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Managing cash flow: procurement

Written by Haze Carver on .

NatWest Business Builder: Cost structure

It’s all too easy for SMEs to forget about the importance of a solid procurement process, but improving supplier performance and easing admin-heavy tasks can go a long way towards cutting costs.

SMEs have seen substantial hikes in labour, utilities, rent and fuel costs over the last 12 months, putting pressure on their cash flow and distracting senior decision-makers from focusing on growth strategies, including developing new products or marketing.

Cutting these costs will clearly improve the health of their cash balances and boost margins. One area, which can be overlooked in an SME, is making efficiencies in procurement – controlling spend and improving supplier performance and management in a range of purchases from raw materials to energy use and even stationery.

Protect profits

“Now is a testing time for business as global supply chains are buffered by more protectionism and tariffs,” says Malcolm Harrison, chief executive of the Chartered Institute of Procurement & Supply. “Small- and medium-sized businesses may be more vulnerable than some to the winds of change so will need to protect their enterprises and get the most out of their spend whilst protecting their precious bottom line.”

There are a number of procurement processes SMEs can take to make these necessary savings both in direct spend – such as a construction firm buying steel for a project – or indirect spend which refers to items such as IT equipment, office furniture, facilities management and marketing.

Harrison suggests the first step is to perform a supply chain audit to limit a firm’s exposure to currency fluctuations or other unexpected events, which could impact on the smooth delivery of goods and services. “If you have a complete picture of your suppliers then you can identify any critical supply situations, such as sole suppliers for certain products, and take action,” he says.

“Using multiple sourcing strategies is important. Having more than one supplier for crucial products can protect you from disruption and make you react quicker to surprise increases in demand. Though SMEs may feel they can ill afford to do such research, they can ill afford a supply interruption that could bring down their whole operation.”

Transparency

He encourages SMEs to also have greater transparency around spend. “If everyone in a small team has the opportunity to buy, how will you know how much the business has spent? You need to have an appropriate recording and sign-off procedure so a senior manager signs for all critical purchases and you can report on spend on a regular basis,” he says.

“Getting the best deal from suppliers is also difficult if your purchase is relatively small. Common items such as stationery and IT equipment could be a lot cheaper if you buy as a consortium of SMEs. Partnering up with local businesses (while protecting any confidential data in your own business) could give competitive edge.”

“Small- and medium-sized businesses may be more vulnerable than some to the winds of change so will need to protect their enterprises and get the most out of their spend whilst protecting their precious bottom line”

Malcolm Harrison, chief executive, Chartered Institute of Procurement & Supply

SMEs can also look for third-party partners. Ian Bolger, vice president of procurement consultancy Efficio, says it is increasingly working with smaller firms. “Companies are worried about exporting and rising importing costs. They are seeing their cost bases increase and realise that procurement can be a way of mitigating that,” he says.

“We go in and carry out a two- to three-week audit. We then help SMEs with the market research of alternative suppliers, including from new, low-cost territories, and improving the understanding and visibility over their spend. We can negotiate new and better terms with existing suppliers by benchmarking the market rates.”

Outsourcing

Procuright is also seeing more demand from SMEs outsourcing the procurement function. “SMEs often suffer from a lack of time or experience when securing the best deals from suppliers,” says managing director Gemma Howard-Sandy. “Suppliers are notorious for not always comparing apples with apples when it comes to presenting their products and services, which inevitably causes problems when trying to compare costs and terms.

“We find the main areas of category spend within indirect procurement that have become increasingly popular for outsourcing include, energy, carbon and energy management and reduction, insurance, IT and telecoms solutions, office and business supplies, logistics and deliveries, waste disposal and water services.”

She claims it provides many benefits for SMEs. “Having stronger procurement processes can reduce and control costs such as maverick spending, free up internal resources and increase efficiency for time-consuming functions,” she states.

E-procurement

The use of software – including so-called e-procurement – is another option. It can ensure buyers purchase from approved suppliers, set permissions to ensure spend compliance, compare suppliers in e-auctions and can provide more real-time visibility and data on supplier performance.

