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Boost Your Business: Top Tips from a Successful Business Mentor

Written by Haze Carver on .

Kathy Ennis, LittlePiggy

I can say – hand on heart and based on personal as well as client experience – to run a successful business as a solopreneur, freelancer or side hustler you need so much more than an idea, passion and vision.

There are a whole host of practical, applicable skills – as well as soft skills – that will give your business a boost and contribute to your ongoing success.

I’m going to share five skills that may not spring to mind when you think about running a successful business or being a successful entrepreneur – but I believe every business owner should develop these skills if they want to thrive, rather than just survive.

Skill 1: Critical Thinking

When you:

  • question assumptions, claims, and viewpoints
  • understand rhetoric, bias and sound bites
  • consider pros, cons and risks

That’s critical thinking.

So why do we need critical thinking in business?

We are being bombarded with information (at least 185% more than our grandparents), social media content and ‘fake’ news.

As business owners we have to develop our ability to question what’s real and what isn’t, to reason logically and to be aware of a world wider than the confines of our business and our immediate locality.

We also need to take as much time to think about what could go wrong, as what could go right, in our business.

Why?

Because of the pace of change, ready access to information and the massive amount of choice consumers have.

Critical thinking will allow us to be responsive to the impact external influences have on our business as well as the changing wants and needs of our customers.

Skill 2: Focus and Discipline

What do you do when your phone rings? Does your desktop, laptop, tablet or mobile make a sound when you receive an email, a message or a social media notification?

Do you look – read – respond?

And what happens to what you were doing before that interruption – however minor the interruption seems?

After a few texts, emails and Facebook notifications is half the day gone but all the work remains?

Focus and discipline have always been essential to success. These days, managing distraction has become harder for even the most disciplined among us. And it’s likely to get harder, not easier. So, now is the time to bite the bullet and come up with strategies that will shut out the ‘noise’, without shutting yourself off.

A few things I have found that work:

  • Identify specific times of the day to deal with emails, for example, the first half an hour of your working day, half an hour before or after lunch, a half an hour before you finish for the day.
  • Turn your phone to silent and turn off notification noised and symbols on any desktop or tablet devices.
  • Turn your phone screen-side down so you can’t see notification symbols

You may think these techniques are difficult, or that you will lose business as a result.

Hmmmm, maybe…

I’ve had my phone on silent for two years. I always leave my phone screen side down and I have my email management times.

In the past two years, I have had more business.

Go figure…?

Skill 3: Being Human

Just be you.

Ther’s the old saying “Be yourself, because everyone else is taken”, but if you look online you could be forgiven for believing that the world is made up of indistinguishable lemmings.

Everyone wants the same thing, everyone wants to do the same thing, everyone wants to achieve the same outcomes. Copyists and pale imitations abound.

The most unique thing in your business is you!

So make sure you share that uniqueness.

What does the ‘About’ section on your website say about you? Is it bland? Is it anonymous? Or does it tell people who you are, what you do, how you do it and why you do it?

Does it communicate your values and where you, as an individual, draw a line in the sand? Do you allow people to see your vulnerability?

When you network offline do you see it as an opportunity to sell your products and services or as a method for building relationships for mutual, beneficial personal and business support?

When you network online how ‘real’ is your online persona. Is it a numbers game or, again, an opportunity to meet and engage with a group of people that you want to support – and who should want to support you back?

I tried an experiment on LinkedIn last year. In January 2019, I decided to send a direct message to everyone who sent me a standardised ‘join my network’ request. I asked them what, about me and about my profile, prompted them to request to connect. This is what happened to the 50+ requests I received. 10 people responded with really lovely messages, about 35 never responded – and about 5 told me to “f**k off” (their words, not mine).

What did the 40 or so people who didn’t respond (or who told me to F-off) actually want? Engagement with a human being or another notch on their Contacts numbers? Well, it wasn’t the former.

Life’s too short not to be yourself. OK, maybe some people will not like what they see. Their loss.

Be Marmite : Be Human

Skill 4: Getting Things Done

If you:

  • don’t develop focus and discipline (see Skill 2 above)
  • procrastinate which, in my book, includes the myth of perfectionism (procrastination by another word)
  • set yourself unachievable targets and don’t create and implement accountable action plans

You won’t get things done.

And, when things don’t get done, there is little likelihood of success.

I want to distinguish here the difference between having a well-defined, action-based business plan that leaves you with lots and lots to do and the “I’m so creative and have so many ideas I just can’t seem to get everything done that needs to get done”.

The first scenario can be rectified with some well-placed outsourced activities such as virtual administration assistance or social media management.

The second scenario needs a combination of focus and discipline. Help to create plans and working methods that suit that individual’s personality and a Business Mentor to keep them on track and accountable.

I have heard people say that all it takes for an ultra small business to be successful is ideas and passion.

Sorry, I disagree with that 100%

Everyone has ideas. Everyone has something they are passionate about.

What you really need for a successful business are systems, processes and automations. You need a business owner who develops an action plan that will make things happen – and gets on with doing it.

Skill 5: Competitive Spirit

The explosion of the micro and side-hustle businesses has opened the floodgates to customer choice. This means, as business owners, we are in an unprecedented era of competition.

Whatever we do, there will be many other businesses doing it also. And, because of the increasingly easy access to goods and services online, our competitors can be hundreds, if not thousands of miles away.

Competition is not a bad thing.

We have to be competitive.

The first step is to know who our competitors are. The second is to understand what sets us apart from them.

It’s only by knowing who and what we are up against and the differentiation point we have over them, that we can truly offer the unique ‘thing’ that our customers are searching for.

Competition doesn’t have to be cut-throat. It doesn’t have to be ugly, and it can really easily morph into something greater than the sum of its parts. Collaboration.

If you would like to talk with me about your business – book yourself a complimentary, half-hour Breakthrough Session

The End of COP26: What Decisions Were Made and How Do They Affect You

Written by Haze Carver on .

Papernest

In November 2021, representatives from over 200 nations around the world came together to address the global problem of climate change. The annual United Nations climate change conference took place in Glasgow, and ended on 13th November. 

