Entrepreneur's holiday guide!

Hi, Helen here!


With Christmas and the school holidays fast approaching, many businesses around Australia will either  be flat out, or very quiet period with little sales. We look at how to manage your business’ seasonal fluctuations and how to manage your cash flow during these ups and downs.


WHAT ARE SEASONAL BUSINESSES
Seasonal businesses are determined by a number of triggers, such as Christmas, school holidays, summer and winter, and the end of the financial year.  During these periods some business will be busy and some quite

WHAT TO DO WHEN YOU'RE BUSY 
Christmas is a really busy time for most businesses.  Retail and tourism are booming, builders and painters are completing renovations in the lead up to Christmas, mechanics are getting cars ready for summer holidays.

WHAT TO DO WHEN YOU'RE QUITE
Use that off-season time to plan, so that you can hit the ground running when the busy season kicks off. An idea might be attending a professional development workshop that we run, or attending our planning day that we are going to have in January! 

We are also having a Christmas 7am Pick Me Up Breakfast. If you are interested, head over to our website for more information. 

Strive to be different!

Hi, Helen Here!

Between day-to-day tasks of running your business, it can be hard for the business owner to keep the main goal insight. And, in doing this find it hard to be different from the rest. If you want to create a product or service that lasts, you have to be different from the rest and set yourself apart!

1. Be remarkable.
Seth Godin once said, "You've got be a purple cow." He could never be more right, you can't blend in with the herd you have to stand out and give people something to talk about, something positive and extraordinary that you wouldn't usually see. Don't just be different, be outstanding!

2. Be personal. 
Get to know your customers, let them get to know you. Having a personal really does affect you business, in a good way! We all know there are actually people working for the businesses we encounter and rely on in our daily lives.

3. Be accessible.
The last thing people want is to talk to a robot, or have no choice but to get things online. People want a face-to-face experiences, it is your job to make them share their wants, needs, dislikes, questions etc with the business.

4. Be genuine. 
Let your customers know that you are the real deal, you can never be all things to all people. Be clear about what you and your business are about and don't waiver from that!

5. Be relevant. 
Some businesses have trouble adapting to modern day, or even their customers. Because, lets be honest - your customers needs and wants are going to change, if you want to stay relevant then you need to be able to change with them.

Be caring! Worry about quality and not quantity! These are all things that you need in your business to be different from the rest.

If you need help to be different, don't be afraid to contact us!

Being creative and how it can help you!

Hi, Helen here!
Being creative in your business is what sets you apart from the rest, Look at Apple and Facebook, they are both two businesses that prove that creativity is the cornerstone for businesses to be successful. But we all know that learning and becoming more creative in your business and around your workplace is easier said than done.

Creativity is like a muscle, you need to flex it each day to make it stronger! I believe that the key in being creative is being open to ideas, being curious and looking outside the box. It is about having a wide frame of reference on the world and lots of different dots to join.

Creativity comes from the simple things, like emerging yourself in diversity, really listening to what you hear, see, taste smell and feel can be great stimuli for ideas. At work you can use random objects and visuals to inspire creativity in yourself and other people, making connections between the item you have and the challenge you want.

Creating and a creative environment is simple, creating large spaces in the office environment so everyone can come together and collaborate will make everyone contribute and ultimately work together creatively to solve a problem or idea.

Creativity helps save money as well, if everyone comes together and brainstorms ideas and contribute in discussions then it is more likely that the team will work together to get to the best outcome for production and work space efficiency.

Creativity is really the cornerstone of your business, by not being creative you aren't giving your business the best opportunity to succeed.

Marketing!

Hi, Helen here!

Marketing; an important effort in gaining prospect attention, building product or service demand and winning customers.

For the average small business owner, they operate on a “no-frills” budget and often find a wide variety of excuses for neglecting their marketing, they say that it is just something that they cannot afford. Although it is true that marketing is an expense that can be reduced or cut, but this then leads to the question “without marketing, how do you propose to gain those much needed customers which will equal sales?”

It is true, you have to spend money to make money. If you do not effectively market your company, brand, image and products or services, you won’t be in business for long.

As entrepreneurs you must always be looking into the future and the next sale, marketing is just an investment in future sales. People need to be aware of you company and what they offer in order to become a customer of your business.

