Simon Ackland - Business Growth Blog

Business Planning And Setting Business Goals

The New Year is a traditional time for business planning and setting business goals...don't waste the effort.

Make 2011 The Year Of Taking Action
All the business planning in the world is a complete waste of time and money if it is not actioned. We strongly recommend you focus on this in your business planning during this time of business planning and business goal setting.

A good plan executed today is far better than a perfect plan implemented tomorrow...take action now and don't worry about getting it perfect.

Short On Resources? Consider Outsourcing
To grow your business regardless of how small or large it is requires the same degree of focus and commitment. Unfortunately, not every business has the ideal resources to get all their plans going. As a result, we have found a demand in our business for more and more implementation work resulting in many outsourced marketing department arrangements.

These vary from complete outsourcing of marketing and business development through to just providing monthly campaign management or a specific component or project where internal skills are perhaps lacking such as digital marketing.

This sort of thinking is important because you can't do everything yourself and it may not be appropriate to bring in full time personell until a new strategy is proven or volume demands it or makes it more economical to bring back in house.

New Strategies and Trends...Things To Think About
Have you worked out if and how social media might apply to your business? What about mobile internet and video? These are some of the strongest growth areas in marketing today and to be at the front of the wave instead of behind it means spending some time to see what your competitors are doing and plotting a strategy to stay ahead or get ahead of them. This is about innovation and differentiation, key new business winners.

We are introducing mobile web strategies for our clients in 2011...did you know that mobile internet connections are forecast to exceed desk top internet connections within a couple of years? You can't afford to ignore this trend.

Fresh Eyes To Look Over Your Business
I hope there are a few ideas in this note that will stimulate thinking for your business this coming year. If you would like to have someone external have a look over your business with fresh eyes, give us a call or complete the form on our website for a free Business Impact Analysis...we don't charge for an initial fact find meeting and can provide some ideas or thoughts on the spot, at least so you can decide if it is worth going further.

And yes, we can review a business over the web...just can't comment on the onsite business operations.

To your business and personal success in 2010 and best wishes for the festive season from the SMI Team

Would You Grow Your Business Down?

Article Written By: Simon Ackland | SMI Business Impact CEO| Business Impact E-Zine # 11

This statement doesn't seem quite right at first glance, but think about it.

Large companies globally are making cuts including reducing staff numbers, in response to the economic outlook. But will they end up just cutting costs at the expense of growth...and can they still expect to achieve growth in the medium term?

The point is, if you carefully grow your business down, rather than taking rash and ill-thought out cost cuts, you remain in control and it becomes a strategic move.

According to the January 2009 Dun and Bradstreet Business Expectations Report, which surveys 1200 business owners and senior executives, it was revealed that 54% of firms expect declining sales in the March 2009 quarter and 59% expect lower profits.

If expectations like this become reality, then the way forward requires careful thinking by business owners, boards and senior management to achieve continued growth regardless of whether the economy moves up or down. How can you adjust your business to meet market realities and still achieve some growth in profits? We all know it is not always possible, but you owe it to your stakeholders to try. The other point to remember is that when you come out the other side, will you be in a position to leverage the recovery? Here are a few ideas to consider.

Highly Targeted Niche Strategies
What about basic marketing? Most companies make the mistake of trying to market to everyone. Regardless of the state of the economy, it makes sense to adopt niche strategies, afterall, that would cost less...wouldn't it?

If you made targeted offers only to buyers, margins would be increased offsetting some downside from reduced sales. But what if the targetted marketing actually resulted in improved sales? That is highly possible if it is not something you have focused on in your business before.

Online Marketing
What about getting involved in online marketing in a bigger way? This can be very cost effective and automated...the opportunity to do more with less is great in this area. Online also means you can open up new markets...if sales decline in your traditional markets, what new areas could you open up by targeting the same client profile but through different media or in different places?

By the way, did anyone ever say you could only have one website? No reason why you can't run a number of sites designed to pitch a slightly different message to different groups. Just like we don't all want to buy a big Black car, provide some choice and alternatives...make your product or service appeal to new buyers with differing wants and needs. Where is the low hanging fruit for your business?

Social Network Marketing
Its not entirely about silly photos and flippant stories. Social networking is the new frontier in marketing for businesses now. In fact our Digital Marketing Agency has just released a new service for social network optimisation...basically we will create a profile for your business in the top 24 social network sites and create the book marks etc to get you going in this new market space. Don't reject it out of hand...there are 150 million people on Facebook alone and they offer very targeted advertising opportunities in addition to the no cost strategies.

