What Will 2014 Bring You?

TweakYourBiz

As promised... Here's my most recent dose of inspiration for the year ahead, kindly featured by TweakYourBiz.

Bon appetit! 

Happy New Year!

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Happy New Year! As we all know, a new year is a time for lots of blog posts about opportunity, change and growth... so I've written one which I'll share with you later this month! However, in the meantime, here are two from the archive.

The Time Is Now: Flex Your Ambition Muscle 

Three-Step Business New Year Resolution

Christmas Wishes!

Wishing you all a very Merry Christmas and a Peaceful, Prosperous 2014!

Click here to read my Christmas Newsletter.

Best wishes,

Olwen

Irish Tatler | The key to export potential?

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Q: I hear so much about exporting for business growth… how do I know if my business has any potential overseas? Is it a big risk to me to try out?

Export is definitely a ‘hot topic’ in Ireland at the moment – not least of all because SMEs with potential for overseas expansion can contribute massively to our economic recovery.  However, it can be a somewhat tricky journey to navigate – and it’s not a decision you should make without conducting some solid due diligence!  My advice would be this: don’t go on a ‘whim’ – export markets are not going to be the same as the markets / segments or customers you will have experienced to date.  In many cases [as the famous HSBC advertising campaign hints to] – you need to get a handle on the culture and norms of how business is done in the country you wish to export to.  Do follow the opportunity you perceive exists - either through market intelligence or a bit of anecdotal insight - and test it out.  The ‘information superhighway’ [aka internet!] offers an ample platform to do some initial digging regarding competition, market nuances and customer demand – you can also access a wealth of information via the resource libraries provided by our enterprise agencies.  Speaking of which - when all signs point towards a solid potential market-place, seek out the assistance of Enterprise Ireland or InterTrade Ireland’s export divisions which offer great support ‘on the ground’, as well as honest opinion, insight and advice on the real weight of your export plan, and how to bring it forward.

Irish Tatler | The Difference Between Mission & Vision?

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I always get confused when I hear people talking about mission and vision ‘statements’ for business planning / strategy – any idea how I differentiate the two?!

One of the main axes of success in business is clarity of purpose – it drives how we communicate both internally, to our staff and stakeholders – and externally, to our clients, influencers and suppliers.  I’m a very vocal advocate for businesses [of all sizes] really understanding their values, vision and mission in ‘life’ – because without this clarity, it’s very hard to fully understand and in turn, communicate the right messages to our key people.

A major stumbling block, is in understanding the difference between ‘mission’ and ‘vision’ – they are both unique, and not to be confused with one another! In order to ensure your business is ‘on message’ internally and externally, you really do need to have a coherent, cohesive mission and vision – so here are some tips on how to go about doing so.

Keep it simple: don’t over-complicate things, just ask yourself – what are we here to do? What are our key objectives, our purpose and defining key deliverables?  Understanding this will help define your mission.   The next step is in understanding the values by which you wish to achieve your mission – this is your vision.  It is cultural, and clearly sets out the organisations’ “stall”, so-to-speak, when it comes to expectations, future plans, as well as the manner in which the company plans to achieve them.  The most important factor for both? They need to be honest, focused and motivational for all concerned.  Good luck!

Green Shoots | Are they a reality or a figment of our imagination?

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'Green shoots' is a term now gaining as much ground [pardon the pun] as its predecessors, 'recession' and 'downturn'.  Many of us are thankful for its appearance.  However, what can we say of the realities of the actual existence of these nimble, sprouting shoots? Are they really 'out there' or are we imagining them?

The quiet revolution of these 'shoots' is simple: they are appearing, somewhat surprisingly, despite the economy - not because of it.  The proof? It's not exactly tangible, but it is there - it's a palpable feeling that things, gradually, are improving.  Fear for the future has waned somewhat for some [sadly, not all] business-people as orders or clients, prospects or potential opportunities ostensibly appear to be improving.  While undoubtedly, there are bigger issues for consideration as social welfare cuts and IR issues continue, as well as emigration, and ongoing budget adjustments - it is fair to say that, within the SME sector, people are beginning to sense optimism in the air.

