The business coach

business online; video on attracting customers

noreply@blogger.com (The business coach) — Fri, 15 Apr 2011 07:21:00 +0000

The catch phrase nowadays seems to be take your business online. Why all the hype about doing business online? Surely my website is sufficient to have a presence for my business online?

Well, yes and no! A website alone is like a business card - you'll have to give someone the physical address to find your business online. However by optimising your website so that search engines such as Google can find your business online, anyone across the Globe will find you...

Imagine people visiting your business online: instantly be accessed by 100 Mio visitors! What's even better with the correct optimisation you can easily have hundreds of qualified visitors everyday - visitors that are walking through the doors of your business online; picking up your product and wanting to make a purchase.

This is what you can expect when you take your business online! Attracting qualified buyers to visit your business online. It's not expensive and the Return On Investment for your marketing can be tracked. So no flyers for your online business profile... you only spend money on people that actually do want your product or service.

The secret to taking your business online is to satisfy a need; whether it be a service or a product. Hard selling doesn't work when you do business online. People want to be entertained while you satisfy their needs at the same time.

When creating your online business remember that you have an incredibly powerful tool to market your business online - you can reach your customers everyday; a few times a day if you choose! Imagine how quickly you could grow your online business with a few hundred people following you everyday? How much would you spend on an advertisement, which you couldn't change everyday?

Your online business is best viewed as an extension of your bricks and mortar establishment. You can use your online business to reach a much greater number of qualified buyers.

By communicating what's happening in you bricks and mortar business through your online business your customers get to trust you. Your regular communication through your online business builds trust and establishes you as an authority: Someone whose opinion can be relied upon - like the corner grocer of old!

One point here - when we talk of taking your business online, it no longer confines the business to Google searches and traditional websites: No now to really get your business cracking online you Have to use social media. A survey of small business report that 68% report having made one or more sales directly from Facebook traffic.

So in summary: To best promote your business you need to harness all your resources. Offline advertising needs to drive traffic to your site, while your online presence needs to harnees your website, Blog, Social media and forums to bolster your business online.

In the video you have some tips on how to get visitors to your online business on a daily basis. You don't need to be an expert in the field to take your business online, in actual fact to really optimise your business online takes a lot of experience and time.

That's where I can help you. I've paid the school fees; spent the 18hour days learning the techniques. I can either tain you and mentor you to take your business online, or I can do it for you. I can also take your business online and teach you how to do the daily update tasks that really will make your business flourish online.

Give me a ring on +27 (0) 83 304 2007 and we can discuss the best possible way to take your business online. Or you can mail me from the "email me" box on the left. Feel free to leave a comment or question on taking your business online.

small business plan research

noreply@blogger.com (The business coach) — Tue, 05 Apr 2011 07:29:00 +0000

Correct small business plan research is vital to the long-term survival of any small business. The more comprehensive the small business plan research, the more accurate the decision making will be.
Does this mean you need to pay someone to do your small business plan research? Well that depends on the complexity involved in the small business plan research. I suggest you do your own initial research for your small business plan. With a bit of research into the topic you can probably come up with a very comprehensive small business plan. At least this research will give you a good understanding as to what information you need to research, should you have to pay someone to research your small business plan.
Crucial to any small business plan is market research. I'm going to show you a free yet innovative method to determine your market potential for your small business.
In order to use this method to research your small business plan, you first need to sign up for a Gmail account. Once you have this Google “Adwords signup”. Get yourself an Adwords account.
Once you've signed up go to Adwords/ reporting and tools/Keyword tool. If you want the less powerful version, just Google “Google keyword tool” and start to use - both are free.
Now under “Find keywords” type in the word or phrase you want for your small business plan research. If you intend to make party chocolates in your small business, type in the phrase. Next part of the research is to select your country under the “advanced options”. Hit search and Google will tell you how many times people have searched on this term (As well as suggesting other searches). This is excellent information for your small business plan research, as it will give you an indication of how many times people are likely to search the web for your small business.
If you're happy that there seems to be enough business in this niche, the next step in you small business plan research is to see how big a need you're satisfying. Go to Google and search on the same term you entered previously but add "forums" to this. Now your small business plan research will take you to various forums where people are discussing this product or service. You may have to do a bit of research to find a good forum on your small business. Read the forums and see what questions are being asked. The research you're doing for your small business plan here, is to see if you can identify a need that you can satisfy.
Another tool you could use to do your small business plan market research, is to Google the keyword you think people would use. Have a look to see which companies appear on the first page. Have a look at their websites to gauge your small business compared to what they're offering.
All the time you're doing this small business plan research, bear in mind you're looking to differentiate your small business.

