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Relaxing is easier said than done when you’re a sole trader. Your business isn’t going to run itself, which is why you constantly feel the need to be at the wheel of your organisation to ensure that it doesn’t drift off course. Every fibre of your being might tell you that relaxing is a dangerous, unproductive and inefficient way to spend your time, but it’s not. You need to take some time off every now and again to ensure that you feel re-enthused and re-energised to work whenever you sit down to face your daily tasks and challenges. Ignore that little voice in the back of your head that tells you relaxation is a waste of time. Fit a break into your body schedule, make yourself a cup of tea, put your feet up and take some time to unwind! Recuperation and re-energisation – these are what relaxation truly means to sole traders, and don’t let anybody ever tell you otherwise.

Not convinced? Read on to find out why taking time to relax is so important for sole traders like yourself. Advice on how to unwind properly can also be found below.

Why relaxation is so important

Failing to relax will take its toll sooner on your life rather than later. Working all the time will leave you feeling fatigued, it will heighten your stress levels and it could result in you suffering serious health complications further on down the line. What’s more, if you constantly work while you are tired, you’re going to find it mighty difficult to optimise your daily tasks. As a result, you won’t be capable of providing your customers with the highest possible level of service and, thus, your business will slowly start to lose custom.

Relaxation is important, it’s as simple as that. Some of the specific problems that you will be liable to face should you forgo relaxation include:

• An elevated level or cortisol which, in a worst-case scenario, can actually lead to diabetes
• Emotional symptoms such as irritability, anxiety and depression
• Poor concentration levels and an inability to make sound and practical decision

Make sure you unwind properly

When you do decide to take time away from your work, just make sure that you actually find a way to unwind. It’s no good fitting a break into your schedule if you’re not actually going to attempt to take a break. There are plenty of ways for you to shut yourself off from the world and give your brain the rest it needs to truly recharge. Here are a few relaxing pastimes that you should consider embracing:

• Play games that don’t require too much thinking, such as Unibet’s casino online
• Write a journey about your life
• Make a list of the day’s successes and triumphs
• Participate in gentle movement (walking, casual swimming etc.)
• Read a good book
• Have a hot shower
• Get outside and be closer to nature
• Take a short catnap

For the sake of both you and your business, you need to take some time to relax and unwind.

Many business owners and sales managers are in the process of conducting staff performance reviews (appraisals) and setting targets and KPI for the year ahead. However, many managers and organisations are confused by the difference between a target and KPI. Many set KPI which quickly become targets. So I hope to explain the difference and why KPI are so important. 

Putting it simply, a target or goal is the outcome you hope to achieve. For example, the achievement of £10k revenue each month, 5 new customers each month, the sale of 50 widgets each week etc.

The KPI is a metric to let you know how well you’re doing working towards that goal or target.

There are a few reasons why sales people and teams need to have KPI in addition to their targets. Having them will benefit the business and provide opportunities for growth for the individual and company. They are a brilliant way to regularly monitor each salesperson’s progress on a weekly or monthly basis.

KPI will tell you and your team how particular targets have been reached. For example, if the average value of sales is low, KPI will provide you with an explanation. KPI also help to determine strengths and areas for development of the team and the individuals within it. If, for example, someone is not great at increasing their average sale value through up and cross-selling, understanding their strengths and development needs will be much more straightforward. 

Sales managers often take a subjective view when measuring performance but having KPI will help track performance more objectively and provide valuable feedback around the clearly defined expectations. Teams who know they are being evaluated on the same criteria are far more likely to be fully engaged with their work and focus on achieving targets. 

There are three questions you should ask when setting KPI for your sales team:

1. What questions are you hoping to answer through your KPIs?
2. Do the KPI link directly to the growth of the individual, team and business?
3. Are you able to accurately and regularly monitor each KPI?