Wax Digital runs software called web3, which it says automates the procurement process. “We digitise existing processes that are manual and paper-based,” explains Daniel Ball, director. “We believe it brings consistency, efficiency and control.”

Ball believes procurement should become a necessary department and function in an SME when it reaches a £50m turnover or has 100 supplier contracts.

Ian Bolger, however, says it is not that clear-cut. “Even in a business of 1,000 people you might have one or two focused on procurement. But they will be reactive rather than proactively looking at spend,” he says.

“I recently told one boss of a £100m turnover firm, who had two procurement staff managing £80m worth of spend, that a 5% cost reduction in purchasing costs would boost his profits by four times. He was sales and forward-strategy focused and hadn’t realised how important procurement could be.”

Direct purchasing

It is certainly of importance at Creative Nature Superfoods, which sources ingredients from overseas, including New Zealand. “We don’t work with consultants as we want to cut costs as much as possible. We buy direct from farmers and growers around the world and also buy through ingredients wholesalers based in the UK and Europe,” says Matthew Ford, operations manager.

“When starting out, it’s best to use a wholesaler as they buy in large quantities from source, so can offer much better pricing than you would get if going direct. The benefits as you grow of buying direct from the farmers and growers are improved relationships, better knowledge of how the product is grown and how the farmers are treated, and more control over supply chain.”

A focus on indirect spend can also make a huge difference. Michelle Wright, chief executive of Cause4, recently undertook a cost management exercise. “It took over a year to complete, reviewing everything from stationery and utilities,” she explains. “I thought we were incredibly cost-conscious, but we obviously hadn’t been as we reduced costs against turnover by 7%. Our stationery bill fell by £1,000 a year.”

The review included getting three rather than one quote for utility contracts, diarising when service contracts were coming to an end to avoid higher tariffs and getting recommendations from other SMEs for buying cheaper stationery products.

“When you say cost review at an SME people get frightened as they think it means job losses. But it can mean the opposite, reducing costs and freeing up cash for investment,” she says.

Five benefits to strong procurement processes

  • Reduced costs
  • Better spend visibility
  • Deeper analysis of suppliers and ability to source new, more innovative partners
  • Improved payment terms
  • Reduced supplier risk

Further Reading

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

  • ‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

The Sounding Board – voices of experience

Written by Haze Carver on .

With Richard Ross

The Sounding Board

Making big decisions better

The Sounding Board is a group of entrepreneurs, professional advisors and generally nice people who love the challenge of running businesses and are happy to volunteer their time to try and help. We want to share that knowledge and experience we have of running organisations in order help others with theirs… and raise some money for charity along the way.

What do we do?

  • Each quarter we run an informal programme of 6 x 1-2 hours meetings, where 2 relevant Sounding Board members meet with you to provide; guidance, advice, insight, experience, support & generally act as a sounding board, to help you achieve your goals.
  • After being accepted we match you up with 2 x Sounding Board members with relevant experience and skills to meet with you over the 12-week period.

Why do we do it?

  • Our experience to date leads us to think that we can help almost every business that is willing to be open about their goals, challenges and invest some time in talking them through and listening.
  • We enjoy helping, want to give a little back to both business and good causes.

Who is it for?

  • All businesses great and small who aspire to improve.
  • Businesses that are struggling with:
  • Growth (too much as well as not enough)
  • Strategic direction and planning
  • Shareholder planning (planning for exit, succession planning, …)
  • Stress or a specific crisis
  • …… or any business issue/problem/thinking you want the share. These are driven by you.

Who is it not for?

  • People who are not willing to commit and invest the time.
  • Please do take this point seriously. We invest our time and energy free of charge into this process and there are a limited number of spaces.
  • Accepting a space and then not participating (without a good reason) will make you a bad person.

How do you get accepted?

  • Just email Angela with a brief outline of who you are, your business, approximate scale of the business and a brief outline of some of the challenges you are facing.

How much does it cost?

