Every business needs to make sales. From responding to leads to actively selling, you must ensure you have the right person in place to secure those essential business wins. LGBA’s international business development expert Lesley Rubenstein outlines the top traits you should look for when hiring for this crucial business role. Trait One - Outgoing Personality – on and off the phone. Having an outgoing personality is probably the no. 1 trait required to be a great business developer. No shrinking violets need apply! Why? Think about it! You will need to contact businesses you may never have been in contact with before, either on behalf of your own company, or someone else’s. You have very little time to convince that business to spend time with you to determine why they should do business with you. Basically, you need to excel at sales pitches – but what are you selling? This is a bit different from selling a product per se – it’s more about why the business you are contacting … [Read more...]
Why your numbers matter
Why keeping your accounts up to date could mean all the difference between running a successful business, limping along, or failing. Would you fly a plane while wearing a blindfold? I ask new clients ‘Would you fly a plane while wearing a blindfold?’. They look at me confused, and always reply ‘No, of course not!’. At this point they are probably wondering why they hired me. Stupid question, right? Wrong! Here’s why: A significant proportion of my clients proffer similar responses when I start to investigate their bookkeeping and accounting methodology. They invariably tell me that they hand over receipts to their bookkeeper and once a year the accounts are resolved and sent to HMRC, usually at the last minute. Many then look confused again when I don’t look happy with their response. Why am I not happy? Because their accounts are typically 17 months out of date or worse. They have been led to believe that the accounts are for tax purposes, rather than as a managerial tool. This … [Read more...]
Boost your exports – Tips for SMEs
One of the biggest assets to grow your exports is free - THE U.K. FLAG – are you making the most of it? 500 years ago, if a ship arrived offshore, would you run for the hills or fire up a feast? It's pretty likely you'd make a snap judgement based upon the flag you saw flying - and how fast you could run. A similar scenario still plays out if your product or brand is unknown when it reaches an export market for the first time. A customer will look for your flag. If your brand is relatively unknown and the perception of the U.K. as the 'Country of Origin' is positive in your target market, then leverage it. Not just a 'MADE IN THE U.K....' (or DESIGNED IN THE U.K.) on pack, but print the U.K. flag on packaging, build it into presentations and leverage iconic images from the U.K. on social. Landscapes, buildings, celebrities, you name it. It works. I’ve seen the boost it can make to a company’s sales many times. ‘MADE IN THE U.K.' not only plays an important role in first … [Read more...]
Preparing for BREXIT if you export to the EU
Start with an EORI number Do you currently export with all or some of your international sales focused upon the EU? If that is the case, then after the UK leaves the EU, those firms that trade with the EU will need an economic operator registration and identification (EORI) number to comply with customs rules. A lot of EU-focused exporters have yet to apply for their EORI - so now's a good time to prepare for the future. Here’s a link to double-check if you’re all set, or guidance on applying for your EORI – a good thing to get sorted so you can get back to growing your exports. https://www.gov.uk/eori How BREXIT might affect you The Office for Budget Responsibility (OBR) has predicted that BREXIT could lead to tariffs of 4% being imposed on goods traded with the EU - up from zero currently - and that higher trade barriers with the EU would "weigh on exports". The OBR added this was "not necessarily the most likely outcome" but also "by no means the worst case scenario." (They … [Read more...]
6 Good Reasons Why You Should Consider Exporting In Your Next Strategic Review
Quarter 4, planning the office party, trying to bring in orders before the second week of December. Oh…..and BREXIT and a General Election. Right now, thinking about a strategic review and thinking about growing your business through exporting maybe about as much a priority as a choice between parsnips or sprouts. You feel like you’ve got enough on your plate. But imagine selling your product or service to a whole new audience, imagine adding 10%, 20% to your bottom-line, imagine how it would feel to have a global brand. When businesses go global not only can revenues rise, but there are a host of benefits that can accelerate your growth that you may not be aware of, not forgetting the impact upon potential exit values. So is it really a good time to add ‘start exporting’ to your 2020 ‘wish-list?’ BBC News reported recently that despite US v CHINA and JAPAN v SOUTH KOREA trade disputes (and in the UK, the ‘B-word’) - global trade has grown at 3% this year. It's a really good … [Read more...]