Finally, her are some examples of KPI that I have set for teams in the past. Each gives detail what is being measured, why and how, and the success indicator:

1. Average sale value (reported monthly). This will provide an insight into the overall productivity of each team member and measures the average value of each sale that the team processes. Example of KPI target: £150 average sale value. The success indicator will be an increase in sale value.
2. The percentage of add-on and cross sales (reported monthly). This will measure the amount of additional products and services sold per individual over this period of time. Example of KPI target: 40% of sales to include extra service warranty. The success indicator will be an increase in the percentage of additional products and services sold.
3. The percentage of sales converted from email marketing campaigns (reported monthly). This will provide an insight into the effectiveness of emails being sent by each team member and highlight coaching needs to improve success rate. Example of KPI target: 10% minimum conversion % C2B. The success indicator will be an increase in the percentage of sales converted via email links.  

If you’re a business owner or sales manager and want to get the best out of your sales team, improve sales, retain more customers and achieve a positive image of your brand, get in touch and let’s meet for coffee and informal chat.

Andrew

Passionate about unleashing people’s sales and leadership potential.

07798 616237

The internet has become a large part of our lives these days, but where are the majority of people spending their time? We’ll examine people’s online habits and look at the latest big trends and how people use and interact with sites on the Internet.

Unless you’ve been living under a rock for the past two decades or more, you’re probably aware of how much impact the internet has had on our lives. Internet usage in the UK has grown from just over 20% of the adult population in the year 2000 to more than 90% of the adult population in the current years. These figures show just how common access to the internet has become and more aspects of our lives are becoming dependant on the service it provides. In recent years, online shopping, social media and digital media are just a few examples of ways in which the Internet is used by consumers in the UK. Although the Internet remains more popular with younger people, older demographics are also starting to use internet-based services to improve their quality of life. Internet usage amongst those in the UK aged 75 and above has risen from 20% in 2011 to 44% in 2018.

So where are the majority of Internet users spending their time? Well, usage habits are changing all the time but there are a few constant areas which always see a lot of Internet traffic:

Online Shopping

Shopping online is one of the UK’s favourite online activities. Most Internet users who were asked ranked the ease and convenience of online stores as their biggest reason for choosing to shop online over traditional shopping. Being able to instantly compare prices from other stores is also a big reason for the popularity of shopping. For now, clothing is the most popular thing to purchase online in the UK. Obviously, the lack of options to try clothes on isn’t enough to dissuade UK shoppers from finding the best deals on clothing. Making payments when buying clothes online is simpler than ever thanks to payment methods such as PayPal and Credit and Debit cards making online payments fast and easy.

Social Media

The UK now has around 45 million active users on different social media networks. That’s an impressive 67% of the population! Facebook ranks as the most popular social media site for users and this isn’t likely to change anytime soon as they have over 30 million users. Social media habits are often linked to buying habits and close to half of 18-34-year-oldshave admitted to buying something after seeing a comment or post from a friend or someone they follow on social media.

Online Gambling

Gambling is big business in the UK and recent years have seen an explosion on the number of different online gambling sites available to UK users. You can find anything from online poker, sports betting sites, bingo and full online casinos. A survey from 2019 found that more than half of adults in the UK have gambled recently.

Part of the reason for the increase in the number of people gambling online is the ease of access to gambling apps. Users can instantly access all of the latest games and make easy payments using their smartphones. There are now loads of different payment methods supported by most major gambling sites including casinos and sports betting sites. Payments can be made instantly through the use of e-Wallets and most payment methods include security to protect against fraud.

Present, Future and Past

With a rapidly evolving marketplace comes challenges and opportunities. Going into 2020 we are positive, optimistic and full of gratitude for the people that allow Chatsbrook to grow year on year. With an amazing 2019 behind us, we’re not stopping there! For the past few months, we have been busy aligning ourselves to the prospective industry changes and trends. Maintaining our competitive edge is very important to us as it means that our clients continue to benefit from our services.