  • Not a lot!
  • It will cost you time – we aim for a minimum of 6 meetings of circa 2 hours over the 12-week period but often provide more.
  • We ask for people (their businesses) to commit to paying at least £1000 to our supported charity at the end of the 12 weeks if you feel we have added value.
  • We say commit because, if at the end of the 12-week period, you feel you have not received at least £1000 of value, then we will not hold you to it.
  • We also do not want the £1000 commitment to be a barrier or another thing adding to the financial worries of your company. If you are struggling, we are happy with an “IOU” to donate when you are enjoying happier times.

Watch the Voices of Experience video here

Home | voices of experience (thesoundingboard.org.uk)

We’d love you to join us online for The Sounding Board Discovery Day

On the 16th September 2021

at 10:00 – 11.30am & 3pm – 4.30pm

Sign up link: The Sounding Board Discovery Day | The Sounding Board

 Website: Home (thesoundingboard.org.uk)

Norfolk County Council commissioned Community Catalysts are delighted work in partnership with House Angels Decluttering Specialist.

Written by Haze Carver on .

Community Catalysts

Norfolk County Council commissioned Community Catalysts are delighted work in partnership with House Angels Decluttering Specialist. 

House Angels provide hands on, highly practical support for Norfolk people who are struggling with clutter or disorganisation around their homes. Many of their clients have had falls due to clutter becoming a trip hazard or other issues relating to their physical or mental health. 

House Angels can make living conditions safer, improve the quality of people’s lives, enable a cleaning team to go in, prevent a person from being evicted from their home or clear space for maintenance work to be carried out. They aim to look beyond the clutter to the person behind to find out more about them and understand the changes that are needed.

The idea for House Angels was formed out of experiences within their own family. Initially intended as a service to help people who were living in cluttered and disorganised conditions, as their father had been before he was admitted to hospital. As the idea evolved, they also thought about how their grandmother’s house had needed reorganisation and adaptions before she could return from hospital because her mobility had deteriorated. They had support around them to help make the changes that were needed but knew not everyone was so lucky. 

They enrolled on a business start-up course and gradually House Angels was born; finally launching in 2019. There were mistakes along the way and it’s been hard work, especially during the pandemic when they couldn’t see a way through. But, as is often said, they learned as much from mistakes as success! The pandemic has definitely taught them to be flexible, have confidence in what they do and not to give up.

A real positive for them has been joining the Community Catalysts project in Norfolk. It opened up many doors, put them in touch with social care and other small enterprises in the area and helped them to focus on where they want the business to go and adapt the services that they offer today. 

It’s been a long journey but they now feel they have a business that they can be really proud of and they’re getting lovely feedback from their clients and their families. One client’s reaction really summed this up. They had completed a 3 hour declutter and clean-up of his kitchen and bathroom. When he came to inspect their handiwork, he welled up and said “You have made me feel human again”. Another client, that they had worked with over many weeks, decluttering and clearing his late mother’s possessions commented “Every visit brings light into the house, lifting my spirits too!” Decluttering may seem to some like a luxury service but for House Angels client’s it can be life changing. They give their clients back a tidy house but also a home they can enjoy living in again.

https://www.facebook.com/House-Angels-Decluttering-Specialist-586974898463500

For more information about the Community Catalysts project in Norwich please contact Debra Morris

☎ 07384 835722 [email protected]

Introduction to Cost Structure

Written by Haze Carver on .

NatWest Business Builder: Cost structure

In this module we’re going to explore the viability of your business model, specifically looking at the cost structure. When looked at in conjunction with your revenue streams, it will give you an overall understanding of the profitability of your business.

In this module, you’ll explore:

  • Different types of cost structures
  • The key costs within your business
  • Fixed and variable costs
  • How to use costs to your advantage

Start by downloading and saving the workbook to your computer, to use throughout the module, capturing any key takeaways and completing the exercises at the end of each chapter.

What is a cost structure?

In this first chapter, we’ll start by looking at what a cost structure is, different approaches to cost and why it’s such a crucial element of building a viable and scalable business. Use your workbook to help you identify the costs within your business – and don’t forget to keep a note of any assumptions that you make so you can continue to test and validate these going forward.