It is all a matter of identifying the best strategies for your particular business and maybe tweaking your offer to suit. Generate some buzz, some viral marketing...you don't have to keep doing things the same old way!

Business Process Automation
SMI Business Impact has always worked with clients in the area of what we like to call "auto-piloting" their business. Most business processes can be systemised and documented for staff and there are many technologies that can assist. Our own research has identified products like Salesforce.com for client relationship management (CRM) and auto-responders on email marketing systems among others.

In addition we have identified an amazing business process automation and document management system that we will be introducing to the market over the next few weeks.

Like all good businesses, SMI is continually seeking opportunities to grow...afterall, why should we only do it for clients. To this end, we have signed an exclusive national distribution arrangement for this system that not only reduces costs permanently but also reduces staff resource requirements thereby producing not only improvements in efficiency but also substantial cost savings and hence ROI. Business process automation will allow businesses to:

• automate projects and processes
• provide enhanced compliance, control and audit trail
• simplify operations and staff training
• ensure consistency of company presentation
• automate document production, revision, storage and retrieval
• improve customer service
• fully customisable to your business; if you can draw a process on paper, it can be automated

This new product has 13 years of development behind it and a client list that includes a top 20 ASX listed company as well as clients in Canada and Israel. Full functionality and cost effectiveness is available to both SME and large enterprises.

There are amazing opportunities to improve your business, it just needs some focus and attention to work out what the best opportunities are for you in your particular market.

Need Some Professional Help?
Need help to work out how best to grow your business down?

What about a 3rd party view of where your business is today and where it could be? What you could do to avoid or minimise any downside from the economic downturn. What new market opportunities might suit your products and services?

Kick-start 2009 and request a F.ree initial consultation with an SMI Business Development Consultant and discover the upside in your business. Simply click on "Apply Now" and we will contact you or give us a call now on (08) 93648555.

To your business success and a prosperous 2009.

Simon Ackland

What's stopping you?...and no, its not the economy

Article Written By: Simon Ackland | SMI Business Impact CEO| Business Impact E-Zine # 10

Why is it some businesses prosper while others struggle? It happens in all markets so it can't be blamed on the economy.

This is a topic worth thinking about while preparing for the New Year. A New Year with more turmoil than we have experienced for the last 5 odd years, so a timely reminder that we can still have permission to be positive.

From our experience, there are 7 things that people regulary do that stops them getting the job done. Let's eliminate these for 2009, get some results and minimise any downturn effect.

1. Chasing Perfection
Forget it! Just do it. Get going. Too many people try to get everything just right. They paralyse themselves and end up doing nothing or missing the prime opportunity timing.

Who cares if there is the odd spelling error. Better to have your article or newsletter or whatever out there working for you. If you are working on a new value proposition, adopt one now and use it...before long you will discover how to improve it, but in the mean time you're out getting some runs on the board.

Your key focus should be on success, not perfection. And that means taking action now!

2. Not marketing...
There are many excuses trotted out about marketing, some we've heard include...we're in a technical business; our shopping centre does the marketing; we are accountants and we don't do that stuff.

What a load of rubbish. You don't have a business if you aren't marketing. The only expenditure in your business that produces profit is marketing. Its measurable. Its accountable. If you don't do it and are still successful, you are either lucky enough to be in a business with such a short fall of providers that it is like a monopoly or you are actually grossly underperforming!

And what about the economy heading south? How bad will it be? What if a new and credible competitor comes in and gazumps you? If you maintain a degree of marketing at all times, it will be easy to 'rev up' your business when needed; protect your position; survive a downturn or simply increase return on investment...more profit and business value!

3. Fear of Failure
So many people hold themselves back because they are afraid. You get up and make a speech and forget something...so what. Move on. No one will hold that against you.

You call a prospect on the phone and they say no; so what, move on to the next one. Nothing is going to hurt you. Having your business fail around you will hurt.

4. Hanging out with the wrong crowd
If you hang out with loosers, eventually you will become one. Find people who have done what you are doing and succeeded. Seek mentors who have achieved results and done what you are targeting. Find people who can help you do things better.

5. Not Articulating A Clear Value Proposition
It doesn't always have to be unique (often called the USP...unique selling proposition) but it sure helps if you can find something or some element about your offering that can make it unique...something that sets you apart from the rest.

