMS

Any purchases of work-related items such as tools or journals made before Friday can be claimed as a tax deduction from next week.

You can claim up to $300 (it's rising to $500 from 2012) of work-related expenses without the need to have written receipts.

However, once your claim exceeds $300 you must have receipts for the full amount.

With work-related car expenses, some people think that if they haven't kept a log book, they can't claim. However you can claim up to 5000km of work-related use based on a reasonable estimate of business kilometres, without needing to keep a log book.

Check your medical expense rebate after recent changes to the claiming limit and make use of the education tax refund but remember rebates differ for primary and secondary school students.

INVESTMENTS

Investment property expense claims and prepaying interest on investment loans can boost this year's refund.

AMP financial planner Tony Rigby says many services that relate to maintenance and upkeep of investment properties can be claimed as a tax deduction.

"This includes expenses such as lawn mowing, pool maintenance and other similar costs," he says.

"Certain types of financial advice and other professional services received in relation to an investment property may also be tax deductible."

Advice and investment group Mercer says the end of financial year is a time to review your portfolio to ensure you balance out capital gains and losses.

Tax specialist and Wallmans Lawyers partner Stephen Heath says interest on investment loans can be paid 13 months in advance and claimed this financial year.

DEFER INCOME

If you can defer any non-essential income until July, do it.

Aussies have become big savers in the past couple of years, but this means more of us will pay tax on our interest income, which is taxed at our marginal tax rate.

AMP's Rigby says there is a strategy for homeowners to reduce this potential bill.

"Instead of holding cash in savings accounts, it may be better for people to keep their money in a 100 per cent mortgage offset account," he says.

"As these offset accounts don't earn interest, no tax needs to be paid.

"By having the money offset against the mortgage, you will also reduce the interest paid on the loan."

SUPERANNUATION

Consider making a contribution to your dependant spouse's superannuation, which could provide you with a tax offset.

Self-employed people aged under 50 years can put up to $25,000 into their super fund and claim a tax deduction.

Those aged over 50 may be able to contribute up to $50,000. The money going into super is only taxed at 15 per cent rather than the person's marginal tax rate.

If you are a low or middle-income earner, you may be able to take advantage of the super co-contribution payment by making eligible personal super contributions to your super fund or retirement savings account.

The Federal Government will match up to $1000 of your personal super contributions.

Be careful with the timing of last-minute super contributions.

"Make sure that the super fund receives the contribution before July 1," Heath says.

"Otherwise it's a leap of faith that the trustee will record it as contributed before June 30."

Heath says people with self-managed super funds can look at making an off-market transfer of shares into their fund.

This may give them a tax deduction for super contributions plus crystallise some losses.

SUPER SPLITTING

Michelle Smith, a financial adviser at Mercer, says the lead-up to June 30 often spurs people to get their finances in order and plan their future.

"But this shouldn't just mean filling out tax returns," she says.

"It's also important for people to review their superannuation entitlements and utilise opportunities to build up their wealth and minimise tax."

"Consider superannuation splitting. Splitting super contributions can be popular in the instance where a higher income-earning spouse or defacto salary-sacrifices contributions (or makes tax-deductible contributions) and then splits the contributions with the lower income-earning spouse," she says.

"The higher-income spouse gets the tax break and the other spouse gets a larger super benefit.

"Typically, there are two main advantages with the contribution-splitting strategy."

If you retire under 60 and take all or part of the super benefit as a lump sum, then each member of a couple can access their own tax-free threshold for lump sums (taxable component) of $160,000 (for the 2010/2011 tax year). If your partner is a few years older than you, then by splitting super contributions with an older spouse, they can access super benefits at an earlier stage.

The older partner also reaches 60 first, which means the result will be tax-free super benefits at an earlier time.

BUSINESS OWNERS

New small business owners seem to worry the most about tax. They fear being unable to understand GST and this is causing anxiety.

A total of 91 per cent reveal they do not have a thorough understanding of their annual tax obligations and 84 per cent admit they are unsure about what can be claimed as a business expense, a survey for American Express has found.

Jason Fryer, head of small business services at American Express, says most new business owners wonder at some stage if they have complied with the latest tax legislation and whether they will fall foul of the Australian Taxation Office if they make a mistake.

Tax expert and author Adrian Raftery says most small business owners want to know the likelihood of being audited.