Planning a small business

noreply@blogger.com (The business coach) — Tue, 29 Mar 2011 13:42:00 +0000

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Probably the most critical step in starting a small business is planning. Planning a small business has to be done in as much detail as you can, without delaying the process indefinitely. Remember indicision probably kills 80% of the businesses before they even start. You also don't need to hire someone to go about planning a small business, but if you do there are many freelancers that have experiance in planning a small business. To find someone just click here!

It's a good idea when planning a small business to do it the old fashioned way - pen and paper. This gives you time to think and somehow writing something down in ink is very decisive. Start with the concept: What product or service? In planning a small business you need to clearly define what sets you apart from everyone else in this sector. This will be your competitive advantage. Record all the aspects of this advantage, as seen from your customers perspective. This advantage should also form part of your mission statement, and be incorporated into your sales line.
That's the first step in planning a small business. Next you need to identify what form of ownership you'll need..

Save money; book cheap flights in the afternoon.

noreply@blogger.com (The business coach) — Fri, 11 Feb 2011 13:04:00 +0000

Have you ever wondered when the best time is to book a flight. We all know to book well in advance and that prices are seasonal, but you might be surprised to find out that the time of day also influences the price of cheap flights - so save money on cheap seats - book cheap flights in the afternoon.

Here's a survey done by online travel engine TO. Conducted at various times through the day on 10 Feb 2010, it shows a definite trend indicating that you should be booking at 13:00 to save money on cheap seats.

A survey conducted by the Wall Street Journal also indicates that airfare is more expensive over weekends. Their research also shows cheap flight prices to be best when booked 8 weeks in advance ... and on a Tuesday.
I always use South Africa TO - http://www.southafrica.to/. Easy to compare prices and find open seats.

So save money; go ahead and book your cheap flights at 13:00 next Tuesday.

Succession planning

noreply@blogger.com (The business coach) — Thu, 10 Feb 2011 05:16:00 +0000

The tragic events of Thursday afternoon, when a Pilatus belonging to Italtile crashed into the sea off Plettenburg Bay, highlights some of the not so obvious dangers of business and the consequences of a lack of succession planning.

I’m not sure whether Italtile have a succession plan in place, but having lost many of their Exco in the crash could have dire consequences for the company.

A tragedy such as this could have the following consequences, should there be no succession plan in place:

If the CEO and CFO are counter signatories to things such as payroll; this function could be frozen. The solution to this is to obviously have 3 to 4 nominated signatories, of which any 2 suffice.

The succession plan needs to be at least three levels deep within the structure. Obviously in such circumstances, temporary or permanent structures will be implemented in order to allow the business to continue. This will probably entail people assuming additional temporary functions, or even moving into new positions. For each move the ripple effect needs to be covered.

If no succession plan is in place, skills will probably be lacking, with no clear direction being possible. The solution to this is to have updated succession plans in place.

Starting at the top, the CEO should have a shadow identified to succeed him in such an event. It’s not good enough to merely identify someone – skills level needs to be evaluated, and training instituted. This planning must obviously filter down to middle management, so that the functionality of the business can be maintained in time of crisis. This plan should be evaluated twice a year, and updated both in regards of succession and skills.

A spinoff of this succession planning is that it also acts as an incentive for the team. How often have you heard people complaining that they’re in a dead-end job? This is because there’s no clear succession planning; no defined career-path planning; and therefore no co-ordinated skills development.

Succession planning is a well known necessity, but it’s time consuming and often seen as requiring too much input without direct measurable returns. However it is vital, and if correctly applied can effectively form part of the KPI process.