In an interview with Adrian Brooks, director of Chatsbrook, he discusses how Chatsbrook stays ahead of the game by integrating provisions that are based on industry reports and predictions…

“Across varying industries, each marketplace is prone to fluctuations as well as new advancements- but that is not something to shy away from. At Chatsbrook, our priority is to accommodate the client, which is why our development is crucial.”

“Since the initial launch of the business, we have streamlined our panel of lenders to ensure a stronger blend of funders which meet with our clients’ credit and asset requirements. During 2019 our repeat business was running at 73%, highlighting customer satisfaction, the continued support our clients provide and the strong relationships we are building. In addition, we have built an outstanding mix of Commercial Loan lenders and are now able to offer a range of different products to suit each client. We also recognise the need for additional cashflow facilities that are not always tied to asset purchases. Recently, we have supported a client with a commercial loan where a second charge against a property was required, with new products, we are able to extend our capabilities in order to support customers with new acquisitions.”

“In 2020 we are excited to launch our Contract Hire division where clients can place an order for any make of car or light commercial vehicle (LCV) directly through Chatsbrook financed through a contract hire facility.”  

“We are thrilled to launch our “Partnership Programme”! The prospect of further consolidating relationships with businesses who share our values and who are looking to extend their customer experience using funding solutions facilitated by Chatsbrook is exciting!!” – For further details on how this service could benefit your business please contact Adrian Brooks on 01603 733500.

Chatsbrook have committed financial Investment in automated technology in order to streamline our clients’ experience whilst opening various channels of communication. Watch this space to find out more!

“As a business who enters their third year we briefly reflect on our past – In January 2017 Chatsbrook commenced trading as an unknown entity with the core objective to deliver client’s openness, honesty and transparency within the financial sector. The business has been built through self-promotion, prospecting and our extensive network of supporters – Investment was made to enable business expansion raising our commercial profile year on year which has resulted in attracting new customers through recommendations along with new team members. We are excited to be employing soon!”

“Having digested the info@chatsbrook.co.uk

Funding a new business venture can be tricky, but also essential to help you kickstart the business. Some businesses for instance require stock or certain tools to begin, in which case funding is very important and it is useful to check your options and make sure that there no serious financial risks or implications involved.

Using your savings

Using your own personal savings is often the most sensible and low risk way to fund a new business. Many people will have a set figure in mind such as £10,000 or £20,000 or have a buffer of 6 months of savings so that they can invest in the business but still pay their household bills.

When using your own savings, you are not bound by any debt or have anyone to respond to. In which case, it is a healthy and low-risk way to invest money into a business initially. 

It is also a good test of character and belief in your business, because you are able to ‘put your money where your mouth is’ by using your own money and nobody elses.

Friends and family

Many successful companies have been started thanks to the funds of family and close friends. The likes of Apple and Amazon were started by loans from parents and today, it is not uncommon to crowdfund from people that you know. 

Especially for set up costs, such as setting up a practice, restaurant or shop, it is not unusual to receive funding from parents. 

Of course, this comes with risks and money can get between family and friends and it can be a grey area. If so, it is recommended to have very clear guidelines in terms of the amount of money, equity, interest (if any) and repayment expectations, just to ensure that everyone knows what is involved.

For big scale startups – VC and crowdfunding

For those high risk and high reward startups, you may seek funding from venture capital and crowdfunding platforms. In doing so, you will usually typically give equity away in your business, but it can be an effective way to raise large sums of £500,000 or more.

Getting funding through VC requires quite a lot of due diligence and you will need to present a business plan, go through the motions and report back on a regular basis to your new investors and shareholders – which can be welcomed or add quite a lot of pressure to the daily running of your business.

Business loans, personal loans or credit 

Many people seek a form of loan or credit to start or grow a business. The traditional process of going to your bank manager is very old school and people are more likely to apply online and your eligibility is based on the plans for your business, turnover, security and credit status. 

You can use a business loan from 8%-50% APR, personal loans from 3%-50% APR or use credit cards which are free provided that you pay them off on time. See these loan providers for more information. You will often be given an overdraft facility but be careful with this since the charges and fees can add up pretty quickly. 