As a rule, always keep business and personal expenses separate and use a dedicated business card.

FAMILY TRUSTS

These trusts, also known as discretionary trusts, can be set up to hold a family's assets or to conduct a family business.

Generally, they are established for asset protection or tax purposes.You can lose franking credits in some circumstances if a family trust election is not made.

In other words, if a family trust makes a family trust election and then pays income out to someone not included in the family group, the distribution will be taxed at the maximum rate possible.

The ATO is getting tough on family trusts this year, so MHM Chartered Accountants principal Bradley Conn advises that you contact your accountant before you do anything major such as buy a new car or computer.

"Discuss depreciation and deductions first, rather than after as many people do, as there may be alternate ways of doing things that would be beneficial from a tax point of view," he says.

"Most people tell their accountant after, when the horse has already bolted."

Do you dread tax time? Or do you have your own tips for making end of financial year more bearable?

Steve Goodman - Columnist for Business Matters Magazine

  

There is an old adage that says, “It takes money to make money.” That may be true, and in any business you often do have to spend more money to increase revenue – more money on advertising and marketing, more money on promotions or new inventory, sometimes even on more staff.

But what if there were ways to grow your business without spending an additional cent? There are, and here are 10 of the best ways to go about it.

1. Strengthen your relationships with employees

It doesn’t cost anything to be a better boss. When times are good, and there is a booming job market, employees get very comfortable, which can cause them to slack off. In hard times, almost the opposite is true – that sense of entitlement is often replaced with fear and anxiety of an imminent lay-off. Either situation affects productivity in a negative way. Stay engaged with your employees, especially in hard times. Reassure them that things are OK. Walk the halls, be accessible and be happy! You will be surprised how this can help build more loyal and more productive employees. Think of ways to give incentives to your employees with rewards that will not require any kind of out-of-pocket expense. Be a source of optimism in your company, and it can move in only one direction… up!

2. Reward loyal customers

Too often small businesses equate business growth with expanding their client base. Of course, there is nothing wrong with adding new customers, but remember to spend some time hugging your old ones! Make some calls, send out some emails and ask questions. Find out how your customers are doing; ask if there is anything specific they are looking for. Show genuine interest. If you are a B2B organisation, offer to “put your heads together” and see what you both can do to increase revenue for each of your businesses. Be willing to offer loyalty discounts, VIP purchasing programs or other incentives to regulars. A creative way to engage with existing customers is to host some free seminars on good business practices or human resource issues. And don’t forget to ask your loyal customers to give referrals - some businesses find it very effective to give incentives for every referral.

3. Advertise and market smarter

Before you consider spending more money on advertising or marketing to grow your business, get a clear picture of what kind of return you are getting on what you are already spending. Make sure any ad or marketing effort you do has a way to measure its success. Measuring and analytics can sound complex and overwhelming, but there really are some very simple ways to monitor how any kind of ad is doing. For example, in any print ad you run, use a phone number or exchange that is only linked to that ad – this way every call you get will be identified as coming from that ad. Install Google Analytics on your website; it’s free, and it will tell you where traffic to your website came from, how long they stay, how they exit, etc. There are many simple ways to drive traffic to your website and track results, and then once you are monitoring and measuring the effectiveness of everything, it also doesn’t cost you anything to make changes, tweaks and adjustments to maximise your returns!

4. Joint ventures and value-added services

Think of other small businesses that can closely ally with yours. Offer them some kind of mutually beneficial arrangement, or cross-promotions. What works for McDonalds – putting movie-related toys in Happy Meals – can just as easily work for you and another business down the street!

5. Don’t be afraid to change the rules or raise prices

In lean times it can be very tough to change. Many businesses think that when business is bad, raising prices will only drive more customers away. Maybe so, but not if the change is incidental to some item or service that is really needed by your client base. A slight increase in price can help grow your business without discouraging sales. Also, start to think about changing the rules. For example, one small office supply company had a customer service rule that no matter what, products had to be delivered twice a week to each of its customers. Upon evaluation, they found that for many of their smaller accounts they were losing money by making those two small deliveries each week. The clients they cut back to one delivery a week didn’t mind, and the company saved thousands a year!

