For young entrepreneurs, 2012 presents many challenges - or an array of exciting opportunities - depending on how you look at it. Haines Watts believes that the only way to deal with tough times is to tackle them positively, to stay ahead of the competition.
Barry Potter, a Partner at Haines Watts says, "We work with a wide range of different people across the whole spectrum of business types and sizes and the characteristics that stand out with the most successful of clients is their unfailing ability to remain positive and focused, whatever life throws at them. These traits are obvious in the young entrepreneurs we mentor – drive and determination are what make them achievers - they and their fellow business owners don't have time to be negative."
Tara Burn, winner of the Haines Watts Young Entrepreneur of the Year 2011, exemplified the energy, proactivity and diverse thinking needed to achieve in today's demanding marketplace.
Barry adds, "No one can do it all on their own - concentrate on areas where you can use your strengths and get help from others who excel in things you are weaker at. Haines Watts offers business health checks to identify what businesses need to address to ensure they are one step ahead. We can provide support in all areas, from financial planning and complying with legislation to marketing and time management for example."
Haines Watts will shortly be launching the 2012 Young Entrepreneur of the Year award. Details will be announced in the press and on the web. Watch this space!
For further information about the Haines Watts Group please visit www.hwca.com
We'd be interested to hear your thoughts but the one thing that all super successful entrepreneurs share is passion for their business.
That's what makes an entrepreneur succeed against all the odds - passion drives them to find a way around every challenge; that fire burning away inside stops them from giving up and keeps them focused on what they need to do to beat their competition and be the best.
That passion is what will ensure that all young entrepreneurs in the Thames Valley enter our competition before the deadline this Sunday 18 September!
Is the passion lacking in your business? Re-light that fire!!
It's easy to get bogged down in daily business tasks but if you want your business to thrive, you need to take time out and look at the bigger picture.
Find some time to step outside your business so that you can gain an overview of how it is doing. Only by stopping and concentrating on the 'big picture' will you get a clear view of your business, without being side-tracked by the issues of the day.
By taking a considered overview you will be able to spot opportunities that you have been failing to exploit and check that your business is heading down the right track.
Make sure you are in the driving seat of your business' future.
Name any world-leading business and you are also likely to know how it made its impact. Successful businesses such as Amazon, Virgin, Tesco ... have all made a massive impact to get where they are.
How did they do it?
Where did that impact come from?
Marketing a memorable message, followed up by excellent product and service makes that impact and is essential for any business. Making your impact requires thought so start thinking about it today:
What is the next big IMPACT your business is going to make?
We've all driven past those sad sights of delapidated shops closed down and gone out of business. We wonder whether it's because they were situated in the wrong part of town and didn't get enough footfall, or whether they didn't research their target market well enough.
Make sure your business isn't like that - when it comes to marketing are you at the right place at the right time?
How unrelenting are you in your marketing messages? Are you getting them out there to your prospects and customers?
Unrelenting, repeated messages pull people in - wherever you are, provided you consider your medium carefully.
So many business owners give up too easily. Don't skimp and save on your marketing - it's what keeps your business in people's minds. Keep coming up with different reasons and messages why your business is a benefit for your target market.
If you want your business to grow - shout about it!
Is your business average at providing its service or products? Are your staff average? What about the customer experience you provide? If the answer to any of the above questions is 'yes', whether you want to admit it or not, then you've just found your next action for this week!
Seriously - walk away from the computer right now and do something about it because, let me tell you - 'average' in this day and age, just isn't good enough! You're operating on borrowed time if you're delivering average!
If you want to be super successful in 2011 (which I know you do) you're going to have to make sure you stand head and shoulders above your competition in every conceivable way. Your customers expect a lot more than 'run of the mill' today - they need and deserve a good reason as to why they should spend their hard-earned money with you instead of with one of your competitors! Have you got one? And if you have got one, are you making sure they know about it?
If you're not creating raving fans on a regular basis it's time to take a step back and CHANGE THAT NOW!
Are you all doom and gloom or va-va-voom and boom?
Did you catch Nigel Botterill's blog post last week called 'It's The End of the World'?
It was about Harold Camping's prediction that the world would end on 21st May (when he woke up on the morning of 22nd May he adjusted his calculations and now it's the 21st October by the way).
This is a perfect illustration of the way so many people these days seem to be content to just wait around for something bad to happen ... in their life and in business.
What kind of way to live your life is that? Seriously?
Isn't it better to be 100% responsible for all your successes AND your failures - it's all down to you - you create the life you live - end of?
Ask yourself (and give yourself an honest answer too) if your mind is doing everything it can to support your goals in your business. There's no point acting like it's all rosy if under the surface you're actually just waiting for it all to come crumbling down around you.
Waiting for someone else to step in and make your business super successful is also a bad strategy. It's all down to YOU!