How to continuously sharpen your company’s competitive edge
The use of the word ‘continuously’ is purposefully placed in the title of this blog article. Why? Because I fully believe that if a company does not continuously sharpen its competitive edge, it won’t be long before they do not have one in today’s ever-increasing pace. I’m sure we can all think of examples of companies who have been market leaders and no longer exist or have had to sell assets and/or shrink in size to survive. Eastman Kodak is a prime example. Kodak began to struggle financially in the 1990s when digital camera technology hit the retail market. Only recently they have emerged from bankruptcy, after selling many of its patents to current giants including Google, Apple, Samsung, Microsoft. Woolworths is another case in point. It used to be one of my favourite stores for spending my pocket-money. A few pence went a long way in Woolworths – a child’s paradise. Several months before they closed their retail outlets in the UK, I recall walking in and out of Woolworths, … [Read more...]
5 essential ways to scale a creative services business
Growth is often cited as one of the most important targets for a business to achieve. At its simplest level in the creative sector, it can come from adding team members to meet increased demand. However, growth without improved scale can also result in a greater level of frustrations for an entrepreneur. So how can a creative services business find smart ways to scale when a large portion of the cost is allocated to the delivery team’s efforts? And what are the first steps if you want to move your business from simply growing to scaling exponentially. Clearly Define Your Business Activities Too often in creative service businesses, the principles and teams will want to steer clear of defining and systemising their strategies and tactical approaches. It feels like it runs counter to the flow of creativity and can be seen as a way of cramping ideas and new thinking. However, if everyone has a different interpretation as to how things are done in the … [Read more...]
How can Design Thinking accelerate your business growth?
If you are a fan of design, I’m sure you’ll be looking forward to London Design Week, which is taking place across the city later in September. Our capital now seems to be crammed with creative companies and has developed an international reputation as an innovative hub in technology, food and fashion. However, not every business is graced with an in-house team of highly-charged creatives. When that’s the case, is there something we can take from seasoned design professionals that could invest some of that creative juice and energy into even the most basic product or service? With this in mind, let me introduce you to the concept of Design Thinking. This is a process that I’ve learnt from the Design and Technology industries that I believe can benefit every commercial enterprise regardless of its size or sector. So what do I mean by Design Thinking? In a nutshell, Design Thinking takes processes that designers and artists typically use to develop and … [Read more...]
How to build innovation into your business
A great way to building innovation into your business is to be looking for problems to solve and opportunities for improvement in your industry. That’s not to say that inventions haven’t succeeded by accidentally creating an invention and then looking to see what can be solved by that invention (case in point – post-it notes). However, that is not the topic of this article – today’s topic is about actively seeking to build innovation into your business. Create a culture for innovation to flourish First and foremost, if you want to embed innovation into your organisation, create a culture for innovation to flourish. If you forced me to come up with a formula, I would say: Make sure you hire people that are not only smart, they think creatively and are not afraid of change Relinquish control to your managers within a framework Encourage multi-disciplinary teams and internal networking between your sales, marketing and R&D team Make sure your employees understand … [Read more...]
Five ways to improve your business productivity
You will probably be familiar with the adage: Productivity = Potential – Interference. Many of us are battling daily with interference of one sort or another, both external and internal. Potential is not always something that is easy to quantify, or to realise. Growing a business, finding a market, and bringing in orders takes time and effort, and often a bit of luck. It’s also likely to take some time, so those frustrating interferences are the key focus if you want fast results. Productivity is critical Superficial measures do not always show the bigger picture – if two businesses are paying different wages, you cannot assume that the lower payer makes cheaper goods, without knowing their productivity. Obviously, if the higher-paying business is more productive than the lower payer, their output might still be cheaper. Higher productivity gives you the opportunity to take better control of your prices and margins, allowing you to undercut competitors without undue pain, or to … [Read more...]