6. Offer guarantees and put them in writing

Put up or shut up! Prospects love to see guarantees, so think about what you can guarantee about your products or service. If you are not offering any kind of guarantee, do so, and put it in writing – in all of your ads, on your website and all company literature. Offering a guarantee really doesn’t cost you anything, but it can go a long way towards overcoming the apprehension a potential customer may have when it comes to forking over their hard-earned money, and can help them buy with confidence. Be creative; a “guarantee” does not have to mean giving the customer their money back. One professional repair service “guarantees” they will arrive in clean uniforms and will not leave a mess when their work is done. Another service business “guarantees” that if they don’t show up at the time of your appointment, you don’t pay.

7. Engage with prospects differently

This is especially true if you run a retail business. Floor sales people are notorious for getting a “no thanks, just looking”, simply by the way they greet and engage with potential customers. Learn body language and be nice! People want to do business with friendly people. Instead of just asking, “Can I help you?” offer some real value: “Hello, I see you are looking at jeans. Did you know that the ones over on this rack are half-price today? And next week we are having a special sale on that item for our VIP only members. Can I get your email address to send you an invitation?” See the difference?

8. Take steps to improve cashflow

Step up collections efforts, shorten credit terms and offer incentives for early or cash payments. Turnaround is fair play - don’t be afraid to do to your vendors what your customers do to you. Ask for extended credit terms and discounts, and don’t be afraid to take your business to a cheaper supplier if your vendors will not reward your loyalty.

9. Narrow your focus

Try to concentrate on only providing those goods and services that are proving to be the most profitable for you business, and cast off the “dead wood”.

10. Work smarter, not harder

There is a myth that the harder you work, the more your business will grow. Productivity is not a measure of how much you work, but how much you get back from what you put in. Find ways to manage time, people and money more efficiently. Work smarter, not harder, and your business will grow.

Catriona Pollard. CP Communications

  

More and more businesses are using social media because it gives them another avenue to connect with customers.

There are so many social media outlets to choose from but with all the options, how do you determine which ones best suits your business?

Before you sign up and start tweeting or Facebooking, you should think about the social media strategy. This means taking time to stop and think about what you want to accomplish. It’s pointless to create accounts for every social media outlet without a clear understanding of your objectives.

Here are a few questions to answer and points to think about while creating your social media strategy.

Describe your business.
If you can’t describe your business and value you have to offer in a sentence, how will potential new customers know what you do? You will need to do this first.
Why social media? What do you want to accomplish using social media?
You need to define your objectives on why you want to use social media. Are you joining to make more contacts within your industry? Do you want to build on your relationships using an online medium? Would you like more engagement from your current customers? Do you want others in your industry to know you’re up to date with technology and trends? Whatever your reason, you’re bound to find an outlet that suits your business; the options are plentiful.
What social media outlets are best for you?
There are many different options when choosing social media outlets. Some options include social networking sites (i.e. Facebook), real-time updates or micro-blogs (i.e. Twitter), blogs, social news websites, just to name a few. You need to examine the characteristics of each social media outlet and see which of those support what you want to accomplish. For example, if your goal was to make new contacts with other business professionals in your industry, perhaps LinkedIn would be an outlet to consider.
Do you have something to share?
Social media is about sharing content and information as well as making connections with others. This connectivity is a way to build your relationships and meet new contacts. Do you have something interesting to share? Do you have news? Do you have information that is relevant and fascinating? Having something to share will encourage people to keep coming back for more.
How will you drive people to participate?
You can have multiple social media accounts and link them to each other to expand your business’ profile. Do you have something to share? Sharing content and information will encourage your contacts to participate in dialogue with you, whether it’s posting a comment on your blog or inviting others to read your information ongoing participation will lead to more interest. Participation is a two-way street, if you make the effort your customers will too, thus building stronger relationships.
Prepare to lose control of your brand.
Putting your brand out there will provoke debates, opinions and comments that might not necessarily be favourable. Are you prepared to lose control of the conversations about your business (even just a little)?
Who will maintain your social media presence? Do you have resources to keep it up?
Do you have the resources to keep updating your social media profiles? Will you or someone at your company update content, so your ideas and what you have to share is fresh?
How will you measure success?
Do you have a metrics system in place that can measure the effectiveness of your social media activity? Will you look at the quality of each comment made to determine if they’re positive, neutral or negative and how will you rate these? Will you be measuring your profile views or how many followers or subscribers you have? Have any business transactions happened as a result of your online conversations? If your goal was to build relationships with other contacts, are you doing this and are your relationships positive? You need some sort of measuring system to tell you whether or not social media is having a positive effect on your business.
Social media is making a big impact on how we do business. Take time out to think about why you want to use it, what outlets are best for you are and how you’re going to measure success.