Understanding your costs

Now that you’ve started to identify key costs within your business, one fundamental priority for every business owner is to then understand which costs are fixed and which costs are variable. In this chapter, we’re going to understand what constitutes a fixed cost or a variable cost and apply this to the costs you identified in the previous chapter.

How to use costs to your advantage

In the final chapter of this module, we’re going to look at how you can use costs to your advantage, first understanding the concept of breaking even and how economies of scale and scope could ultimately help increase the profitability of your business. We will also hear from some entrepreneurs about the cost challenges within their businesses and how they’ve worked to reduce these further.

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

Written by Haze Carver on .

Introduction to Cost Structure

NatWest Business Builder: Cost structure

In this module we’re going to explore the viability of your business model, specifically looking at the cost structure. When looked at in conjunction with your revenue streams, it will give you an overall understanding of the profitability of your business.

In this module, you’ll explore:

  • Different types of cost structures
  • The key costs within your business
  • Fixed and variable costs
  • How to use costs to your advantage

Start by downloading and saving the workbook to your computer, to use throughout the module, capturing any key takeaways and completing the exercises at the end of each chapter.

What is a cost structure?

In this first chapter, we’ll start by looking at what a cost structure is, different approaches to cost and why it’s such a crucial element of building a viable and scalable business. Use your workbook to help you identify the costs within your business – and don’t forget to keep a note of any assumptions that you make so you can continue to test and validate these going forward.

Understanding your costs

Now that you’ve started to identify key costs within your business, one fundamental priority for every business owner is to then understand which costs are fixed and which costs are variable. In this chapter, we’re going to understand what constitutes a fixed cost or a variable cost and apply this to the costs you identified in the previous chapter.

How to use costs to your advantage

In the final chapter of this module, we’re going to look at how you can use costs to your advantage, first understanding the concept of breaking even and how economies of scale and scope could ultimately help increase the profitability of your business. We will also hear from some entrepreneurs about the cost challenges within their businesses and how they’ve worked to reduce these further.

Further Reading

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

For importers and exporters, another big countdown begins.

Written by Haze Carver on .

by Tracey Renshaw at Import Export Support

Tracey Renshaw, Import Export Support
Tracey Renshaw, Import Export Support

CHIEF will be switched off on 31st March 2023 Our message is: do not delay, make a plan for CDSAs many of us are aware, import declarations will soon be migrated to CDS.

The Government have started the countdown to CHIEF’s shutdown, setting 30 September 2022 as the date for CDS to handle all import declarations, and the last date for export declarations in CHIEF will be 30 March 2023.

To avoid delays and issues at the border, your preparation for this change will be as important as those made for Brexit.

Last week’s announcement

“HMRC will be closing its Customs Handling of Import and Export Freight (CHIEF) system on 31 March 2023. From this date, all businesses will need to declare goods through the Customs Declaration Service (CDS). . .

CDS has been developed over a number of years in consultation with the border industry and will provide a more secure and stable platform that has the capacity and capability to grow in line with the government’s ambitious trade plans.

The move to one system for all imports and exports will also deliver savings for the taxpayer”.

Full announcement here

Declarations submitted in CDS are very different – here are some of them:

You will need to state Inco terms

Tariff/classification code will be split from 10 digits to 6,4,4.

Commodity codes.

Customs Procedure Code (CPC) split from 7 digits to 2,2,3, and this is validated so will need to be known before you start submitting the declaration.

Customs procedure code

What do you need to do first?

If you haven’t already, register for CDS. This is done using the Government Gateway. Those of you using PIVA will already be registered.

What can you do to prepare?

1.    Familiarise yourselves with CDS, which sees the SAD C88 document sent to its final resting place.

CDS guidance

2.    Find out what additional information is required to submit declarations in CDS.

Access CDS

3.    If you use an Agent to submit your declarations you should check what their plans are to get CDS ready. You will need to give them the relevant access to CDS and agree a revised instruction and checking process

4.    If you submit declarations using a third party software provider then make sure that you engage with them so that you can update your systems

5.    You might like to try the Trader Dress Rehearsal Service, with the assistance of your software provider. This lets you test your readiness and submit different declaration scenarios in a simulated Customs Declaration Service.