Are you spending your time focusing on the next steps you're going to take to bring you closer to where you want to be - or are you feeling a bit defeated and wondering why you bother?
Start taking notice of your thoughts on a daily basis because the things you focus on have a habit of manifesting in your life. So, if you catch yourself being negative, even for a second, you might want to take a look at that, because if you're in a 'doom and gloom' mindset, like Mr Camping, you're not going to find yourself ascending to new heights. Fact.
Fair enough, you may have only recently started out - so, bit soon for evolution you may say... but you only have to look around at the pace at which the commercial landscape is changing to see how businesses are changing ... or falling by the wayside.
There's no middle road here - you're either keeping up or not.
Are you embracing the trends that are influencing 'business evolution'? If not you may find that instead of moving into a bright new future, your business will be stuck in the Stone Age!
Social Media Marketing for example is now around 2 1/2 years old and we're seeing a rise in the number of businesses who are finally realising the huge impact it's having, commercially attempting to get on board with it.
Are there areas of your business that are stuck in the Stone Age?
Find one thing you can implement this week and make it happen!
When considering what you want and how to get it, do you ask the right questions?
For example, if you wanted to double your turnover in business in just one year would you ask 'what's the simplest, quickest and easiest way to double my turnover in one year?' If you do, you may miss your target because business is not that simple, as any successful entrepreneur will tell you.
Think about it and ask yourself what is really important to you - if it's essential that you double your turnover in business in one year, it would be better to ask 'what do I need to do to ensure I double my turnover in the next year?
You'll be amazed at the different answers asking this different question will give you!
So before you act on an answer, ensure you've asked the right question...
We're all guilty of selling ourselves short every now and then by not fully BELIEVING in the heights that it's possible for us to reach with our business.
You might have a bad day and it can throw you off your game ... you might have such a bad month that it makes you want to throw in the towel altogether!
Entrepreneur Nigel Botterill says that, when you run your own business, you can't afford to stay down for long. If you work alone and you don't REALLY believe that you can achieve the 'bigger picture' that you're working towards, then you're in trouble.
If you have a team that look to you for motivation and direction and you don't REALLY believe that you're building a super successful business ... you're also in trouble because your lack of belief will rub off on your team and you'll no doubt start to see a decline in service and the value you provide your customers with.
Lack of belief is catching you see and its effects can be devastating.
The good news is that a positive attitude is also catching ... this video illustrates the fact that sometimes, when you feel like you've taken things as far as you can, and you've got nothing left ... when you're ready to give up and admit defeat ... if you can dig deep ... you'll realise that you've got a bit further to go ... and if you can find the inner strength to go that little bit further, not only will you have achieved something amazing for yourself (changing your level of self belief) but you'll also inspire other people to do the same.
Things will always go wrong in life but it's how you deal with it that will be the making or breaking of you!
If you stopped work for a bit of a breather can't say we blame you!
Some businesses which have assets lying idle during down time may like to consider whether they could be making money out of those assets when they are not being used.
For example, a Michelin starred restaurant called Simpsons in Birmingham runs culinary skills training sessions on Saturdays for the public and makes a decent turnover from what would otherwise be dead time.
Have you got an asset that is lying idle for some of the time? What could you do to profit from it?
Serial entrepreneur Nigel Botterill asks what happens when, like today, the grey clouds make a re-appearance and it all starts to look a bit dark and dreary again?
Do you allow yourself to get down in the dumps and wait for another sunny day to come around or, do you take the view, as Robin Sharpe (an Entrepreneur's Circle Member and BGA) said on Twitter last week, that: "Life isn't about waiting for the storm to pass. It's about learning to dance in the rain sometimes."
Don't allow yourself to remain in a negative frame of mind for long, no matter what's going on in the world. Stuff happens, it always has and it always will and it's how you deal with it that will be the making or breaking of you!
It's entirely possible to stay in a sunny frame of mind and maintain that 'Yes! Attitude' Jeffrey Gitomer talks about even when everything does hit the fan and I'll tell you this much, if you do manage to pull this off, it'll help you achieve a lot more in your business than if you just wallow in self pity!
So - how are you feeling about the way things are going with your business right now?
Is the sun shining or do you need to get your dancing shoes on to ride out a storm that's brewing?
I'm hearing from a lot of people who are feeling overwhelmed with all the negative stuff in the press at the moment. I hear it all the time ... that concentrating on growing a business somehow feels insignificant and selfish when there is so much suffering going on in the world. Don't get me wrong, I think what's happened in Japan recently is devastating, the war, riots, inflation, cuts ... all of this is pretty depressing stuff... I'll grant you that. But who are you helping by getting down about it?
In my opinion, it's not acceptable to allow these events to stop you from performing (or to use them as an excuse)! In fact, there's one school of thought that would say just the opposite.
I read a story last year - I can't remember where I read it but I think it would be appropriate to share it now.