In order to generate the consumer interest and trigger the buying response, you need to keep in mind the 4 P’s of marketing; product, promotion, price and place. These elements need to work together to generate the outcome you want from your customers.

Tip: develop an annual marketing plan within your business plan. Here, you can figure out and expand your resources.

Marketing doesn’t always have to cost money, it could be as simple as advertising on a free website or social media platform. Facebook is always a good source to get your product or service out there, don’t be shy to put yourself onto the web!

If you would like to discuss marketing, planning or developing a marketing budget contact us now!

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0418 769 531

Innovation!

Hi again, Helen here, 

July is all about putting innovation into your business! Generally, innovations refers to changing or creating more effective processes, products and ideas. It is a known fact in the business world that innovation creates more efficient work processes and and increases the likelihood of a business succeeding. In business however, the spectrum broadens to things such as implementing new ideas, creating dynamic products or creating a better customer relationship. 

" Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace"

Innovation is not so much inventing, it could mean changing your business model or adapting to changes in your environment to create and deliver better products and services. Business that innovate create more efficient work processes and have better productivity and performance. 

Innovation is a great way to help keep up with the trends because a successful business responds with the current customers but future ones as well. Innovation could be your competitive advantage! 

Your competitive advantage is what sets you and your competitors apart, it could be your; products, services, uniqueness, customer base, locality etc. Innovation is key to having that competitive advantage. 

If you need help with innovation and getting your competitive advantage, contact myself now! 

Financial Management!

Hi Helen Cowley here!

Recently I was reading an article in Smarter which is a business magazine and I came across a management to do list and it got me thinking! So here, I present to you the Finance Management to do list!

1. Be Prepared for the Peaks and Troughs!
For new or small business the peaks throughout the year can be a major cause of stress because they are not yet understanding the cyclical fluctuations. Managing through these times can require all sorts of changing. So! Make sure that you are prepared for the worst case scenario that can happen. There is nothing worse than not being prepared, your business could really have a downfall because of that.

2. Be Prepared to Evolve!
Your business plan is not a set in stone document - It should evolve and change with the growth and maturity of your business. You need to ensure that it stays relevant to you, you will need to calibrate the settings to suit your business. Review and  adjust your business plan regularly to make sure that you are prepared for your success.
 
3. Record Stock!
Not knowing your stock could be another influential downfall for you business.  Good stock control is vital for the busy periods that you will see throughout the year. However, excessive stock sitting can be money sitting in the bank to use on something else. It is about finding your balance!

This is not all of the Financial Management to do list that I have created, but if you would like to find out more about what you can do to control your financial management then contact me so I can help you succeed in your business. 

I hope to be hearing from you soon, 
Helen Cowley.

Cash Flow problems?

Hi, Helen Cowley here!

Having cash flow problems? Not knowing your numbers? Not knowing your profit and loss? There is one solution that can help you gain better control - Budget!

Okay, so you have just purchased your business or have a small business and you know your trade but when it comes to bookkeeping or (more importantly) budgeting you skills are lacking? Well their is good news for you, it isn't really that hard! 

Budgeting is all about estimating and matching expenses to revenue. If you don't have this, then how are you supposed to know if your business adventures are paying off for you? The revenue you create pays the expenses that you need for your business to run. 

To put it simply:
High Expenses + Low Revenue = Low or no profit
Matched Expenses + Matched Revenue = Steady Flow
Low Expenses + High Revenue = High Profit
Not Knowing your numbers = Not knowing your business

Now, I am not saying don't have expenses - every business has them but if you don't know or understand your expenses and revenue their is a serious problem! All that hard work and effort that you have been putting into your business could all be for nothing.

I am not here to tell you how exactly your budget should be set out
because everyone has a different situation. But, their are some things that are common throughout all business owners. Their are things such as; rent or mortgage, utility bills, payroll expenses, interest and tax payments and the list goes on. The point is that every business (no matter what stage they are at) should know what these bills total out to be. Without it your bound to go bust!

Tips:

1. Check Industry Standard
2. Make a Spreadsheet
3. Factor in Slack
4. Look To Cut Costs
5. Review The Business Periodically
6. Shop Around For Services + Suppliers

If you feel like you need some help with budgeting your business then I suggest contacting myself or go to my website to see all the different programs that we run so you can figure out what would be best for you. 

I hope to be hearing from you soon, 
Helen Cowley.