Dress rehearsal service

6.    Subscribe to some of the free online courses.

Trade academy

Acronyms:

CHIEF: Customs Handling of Import and Export Freight

CDS: Customs Declaration Service

Inco terms: International Commercial Terms.

PIVA: Postponed Import VAT Accounting

SAD C88: Single Administrative Document C88

Take The Youth Pledge

Written by Haze Carver on .

Talk to a Youth Pledge Business Connector.

Find out More.

Talk to a Youth Pledge business Connector.

Business Connectors have links across Norfolk & Suffolk and will help you to develop an opportunity for young people and will help you to develop an opportunity for young people that fits in with have the time you have to give.

Your business and your Youth Pledge opportunity will be advertised on www.icanbea.org to local young people and their families.

Book a call for a meeting.

Email us at [email protected] with your name, business address and telephone number and your local Business Connector will get in touch.

Take the Youth Pledge.

www.norfolk.gov.uk/youthpledge

The Community Catalysts programme funded by Norfolk County Council

Written by Haze Carver on .

Case Study

Council is delighted to work alongside Andrea in setting up her own community micro-enterprise providing care and support for people in her local area.

Andrea is an experienced carer and was in the process of setting up her own business. The Community Catalysts programme was able to work with Andrea through the process of ensuring that she had everything required to run her small care and support enterprise. Claire had already obtained a DBS and registered with HMRC. With the Community Catalysts programme, she was able to work at her own pace and get advice and guidance about insurance, regulations around sole traders offering care, safeguarding, risk assessment and other essentials. Through the programme she has also been able to connect, informally to other self-employed people for mutual support and networking.

Andrea now has her own business up and running and she has taken on her very first customers. She is looking forward to delivering care and support her way and running her quality small business with pride.

https://www.facebook.com/Andreas-Home-Care-Service-102420725375423

If you would like to learn more about running your own small enterprise that offers a range of help and support to older and disabled people in their homes, please do contact me, Debra on

☎ 07384 835722

???? [email protected]

 Find me on Facebook https://www.facebook.com/ComCatNorfolk/

This Norfolk County Council programme is currently funded until September 2021

Written by Haze Carver on .

Get More Customers With These Ten Fool-Proof Strategies

Kathy Ennis, LittlePiggy

As a micro business Mentor, I speak to plenty of new business owners who are ultra-confident about their product or service (which is great!) But when I ask how they’re going to get more customers, they look confused. 

They’ve been working long and hard on perfecting their offer… isn’t that enough?

High quality products or services are important, of course. But without enough people who want to buy them, your business won’t be successful.

So, here are ten fool-proof strategies to help you get more customers.

1. Don’t Forget Your Existing Customers

When you plan for business growth the temptation can be to concentrate on the search to get more customers. But what about the ones you already have?

Don’t get so fixated on attracting new customers, that you leave the ‘old’ ones behind.

Especially when someone who has bought from you before is likely to buy again. 

Not only that, but getting the customers you already have to buy something else costs about seven times less than attracting new customers.

Why?

Because your current customers already know you and love you!

2. Be Your Own PR Expert

You don’t have to become a character from Absolutely Fabulous to be good at PR.

All you’ve got to do is let more people know how amazing you are!

To do this, make sure you’re blogging regularly. Each blog post should demonstrate your knowledge, expertise, and personality, so people finish them feeling compelled to get in touch.

Meanwhile, journalists are always looking for knowledgeable people to comment for news articles, so why not be one of them? Type #journorequest into Twitter, and see who’s on the search.

Don’t forget about your local paper, too. If you’ve got an interesting story to share, why not put a short press release together?  

3. Use Social Media (But Differently)

That famous old saying, “if you do what you’ve always done, you’ll get what you’ve always got” can be easily applied to social media!

Don’t keep pitching the same old messages, and make sure you adapt your tone to suit the platform you’re using.

(You shouldn’t use the same style for a tweet as you would a Facebook post, for example.)

But for the best customer-attracting results, don’t just write random posts every now and again. 