Why do earn out clauses often create conflict or end up in court?
How do you value your business when you're selling it? In recent years there seems to be more significant differences in expectation of valuation between buyer and seller, and increasingly the Earn-out clause has been used as an appropriate way to bridge this gap. The clause basically retains interest and motivation for the seller by holding back a portion of the sale price until certain performance criteria are met, and minimises risk to the buyer of overpaying for a business that doesn’t perform as well as its previous owners say it will. If it is planned and executed well then the buyer can gain more than originally envisaged, but it is full of risk for the selling entrepreneur and conflicts are almost inevitable. So what’s the problem? You might base the sale price of the business on an assumed level of financial performance over the next 24 months, but the seller is cautious and insists on part of the value being deferred and wrapped … [Read more...]
Why chatbots are great for business!
Recently we’ve been seeing in the media how robots/chatbots/AI (artificial intelligence) are transforming how we do things and how robots might one day take over the world and we humans will become superfluous to most tasks. Worries over AI and how robots will become sentient beings has been dramatized in Channel 4’s ‘Humans’. That’s all well and good, but for now, the area that excites me the most is how chatbots will take over the delivery of repeatable knowledge that Tier 1 (lowest level) support technicians/engineers deal with via call centres. Most of us will have been on such a call to a support centre, to fix a software bug or a hardware issue, and been asked questions that are obviously being read from a script. Unfortunately, they need to assume one has zero computer knowledge and the pace is exhaustingly slow and incredibly boring for the likes of me. Indeed, I would be most surprised if that script isn’t in a decision-tree flowchart format whereby if the … [Read more...]
What is a Terms of Service agreement and why could your business need one?
Terms of Service are exactly that – the terms you agree with a 3rd party who is commissioned to carry out certain services for your business. That 3rd party could be a freelancer, a contractor, a company or an off-shore service supplier. It can also serve as the terms you agree with a client who has instructed you to render services. Unless Terms of Service are agreed and the document is signed, you don’t have a legally enforceable document. Both parties need to agree to the terms set out. The terms can be set out by you or the person doing the work, or both. The document becomes legally binding if the agreement has been signed and dated by both parties. Hopefully, without confusing the issue too much, certain terms of service may not require a signature by both parties – a simple ‘yes’ on an email may suffice. You need the advice of a commercial lawyer that will help you decide if the agreement will require signatures. Planning Terms of Service Firstly you need to … [Read more...]
Five crucial ways to improve your business productivity
You will probably be familiar with the adage: Productivity = Potential – Interference. Many of us are battling daily with interference of one sort or another, both external and internal. Potential is not always something that is easy to quantify, or to realise. Growing a business, finding a market, and bringing in orders takes time and effort, and often a bit of luck. It’s also likely to take some time, so those frustrating interferences are the key focus if you want fast results. Wages & Productivity Superficial measures do not always show the bigger picture – if two businesses are paying different wages, you cannot assume that the lower payer makes cheaper goods, without knowing their productivity. Obviously, if the higher-paying business is more productive than the lower payer, their output might still be cheaper. Higher productivity gives you the means to take better control of your prices and margins, allowing you to undercut competitors without undue pain, or to … [Read more...]
Better budgeting in 10 steps
Many entrepreneurs and their management teams don't devote enough time or attention to the process of preparing annual budgets, especially when they operate in rapidly growing or uncertain markets. A financial plan in a private company is at risk of becoming gradually ignored over time, devaluing the operational benefits of measuring performance against budget and the process next time round. With a careful and efficient planning process a business will set a much clearer picture of where it is heading, knowing what to do at each stage to hit and exceed targets, but also how to react when these are missed. With the benefit of our collective experience of managing hundreds of budgets and plans, we have put together some top tips on making your budgets more robust, realistic and valuable. Get everyone involved - It is a common place misconception that your finance team puts a budget together. A business plan and its budget should be produced by the collective … [Read more...]