But what was discussed? What decisions were made? And how will they reflect you as a consumer? Let’s take a look at how the decisions made at COP26 could affect households in the UK, and why some criticise the actions to be taken as being too little too late.

What is COP26 and why is it important?

COP26 is the 26th Conference of the Parties. Following on from the Paris Agreement of 2016, it is attended by representatives of the countries that signed the United Nations Framework Convention on Climate Change (UNFCCC) in 1994. As well as world leaders, COP26 was attended by representatives from the world of business, charities, faith groups and non-government organisations.

Hundreds of nations from all over the world were in attendance from 27 EU member states as well as the US, Canada, Australia, India, Colombia, Ghana, Nigeria, South Korea and the Democratic Republic of Congo to name but a few. The event was the biggest summit ever hosted by the UK with over 30,000 attendees. 

Its goal is to address the biggest ecological crises facing our planet, tackling the climate crisis and creating a global infrastructure for more sustainable living. 

How did the COP26 end?

COP26 ended with some clear resolutions for further action to be taken around the world to address the current climate crisis. One key takeaway is that, after years of dancing around the issue, COP26 ended with a clear reference to the role of fossil fuels in perpetuating our climate crisis. However, some critics were frustrated by the lack of a more decisive stance on the use of coal. Following a late objection from Indian delegates, the language shifted from the “phasing out” of coal to a more gradual “phasing down” with a reduction of “inefficient” fossil fuel subsidies.

Much of the action on the issue of phasing out fossil fuels was deferred to COP27 which will be hosted in Egypt. However, several decisive actions were decided upon in what became the “Glasgow Climate Pact”.  

What are the main decisions taken?

There was some disappointment among environmental groups that more decisive actions were not agreed upon as COP26 drew to a close. Nonetheless, the committee did decide upon several priorities in order to reduce the impact of climate change. 

Although nations are not legally bound to take action, US climate envoy John Kerry told CNN that nations in attendance would be bound by the”public scrutiny that holds you accountable to your own promises… That’s a huge level of accountability, frankly”. 

The main decisions made in the Glasgow Climate Pact were as follows.

Fossil fuels 

Environmental groups were pleasantly surprised when explicit reference was made to the role of fossil fuels, particularly coal, in exacerbating climate change. The burning of coal is responsible for roughly 40% of the world’s carbon dioxide emissions. 

The language of the agreement was changed from “phasing out” to phasing down” following an objection from India. The agreement also includes a commitment to end fossil fuel subsidies.

End of deforestation

Trees absorb vast quantities of CO2 and are instrumental in the prevention and reversal of climate change. So it was a relief to see that over 100 countries (which contain 85% of the world’s forests between them) pledged to end deforestation by 2030. 

Critics, however, warned that we have seen similar initiatives come and go with very little impact. Climate change expert Prof Simon Lewis said that the world has “has been here before”, citing a 2014 declaration in New York which failed to make a meaningful impact on deforestation. It was also unclear how this would be policed.  

Limit global warming to 1.5C

COP26 President Alok Sharma expressed gratitude to delicates for “keeping 1.5 alive”, in reference to the Paris Agreement’s goal of keeping global warming at 1.5 degrees Celsius above pre-industrial levels. This is essential in order to avoid a climate catastrophe and prevent the impact of frequent and intense heat waves and storms on our planet. 

The key to this is reducing greenhouse gas emissions on a global scale. In order to limit global warming to 1.5C, the world will need to reduce greenhouse gas emissions by around 27 billion metric tons per year. Critics argue that the commitments made in the Glasgow Climate Pact fall short of this. 

What will be the next steps for the UK?

The decisions made at COP26 will have far-reaching implications for governments, industries and businesses around the world. But what are the next steps for the UK? The most important include:

  • Doubling down on
  • our commitment to become carbon neutral by 2050
  • Working harder to
  • reduce greenhouse emissions
  • Investing heavily
  • in clean energy infrastructure
  • Working with the
  • automotive industry to hasten the phasing out of petrol and diesel
  • vehicles

How can the climate conference change our lives?

We can expect the decisions made during COP26 to influence our day-to-day lives in a number of ways. And while we should celebrate the transition to a more sustainable way of living, we all need to acknowledge the contributions that we need to make, and what we can do to help to mitigate the effects of climate change. Some of the ways in which we can expect our lives to change over the next 10 years include:

Living in greener homes

There are lots of ways in which we can make our homes more sustainable. Even little things like switching to a green energy supplier can make a big difference to your household’s carbon footprint. 

The government is also looking at new ways to incentivise heating your home using methods that don’t use fossil fuels (i.e. gas). While the Green Homes Grant was scrapped earlier this year, the Boiler Upgrade Scheme could help to offset the cost of installing ground or air source heat pumps, solar water heaters and, in some cases, biomass boilers. 

Switching to electric vehicles

The government has already announced its intention to make the manufacture and sale of new petrol and diesel cars illegal by 2030. However, it has recently announced plans to start phasing out fossil fuel-powered vehicles starting in 2024. £620m has been dedicated to offering targeted grants to make electric vehicles more affordable to households. 

Paying more for groceries

Now there’s one more reason to eat your veggies! The worldwide pledge to halt deforestation will place severe limitations on animal agriculture and the palm oil industry which are among the leading causes of deforestation. As such, we can expect the cost of meat, dairy products and processed foods to rise.  

Your pension and investments

Over 400 financial institutions have committed to providing more funding for green technology. As such, you can expect your pension provider to start investing more of your money in green technologies. 

Did COP26 meet the expectations?

While Prime Minister Boris Johnson has been quick to tout COP26 as a grand success, many critics are quick to point out that the proposed measures, while welcome, will be insufficient to reduce global warming to 1.5C. Indeed, what has been agreed is projected to reduce global temperatures to rise by 2.4C, which will still do irreparable damage to many of the world’s most climate-vulnerable nations. 

Time will tell whether the UKL is able to lead by example and exceed its commitment to reverse the damage we’ve done to our planet before we reach the point of no return. 

Work engagement, job quality, wellbeing and innovation post-COVID – what can employers do

Written by Haze Carver on .

UEA – PrOPEL Hub

Businesses across the UK share an aspiration to bounce back after the COVID-19 crisis and get back to delivering value for customers and good jobs for employees. Promoting employee engagement (or ‘work engagement’) is important to delivering wellbeing for employees and improved innovation and performance for businesses.