Small business management

noreply@blogger.com (The business coach) — Sat, 05 Feb 2011 06:06:00 +0000

When a small business owner draws up his business plan, he takes it as a given that he will have sufficient small business management skills to grow the business. But often he loses sight of best practice in his business. Here is some small business advice:
1. Provide spectacular customer service -- every time. Introduce a “mystery shopper”. Have a friend visit your business and provide feedback from a customer’s perspective. This person should be unknown to your staff and willing to provide a candid assessment.
2. Make sure your front and back office work like a well-oiled machine. Are the front line and the back office telling your customers the same thing? Part of good small business management, it’s a good idea to hold frequent staff meetings where the business’ vision is reinforced.
3. Manage your customer relationships -- return customers take the least amount of effort -- use that to your advantage. It’s best business practice to keep in touch often. Build a database of customers.
4. Review your strategic business plan monthly (weekly is even better). Make sure you’re managing your small business in accordance with your business plan.
5. Adjust your strategic plan as necessary. Always strive to be a best practice business in your niche. Your "smallness" makes you more flexible.
6. Communicate, communicate, communicate... with your employees and your customers. Nurture those relationships. Ask for feedback often.
These points, although obvious and simple are vital in effective small business management.

Don't make these HR mistakes!

noreply@blogger.com (The business coach) — Mon, 31 Jan 2011 08:04:00 +0000

The following HR practices in a small business should be guarded against. Never forget that all people want to feel valued, and part of achieving this, is sharing information. Company values, vision, mission statement, worker performance, company performance. All of this information is of interest to employees. You don't have to give detail, but rather share information that is pertinent to the worker and his level of involvement with the information being presented. It's important that this information is regularly updated.

Lack of policies and procedures.

need to feel they are being treated fairly and

consistently.

Employees

Misunderstanding probationary

periods.

fail it should not be a surprise.If an employee is going to

No job description.

expectation of what they should be doing.

People need a clear

No contracts.

receive written terms and conditions of

employment.

Legally, all employees must

No performance feedback.

employees need to know the goals of

the business, your expectations for their

performance, and if they are meeting them.

Motivated

Avoiding conflict.

become a major issue later.

A small problem could

Using contract workers to circumvent

legislation.

employee has a reasonable expectation that

his/her contract will be renewed.

This may result in problems if an

Management attitude.

same team, working for the good of the

business.

You are all on the

Lack of communication.

your employees and build trust.

Share ideas, inform

High expectations.

doing things perfectly the first time.People don’t learn by

Do we have opportunity - food for thought.

noreply@blogger.com (The business coach) — Thu, 20 Jan 2011 09:10:00 +0000

Every Friday I'll be adding a little inspirational article, Feel free to print them out, or even copy any excerpts that you find motivational. This week it's about oppertunities and what we do with them.

No man is kept poor because opportunity has been taken away
from him; because other people have monopolized the wealth,
and have put a fence around it. You may be shut off from
engaging in business in certain lines, but there are other
channels open to you. Probably it would be hard for you to
get control of any of the great railroad systems; that field
is pretty well monopolized. But the electric railway
business is still in its infancy, and offers plenty of scope
for enterprise; and it will be but a very few years until
traffic and transportation through the air will become a
great industry, and in all its branches will give employment
to hundreds of thousands, and perhaps to millions, of
people. Why not turn your attention to the development of
aerial transportation, instead of competing with J.J. Hill
and others for a chance in the steam railway world?

It is quite true that if you are a workman in the employ of
the steel trust you have very little chance of becoming the
owner of the plant in which you work; but it is also true
that if you will commence to act in a Certain Way, you can
soon leave the employ of the steel trust; you can buy a farm
of from ten to forty acres, and engage in business as a
producer of foodstuffs. There is great opportunity at this
time for men who will live upon small tracts of land and
cultivate the same intensively; such men will certainly get
rich. You may say that it is impossible for you to get the
land, but I am going to prove to you that it is not
impossible, and that you can certainly get a farm if you
will go to work in a Certain Way.

At different periods the tide of opportunity sets in
different directions, according to the needs of the whole,
and the particular stage of social evolution which has been
reached. At present, in America, it is setting toward
agriculture and the allied industries and professions. To-
day, opportunity is open before the farmer in his line more
than before the factory worker in his line. It is open
before the business man who supplies the farmer more than
before the one who supplies the factory worker; and before
the professional man who waits upon the farmer more than
before the one who serves the working class.