Try scheduling specific campaigns (such as a seasonal offer) and plan specific, targeted social media activity that supports them.

4. Get Your Face and Voice Out There!

OK, this might involve stepping out of your comfort zone.

But recording a podcast or a video (or a Live video if you’re feeling brave!) will not only demonstrate your expertise, they will also help people get to know you.

And if they know you, they’ll feel more comfortable buying from you.

The Micro Pod is a podcast specifically for ultra small businesses. Check out the latest episodes here

5. Give Something Away

A downloadable lead magnet (think ‘Five Top Tips’ or ‘How To…’) will help attract potential customers to your website, and sign up to your mailing list.

If you can’t afford a designer to make your lead magnet look pretty, try experimenting yourself, with free, easy-to-use sites like Canva.

6. Host an Event

Shine a spotlight on your expertise, by hosting a customer-attracting event.

This could be a webinar, a networking meeting, or even a conference – whatever takes your fancy the most.

(Don’t forget to plan a social media campaign to promote your event!)

7. Collaborate with a Talented Partner

Two heads are better than one, so try teaming up with another businessperson, whose skills complement yours. 

Is there a specific project you could launch together… something that would attract new customers to both of your businesses?

Don’t put pressure on yourselves, as this doesn’t have to be a formalised ‘company’. Just find someone you can have fun and share ideas with, and you never know where it might lead!

I’ve worked on lots of creative and exciting projects with my main collaborator, the amazing Emma Goode of 24fingers, including our regular co-hosted training events.

8. Let People Know You Care

You don’t have to do all the heavy promotional lifting yourself, you know!

Share reviews, testimonials, and longer case studies that show potential new customers just how much your current ones love you. 

Drill into as much detail as possible about the problems you helped them solve, and how happy they were with the results.

9. Invest in Advertising

As we covered in Strategy 3, it’s not enough to broadcast random messages here and there.

You have to get campaigning, and that involves being specific.

So, do some research and testing to help you discover what type of ad campaign will work best for your ideal customer group.

This could involve social media platforms like Facebook or Instagram, web campaigns like Google Pay-Per-Click, or even old-fashioned leafleting.

(Yes, advertising costs money. But once you hit on a method that works, it’ll pay dividends!)

10. Be Planned and Be Consistent

Don’t get me wrong. I’m all for spontaneity… sometimes!

But when it comes to business, planning is best, because it helps you focus on what you need to achieve.

For example, saying “I want to get more customers” isn’t helpful unless you also understand, a) how many more customers you need, and b) how you’re going to get them.

So, create a plan, then follow it. 

Measure your progress along the way – the great thing about having a plan is that you can check how well it’s going – and make adjustments as needed.

If something’s working particularly well, keep doing it… and if something’s not working at all, stop! 

It really is as simple as that.

I hope you’ve found something useful to work on here. 

Need some extra help? Remember, my own expertise involves helping micro business owners and side-hustlers like you do all of the above! 

So, why not download one of my powerful toolkits, or contact me for a half-hour, no obligation Breakthrough Session?

Get More Customers With These Ten Fool-Proof Strategies

Written by Haze Carver on .

Kathy Ennis

As a micro business Mentor, I speak to plenty of new business owners who are ultra-confident about their product or service (which is great!) But when I ask how they’re going to get more customers, they look confused. 

They’ve been working long and hard on perfecting their offer… isn’t that enough?

High quality products or services are important, of course. But without enough people who want to buy them, your business won’t be successful.

So, here are ten fool-proof strategies to help you get more customers.

1. Don’t Forget Your Existing Customers

When you plan for business growth the temptation can be to concentrate on the search to get more customers. But what about the ones you already have?

Don’t get so fixated on attracting new customers, that you leave the ‘old’ ones behind.

Especially when someone who has bought from you before is likely to buy again. 

Not only that, but getting the customers you already have to buy something else costs about seven times less than attracting new customers.

Why?

Because your current customers already know you and love you!

2. Be Your Own PR Expert

You don’t have to become a character from Absolutely Fabulous to be good at PR.

All you’ve got to do is let more people know how amazing you are!