So, what of this optimism? It is just that - and is being helped along by a sense of community that has begun to abound of late within certain sectors - as well as a good news story, here and there, like a slow drip of positivity.  Good news stories, and bad, are something we're well used to - and they are discussed weekly on the Small Business Show.   As someone who regularly interviews SMEs for the focus section of the programme, as well as listening and commenting on the aforementioned stories - I asked our Producer, Kehlan Kirwan for his thoughts on Ireland's "future" economy:

"There is a justified sense of frustration in Ireland when it comes to running a business.  Red tape, commercial rates and an economy with more questions than answers. So it’s a bad time to start a business, or be in business right?

Well, actually it’s an incredible time to be in business in Ireland right now. The old way of running a business or doing business is gone. It takes new ideas and new methods to create success. For example – looking for finance for a business has changed. The banks will continue to be the mainstay for business finance for the foreseeable future but different models have emerged as contenders. Crowd funding, Venture Capital and Pension funds have all emerged as serious contenders to the banking model.

There has also been a boom for technology and new business models. Both have ensured that Irish businesses are now looking globally to advance their brand. The gaining of new customers and recognition in foreign markets is now seen as must. Your brand is now global, not just in Ireland.

While the climate is still harsh domestically there is still scope for gains. The psychology of the consumer in all areas has changed. The experience has now become one of main the reasons for the handing over of monies. While small retail units find it hard to compete on price with large chains, they can offer better customer service and follow up service.

Green shoots are appearing, now they need fertile soil to flourish."

So, #SMEcommunity - what are your thoughts? Do you feel green shoots are really breaking ground, or is economic activity still stagnant? Comments welcome!

The Trick to Making Sales Easy

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I'm not a sales person, per-se... but inevitably, in every job I've had [and indeed, in my role of 'master of all trades', e.g. being self-employed], sales and the capacity to sell well has played a central role.  Selling is an art which has to be carefully, gently mastered - and it is different for every type of product or service.

As a large percentage of my clients are service businesses, and predominantly, we work on the key elements of strategy and communications in business - sales figure in this matrix strongly and often require definition and redefinition over time.

I would argue [well, I would, wouldn't I?] that without a strategy behind any action in business - it's a waste of time.  I'm sure many would share this view, and probably as many won't - but arguably, without having a defined level of clarity surrounding targeting a particular client, segment or market, for example, could be a little bit thoughtless [and moreover, a big waste of time].

I've made a pitch for clarity many times on my blog, and this comes from some simple homework any business-person can tackle: some of it is instinctual; some of it is observational; some of it is scientific. However, getting to know your customer, their habits and needs [remember NOSE?] makes closing sales a lot more straightforward.  Why? Well consider the round-peg-into-square-hole issue - most sales professionals would tell you they can sell to anyone... the reality of the SME? They need to sell to those who want to buy.  This means an effective, clarified sales process should be to the fore of how they do business. Rule #1 Know your product, know your customer.

Keep your message clear - yes, it aligns firmly with Rule #1, and here's why... communication is critical in the selling process; in fact, selling is all about communicating.  So understand your proposition and in non-industry terms [keep it simple] what it's value is to the customer.
Rule #2 Mind your message

Have a straightforward, tried-and-tested sales process - which works.  Don't spend hours and hours, or days, aiming to convert sales that just won't close - why? Do you really need me to tell you? Develop a systematic approach to how leads are dealt with, which will quickly [though not abruptly or impolitely] stream them into the right category of client and / or product offering [remember productisation?].  Have the 'cost of customer acquisition' in mind - e.g. what it is costing you to acquire the customer.  Avoid losing valuable, productive time on a lead which will not be right for your offering - this is where your process is critical.
Rule #3 Keep it simple and strategic

Finally - keep your leads in check... for many start-ups and SMEs, collection of potential, ongoing and closed leads is something that is managed on an 'ad-hoc' basis.  Which often translates into 'not managed at all'.  Keeping tabs on where leads are 'at', categorising them and clarifying their position is key to positive sales management, and indeed, building and maintaining a pipeline.  It may seem obvious, however this is a critical issue many businesses forget [or, as I said, manage badly!].  Rule #4 Stay focused and manage your leads!