As part of the ‘PrOPEL Hub’ and ‘Management Practices for Employee Engagement’ initiatives, supported by the Economic and Social Research Council, our team at the University of Strathclyde is working with UK companies to explore the linkages between jobs, work engagement and a crucial innovation outcome sought by employers – what we call ‘innovative work behaviours’ among employees. You can find lots of useful resources from us and colleagues on steps organisations can take to encourage these behaviours at www.propelhub.org.

Some critics have argued that engagement has become a buzzword – cover for employers reluctant to do the hard work of improving jobs, pay and conditions. So what is work engagement and how solid is the evidence base that action on engagement can deliver positive outcomes for employees and businesses?

It is true that the ‘engagement agenda’ has become somewhat ubiquitous, and the term has been used with reference to a range of meanings. But there is a decent evidence base that levels of ‘work engagement’ are important predictors of performance and wellbeing. Work engagement has been defined as ‘a positive, fulfilling, work-related state of mind that is characterised by vigour, dedication, and absorption’. This way of capturing engagement – developed by Wilmar Schaufeli and colleagues in the early 2000s – asks fundamental questions about feelings of resilience and energy (the vigour bit), whether employees find jobs meaningful (dedication) and if they are happy and immersed in interesting work (absorption).

There is good evidence that higher levels of engagement are associated with positive wellbeing outcomes for employees and some signs that they are also bottom-line benefits for companies. One area of performance that there is increasing interest is innovation – Are more engaged workers more likely to innovate and solve problems in the workplace? Here the evidence is a bit more limited, but there are signs that higher levels of engagement can support employees’ innovative work behaviours – ‘the intentional proposal and application of novel and improved ideas, processes, practices, and policies aimed at organizational effectiveness, business success, and long-term sustainability’. A new study by Kibum Kwon and Taesung Kim in Human Resource Management Review journal concludes that ‘engaged employees are more likely to behave innovatively by activating coping strategies to deal with challenges’. But we need to strengthen the evidence base on what works in supporting employees to innovate and also enhancing their wellbeing.

What sort of things should employers be thinking about to promote engagement and innovation? Our research focuses on the importance of job quality. Two members of our research team – professors Evangelia Demerouti and Arnold Bakker – have lead the development of the Job Demands-Resources Model. This is a way of thinking about job quality that centres on the need to balance, on the one hand, ‘job demands’ such as workload, emotional demands, interpersonal conflict, and on the other hand, ‘job resources’ – the elements of good job quality that help people to cope with the demands of the workplace, like job control, task variety, development opportunities and effective feedback. Evangelia Demerouti and Arnold Bakker and their colleagues have developed an impressive evidence base that suggests that these elements of job quality can feed into engagement and wellbeing. As I have already said, there is also some evidence that higher engagement equals more innovation, but we need more information on how these processes work.

Which brings us back to the major research programme that the University of Strathclyde is leading to arrive at new insights on these issues. We will be working with thirty companies to explore linkages between job quality, work engagement and wellbeing, and crucially, adding to the evidence on how we can support employees to innovate.

Of course, these are uniquely challenging times for HR practitioners and business leaders, and in the immediate term the emphasis is likely to be on business survival and retaining or exiting people from the organisation as necessary. But it might also be a good time for businesses to reflect on their workplace practices – as we move towards a ‘new normal’ post-COVID-19, employers have an opportunity to think about improving job quality to benefit people and performance.

For more from the PrOPEL Hub on Work Engagement, Job Quality and Innovation, head over to https://www.propelhub.org/job-quality-matters-building-workplace-wellbeing-and-engagement-into-the-new-normal-for-business/

If your business would like to work with our at team at the Scottish Centre for Employment Research at the University of Strathclyde Business School we would be keen to hear from you.

To find out more about the research, contact Professor Colin Lindsay at the University of Strathclyde – colin.lindsay@strath.ac.uk

We think you may also find this interesting: The Value of Personality Tests

The PrOPEL Hub

Written by Haze Carver on .

Management Practice, Employee Engagement and the Productivity Puzzle

The UK ‘productivity puzzle’ – that is the long-term lag in our economic growth compared to competitors – is no secret. The causes for this are still not fully understood, but one thing is certain…if the UK economy is to survive the challenges thrown up by our EU exit and the Covid-19 pandemic, a solution is required.

Here at the PrOPEL Hub we believe that the workplace is the key to driving higher levels of engagement and productivity.

So who are we?

The PrOPEL Hub (Productivity Outcomes of workplace Practice, Engagement & Learning) is a major initiative designed to support improvements in productivity through enhanced workplace practice and employee engagement. The Hub brings together leading researchers from 8 UK universities alongside the CIPD, to develop practical tips and tools to help businesses take advantage of the latest insights and expertise. Funded by the Economic & Social Research Council, we focus on supporting the development of high quality, inclusive and engaging workplaces that help tackle the UK’s productivity puzzle. 

What do we do?

Events. We run a series of events exploring links between management practice, employee engagement and productivity. These range from our larger Masterclass events targeted at a senior business audience, our International Research Seminars aimed at an academic audience, to our smaller more engaged workshops and hacks which allow organisations to problem solve within their own specific business context

Research. All of our activity is underpinned by a robust evidence-base. We have 5 major on-going research projects funded by the ESRC which explore links between workplace practice and productivity through a range of different perspectives. You can learn more about these here.

Webcontent. Our website shares findings from our own and other key stakeholder’s research in a format that can be usefully and practically applied by businesses. We offer blogs, podcasts, videos and ‘How To’ toolkits.

Work with Us

We work with all different types of workplace stakeholders. For opportunities and to get involved, please sign up for our mailing list at www.propelhub.org or email us at contact@propelhub.org

We think you may also find this interesting: Matching People to Jobs

How to get paid on time

Written by Haze Carver on .

NatWest Business Builder: Revenue Streams

The UK economy has rallied since the recession, but a culture of late payments is still costing SMEs billions of pounds. Savvy invoicing practices can pave the way for healthier cash flow and more robust finances.