If you only sell your product or the features or price, you are in a commodity business and end up competing head to head with every other provider. Create some clear differentiating value and you can own your own market.

Everyone is looking for value. They will always throw out a smoke screen..."We don't have that sort of money!"...in order to avoid being sold something. And it will work if you can't build the value offered to such an attractive level that they can't afford to say no.

6. Poor time use
So many people are constantly late and we let them get away with it..."It's okay" "Not a problem". But its not because it effects us as well. Make people accountable and they will change their tune over time. Start meetings without them. Don't go over old ground in a meeting if it was covered before the late person arrived.

What about this simple one...booking too many things too close together. We all do it and it stops us getting things done.

7. Not having a Rainmaker
Its got to be someones job to bring in new business. Its no good as the head of the business saying that you're (say) an architect and that's what I want to do. If you want to be a technician or professional, then go and work for someone else who has the marketing and business development skills for you to take advantage of...or employ someone else into that role.

A good rainmaker will be both assertive and persuasive; have the ability to talk on many subjects and be good at thinking on their feet; won't take rejection badly; can frame issues well and in a way that solves the clients problems or meets what they are looking for. There is no point talking product or service until you have determined a real need and can identify the value you can deliver to solve that problem.

Every business needs a rainmaker; not having one definitely holds your business back.

Need Some Professional Help?
Need help to work out what's stopping you getting things done?

What about a 3rd party view of where your business is today and where it could be? What you could do to avoid or minimise any downside from the economic downturn.

Kick-start 2009 and request a F.ree initial consultation with an SMI Business Development Consultant and discover the upside in your business. Simply click on "Apply Now" and we will contact you or give us a call now on (08) 93648555.

To your business success and a prosperous 2009.

Simon Ackland

10 Ways To Thrive During A Slowing Economy!

Article Written By: Simon Ackland | SMI Digital CEO (the Digital Marketing Agency division of SMI Business Impact Pty Ltd)

According to a report from The ClickZ Network, Nov 7, 2008, the company predicts interactive media spending will rise 7.2 percent next year as offline media spending falls 1.4 percent.

1. Start from the beginning...Your Brand
Make sure that your brand talks to your clients and maybe it's a good time to make a change.

Re-launch your business, show the world that you are not worried and business is booming. Positivity must be expressed to drive positive actions this is the law of attraction at the best.

Refreshing your brand will give you a good excuse to talk to all your existing clients but also will allow you to reflect on your communication and core message.

Two critical points to think of: Is our brand adapted to our target market? Is our core message exciting to our existing and prospective customers? In simple terms, for a very small cost you can dramatically use the down turn to revive and work your brand harder.

2. Cut your costs and improve your results
You have the choice to send 10,000 postcards or letters, that you won't even know if the recipients have read them, for $1.50 each ($15,000 of admin, creative, print, postage) or send 10,000 emails for $100 and get instant analytics and results.

Yes it is time for you to start re-assessing. So don't stop marketing! Just spend your money wisely by using digital communications. Don't get caught up in the negative media hype, stay focused and be smart about it.

3. Make your website a real tool
Create interactivity with your clients, web 2.0 is all about engaging.
Use a silo marketing approach and create additional landing pages specific to each of your products or offers so that readers landing on your pages (landing page) are not confused by the array of other products or services on your site. Keeping your visitors focus on your page will increase your conversion rate dramatically.

It is the perfect time to implement the right tools such as an online training centre or online academy for your clients and your staff.

Differentiate yourself with appealing products and services linked to a registration form. (Don't forget the incentive).

Make sure that your website is up to date and has exciting content relevant to your audience; use your content management system to optimise your Meta tags and key word density within your web pages so the organic searches (Google etc) can find your specific product or services.

4. More communication and more presence
Online strategies are the perfect vehicle for communicating with customers and generating additional purchases.

Combine communications using emails, social networking optimisation, blogs, emails and websites to keep on growing your business.

Keep talking to as many customers as you can with your blogs, social networking sites and emails while your website becomes the tool to manage leads through smart incentives and data capture pages.

It is not rocket science but it needs to be done. Businesses that adapt to changing times and offer products and services further suited to the changing spending habits and needs of their clients will not only survive but many will flourish!

5. Target - Target - Target
Online database management provides you superior targeting ability. Why send a letter to someone who does not care about your product or service? Using an online communication strategy will accelerate the trend toward the use of behavioural targeting.

