New Zealand Businesses can be rewarded with successful outcomes when they apply their good old Kiwi ingenuity. All we need to do is ‘punch above our weight’ just like the NZ Football team – the ‘All Whites’ is doing at the World Cup 2010 or we can follow the business tips kindly provided by our Contributors in this article.
Tip 1: Always Sell On Value Not On Price
If you can deliver the quantifiable value your customers need you’ll always be in business. We’re in a value crisis folks not a credit crisis.
St John Craner – Distinct – Read more of St John’s articles here …
Tip 2: Be Fussy!
In my line of work you get lots of “It’ll be the next TradeMe, but better” but it’s worth picking and choosing the clients you work with, even when it’s early days and money’s tight meaning you want to say yes to everyone who can pay. Say no, be fussy, pick the clients to work with that you genuinely believe in and can add value to. Their success will be your success.
Anna Gervai – Orchid Web Design – Read more of Anna’s articles here …
Tip 3: Always Have A Written Agreement
If you are entering into a business relationship with someone always have a written agreement. It’s amazing how many business deals unravel either because one party later denies what was agreed at the outset or because neither party properly thought through how the deal was going to work in practice. For deals where the stakes are high consult a lawyer, for others put something together yourself – even bullet points of the main obligations are better than nothing.
Michael Smyth – Approachable Lawyer – Read more of Michael’s articles here …
Tip 4: To Survive, You’ll Need Courage
If you run your own business, you’ll know that it can be both lonely & exhausting. 50% of small businesses fail in year 1 & a staggering 95% will have failed by year 5. To survive, you’ll need courage. Courage to accept that you can’t do it all. In my 25 years of coaching & consulting around the world, one aspect stands out. Successful business owners leverage their time and resources by seeking help. If you aspire to join their ranks, you’ll need a business coach, consultant or other support. You’ll also be surprised to note that your own coach may cost you as little as $200 per month.
Mark Gwilliam – Biz Advice – Read more of Mark’s articles here …
Tip 5: Due diligence
Do your homework, know your customer, do what you say, deliver on time, pay your bills, invest in a great accountant and have a terms of trade. Basically: prepare and conquer. Consistency and reliability along with honesty are essential tools of any trade. “Just do it”.
Mirjam Spronk – Bonvivant Design – Read more of Mirjam’s articles here …
Tip 6: Hiring The Right People Is Critical
The right people is critical to business survival and is analogous to a tree. Knowledge, skills and experience “Can they do the job?” – is represented by the “fruits of the tree” – observable and trainable. How they will do the job is represented by the “roots of the tree”, personality, mental ability and attitudes. These are innate, they do not change, its about “who we are”. We cannot “read” people and trying to do this during the interview is where most managers fall into the trap of “candidate infatuation”. The roots of tree can only be measured through psychometric profiling. Resumes and interviews will show you the fruits, profiling will expose the bad roots. Most mangers hire on the fruits of the tree, but usually will have problem employees’, or terminate based solely on the roots.
Rob McKay – Influence at Work – Read more of Rob’s articles here …
Tip 7: Fail to Plan‚ Plan to Fail
It’s the age old adage for a reason. When we go through tough times we start to look inward at our business model and ourselves because instinctively we know that’s where the solution to all our problems exist. There are always ways we can streamline and improve our earning potential and profitability; it may require cutting expenses or being more effective with our client management processes. Whatever needs to be done we will never be effective at it unless we plan first, this means revisiting our business and strategic documents whether you are a corporate, not-for-profit or one man band. Don’t make the task onerous, involve outsiders who may be able to offer a broader perspective and then convert the ideas into achievable and measurable action plans. You know it works, you know it needs to be done so stop making excuses and get it started today.
