Business Coaching

Small Business Success Forum - Now Launched

It is nearly nine months since I started this Business Coaching Blog and as you can see, it has already grown to a very significant size.

Inevitably I started to think "what comes next?" and I had been weighing up the pro's and con's of a forum or membership site but some technical issues with my blog have given me a few headaches so I decided to hold back.

But now I have been beaten to it by a friend of mine.

Rob Warlow has contributed articles to this blog and has his own excellent website called Small Business Success. Now Rob has just launched the Small Business Success Forum to provide a friendly place for people interested in small businesses to swap ideas and tips.

I have joined, answered one question and started a new topic and I would like you to come and join me and Rob.

The Small Business Success Forum only started on Sunday so it is all very new but there is a already a little community building up and one or two names that I recognise from contributions to this blog.

As always, the more you join in and contribute, the better it will be.

Update - 18 June 2008

Still unsure what you get from the Small Business Success Forum?

Then this is the latest information from Rob

"Linked to the launch of the Forum I also released a fresh new look for the site and added two new features:

Small Business Audios - a variety of MP3 downloads

http://www.smallbusinesssuccess.biz/small_business_audios.htm

Small Business E-Courses - 5 day mini-seminars delivered straight to your in-box at no cost:

http://www.smallbusinesssuccess.biz/small_business_e-courses.htm

I'll be adding new content to each of these sections and others on a regular basis so keep checking in."

So come over and join us. I will be popping in regularly and giving my thoughts on the questions or issues that intrigue me the most..

To Your Success

Your Profit Coach

Paul Simister

Business coaching for customer focused entrepreneurs

Wishing You A Happy Christmas

I wish you a happy Christmas and a prosperous new year.

I am sure that Christmas appears faster each year but the UK is now going to be effectively closed for business for the next week, apart from the people who work in the retail industry.

I have been looking to find a magical new present to give you but sadly, there is still no silver bullet to give you more profit without any extra effort.

So I thought that I would remind you of some of the free things that I have brought you during the short time the Business Coaching Blog has been published.

Rich Schefren

Thanks to Rich Schefren, man of the moment and guru to the Internet guru and one of the people who coach me:

Internet Business Manifesto - Rich's first excellent free report

The Attention Age Doctrine - Part 2 - his latest blockbuster that has been a recent sensation

The Profit Vault - over 2 hours of free videos and the Internet Business Manifesto

Guerrilla Marketing Association

But if you want access for free to a massive amount of top quality business development advice then I recommend that you sign up for a FREE 30 day trial of the Guerrilla Marketing Association.

I can't believe just how much information is there and best of all, Jay Conrad Levinson is so confident of future audio recordings that you can gain to the complete library of past recordings during the free trail period. If you are not overwhelmed with how much is on offer then just cancel your membership of the Guerrilla Marketing Association before the 30 days expires.

Business Summaries

If you have always wished that you read more business books but you don't have the time, then the FREE trial period from BusinessSummaries will be a treat.

There is a massive collection of business books from the past, all summarised down to about 8 to 12 pages for you to read on a wide range of business subjects. But it's not just in one format either. If you'd prefer an audio recording, they do audio recordings. If you like bullet point style, the summaries can come in Powerpoint format. If you like mindmaps, again no problem.

See my review comments on the summaries in Business Briefs.

Get Ready For 2008

Remember, don't spend all your holiday time thinking about how your business can be improved in 2008.

You need to come back to your business in January 2008, refreshed and raring to go.

Have a great Christmas and together, we'll make it a prosperous New Year.

To Your Success

Your Profit Coach

Paul Simister

Business coaching for customer focused entrepreneurs

Is The UK Heading Into A Recession?

In recent news from the Institute of Chartered Accountants, business confidence is at a two year low.

See article.

This is no surprise with the problems that we are seeing in the UK economy ranging from:

• Higher interest rates pushing up borrowing costs. Even more serious will be the cut-backs in consumer spending when the full effects ripple through into people's mortgage deals.
   
• The credit squeeze.
   
• Loss of confidence in the government. It seems that we are two years away from an election but confidence in the government's ability to manage the economy is sinking fast.
   
• The weakness of the US dollar. It's a great time to buy in America duty not so good if you rely on demand from America or you sell in US Dollars.

It's not clear which way it is going yet but if it happens, a recession will be a shock to many businesses who have never had to trade through tough times.

I had only recently started my accountancy training when the 1982 recession was started but I remember well clients there one year but gone the next.

The recession of 1990-1992 was a shocking experience.

I was Finance Director of an engineering firm in the West Midlands at the time selling electrical products into the late stage of the construction industry. Because the projects were long term we were sheltered in the early stages but then it bit very hard.

I have never seen profit gush out of a business so quickly as we went from heroes to zero almost overnight:

• Volume was down by up to 20% despite our best efforts. Construction is a cyclical industry that exaggerates the economic trends. production volumes were cut even more as we reduced stock levels to generate some cash.
     
• Selling prices plummeted, partly because we were desperately fighting for volume, partly from the power of our customers flexing their muscles and protecting their own margins in absolute terms.
     