  • A culture of late payments can have a negative impact on growth and job creation among SMEs
  • Using an outsourced credit company is one way to keep track of payments and get invoices settled sooner rather than later
  • For the construction sector, project bank accounts (PBAs) have revolutionised the way in which cash flow is handled

For SMEs, consumers may be king but cash flow wears the crown. Unfortunately, the Federation of Small Businesses (FSB) reports that 84% of small firms are still being paid late.

According to Bacs Payment Schemes (Bacs), the company behind Direct Debit and Bacs Direct Credit, the UK’s smaller businesses are facing an eye-watering total bill of £6.7bn in order to chase overdue payments.

Currently, over a third (34%) of business owners experiencing late payments are forced to rely on bank overdrafts.

This has knock-on consequences, with almost a quarter of SMEs being forced to pay their own suppliers late.

The good news is that despite the culture of late payments and its negative impact on growth and job creation, businesses that are prepared to confront the problem can and often do experience good results, such as improving their cash flow and prospects.

“Either by better controls or by using external support, a business has to master its processes over invoicing and credit control to survive and grow in an increasingly competitive marketplace,” says Christopher Briggs, associate director at Baldwins, one of the UK’s fastest growing accountancy firms.

Invoice discounting or factoring

“For many businesses, chasing clients for money can be a difficult process to manage,” says Briggs. “It can be time-consuming and unpleasant, which often results in ill-timed invoices and poor collection of cash. Even for SMEs that are very efficient at this process, increasing payment terms are now commonplace, which, if left unchecked, can fatally damage the business.

“Many businesses opt to raise finance using the debtor ledger, sometimes known as invoice discounting or factoring. Essentially, this means that a percentage of the invoice is paid straight to the company as soon as they raise the invoice. This allows companies to get on with what they do best while a professional organisation acts as their credit control. Importantly, it also allows the business to focus on growing; because cash flow is assured on any new orders won, the business can concentrate on winning and delivering the order rather than worrying about whether they can fund it.”

Outsource your credit control

Worcester-based creative agency F8 Creates has passed all its invoicing to an external company.

“We use an outsourced credit control company – we’ve found that they cost us less than the time it would take to chase invoices,” says F8 co-director Hamish Gill.

“It provides us with a different voice for chasing money, which we’ve found has had a positive impact on our relationships with our clients.They’re also able to provide us with a broad range of other services we wouldn’t normally have access to, such as credit checking,” he says.

Get a head start

When clients know exactly where they are and what they’re getting, the invoicing process should be quite clear cut.

Clive Murphy, MD at Trojan Electronics a Swansea-based multi-channel e-commerce company, says communication errors are often to blame for glitches in invoice payment.

“Delays in payment are normally only caused by a problem with the supply of product or an issue with the supply of services. If there’s an issue or concern raised, this needs to be dealt with promptly and effectively,” says Murphy.

“Check that invoices have been received by the company you’ve sent them through to, provide statements and have regular contact to check that haven’t been missed,” he says.

Similarly, Rachel Hynes, head of administration and finance at design agency Waters Creative, is also keen to stress the importance of robust communication and points out that prevention is always better than cure.

“Check invoices have been received by the company you’ve sent them to, provide statements and have regular contact to ensure invoices haven’t been missed”

Clive Murphy, MD, Trojan Electronics

“It’s worth getting to know the client’s finance system so that any ‘typical reasons’ for late payment have been eliminated before the invoice is sent,” she says. “Larger organisations are likely to have a strict process before processing invoices for payment so will be familiar with this.

“A reminder email sent the week before an invoice is due can help flush out any issues before an invoice becomes late.

“If that fails, it’s worth pursuing it immediately and systematically, keeping note of any promised payments so they can be followed up and resolved issues straight away. It can be time-consuming but ultimately worth it.

“Negotiating extended payment terms with suppliers will also go a long way to give breathing room if a client is late in paying. Staged payments with clients over a number of months has also proved very productive and really helps with cash flow.”

Cues from construction

The construction industry in particular has some challenging payment terms. David Kieft, spokesperson and president-elect for The Electrical Contractors’ Association (ECA) Wales, says project bank accounts (PBAs) have revolutionised the way in which the sector’s supply chain gets paid.

“PBAs help businesses maintain cash flow,” he says. “The vast majority of businesses within the construction industry are SMEs.

“It’s a recurring scenario for lower-tier contractors, including SMEs, to be waiting months for payment by firms up the supply chain. Throughout this time, the lower-tier contractor still has significant outgoings – such as wages – and is at risk of any insolvency higher up, which could ruin the business.

“Supply chain members that participate in PBAs no longer have to endure long payment periods; they receive the funds they’re due directly through a bank account, specific to the project they’re working on. PBAs therefore have the benefits of bringing payment certainty, and those payments are made promptly, allowing efficient cash flow.”

At a glance: six tips for smoother invoicing

1. Be proactive

Chasing invoices early via a polite call or email can often pre-empt a payment problem. Being proactive also helps you build relationships with your customer’s accounts department.

2. Be clear

Make sure clients know exactly where they stand and what they’re getting for their money.

3. Do your homework

Choose the right customers. If in doubt, obtain references or carry out a credit search.

4. Negotiate better terms

Payment terms can vary from 14 days to 30 days. A clear routine and structure in place can prevent confusion. Doing invoices in batches is a common tip – and sending invoices at the same time each month encourages consistency.

5. Set a date with suppliers

Creating Direct Debits will save your suppliers time and money, and could save you money in the long run, too. Direct Debits could help you negotiate better payment terms and avoid penalty charges on any overdue invoices or bills.

6. Play to your strengths

Financial experts advise setting up highly automated payments to take the strain, or outsourcing invoicing, leaving you free to focus on building your business.

Further Reading

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

Management strategies: upselling

Written by Haze Carver on .

NatWest Business Builder: Revenue Streams

Upselling is integral for many business models and is considered to be up to 10 times cheaper than acquiring a new customer.

Upselling (inviting customers to buy a more expensive or upgraded product or service) and cross-selling (inviting them to buy something that complements their purchase) are the lifeblood of many businesses because they require a fraction of the effort and cost of acquiring a new customer.