There is abundance of opportunity for the man who will go
with the tide, instead of trying to swim against it.

So the factory workers, either as individuals or as a class,
are not deprived of opportunity. The workers are not being
"kept down" by their masters; they are not being "ground" by
the trusts and combinations of capital. As a class, they are
where they are because they do not do things in a Certain
Way. If the workers of America chose to do so, they could
follow the example of their brothers in Belgium and other
countries, and establish great department stores and co-
operative industries; they could elect men of their own
class to office, and pass laws favoring the development of
such co-operative industries; and in a few years they could
take peaceable possession of the industrial field.

The working class may become the master class whenever they
will begin to do things in a Certain Way; the law of wealth
is the same for them as it is for all others. This they must
learn; and they will remain where they are as long as they
continue to do as they do. The individual worker, however,
is not held down by the ignorance or the mental slothfulness
of his class; he can follow the tide of opportunity to
riches, and this book will tell him how.

No one is kept in poverty by a shortness in the supply of
riches; there is more than enough for all. A palace as large
as the capitol at Washington might be built for every family
on earth from the building material in the United States
alone; and under intensive cultivation, this country would
produce wool, cotton, linen, and silk enough to clothe each
person in the world finer than Solomon was arrayed in all
his glory; together with food enough to feed them all
luxuriously.

The visible supply is practically inexhaustible; and the
invisible supply really IS inexhaustible.

Everything you see on earth is made from one original
substance, out of which all things proceed.

New Forms are constantly being made, and older ones are
dissolving; but all are shapes assumed by One Thing. There
is no limit to the supply of Formless Stuff, or Original
Substance. The universe is made out of it; but it was not
all used in making the universe. The spaces in, through, and
between the forms of the visible universe are permeated and
filled with the Original Substance; with the Formless Stuff;
with the raw material of all things. Ten thousand times as
much as has been made might still be made, and even then we
should not have exhausted the supply of universal raw
material.

No man, therefore, is poor because nature is poor, or
because there is not enough to go around.

Nature is an inexhaustible storehouse of riches; the supply
will never run short. Original Substance is alive with
creative energy, and is constantly producing more forms.
When the supply of building material is exhausted, more will
be produced; when the soil is exhausted so that foodstuffs
and materials for clothing will no longer grow upon it, it
will be renewed or more soil will be made. When all the gold
and silver has been dug from the earth, if man is still in
such a stage of social development that he needs gold and
silver, more will produced from the Formless. The Formless
Stuff responds to the needs of man; it will not let him be
without any good thing.

This is true of man collectively; the race as a whole is
always abundantly rich, and if individuals are poor, it is
because they do not follow the Certain Way of doing things
which makes the individual man rich.

The Formless Stuff is intelligent; it is stuff which thinks.
It is alive, and is always impelled toward more life.

It is the natural and inherent impulse of life to seek to
live more; it is the nature of intelligence to enlarge
itself, and of consciousness to seek to extend its
boundaries and find fuller expression. The universe of forms
has been made by Formless Living Substance, throwing itself
into form in order to express itself more fully.

The universe is a great Living Presence, always moving
inherently toward more life and fuller functioning.

Nature is formed for the advancement of life; its impelling
motive is the increase of life. For this cause, everything
which can possibly minister to life is bountifully provided;
there can be no lack unless God is to contradict himself and
nullify his own works.

You are not kept poor by lack in the supply of riches; it is
a fact which I shall demonstrate a little farther on that
even the resources of the Formless Supply are at the command
of the man or woman will act and think in a Certain Way.

This is an article by Wallace D. Wattles

This is so true in life or business. It's about your mindset. Keep positive thoughts, mix with positive people, never think you know it all. Listen more than you tal .. and you will grow. Your business will grow.

Till next time .. The business coach

Buying an operational small business

noreply@blogger.com (The business coach) — Tue, 18 Jan 2011 06:54:00 +0000

At some stage in any business' life finance will be required. Whether it's for start-up, bridging, asset aquisition or expansion. But Qualifying for a small business acquisition loan is ussually even more nerve wracking.

If the business being sold is very profitable, the selling price will likely reflect a significant amount of goodwill which is ussually difficult to finance.