To do this, make sure you’re blogging regularly. Each blog post should demonstrate your knowledge, expertise, and personality, so people finish them feeling compelled to get in touch.

Meanwhile, journalists are always looking for knowledgeable people to comment for news articles, so why not be one of them? Type #journorequest into Twitter, and see who’s on the search.

Don’t forget about your local paper, too. If you’ve got an interesting story to share, why not put a short press release together?  

3. Use Social Media (But Differently)

That famous old saying, “if you do what you’ve always done, you’ll get what you’ve always got” can be easily applied to social media!

Don’t keep pitching the same old messages, and make sure you adapt your tone to suit the platform you’re using.

(You shouldn’t use the same style for a tweet as you would a Facebook post, for example.)

But for the best customer-attracting results, don’t just write random posts every now and again. 

Try scheduling specific campaigns (such as a seasonal offer) and plan specific, targeted social media activity that supports them.

4. Get Your Face and Voice Out There!

OK, this might involve stepping out of your comfort zone.

But recording a podcast or a video (or a Live video if you’re feeling brave!) will not only demonstrate your expertise, they will also help people get to know you.

And if they know you, they’ll feel more comfortable buying from you.

The Micro Pod is a podcast specifically for ultra small businesses. Check out the latest episodes here

5. Give Something Away

A downloadable lead magnet (think ‘Five Top Tips’ or ‘How To…’) will help attract potential customers to your website, and sign up to your mailing list.

If you can’t afford a designer to make your lead magnet look pretty, try experimenting yourself, with free, easy-to-use sites like Canva.

6. Host an Event

Shine a spotlight on your expertise, by hosting a customer-attracting event.

This could be a webinar, a networking meeting, or even a conference – whatever takes your fancy the most.

(Don’t forget to plan a social media campaign to promote your event!)

7. Collaborate with a Talented Partner

Two heads are better than one, so try teaming up with another businessperson, whose skills complement yours. 

Is there a specific project you could launch together… something that would attract new customers to both of your businesses?

Don’t put pressure on yourselves, as this doesn’t have to be a formalised ‘company’. Just find someone you can have fun and share ideas with, and you never know where it might lead!

I’ve worked on lots of creative and exciting projects with my main collaborator, the amazing Emma Goode of 24fingers, including our regular co-hosted training events.

8. Let People Know You Care

You don’t have to do all the heavy promotional lifting yourself, you know!

Share reviews, testimonials, and longer case studies that show potential new customers just how much your current ones love you. 

Drill into as much detail as possible about the problems you helped them solve, and how happy they were with the results.

9. Invest in Advertising

As we covered in Strategy 3, it’s not enough to broadcast random messages here and there.

You have to get campaigning, and that involves being specific.

So, do some research and testing to help you discover what type of ad campaign will work best for your ideal customer group.

This could involve social media platforms like Facebook or Instagram, web campaigns like Google Pay-Per-Click, or even old-fashioned leafleting.

(Yes, advertising costs money. But once you hit on a method that works, it’ll pay dividends!)

10. Be Planned and Be Consistent

Don’t get me wrong. I’m all for spontaneity… sometimes!

But when it comes to business, planning is best, because it helps you focus on what you need to achieve.

For example, saying “I want to get more customers” isn’t helpful unless you also understand, a) how many more customers you need, and b) how you’re going to get them.

So, create a plan, then follow it. 

Measure your progress along the way – the great thing about having a plan is that you can check how well it’s going – and make adjustments as needed.

If something’s working particularly well, keep doing it… and if something’s not working at all, stop! 

It really is as simple as that.

I hope you’ve found something useful to work on here. 

Need some extra help? Remember, my own expertise involves helping micro business owners and side-hustlers like you do all of the above! 

So, why not download one of my powerful toolkits, or contact me for a half-hour, no obligation Breakthrough Session?

How do I protect my cashflow? There is little profit to be made from empty promises of payment!

Written by Haze Carver on .

Price Bailey

UK small and medium-sized businesses are owed an estimated £32.4 billion in late payments from debtors, according to a report by Bacs Payment Schemes (Bacs).

