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Your EnterQuest Bulletin - Issue 244
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| Thought for the week: "We will open the book. Its pages are blank. We are going to put words on them ourselves. The book is called Opportunity and its first chapter is New Year's Day." Edith Lovejoy Pierce |
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In this week's issue:
EnterQuest predictions for 2008
What might be lying in wait for us in 2008? Where are the opportunities for small businesses - come to that, are there any opportunities at all, and if so how can we grasp them? And what are the challenges ahead? In no particular order, here are some predictions from the EnterQuest team for 2008.
Google mania
You either love Google or you hate it, but either way you just cannot hide from it. The world's most powerful search engine has indexed over 10 billion web pages, has over 400 million visitors every month and more than 400,000 advertisers using its pay-per-click AdWords scheme. It has become a unique marketing phenomenon in terms of bringing consumers and sellers together on such an enormous scale.
But there's more to Google than just search results and AdWords - it already has dozens of existing products or services and averages about half a dozen new service launches every month. There's AdWords, AdSense, Google Maps, Google Trends, Google Product Search, Blogger, Google Analytics, Google Webmaster Tools, Google Talk, Google Checkout and Google TV, to name just a few.
The problem is that the vast majority of businesses and other organisations just don't have a clue how to use Google properly as part of their marketing and e-commerce strategy. This represents a huge opportunity for consultants and project managers to get in on the act in 2008 as unfulfilled demand for understanding just how to use Google grows even further.
More of the 'F' word
Following the raft of changes to employment regulations in the last few years, the law has swung heavily in favour of the employee in terms of how you as a business owner are obliged to advertise for, recruit, employ and deal with them.
One aspect of this is that you are now expected to be a much more flexible employer and as a result, this year you can expect to be subjected to even greater demands for flexibility from your staff. In other words, they're going to ask you for more time off, a better work-life balance, flexible start and finish times, more favourable workplace conditions - and more pay.
Of course, as a flexible employer you only have to listen reasonably to, rather than agree to, their requests, but it won't make your life as a business owner any easier.
However, it would make a lot of sense to get yourself on the front foot by providing more creative employment contracts where you lay down the choices available to your employees, but where those choices first and foremost meet the needs of your business. Flexibility has to be a two-way street.
Import explosion
It's not that long ago since it used to be considered that importing was something that only large organisations with ships, aircraft and warehouses were able to do.
Not any more. There are now millions of home-based businesses on eBay based entirely on importing a product from somewhere else in the world that can be sold on at a profit in their own country. The Internet has yet again produced a business phenomenon that anyone, anywhere in the world can take part in.
During 2008 the opportunities for importing new, niche or even just cheaper products will never have been easier or have offered so much scope for building a completely new revenue stream.
Moreover, rather than just being a direct importer of something from an online trading site like eBay or Google Product Search, there are going to be just as many opportunities by acting as a middleman and helping or advising businesses to source the products that they would like to import.
This is where websites like Alibaba.com will come into play. Alibaba.com is the world's biggest import-export website and currently facilitates billions of pounds worth of transactions a year. Over half a million users go to the Alibaba.com site every day.
Have a quick browse and see what sort of products people are offering to export or are seeking to import. Then sign yourself up for free membership and see if you can spot an opportunity to be a middleman, or import directly yourself to sell on to another business, or resell on the Internet through sites like eBay. Take particular note of the predominance of activity involving China at the moment when browsing on Alibaba.com - as this is likely to continue to have great significance in 2008.
Legislation coming into force in 2008
2008 brings with it another flurry of red tape for small businesses. Here's a quick look at some of the legislation coming into force this year. Much of the legislation mentioned here comes into effect on 6 April 2008, the next common commencement date.
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6 April 2008 also sees further implementation of the Companies Act 2006. From this date, private companies no longer need to have a company secretary but may still choose to have one. If they do, they must continue to notify Companies House of the secretary's details. See this useful guide to the Companies Act for further details.
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Changes to the way in which employment agencies conduct themselves also come into force in April 2008. The Conduct of Employment Agencies and Employment Businesses (Amendment) Regulations 2007 will increase protection for those seeking work and will make several minor amendments to the Conduct of Employment Agencies and Employment Businesses Regulations 2003.
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Legislation protecting businesses from unfair trading will come into effect in April 2008. The legislation will implement the Misleading and Comparative Advertising Directive and aims to address the issue of misleading advertisements or 'indications', which will be seen as misleading if they deceive a reader or affect a trader's economic behaviour.
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Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'laconic'?
a) unlikely to occur
b) minimal use of words
c) over-use of praise
d) worthy of status
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) The Federation of Small Businesses (FSB) says that findings from its new report have revealed that the majority of businesses it surveyed are environmentally and socially responsible. What percentage of businesses make this claim?
a) 52%
b) 75%
c) 84%
d) 92%
2) Energy Minister Malcolm Wicks issued a New Year call to businesses to 'go green' in 2008, by claiming renewable energy grants from which Government-run programme?
a) the Energy Saving Programme
b) the Low Carbon Buildings Programme
c) the Business and Social Responsibility Programme
d) the Corporate Climate Change Programme
3) Research by Croner Consulting suggests that what percentage of businesses say they're not ready for the introduction of the new Corporate Manslaughter and Corporate Homicide Act in April this year?
a) more than 20%
b) more than 35%
c) more than 42%
d) more than 50%
Answers at the end of the Bulletin.
Bootstrapping blog
The Bootstrapping Blog is aimed at small business owners and start ups looking for innovative ways to market their business and help get it off the ground. There's entries on bootstrapping tips and tools, as well as a handy post containing 101 New Year resolutions for small business owners.
FunderFinder website
FunderFinder is a small charity that produces software to help organisations, groups and individuals find relevant grants for their needs. The website has a selection of free resources, including downloadable software, leaflets, guidance and information. It also provides links to other web-based resources.
Carbon reduction action plan
The Carbon Trust has launched a six-step New Year action plan that businesses can follow in order to cut their carbon emissions. The six-point plan includes a link to a carbon footprint calculator and pointers on saving energy used for lighting and heating.
Virus Bulletin website
The Virus Bulletin website is full of useful information to help you beat computer hackers and spammers. It contains a directory of malware, plus resources, events and news, and other information to help you identify problems that could compromise your IT system.
This book uses the principle that you should eat a frog first thing in the morning, so you get the hardest part of the day over and done with. It aims to help you stop procrastinating over whatever you need to do and motivates you to take action. The book helps you to focus on important tasks and apply the rules of decision, discipline and determination in order to achieve your goals. Check out:
Just one word answer
The answer is b).
Laconic means minimal use of words.
The entrepreneur's laconic marketing plans were just enough to convince the business angels to invest in his idea. |
How's your business radar? The answers
1) The answer is d). 92% of businesses claim they are environmentally and socially responsible. The FSB claims the findings oppose views of the Carbon Trust, which says that smaller firms aren't doing enough to help the fight against climate change.
2) The answer is b). The Low Carbon Buildings Programme has given away £25 million worth of small-scale renewable energy grants to organisations and businesses, to help them operate in a more environmentally friendly manner.
3) The answer is d). The Croner Consulting survey, as reported by Hiscox insurers, revealed that more than 50% of firms claim they're not prepared for the introduction of the Corporate Manslaughter Act, effective from 6 April this year. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