Handled badly, however, and both practices can be clumsy and off-putting; they can even inspire a previously happy customer to abandon you entirely. We asked SMEs and experts to share what they consider to be the golden rules.

1. Link the upsell to solving a problem

If you don’t want your customers to feel like you’re simply trying to squeeze more money out of them, sales expert Alex Moyle says it’s vital to explain how the upsell you’re proposing will help them solve a problem. “The doctors we like most are the ones who spend time understanding not only our illness but how our illness is affecting our lives,” he says. “It’s only once we’ve had this conversation that they start talking about treatments. The same goes when you have a new product to talk to a client about.”

While you may want to jump in and say: “Look at this shiny new widget,” Moyle says you first need to pinpoint the problem it solves that will justify its expense. “Doing this will mean your customers see your intent as being focused on helping them rather than just growing your revenues,” he adds.

Hanna de la Torre, manager of sales at the interactive presentation platform Mentimeter, agrees. “A golden rule in upselling discussions is to focus more on the added value for the customer, rather than pricing and discounts. How can you create more value for them? Which internal targets could be more easily met due to expanding the use of the tool/product within the organisation?”

While upselling is often an easy win for software-as-a-service (SaaS) businesses like Mentimeter (fear of missing out on the bells and whistles that come with an upgraded service can be a great psychological driver in getting customers to move up from their entry-level option), de la Torre says it’s far better to build trust and look at a user’s long-term relationship with your business. A customer for life at £100 a year is better than a disgruntled one paying £500 who leaves after 12 months.

2. Educate your clients about the different ways you can help

Whatever you sell, people often only come to you for one thing – when in fact you’re capable of delivering a number of products or services that they may not know about. It’s your responsibility, says Moyle, to make sure your customers are fully aware of the other things you can do.

“A golden rule in upselling discussions is to focus more on the added value for the customer, rather than pricing and discounts”

Hanna de la Torre, sales manager, Mentimeter

“Clients actually like using one supplier for multiple solutions,” he says, “but one of the main reasons they use other suppliers is they simply don’t know you can solve other problems as well. Because of this, what you talk to your clients about will determine what problems they think you can solve.”

Neville Louzado, head of sales at cloud-hosting specialist Hyve Managed Hosting, adds: “Once you understand your customer’s business, you can map out areas that you can sell into. You may have sold to the IT department, but what about HR, finance and operations as well?”

3. Make sure your upsell makes financial sense

Before you embark on any upsell, it’s important to crunch the numbers. For example, Nicola Lando, co-founder of Sous Chef, an online store for cookery professionals and keen amateurs, says nudging a customer towards a slightly more expensive order may not be in your favour if they suddenly qualify for free postage, for which you foot the bill.

“We always have to consider our £35 free shipping point when setting product prices,” she says. “As a result, we sell very few products that are around £35.”

4. Consider if a ‘downsell’ may seal the deal

The widely used ‘you may also like’ area at the bottom of a web product page can serve both to encourage trading up to a similar item of higher value and also to help potential customers discover items in your store they might not know are there.

But it has a third function, too – one often used when people are clearly interested in a particular type of product but seem reluctant to commit. “Customers often come to our site through a page with a very large and therefore expensive version of a product, perhaps more suited to professional kitchens,” says Lando, “so we’ll often also show a smaller-sized product to help convert home cooks. Better that they purchase a cheaper version than none at all.”

5. Have a well-defined strategy

Upselling and cross-selling techniques come in many guises. It makes sense to look at your website or service through your customer’s eyes. Options for adding value could include highlighting related products, telling people how much more they need to spend to get free delivery or putting together bundled products.

6. Understand that unwarranted upselling can kill a relationship

Will it genuinely benefit the customer? As with most good business practices, this really should be the first and last question.

Companies that treat upselling as a quick win, selling people something that’s not right for them, risk sacrificing their relationship with that customer. This ultimately affects a business’s long-term performance and even its survival.

Further Reading

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

How to raise your prices without losing customers

Written by Haze Carver on .

NatWest Business Builder: Revenue Streams

Most young businesses will want or need to raise their prices at some point, but what’s the best way to go about it?

If you’re selling the same thing to the same clients at the same price for two years in a row, you’re not growing your business. In fact, says business development strategist Charlie Whyman, you could actually be shrinking your business.

Among the most compelling reasons for hiking up your prices is rising costs – if you suddenly have to dig deeper to provide your product or service, it might seem logical that your customers should help bear the brunt of that.

But there’s more to raising prices than just making sure your bottom line doesn’t diminish – sometimes you may wish to push them up because you feel what you offer is worth it. Maybe perception of your brand has improved, or you’re offering a better service than you used to. In many industries, Whyman says, we’re moving towards value-driven pricing.

More of which in a moment, but for a straightforward retail business, what’s the best way to put up prices without making customers flee to your nearest competitor?

The answer, says Niamh Barker, founder and MD of the Travelwrap Company – whose luxurious cashmere wraps have been warming shoulders since 2007 – is to first ensure customers understand and appreciate why, exactly, your brand and its products are special.

Because it’s worth it

“Our classic collection has had a price increase of around 13% over the last three to four years,” says Barker, “and I was certainly apprehensive that increasing prices could impact sales. We don’t take increases lightly, but at the end of the day we need to ensure we can cover the cost of production and raw materials as well as staff and so on.”

“Be transparent about why you’re increasing costs. What has led to the increase? Always honour existing agreements and possibly offer a ‘staggered’ introduction to new prices to sweeten things”

Sean Mallon, CEO and founder, Bizdaq

Much is made on the company’s website and in promotional material of the fact that Travelwrap’s products are created in the UK, are high quality and can’t be bought elsewhere. This, in part, has resulted in customers accepting what has amounted to some fairly modest price rises. In fact, sales have increased by about 50% – proof, perhaps, that many customers understand small rises in price are inevitable, and that many will readily accept them if they like the product.

How to raise prices

Andrew Firth, CEO and founder of Leeds-based digital agency Ascensor, suggests waiting until after the January sales. “It means you get to ‘give’ a bit before making the change,” he explains.

Frances Day, marketing expert and founder of business coaching organisation In The Company of Leaders, suggests adding lots of extra value. “This is the secret to successfully raising your price. The price becomes almost irrelevant when the client is delighted with the outcome.”