Cash is the lifeblood of your business, and there is little profit to be made from empty promises of payment. Of course, there’s an inevitable element of risk in sales – you can’t confine yourself to just ‘safe’ customers – but you can go a long way to limiting the risk.

  • Thoroughly research the background of the customer. This could be as simple as speaking to other people who’ve dealt with them.
  • Ask for cash in advance or on delivery (although this might not be practical with larger companies with strict payment procedures).
  • Send the customer your terms and conditions, and ask for approval – before you start working with them.
  • Get to know how each customer’s payment system works. This can be especially important with big companies, who might have very formal procedures in place and could refuse to pay without a purchase order.
  • Introduce yourself to the person who’s responsible for drawing cheques and making payments.
  • Offer prompt or early payment discounts. But be careful how much you give – you don’t want to eat into your profit margins.

We can offer you an outsourced credit control service, helping you maximise cash flow, reduce your need for bank borrowing, reduce bad debts, and concentrate on running your business.

How do I protect my business against cyber-attacks? What should I actively be doing?

Written by Haze Carver on .

Price Bailey

The growth and development of technology in business during the last decade has completely transformed business. In a relatively short period it has revolutionised every business activity in almost every sector, industry and market, resulting in greater efficiency and cost savings.

This transformation and reliance on digital systems has however placed a huge reliance on the integrity of the technology, the internet and the systems in place to secure businesses’ online assets. It is this integrity, or rather the lack of it, which is fuelling an exponential rise in cyber attacks on businesses which may not only affect performance but can lead to total business collapse.

No company too small

Attacks are not limited to large businesses however. No company is too small to be the victim of a cyber attack. Hackers don’t just want to steal money from the company they are targeting, they may be looking to step onto a larger company and 80% of hacks at larger companies start in the supply chain.

These suppliers provide an easy route into the larger companies because the defences between the main company and its supplier will also be weaker than the external protection of the larger company.

Spoofed internal emails

One of the most common and simple attacks involve bogus invoices or requests for payment. Huge damage can be created with a stolen or ‘spoofed’ email address. For example, the financial department receive a ‘spoofed’ email supposedly from a senior board member asking for a cheque to be paid into a certain account.

The financial department doesn’t query the request as it appears to be from a senior executive and the cash is transferred, never to be seen again. A recent IoD report claims that 72% of businesses have been the victim of bogus invoices.

The perception that the majority of cyber attacks emanate from Eastern Europe or China is far from true. Insiders are responsible for as many as 60% of all data breaches courtesy of either good old human error or deliberate action.

Measures to protect your business

In addition to awareness of the threat and internal vigilance what can you do now to protect yourself further? Proactive management, education and a company-wide security culture will go far in countering the threat, while at the same time ensuring more trained eyes to help counter potential attacks and enhance overall business resilience. Specific measures you should consider include:

1. Having a cyber insurance policy: This makes good sense, but it is by no means a silver bullet and may not cover all outcomes such as reputational damage.

2. Contingency planning: Boards should plan how they would react to different scenarios and have a mitigation plan for when their business is hacked or compromised. It is important that all departments are involved in this; cyber security is as much an HR issue as an IT one.

3. Awareness: Senior managers should ensure all employees are cyber aware and alert to scams and social engineering, including not sharing passwords or memory sticks and are aware of public Wi-Fi risks.

4. Supplier Integrity: Cloud and IT providers must demonstrate the integrity of the security protocols they have in place and their disaster recovery plans.

5. Audits: Conduct a data audit to classify your most sensitive data.

6. Antivirus: Always have up-to-date antivirus software and check that all mobile phones and tablets have antivirus software installed.

Technology and the internet have delivered huge benefits, providing huge potential for businesses to flourish and opportunities for new forms of on-line enterprise to enhance our lives. But with the benefits come the risk to the security of on-line resources and assets.

Regulation is on the way to ensure business leaders are taking steps to ensure their on-line resources and assets are properly protected, with sanctions against those who don’t comply. But the largest sanction of all is your business being targeted and disappearing overnight.

 You can view this original Price Bailey blog here

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