A group of people go to a conference about making more money and the speaker asks them to write a number down on a piece of paper. The number represents the amount they would like to make this year.
The speaker then collects the pieces of paper and writes the numbers up on a white board at the front of the room. They range from £20,000 to £200,000,000 and everything in between.
Next, the speaker asks the group to say which number they think is the most selfish amount to be aiming for and, perhaps not surprisingly, the group all chose the biggest number.
The speaker explained to the group that in actual fact the person who had written £20,000 on their piece of paper was the most selfish in the room and, amidst hundreds of confused expressions, he told them why.
You see, if you only make a modest amount each year, then you're only really catering for yourself aren't you. That's pretty selfish when you look at it wouldn't you say?
If you make a bit more, then you can start supporting your family as well as yourself ... so we're getting a bit less selfish here. Now ... when you're talking about those big figures like the £20,000,000 that was written on the board ... well, then you can start looking at how you can help friends, your community, charities and any other causes you believe in ... You can send aid to parts of the world that are affected by natural disasters ... you can make a difference.
So - next time you feel guilty for concentrating on something that in the grand scheme of things is as 'insignificant' as your business - just remember ... your super-success could serve a lot of people - being ambitious doesn't necessarily mean you are only looking out for yourself!
How many businesses don't achieve their goals because someone in the organisation lets fear get the better of them and doesn't do something because it's 'outside their comfort zone'?
They didn't want to take the risk to make it happen.
If you know there is something you should be doing that fear is preventing you from tackling, FACE the fear and do it now.
If you get through the fear barrier and achieve your goal the prize is greater success and more fulfillment.
PS: If that fear happens to be about what might happen if you enter the HW Young Entrepreneur competition - face that fear too and enter today!
You will not achieve super success if your behaviour is not congruent with your goals.
Too many people are unconscious, they go about their day doing the same things in the same way, unaware of the opportunities around them and failing to focus on the things that will move them towards their goals.
What are you doing today that aligns and moves you towards your goals and just as importantly - what are you doing today that doesn't?
Working to manage your time effectively to get more of the right stuff done is a skill that takes real discipline to master.
One of the most difficult parts of changing the way you work is actually managing to commit to it long term and not slipping back into your old ways just as soon as things start to get a little difficult.
When applied correctly time management can really move your business forward in leaps and bounds.
Firstly it is important to set your goals (make sure they are written down!) and fight to link everything you do directly to them. This also applies to the use of your time. Make sure you are working on the things that will ultimately move you a step closer to your goals.
The fact is there are never enough hours in the day to do everything but often businesses fail because the owners are 'busy fools'. That's not to say they aren't committed or putting in the hours like everyone else but it's far too easy to allow your entire day to be swallowed up by the quick fixes that need to be done whilst the important tasks on your list get rolled over again to another day.
It's a real discipline and balance that takes time and strength to master but if you have clear goals and direction then the question you need to ask yourself everyday is...
... How is this linked to my goals and how will it ultimately take me a step closer to where I aspire to be?
Ever had a meeting with a prospect where you really struggled to build any sort of rapport with them? It's usually when the other person has opposite behavioural characteristics to you.
No rapport often means no sale. The rule should be: 'people buy from people who are like them', rather than 'people buy from people they like'.
Within a few minutes of meeting a prospect, a salesperson should be able to analyse their behavioural characteristics and adjust their behavioural style to match theirs. For example, a talkative salesperson meeting a shy, withdrawn, dour, Financial Director should ensure they are not over familiar, they they don't talk too much and that they are careful to listen enough.
Start honing up your technique by analysing your own behavioural characteristics and then use it to categorise the styles of your prospects. Then use appropriate 'matching and mirroring' techniques to adapt your style to that of the people you are selling too.
Remember, people buy from people who are like them.
Ensure your business is effectively using the telephone to make more sales and build/maintain relationships with existing customers.
It's madness to allow your phone to go unanswered when your customers and prospects could be calling you. Not only are you losing out on sales but you are damaging existing relationships - it's sabotage in your business! The good news is it's an easy and quick fix, VA services are affordable and are a brilliant way to free up more time for you to be focussing on marketing and growing your business without constant interruptions.
Are you using the phone to make more sales? It's massively underused and overlooked by most small businesses.
With so many marketing channels open to us it's easy to forget that calling up and speaking to people still remains one of the best ways to sell more stuff!
It's far too easy to allow those proactive phone calls to slide down your list of priorities as everything else gets on top of you. You don’t have to make hundreds of cold calls but instead speak to qualified leads or people that have shown interest in what you do or that have been referred to you.
Following up and selling on the phone is a brilliant way to tailor your message to your customers so they fully understand what you can do for them and for you to find out what they really want from you.
It's all too easy to rely on email and social media as the primary form of communication and forget about picking up the old 'dog and bone'!