Meanwhile, Sean Mallon, CEO and founder of business-selling platform Bizdaq, argues the case for clarity. “Be transparent about why you’re increasing costs,” he says. “What has led to the increase? Always honour existing agreements and possibly offer a ‘staggered’ introduction to new prices to sweeten things.”

Other tactics include adding little extras to soften the deal, and – a little left field – keeping the same price but reducing the size or scope of the product or service you offer.

Ultimately, says Whyman, there’s a market for what you’re selling whatever the price – so long as it’s packaged and targeted correctly. “Think of personal trainers,” she says. “They mostly offer the same sort of service, and if you’re offering your skills to the average gym-goer, then about £30 an hour is probably the most you can charge. But if you’re targeting high-profile footballers or busy CEOs, the sky’s the limit.”

Know your product, believe in your brand, and have confidence in your pricing. “You do need to increase what you’re charging your customers from time to time, and, yes, you will lose some of them,” says Whyman. “But I think that’s OK, especially if you’re able to tell the ones that stay with you exactly why you’re doing it and can explain the value they’re getting out of what you offer.”

The price is right

Erica Wolfe-Murray, business coach, author, and founder of creative agency Lola Media, shares her tips on how to get your pricing right.

1. Know the cost of opening your doors each morning

It’s vital to know how much your overheads cost you each day. This is the very minimum your business needs to recover every single day to ensure you stay afloat, and your pricing needs to reflect this.

2. Understand how to set your pricing

The price of every item or service you sell must cover the cost of its raw materials, your time producing it, a proportion of your overheads, plus a margin of profit for your business.

3. Offer a range of prices

If you sell a range of products or services, ensure you have a pricing range, from cheaper through to more expensive. When offered a choice, most customers will generally select the mid-priced item, perceiving better value than the highest or lowest.

Further Reading

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

Sustainability and you

Written by Haze Carver on .

NatWest Business Builder

World leaders are united in developing policies to tackle climate change, and UK businesses have a role to play. But where to start? 

This informative session will build your understanding of the threat posed by climate change and demonstrate how your business can successfully plan for a low-carbon future. By the end of this learning journey, you should be able to articulate the principles of sustainable business practice and be inspired to take your next steps.

Be informed: understanding the threat

What do we mean by climate change? What sort of business interruptions could severe weather inflict? How do government policies impact small businesses? 

Watch our film for an introduction to tackling climate change and why it matters.

Be informed: sustainability & businessBe informed: sustainability & business

At the COP26 summit in Glasgow in November 2021, heads of state, climate experts and businesses will come together to agree coordinated action to tackle climate change. We can all play a part.

So, is your business as green as it could be? Is there a gap between knowing and doing? How do your products, services, and behaviour align with government targets?

Watch our film to understand how the sustainability agenda will affect your business in the coming years.

Be inspired: a sustainability masterclass

Will Richardson, founder and CEO of Green Element, witnessed first-hand the impacts of climate change when he travelled around the world. He made a life-changing decision to dedicate his work to helping build a sustainable future for generations to come. 

Here, he speaks to NatWest Business Builder to share his insights and expertise. He talks about why climate change is the biggest crisis facing the world today, and how businesses of all sizes can rise to meet the challenge.

Be successful: 10 steps you can take now to be a greener business

There is no one right solution on tackling the threats of climate change – start small and you could still make a difference. Read the Business Builder sustainability checklist to understand how the weather could affect your business and changes you can make straight away.

Further reading

For more insights on climate change and the race to net zero, visit the NatWest Business Hub’s spotlight on Green Business.

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

How can businesses go green?

Written by Haze Carver on .

The debate on what and how businesses are becoming more environmentally sustainable should not begin and end on the annual Earth Day. Norfolk Chambers members have been making ‘going green’ part of the fabric of their company’s strategy so that this becomes integrated in everything they do. 

Climate change and how businesses can reduce their impact on the world around us is not a new concept. Businesses have been saying for years that they are making changes – using sustainable materials, upping their recycling, sourcing locally to reduce their carbon footprint…

Back in January this year climate change and going green was one of the discussions at Norfolk Chambers of Commerce’s The Big Debate. We were joined (virtually) by Jonathan Denby Head of Corporate Affairs for Greater Anglia, Richard Buckingham Climate Change and Carbon Manager for Anglian Water, Dr Catrin Ellis Jones Stakeholder Engagement Manager – Offshore Wind for Vattenfall, and Duncan Baker MP for North Norfolk discuss how businesses can improve their carbon footprint and become more environmentally sustainable.

Highlights of the session included all saying that they are committed to a more sustainable future. Greater Anglia has made great strides in ensuring its future is green with the introduction of the fleet of new trains that are greener and cleaner for the environment. 

As part of the debate, Jonathan Denby from Greater Anglia said: “Business should have a real commitment to reducing their carbon footprint. What can you do with recycling and energy saving? Build green issues into your decision making.”

Dr Catrin Ellis Jones from Vattenfall agreed: “We represent the sector that is having a big impact on lowering carbon emissions. It is our business strategy not just our sustainable strategy to lower carbon footprint.”

Anglian Water have also made good progress with reducing their carbon emissions. Richard Buckingham from Anglian Water said: “We have committed to net zero carbon emissions by 2030 and we have a target of using 44% renewables by 2025.”

For Earth Day 2021 we asked our members and wider Norfolk business community ‘if they could write a letter to Earth telling it what it is doing to secure its future what would you say?’ 

We had quite a few responses many talked about the little things they have changed in lockdown such as recycling more and walking instead of driving, which they plan to keep doing as we gradually get back to ‘business as usual’. For others, it is about doing more creative practices in order to evoke positive change. The Cambridge Norwich Tech Corridor tweeted that businesses in the tech corridor are ‘using brewing waste to power homes, using seaweed to replace plastic and turning coffee back into coffee cups’. 

Talking about the quick wins a company can do right now, Director of the History of Advertising Trust Richard Powell said: “The easy stuff is what a company can see on the bottom line: use LED light bulbs, turn off the lights (8/10 times we don’t need them on we have just got used to them being on), water savings, recycling, looking at travel… how much have you saved in lockdown? Do you need all those journeys now? If so, can you do them on an office cycle in the summer months? Does your office have a couple of electric bikes? Also ask your employees for their suggestions.”