You can also consider invoice factoring if you have received a big order in writing and signed for things like purchasing units, orders (common in catering, production, fashion and retail) and you will often be given up to 80% of the invoice value upfront and then you can clear the loan when your merchant has paid.

This year is already gearing up to be an exciting one for businesses in Norfolk and the chances are that many organisations are already giving serious thought to how they can develop their offerings and enjoy new levels of success across the months ahead. One topic which will no doubt be on the agenda of many companies will be how they can leverage technology in new and innovative ways, including whether it is time for some firms to finally embrace the benefits of going mobile.

Making a difference

There have been plenty of intriguing news stories across Norfolk in recent months regarding how mobile technology is making a difference to many lives. The fact that 58 per cent of First Eastern Counties bus users now purchase mTickets, which are bought via a mobile app and scanned on the public transport services. Furthermore, there was also news of the University of East Anglia-backed Safepoint launching a lone worker safety app, which allows people to log key information about their jobs on a central system. If they do not then mark a task as completed, an alert is triggered for an employer to check on the individual.

These are both great examples of the benefits of mobile technology and, whether you’re a local business wanting to raise your profile or an entrepreneur with grand plans to build a venture with international reach, there is plenty of evidence that the right app could prove very beneficial.

A big part of our lives

A new report released by mobile market data provider App Annie has put a spotlight on the huge role that smartphones and tablets now play in many of our lives, with the study estimating that the average person spent 3.7 hours on mobile devices in 2019. The research also found that consumers downloaded around 204 billion apps across the year, spending around $120 billion on them in the process.

But which apps are proving particularly popular with consumers? Gaming is one area which has thrived on mobile in recent years, with so many different experiences now available at the touch of a button. Not only are strategy games like Supercell’s Clash of Clans easily accessible on mobile but has also developed in-game news sections to support players and keep interest high. Meanwhile, online casinos have also embraced gaming on the move, for example Betway offer an optimised mobile portal and an app to customers featuring everything from slot games to the likes of roulette and blackjack. The App Annie report stated that mobile gaming is now the most popular form of the pastime and pointed to the fact that major franchises like Call of Duty and Mario Kart had moved into the area as evidence of its continued success. Such findings could prove interesting reading for local software developers, as well as brands considering the idea of using a casual game to promote their services.

The App Annie study also suggested consumers are migrating more financial activities to mobile, while apps are also used for research when they are undertaking shopping too. It also suggested that this year could be the biggest year for mobile yet, particularly with new innovations like 5G set to push the capabilities of such devices to a whole new level.

Small business benefits

All of the findings from that report suggest that consumers are using mobile apps now for a range of different activities. However, while larger organisations may be in a stronger position to develop such pieces of software, should smaller firms be spending valuable time and resources on going mobile too?

According to a study undertaken by Clutch at the start of 2018, the answer is yes. The research found that more than 40 per cent of small businesses have a mobile app, while another 30 per cent intend to build one in the future. Examining the key benefits that such firms get from embracing apps, the research found that 26 per cent regard the option of mobile payment as the most valuable feature offered by their software. Other key features included the possibility to communicate directly with customers and the ability to create a customer loyalty program. The latter point perhaps raises a fundamental point which could be worth bearing in mind if you are looking to develop a mobile app – it is generally best to target existing customers. While the Clutch research found that 28 per cent of small businesses create mobile apps to attract new customers, the organisation warned that this was not good reasoning for an app as drawing people to it would require a significant level of marketing. Instead, a better approach would be to consider how an app could support communication with those you already have a relationship with, which is why loyalty schemes may well be a good idea to explore.

A chance for real success

Businesses of all sizes across Norfolk will be looking at so many different areas as they seek out new ways to develop their services across the rest of 2020. However, with research showing how so many of us are spending more and more time on mobile devices, firms should be thinking about how they can get involved in that area. The businesses that find the right idea and approach when developing mobile apps could go on to have significant success in the future.