LGBA Marketing Advisor, Susanne Currid, Appears As Expert Judge On The Apprentice Final 2017
Congratulations to our colleague and marketing advisor Susanne Currid who recently participated as an expert judge on the final of The Apprentice on BBC1. Susanne told us, “Back in June, I had a very unexpected email. A TV producer had got in touch and asked me if I would be available to act as an expert judge on a show they were recording. Little did I realise at the time that she was talking about BBC1’s The Apprentice. A week later, I found myself sitting at a table in City Hall with leading business directors, expert advisors, Lady Karren Brady, Claude Littner and Lord Alan Sugar. To say the situation felt surreal is a bit of an understatement. However, I was also very excited and honoured to take part in such an iconic TV moment. I was delighted to take part and to have a chance to quiz the candidates on their pitch during the recording session. Well done to James White and Sarah Lynn on their surprise double win. They were both credible … [Read more...]
How To Set – and Keep – Your New Year’s Business Resolutions
Make twelve New Year resolutions for business, one for each month! By breaking them down into workable pieces, you’ll actually get them done. Our local Bollywood-style keep-fit class in my local area is led by Nikita, an instructor who has inspired me on more than one occasion. At our recent pre-Christmas dinner celebration, she surprised me with her response when I asked if she had made a New Year Resolution by answering ‘Actually I’ve made twelve!’ It turns out that in 2017, she implemented a different resolution every month. I found myself hanging on to her every word, relishing her answers, and inspired to the core at this extraordinary young woman. As I listened, I got excited thinking about the projects I had let slip and was yearning to get back to. She told me that by having a new resolution each month, it ensured that they actually happened. They didn’t feel onerous. Better yet, she nipped procrastination in the metaphorical bud. She … [Read more...]
Essential ‘Must-Haves’ in a Business Relationship Contract
When embarking on an entrepreneurial venture with anyone, including people you trust (i.e. family and friends), be assured that there are always risks involved. To protect your interests for the future, it’s advisable to make your business relationship official by way of a commercial contract. Commercial contracts provide a practical framework which enables you to focus on your business needs and consider the associated risks. Once in place, they will provide your business with a greater level of protection from future potential issues. You need to be savvy in business and if you’re inexperienced about contracts, it makes good sense to take advice from those with skills and knowledge in this area, particularly in the legal field. Consider this – if you agree to go into business with your father, will you both view it as a continuation of your father/son comfort zone relationship, or will you view it as a new scenario? Many do not separate the friendship or family … [Read more...]
5 Essential Sales Processes To Boost Your Business
Many small businesses fail to prosper because they don’t invest in developing repeatable processes and planning to help grow their sales. To follow are some essential sales activities to develop and repeat if you want to drive your business growth. 1- Develop a sales plan First and foremost, you need to answer the key sales questions regarding your business in a sales plan. What do you want to sell in the next 12 months How will that be split by month or quarter and over what distribution? What are the products or services that you anticipate selling? Who is going to be responsible for what in the sales plan? Then the softer more difficult issues Why will customers want to buy from you? How will you sell your product or service? Where and when will customers become aware of you? Where and when will they buy? And finally how much is it anticipated this will all cost? Once you’ve answered all of the … [Read more...]
3 Powerful Marketing Measurements That Drive Business Success
According to Gordon Bethune, the CEO who took Continental Airlines ‘from worst to first’, it’s impossible to achieve success in business if you don’t measure your performance. His mantra, “What gets measured, gets managed” is now regularly pronounced by consultants and the C-Suite alike when growth ambitions are on the agenda. However, measuring performance is not likely to give us the results we are seeking if we don’t first consider the more important question : ‘What do we measure?’ Up until relatively recently, I would have put ‘Customer Engagement’ at the top of my own list of essential Marketing Measurements. However, my thinking completely changed after reading about Professor Byron Sharp’s book ‘How Brands Grow’. This book is an absolute game changer as it uses hard data to smash many of the myths modern marketers hold dear to. He takes a rapier to the idea that we need to implement Loyalty Programs and go all out to win engagement … [Read more...]