So how can we make sure that environmental sustainability is more than just hot air? How can we ensure businesses implement this seriously into their business strategies in order to make positive change? 

Thoughts from The Big Debate earlier in the year pointed towards a few key strategies: 

• Business incentives to make change happen. Meeting key targets with incentives to implement certain things could help businesses go green.

• The incentives in building new eco-friendly homes should also be in place for retrofitting old houses, besides the green homes grant. We also need to look at what materials we build houses from – bricks, steel and cement are not environmentally friendly options.

• Small steps can make a big difference. Businesses can switch to a greener energy supplier, make sure that when they look to invest in a new vehicle go electric.

• Supply chains can also be looked at in terms of sourcing products and supplies locally, or at least from the UK. 

Finally, we need to start shouting about what Norfolk businesses are already doing and are planning to do so that others follow. Just take a look at the great work Vattenfall is doing with offshore wind, or Norwich Research Park and UEA with their research and development into more sustainable food sources. Make sure you let us know what your business is doing so that we can share your stories far and wide! 

Charity reserves and sustainability

Written by Haze Carver on .

Lovewell Blake

This month a report into the state of charity finances has raised serious concerns about the financial health of charities as lockdown restrictions start to be lifted.

The report, issued by NCVO in conjunction with Nottingham Trent and Sheffield Hallam Universities, confirms an obvious problem – demand for charity services is up while overall income is down and costs have also risen due to organisations having to change the way they do things in the COVID-19 environment. While 31% of 590 charities surveyed have seen an increase in their income, 47% have seen a decrease, and 46% of charities have had to use cash reserves to get through the last year, which in many cases are beginning to run out.

Organisations that rely heavily on public donations and earned income have been hardest hit. Many of these organisations had made a conscious decision to move towards these more self-sustaining sources of income to avoid the impact of government/Local Authority cutbacks. With emergency funding beginning to deplete combined with reduction to the CJRS funding later this year, and some organisations worried that their previous income streams may not recover, it is an anxious time for many charities.

Going concern is an important assessment for trustees to make on an ongoing basis and in particular in relation to the year end accounts. The charity’s annual Audit or Independent Examination will also need to consider going concern which will involve assessing the charity’s budgets and financial forecast for the foreseeable future; typically this is at least 12 months following the date the trustees approve and sign the accounts.

The Charity Commission has highlighted how important it is in the current situation for trustees to have an understanding on the use of charity reserves and to consider making changes to their financial planning if necessary to allow essential spending to continue. They have reminded trustees of their guidance on financial resilience (link below) which may help trustees to focus on what is important in a challenging economic climate.

For more information, visit the GOV.UK website. 

You can view this original Lovewell Blake article and others here

If you have any specific questions or would like to speak to a member of the Lovewell Blake team, get in touch via email info@lovewell-blake.co.uk

Environmental, social and governance – the bigger picture for life sciences

Written by Haze Carver on .

Mills & Reeve

Business leaders know that environmental, social and governance issues are increasingly important – to their customers, their people and their investors. This is no longer a “nice to have”, but a key part of doing business in the modern world. At Mills & Reeve, we are bringing an ever-increasing focus to our own business practices, and, more importantly, to how we can support our clients in achieving their own ESG goals. Here we consider what this means for the life sciences sector and what steps we are seeing organisations take to make a real difference.

A responsible approach to doing business has long been a priority for the life sciences sector. In this highly regulated industry, the risk of harm is intrinsically high. This means that compliance with not just the letter of the law, but also the underlying principles, is at the forefront of minds from the top to the bottom of a well-run organisation. Dealing with products and services that affect the health of many individuals, and with ethically complex issues like genetic modification, means that organisations regularly encounter the need to make difficult choices, and to be accountable for the decisions they make.

What are the E, S and G?

ESG brings in a wide range of topics and concerns, and while there are some universal touchpoints, the main issues will vary from sector to sector. The ESG metric helps organisations to think through all of the issues – including those that they might not previously have identified for attention. Delving more deeply into the acronym:

  • Environmental is all about reducing our impact on the planet and addressing the climate crisis. 
  • Social looks at the impact that an organisation has on the people that work within it, and within its business partners, and the communities that it serves.
  • Finally, Governance focuses on ensuring that an organisation has a strong decision-making structure that is fit for purpose and ensures that the likely end-points are taken into account in any decision taken.

Attracting investors

Investors are increasingly focusing on the ESG perspective when making decisions as to where to allocate capital. Likewise retail investment funds are under pressure from the market to provide ethical options. Public market regulators set standards to be met by larger companies. Falling short in these areas is increasingly seen as a risk factor for investors, exposing a business to the possibility of problems like regulatory sanctions and product recalls. Such is the pressure to move towards sustainability, that some investors find it difficult to identify sufficient opportunities that match their criteria.

Analysis by index-provider MSCI relies on a break-down weighting factors by sector. The MSCI ESG Industry Materiality Map identifies the following areas as particularly important for its assessment of life sciences businesses:

  • E: carbon emissions, and toxic emissions and waste
  • S: human capital development, product safety and quality, and access to health care
  • G: ownership and control, board, pay, accounting, business ethics, and tax transparency

New ways to do business

Major pharmaceutical companies have been active for many years in building responsible supply chains. As part of a global industry, they have faced the need to address problems around ethical and responsible business earlier than most. Collaborative projects like the Pharmaceutical Supply Chain Initiative help businesses to collaborate in promoting responsible supply chain management and better business conditions across the industry.

For smaller and younger organisations developing and embedding best practice can be a challenge. 

There are relatively straightforward changes that can be introduced into day-to-day practices. Tightening up auditing and reporting provisions in contracts with commercial partners can, where appropriate, drive better behaviours in your supply chain. It can also help to demonstrate that you are taking action in your regular business activities.