• Costs increased as labour productivity reduced sharply as employees "protected their interests" in a hope to avoid short time working.

It was a major learning experience for me.

It's been a long time since 1999-92 and many of the experienced people will have left business life. The UK economy has ridden on a boom of consumer expenditure paid for through debt and from massive increases in public expenditure.

I don't see how it continue so for me, it's predicting the time of the next recession that's difficult. I know it's coming, just not when.

For the unprepared a recession could be a major threat to their business but for the prepared, there could be great opportunities and rich pickings ahead.

In a series of future blogs I intend to try to help you prepare for what may happen.

Done wrong and you may be facing the hardship and emotional trauma of closing your business.

Done right, you can take actions that will mean that you come out of the recession much stronger than your competitors.

At the moment I know of two resources by my Business Growth Superstars:

1. Stealth Marketing by Jay Abraham - It's available from www.abraham.com at €1,000 for a copy. A huge price for a book, a bargain to save your business. I have a copy through another purchase of Jay's materials but I've not read it yet.
      
2. Guerrilla Marketing During Tough Times by Jay Conrad Levinson at a much more affordable price. I have just ordered my copy but if you click over to this link you can get the first two chapters free.

To Your Success

Your Profit Coach

Paul Simister

Business coaching for customer focused entrepreneurs

Do You Respond Fast Enough To Leads And Enquiries?

A survey by Vodafone has found that one in three businesses would take their trade to a competitor if the supplier didn't respond within two hours of sending an email.

More details

It should shows how much of a time pressurised society we live in although I suspect that the true statistics will vary enormously depending on the product or service.

More alarming is that 85% of those people surveyed admitted that they had made enquiries and never received a reply and 10% said that happened regularly.

This echoes some previous research I saw when companies who advertised in a magazine were tested to see what happened enquiries were made. The results were shocking - about 40% never heard any more from the company.

Is it time that you took a good hard look at your business and what really happens rather than what should happen?

I've mentioned the concept before, but there are Moments of Truth when the customer comes into contact with the business. A great business focused on customer service and delight makes sure that all these contacts are intentional - what you want to happen, actually happens.

To Your Success

Your Profit Coach

Paul Simister

Business coaching for customer focused entrepreneurs

How To Avoid Chip & Pin Card Fraud

Chip and pin credit and debit cards were introduced to help combat fraud but the crime is continuing.

A new guide from APACS the payments association will make retail businesses more aware of the issues involved with organised gangs copying credit card details.

More details of the APACS press release.

To download the guide.

To Your Success

Your Profit Coach

Paul Simister

Business coaching for customer focused entrepreneurs

Business In Birmingham

Manchester has overtaken Birmingham as the second city for business in a recent study.

The study, by commercial estate agents Cushman & Wakefield, looked at what was important to businesses when choosing a location. The ease of recruiting staff, followed by easy access to customers and clients, then cost factors were considered to be the most vital issues.

But the West Midlands is fighting back.

A conference is being organised to boost the image of the West Midlands as a good place to do business, ahead of the 2012 London Olympics.

The idea was announced by Birmingham MP and Minister for the West Midlands Liam Byrne, after a fringe meeting at the Labour Party Conference which looked at ways to improve the area's economy. The event, which will take place in November, will involve representatives from the business, tourism and cultural sectors.

More details

To Your Success

Your Profit Coach

Paul Simister

Business coaching for customer focused entrepreneurs

Small Businesses Are Finding It More Difficult To Borrow

The UK credit crunch in the wake of the sub-prime mortgage loans crisis in the US and the run on the Northern Rock bank has made it more difficult for small businesses to raise loans the Federation for Small Business has reported.

Even if businesses manage to get a loan, it is more expensive with interest rates of 10% to 11% so this is 4 to 5% more than base rates at the moment.

More details on this story.

If you need to raise finance at the moment, or even renew an existing overdraft then you need to make sure that you prepare properly for your meeting with the bank manager.

Talk to your accountant, update your business plan, make sure that your forecasts are realistic and credible.

I recommend an e-book to any small business looking to raise finance - it's called "The Secrets Of Getting Your Bank Manager To Say Yes" by Rob Warlow.

To Your Success
Your Profit Coach, Paul Simister

Business coaching for customer focused entrepreneurs

Most Entrepreneurs Could Never Go Back To Being Employees

I have been my own boss for more than 12 years now and it's got to the stage where I suspect that I am unemployable.

It's lucky that I love what I do and that I'm good at it.

I just couldn't imagine working to someone else's rules.

Interestingly Abbey has done a survey of small business owners and despite the long hours and stress, 77% of entrepreneurs said that they never want to work for someone else ever again. More details here.

So if you are thinking about starting a business, perhaps this is just the news that you need to hear to encourage you to take the plunge.

Provided you have a good business idea, work hard and make sure that you have access to good quality advice, being you own boss could be one of the best decisions that you ever make.

Just keep on coming back to the Business Coaching Blog because it is packed with resources to help you to become successful.

To Your Success

Your Profit Coach

Paul Simister

Business coaching for customer focused entrepreneurs