With average conversion rates hovering around 1.5%, this is an ideal way to reach the other 98.5% that have taken the time to visit your site but haven't yet converted. So keep communicating. I often use the metaphor of a TV station, once you on air you must stay on air.

6. Measure Track and survive...even thrive
Online marketing of all types offers greater measurability while allowing you to track behaviours in comparison to traditional media advertising.

Do you know who has read your advert in the newspaper or magazine? No chance. This is of course due to the awesome technology, where every mouse click is tracked, usually anonymously.

Use this data to understand how much each lead and sale costs you. Everything on the web is measurable...unlike printing.

7. Build your distribution network
Talk to other businesses, yes that's right you remember the old tool called the telephone; it still works to build relationships.

Call businesses and start cross promoting your services, develop a referral program and even a joint event like "La Dolce Vita" with an associated business targeting the same customers and share the costs and the rewards!

8. Convert and manage sales efficiently
During tough times you cannot afford to lose leads and clients; make sure you are using an appropriate customer relationship management (CRM) tool, so you always stay on top of it.

Focus on increasing your conversion not just the number of new leads or enquiries. Work your existing client base; it is 75% easier to convert an existing client to a new sale than pitching to a new one.

Do some research on unconverted leads to find out why they aren't buying from you? Create an online e-learning centre for your staff and your clients. Providing education is a great way to build brand advocacy.

9. Listen to your customers and the market
Send a simple survey to all your clients with a great incentive (never forget the incentive). Read all media, books and relevant business articles to keep you thinking about your business and how you must adapt. If you keep learning through customer feedback and constantly thinking about how you can improve your offering you will only continue to grow your business.

10. Forget about the world economy and all the media hype
Journalists rarely deliver good news; they exploit human nature which is constantly craving for sensationalism. Remember the James Bond movie "Tomorrow Never Die" where Elliot Carver said "there is no news likes bad news", well yes it was a movie but...

Think about it, it's easier for the media to sell newspapers or advertising if the Headline says "The World Economy has Crashed" than saying the "The World Economy is Great".

The media always exploit negativity to build their own fortune. Stay focused on your business and keep doing what you do best or better improve everything you are doing.

It's a great time to reflect and re-invent yourself to become more efficient and driving your business as hard as possible.

NEED HELP?

If you don't have the time or expertise, let our team of Digital Business Architects, Marketing and Management experts help you. SMI Digital specialise in helping small to medium sized businesses build their sales and marketing knowledge to increase lead generation and sales conversion. Get in touch.

Are You A Business Owner Or An Entrepreneur?

Article Written By: Simon Ackland | SMI Business Impact CEO

Why are some business owners really just making wages while others are living the good life with fancy homes, the latest cars and travelling the world?

Its because one is a business owner and the other is most likely an entrepreneur.

What makes them different?

From my experience, if you visit a business owner today and then come back again in 2 or 3 years time, you will see much the same activity going on...nothing much will have changed. Maybe some natural growth in customers and sales resulting in a few more staff and maybe larger premises, but basically they will be doing much the same as when you last visited.

An entrepreneur in the same business however, will have developed additional businesses when you come back after the 2 or 3 years.

• They will have seen opportunities to achieve more wallet share in addition to more market share with their customers.
• They will have expanded horizontally, vertically or created a mini conglomerate and have different strategic alliances in place.
• Maybe they bought a key supplier or merged with a competitor.
• Maybe they saw other purchases that their customers made as a result of dealing with their business and found a way to provide that also.
• Maybe they are running a web based business in additional to their bricks and mortar business and accessing a whole new group of customers.

Essentially the entrepreneur is market driven. They identify unmet needs and desires and look to close these gaps that they identify in their market place.

There is no such thing as a natural born entrepreneur...it is a learned skill and while some people are more creative and more likely to be entrepreneurial, anyone can become one or improve their entrepreneurial skills. That is what this blog is all about. To provide a forum for ideas to help business owners become entrepreneurs and for entrepreneurs to improve their skills. What better way to grow your business!

Why bother? Because so many business owners take on such high levels of risk and invest huge amounts of capital and time to build their business...only to receive modest returns. Others even fall foul of the statistics and go out of business. There is no point taking the risk of losing your business if the returns aren't adequate pay-back for the risk, investment and time.

This being my first post, I hope you find the blog of value as I build an archive of articles on strategies and ideas to help build your business and wealth.

To your business and entrepreneurial success.