Have you ever blamed a lost sale on a prospect and heard yourself saying something like, "They just didn't understand what makes our solution better" or "They were just buying on price"?
When things go wrong, we tend to externalise the problem, rather then accept responsibility ourselves. Whatever is happening with your relationship with the prospect, good or bad, it's your responsibility. If things go wrong it's down to you and only you.
You can sell your way round any problem, as long as you deal with the issue head on early in the sale. So take responsibility for your actions and stop blaming; your prospects, your company, the market, your territory, the competition, your pricing etc.
Unless you stop blaming external factors you will never learn from your mistakes. You should learn a lesson every time you lose a sale. Take the opportunity to understand what you could have done differently and what actions you will take next time, to stop the same thing happening again.
Learn from your mistakes, stop blaming external factors and remember, it's never the prospect's fault.
At your first meeting with a prospect, they should be doing most of the talking; in fact they should be talking for about 70% of the time.
Typically, however, the opposite tends to occur because:
The prospect's expectations have not been set correctly.
Prospects have a buying system,step 2 of it involves getting free information, knowledge & expertise from suppliers.
Most salespeople feel more comfortable talking, rather than asking questions.
Selling has become presenting.
Selling requires you to ask thought-provoking questions that help the prospect discover the problems they are experiencing, see their world differently and compel them to do something about their situation.
After your next prospect meeting, review how much talking you did. Then take a look at the information you managed to get, it should include; an in-depth understanding of the problems they are experiencing, how much it is costing them, what they have tried to do about fixing it and how committed they are about solving it. Not to mention, a full understanding of their budget and decision-making process.
You can lose a sale by talking too much, but you'll never, ever lose a sale by listening too much!
At the end of sales meetings, do prospects keep saying, "Give me a call in a few weeks" or "I'll get back to you", but then won't return your calls? We call these 'think-it-overs'.
When a prospect decides not to decide and gives you a 'think-it-over', in whatever form that takes - the odds are they are actually saying "No". Other forms of 'think-it-overs' include; "Send me some literature", "We have other suppliers to see", "Send me a quote" etc.
Think-it-overs corrupt pipelines and the minds of salespeople. Time is wasted chasing prospects that have effectively already said 'No', instead of calling new prospects. When would you like to know that a prospect does not want to do business with you, after 6 months selling or after the first meeting?
You should use an up-front contract to set verbal contracts with their prospects. Prior to a meeting, they inform the prospect that they will be asked to make a decision at the end of the meeting, whether they wish to take discussions any further or not.
Prospects are made aware that a "no" is perfectly acceptable. By giving prospects the option to say "No", they are less inclined to disguise what they tell you with some form of 'think-it-over'. Using this approach, they rid themselves of 'think-it-over' type opportunities and in there place have well qualified, serious prospects.
Remember, a "No" is OK, but any form of think-it-over is NOT!
Avoid isolation. Even if you work closely with your clients, you won't be part of a gang anymore. Develop your own network of entrepreneurs that you see regularly and bounce ideas off.
Ideally they’ll allow you to vent your anger and share your successes.
There are a lot of strategies to making money on the Internet, but nothing makes sense unless you have a big list. Email Marketing is the most profitable way to make money on the Internet.
When you build a list of hot and hungry prospects or leads, you control your future.
The first impression process occurs in every new situation. Within the first few seconds, people pass judgment on you – looking for common surface clues.
Once the first impression is made, it is virtually irreversible.
Think about that when it comes to your business...
Ever had a meeting with a prospect where you really struggled to build any sort of rapport with them? It's usually when the other person has opposite behavioural characteristics to you.
Talkative salespeople tend to struggle with quiet, withdrawn people, while quieter salespeople tend to struggle with loud dominant people.
Ever left a meeting with a prospect and realised that you did most of the talking and you found out very little about the prospect and their buying motives?
All you ended up doing is what we call, 'unpaid consulting'. Where you educate the prospect, give away your knowledge and expertise, but fail to get any commitment in return. The problem occurs for a number of reasons...
My name is Nigel Botterill. I’m a British entrepreneur and very proud of that.
I will be judging the HWYE 2010 regional final, and giving out a membership to my exclusive entrepreneur’s club as a prize for local winners and the overall regional winner.
I will be leaving tips and tricks for you to learn from, in order for your business to thrive and avoid mistakes most people trip up on at some point.
One of the most powerful pieces ever written on this subject was by the author Mark Twain – the guy who wrote ‘Uncle Tom’s Cabin’ about the issue of slavery, well over 100 years ago – and it still rings as true today as it did then.
As a business owner or leader, your primary role is as a ‘marketer of your thing ...
Or, put another way, in order to take your business to where you want it to be, marketing is a HUGELY important activity – arguably your MOST important activity.
My name is Nigel Botterill. I’m a British entrepreneur and very proud of that.