Some activities can be updated more extensively, but without necessarily having a detrimental effect on workflow. During the past 18 months, for example, we have seen a much greater use of remote working in clinical trials, with patients able to attend appointments digitally rather than visiting a hospital. Introducing this kind of practice on a long-term basis would see a major reduction in travel requirements for trial subjects. Likewise, the use of digital technologies in everyday clinical practice during the COVID-19 pandemic has demonstrated that remote appointments and use of health technology can enable greater efficiency and reduced need for travel.

Premises and property

While life sciences organisations may not be among the top contributors to the environmental impact of construction, they often have complex and sophisticated premises requirements. Purpose-built R&D and manufacturing facilities may have intensive energy needs. As an organisation grows and evolves, it is likely to need a different size and combination of facilities, moving from research towards manufacturing scale-up, for example. This will often mean a change of location.

Organisations can make a positive impact in their selection of new premises. While there are many factors for an organisation to consider when finding a location for expansion or relocation, adding the environmental impact of a building to the list can be a straightforward way to make a substantial, long-term change. Science park specialists We are Pioneer Group, for example, have specific environmental objectives for their sites – such as the Nottingham BioCity Garden. Read more about the environmental agenda for real estate here, and access our report on Building towards net zero. 

A diverse talent pool

We find that businesses that take a lead on ESG are more likely to be seen by prospective job candidates as good places to work and so these efforts support both recruitment and retention.

Hiring and developing people from across the community can be a challenge for life sciences. The level of education and specialist skills required may limit the pool of talent available. But considered and well-developed policies for staff can make it possible for organisations to attract and retain diverse individuals who might not otherwise have been able to fulfil their potential. Beyond that, many business leaders are looking far into the future, with mentoring programmes enabling those still in education to build towards a career in life sciences.

Biotechnology as a driver of sustainability

Life science innovation is an important driver of change. Take one example. Agriculture and food production are widely recognised as a major contributor to carbon emissions and environmental degradation, with agriculture and land use change thought to be responsible of 23% of manmade greenhouse gas emissions. Pressures to increase production while reducing environmental impact mean that progress is slow. OECD data on the period 2005-07 to 2015-17 showed an increase of 3% in greenhouse gas emissions to 1.47 Gt of CO2eq. About half of this total was in the form of methane, mainly from livestock sources and rice production, with a similar amount in the form of nitrous oxides originating mainly from the application of organic and inorganic fertilisers. Alternative approaches to agriculture – new crop cultivars developed through breeding or biotechnology, novel microbial animal feeds derived from waste, and methane reduction strategies are identified by the IPCC as potential contributors to both mitigation and adaptation. Likewise, replacement foods such as laboratory-produced meat are gaining in recognition and commercial viability.

Where next?

So we can see that ESG is hugely important to the life sciences sector. Embedding ESG within your business can make the business both financially and environmentally sustainable in the longer term, making the business more attractive to funders, employees and customers alike. And the industry also has a huge part to play in helping solve some of the biggest problems faced by the planet.

These are just some of the themes that we are seeing as the sector embraces the ESG agenda. We will be exploring these, and others, through a process of engagement with our clients, and will share these perspectives in the months ahead. We would welcome your contributions.

There are immense challenges before us but now, as never before, business is reaching out to meet them, and to find solutions.

At Mills & Reeve, we have recently appointed Neil Pearson as head of ESG and social value. Neil, previously a partner in our corporate tax team specialising in impact and social investment, will be heading up our own ESG initiatives and strategies, to put ESG and social value at the centre of how we run our own business. Neil explains:

“ESG is no longer a “nice to have”. All organisations, large or small, and whether public or private sector, need to look at how they could embed ESG into every aspect of their operations. However, whilst this is a real challenge for all of us, the benefits of getting this right are huge, both for us as organisations and businesses, and for society as a whole.”

Learn more about our life sciences team here.

Further reading

You can view the original Mills & Reeve article here

Underrated Easy Side-Hustle Ideas to Turn You from Employee to Entrepreneur

Written by Haze Carver on .

LittlePiggy

Are you fed up with your day job but struggling to find a route out of it? I know how frustrating it can be to have that dissatisfaction and not know how to solve it. So think about taking that first step of turning your passion into a lucrative side-hustle.

Many people have found success with the following low-risk, easy side hustle ideas. The great thing is they’re tried-and-tested, and you can start them alongside your nine-to-five.

DOWNLOAD MY FREE GUIDE: 13 STEPS FROM EMPLOYEE TO ENTREPRENEUR

Freelancer / Contractor 

If you’re craving more flexibility and freedom, think about going freelance or working as a contractor.

It’s one of the easiest businesses to start as you’re using your existing skill-set and qualifications with no start-up costs. It could be incredibly lucrative with a niche area of expertise with knowledgeable coaches and mentors in great demand!

Working as a freelancer will allow you to keep your day job and balance your responsibilities while building up your client base and getting your name out there.

Tutoring or Teaching English Online

Starting a tutoring business from home is as easy as 1-2-3!

If you already work in the education system, tutoring is a great way to bring in more cash.

You could be making more money within minutes by signing up to online platforms such as MyTutor and Tutorful. The demand for tutors has never been higher, given the pandemic’s toll on the education system.

Same with teaching English. You could soon be helping eager learners brush up on their English language skills online through Education First or Italki.

A particularly great option if you like meeting new people all over the world.

The best thing is you don’t even have to leave your house – all it requires is a good internet connection and an engaging approach!

Pet Sitting and Dog Walking Services

People will always need sitters and walkers for their pets, so you’ll never be short of clients.

This is an incredibly easy side-hustle idea.

Becoming a pet sitter or dog walker requires little start-up cost and low risk.

Because of this, you can use these side hustles to test the waters of entrepreneurship and see if you’re ready to make the jump and become self-employed.

You’ll have complete control over when you work, so they’re great side hustles to pair with a full-time job. Remote working also means the possibility of working while also being paid to pet sit.

Think Locally and Reach Out to People in Your Community

Remember to think locally and consider collaborating and offering up your services in your community.

Whether you’re a savvy freelance marketer, offer pet sitting or tutoring services, an easy way to find clients is to reach out to friends and neighbours where you live.

You never know what people are after, so do not underestimate the power of word of mouth! If you let people know of your services, you could have a diary full of clients before you know it.

Need more guidance? Download my free guide: 13 Steps from Employee to Entrepreneur