If the business being sold is not making money, lenders can be difficult to find, even if the underlying assets being acquired are worth substantially more than the purchase price.

Although specifics vary here are some of the major challenges you'll typically have to overcome to secure a small business acquisition loan.

Financing Goodwill

The definition of goodwill is the sale price minus the resale or liquidation value of business assets after any debts owing on the assets are paid off. It represents the future profit the business is expected to generate beyond the current value of the assets.

Most lenders have no interest in financing goodwill.

This effectively increases the amount of the down payment required to complete the sale and/or the acquisition of some financing from the vendor in the form of a vendor loan.

Vendor support and Vendor loans are a very common elements in the sale of a small business.

If they are not initially present in the conditions of sale, you may want to ask the vendor if they would consider providing support and financing.

There are some excellent reasons why asking the question could be well worth your time.

In order to receive the maximum possible sale price, which likely involves some amount of goodwill, the vendor will agree to finance part of the sale by allowing the buyer to pay a portion of the sale price over a defined period of time within a structured payment schedule.

The vendor may also offer transition assistance for a period of time to make sure the transition period is seamless.

The combination of support and financing by the vendor creates a positive vested interest whereby it is in the vendor's best interest to help the buyer successfully transition all aspects of ownership and operations.

Failure to do so could result in the vendor not getting all the proceeds of sale in the future in the event the business were to suffer or fail under new ownership.

This is usually a very appealing aspect to potential lenders as the risk of loss due to transition is greatly reduced.

This speaks directly to the next financing challenge.

Business Transition Risk

Will the new owner be able to run the business as well as the previous owner? Will the customers still do business with the new owner? Did the previous owner possess a specific skill set that will be difficult to replicate or replace? Will the key employees remain with the company after the sale?

A lender must be confident that the business can successfully continue at no worse than the current level of performance. There usually needs to be a buffer built into the financial projections for changeover lags that can occur.

At the same time, many buyers will purchase a business because they believe there is substantial growth available which they think they can take advantage of.

The key is convincing the lender of the growth potential and your ability to achieve superior results.

Market Risk

Is the business in a growing, mature, or declining market segment? How does the business fit into the competitive dynamics of the market and will a change in control strengthen or weaken its competitive position?

A lender needs to be confident that the business can be successful for at least the period the business acquisition loan will be outstanding.

This is important for two reasons. First, a sustained cash flow will obviously allow a smoother process of repayment. Second, a strong going concern business has a higher probability of resale.

If an unforeseen event causes the owner to no longer be able to carry on the business, the lender will have confidence that the business can still generate enough profit from resale to retire the outstanding debt.

Localized markets are much easier for a lender or investor to assess than a business selling to a broader geographic reach. Area based lenders may also have some working knowledge of the particular business and how prominent it is in the local market.

Personal Net Worth

Most business acquisition loans require the buyer to be able to invest at least a third of the total purchase price in cash with a remaining tangible net worth at least equal to the remaining value of the loan.

Statistics show that over leveraged companies are more prone to suffer financial duress and default on their business acquisition loan commitments.

The larger the amount of the business acquisition loan required, the more likely the probability of default.

Remember anyone investing in your business will want to feel sure of the viability of the business, to ensure your ability to repay the loan.

Crucial to the viability of the business is the ability of the owner to manage all the resources to achieve success. It's highly unlikely that any individual has all the skills.

That's where the business coach can help! With a tried and tested base of skills and resources I can work with you in your business or present you with a workshop to hone your skills.

Till the next time .....

The business coach works with you from planning to growing your business

noreply@blogger.com (The business coach) — Sun, 16 Jan 2011 06:15:00 +0000

Welcome to the first post of the business coach's site

I offer business courses that cover; identifying personal requirements, business plans, where to find funding as well as daily running of your business. I also assist in facilitating specialised services - HR/IR practioners; Legal services; Quality systems and problem resolution; accounting. These service providers specialise in SMME's and their requirements, and offer customised solutions.

My mission is to work with you in your business - so you can choose the level of involvement you require as well as the amount you can afford. My services range from full training workshops, to subscription online advice, onsite consultation and problem resolution. I can also take your business online and optimise marketing in this medium.