Image: Before you jump on the social media bandwagon, know your strategy! Source: flickr

Are you harnessing the power of social media? If so, what's your strategy?

This month Google unveiled the new tablet software crafted to dethrone the almighty Apple iPad - and industry experts weren't disappointed.  (For full details of the launch visit Tech Crunch for more details)

Android Honeycomb, a free, open-source operating system is expected to quickly be built into an array of tablets in a booming market currently dominated by the Apple iPad.

In a sign that Google is intent on wooing the developers behind the "apps" fuelling the popularity of smartphones and tablets, executives here stressed that Honeycomb is built as a platform for software innovation.

Google also announced the launch of an Android Market Web store where people can get fun, functional or hip applications for devices running on the mobile operating software.

Already receiving rave reviews (see Donald Bell's you tube clip below) the software has some unique benefits for first time users:

• Buttonless interface. This was expected, and appeared to perform quite well.
• A new UI button on the home screen specifically for multitasking. It provides visual previews of apps running in the background.
• Widgets have been enhanced with collections of data; for example, they showed a bookmarks widget.
• The notification system has been beefed up to be less intrusive and to provide more information. Contact notifications include photos.
• A new animation framework that is demonstrably fast and incredibly smooth, especially when zooming.
• Renderscript, a feature that allows for high performance interactive 3D graphics; they showed an impressive wall of YouTube videos.

With millions of loyal iPad users already in the market, the question remains; will you make the switch?

Gerrie Car MacFie- CEO of Sunshine Coast Enterprises and regular columnist for Business Matters Magazine

  

Those who know me recognise a personal penchant for champagne.

I love a New Year's celebration for that reason. Professional considerations also attach to a love of the season - it brings a chance to reflect, review and look to the year ahead. A new year generally heralds more than champagne to be savored.

With obligatory corks now popped and January 2011 displayed on the desk calendar, the promise of a new decade zings with the effervescence of making a fresh start. Our team at Sunshine Coast Enterprises is certainly gearing up for an exciting year delivering low cost and local government subsidised business support services, despite the unseasonably grey skies.

For some Queensland businesses located outside the Sunshine Coast a fresh start is not a matter of choice. It will be compulsory.

The catastrophic flooding has inundated hundreds of small business premises across Queensland. Immediate economic retraction will be followed by an unprecedented demand for goods and services to repair and rebuild. As is the case with most natural disasters, the economic law of supply and demand will ultimately prevail.

This should present out-of-region export opportunities for suppliers, tradespeople, and services located here on the Coast.

In the last edition of Business Matters Magazine, I wrote about businesses moving from survival to thrivival mode. Economic recovery post-the big wet will have some winners and some losers. There will be business survivors and the few that seize the opportunity to thrive. These survivors and thrivivors of the big wet will be the businesses that have prepared, planned and stayed informed.

Losers will be those unable to make a fresh start.

An estimated 50 percent of small businesses that suffer catastrophic natural disaster are unable to resume operations. Businesses that have not made allowance for adequate insurance cover will be most at risk. Insurance coverage is the bubble that can burst and destroy a business. Based on industry and Australian Government research into effects of natural disasters; no insurance, under and over-insurance, will be a reality that constrains the majority of small business owners from achieving a successful fresh start in the post-disaster period.

So, whilst businesses here on the Coast have a flood-free opportunity to not only plan, but implement a fresh start strategy for 2011, it may be time to also do what many counterparts across central and eastern Queensland have not done. Planning for hazard mitigation before disaster strikes, including a risk analysis and insurance review, will help ensure sunny days no matter what the weather brings.

And of course, when your business is reaping rewards from the fresh start initiatives implemented in 2011, the champagne corks can pop, bubbles can flow and celebrations can be initiated for reasons other than New Year's Eve.

For information sheets on Disaster Resistance for Business, and a list of business support services provided by Sunshine Coast Enterprises and subsidized by local government funding go to www.scenterprises.com.au

Photo: Reflecting on the year passed and celebrating the opportunities ahead.