Craig Garner – Magpie Media Ltd – Read more of Craig’s articles here …
Tip 8: Start Networking Online
Keep up with the social media times and start networking online, Build on your brand awareness by networking on LinkedIn, market your business with a Facebook page, and start listening with Twitter. At the very least get your LinkedIn profile up to date so when your prospects use LinkedIn for intelligence, your personal and company brand is well represented. The longer you leave it, the better advantage your competitors have on you.
Linda Coles – Blue Banana – Read more of Linda’s articles here …
Tip 9: Keep In Touch
Keep in touch with everybody who has a connection with your business. Use the “no surprises’ principle with your creditors, professional advisers and shareholders and broadcast good news to your customers and other stakeholders. The tougher things are, the more you need to communicate.
Liz Koh – MoneyMax – Read more of Liz’s articles here …
Tip 10: Keep In Touch x2
In the late 1990’s New Zealand Post launched a program called Find em’ Keep em’. This was a program they introduced for businesses to utilise as a way of staying in touch with prospects and customers. Their marketing approach was about using direct mail and managing your data base in a way that you constantly stay in touch with your clients. The difference between now and the late 1990’s is that we have more effective ways of keeping in touch with clients/potential clients through e-marketing etc. The message of Find em’ Keep em’ though is still just as relevant today as it was then. In today’s market you need to be consistently keeping in touch with your customers and prospects, otherwise the next time they notice another supplier they could look at the possibility of finding better service elsewhere (notice I didn’t say price).
Greg Longstaff – Business Franchise Group – Read more of Greg’s articles here …
Tip 11: Know Your Target Customer Sub-groups
Know your target customer sub-groups. Chat to them and find out their real needs, questions, fears, and life issues. Don’t assume”, they may see your business and services way different to you and what you think is important, they may not, and vice versa. Focus your website content, talking their language, not yours, and create an offer that answers a real life problem or need. Don’t just sell a product “improve their life.
David Frank – Spectra Media – Read more of David’s articles here …
Tip 12: Manage Angry And Upset People
People buy on emotion. Relationships are based on emotion. What do you do when someone is really emotional? It might be a customer, staff member or spouse who gets upset. You want to calm them down so you can deal with the business issues at hand. Many people think that by being reasonable they can communicate best. However, the other person is not rational in this moment, they are emotional. When someone is emotional they are feeling a great deal and they are expressing this to you. They want to be acknowledged, seen, and heard in this moment of distress. If you make your first response to them an acknowledgement of their feelings you will go a long way to building a strong business relationship. This acknowledgment may be as simple as “Oh dear, I’m sorry that XYZ has happened” or “This has been a real nuisance for you, hasn’t it” or “Wow, I am sorry, I didn’t realise how much it has affected you” or even “Bugger” (said in a caring kind of way). Don’t rush on with more words, pause to let what you have said sink in and give time for them to respond before going for the ‘fix it’ part of your response.
John Faisandier – Thriving Under Fire
Tip 13: Do Something Every Couple Of Days To Help Another Business Owner.
Not only does it feel great to know you’re helping another business owner grow, it will come back at you tenfold.
Relationships will support you through the tough times and help you celebrate through the best of times. By spending time actively building key relationships with a close group of contacts you will grow a network of trusted, supportive and loyal business alliances. It takes time and effort but will pay off in ways you cannot imagine down the road.
Vanessa Davey – Venus Club – Read more of Vanessa’s articles here …
Tip 14: Take Risks And Innovate
Surviving as a small business owner not only requires perseverance when times get tough but also some innovative thinking to ensure you stay ahead of the game and hopefully prevent a downturn in your fortunes. It also requires some element of risk taking. Getting your business known to new customers can be difficult but it’s worth looking through those lists of marketing ideas you’ve picked up on websites and at workshops and considering the ones you’ve always thought weren’t for you. Pick out 3 or 4 of these and then tweak them for a few of your prospects and try them out. You might be surprised with what you can achieve. All the best.
Paul Slater – Mushcado – Read more of Paul’s articles here …
Great so there you have it – the top 14 tips on how to survive and ideally thrive in business in 2010.
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