RESOURCE CENTRE

Your EnterQuest Bulletin - Issue 266

Thought for the week: "When your work speaks for itself, don't interrupt." Henry J. Kaiser

• The importance of the human touch in business
• Boost your merchandising
• Freelancing collaboration tool from PeoplePerHour
• Credit crunch survival tips for small businesses
• Business start up pack from BCC
• Business banking comparison site

The importance of the human touch in business

We all know that the advent and growth of online retail has been great for business and consumers alike, and the fact that it shows no signs of slowing - it continues to grow at a fast rate despite the economic slowdown - shows there are still online opportunities available to entrepreneurs.

But if you're considering operating online or even if your business is already up and running on the Internet, it might be time to think about what you're trying to achieve with your online presence. Because you could be in danger of becoming an online myopic.

What do we mean by this? Well, online myopia is immersing yourself in the online world to the exclusion of the bricks and mortar world. Online myopics believe that everyone prefers to do everything online. This is false, and will always be false. Most people would rather ...

• Hold a newspaper in their hands rather than read the news online.

• Receive a letter via snail mail than read an electronic letter.

• Sit down somewhere comfortable to read a book than read an online e-book.

These are human traits, and we all require human interaction. The most successful online businesses marry their online processes with offline processes. Here are a few tips to enhance your online presence with the human element.

• Provide multiple means of contact. Give them a fax, phone number and snail mail address. This shows your visitors that you're willing to speak with them by any means.

• Call people to answer their customer service problems. The online world has learned that their customers don't like e-mail as a means of customer service. People want to talk to other people to get their problems solved.

• Advertise your online presence offline. Use magazines and flyers to advertise your website - but make sure you use targeted audiences.

• Don't be afraid to deliver your products or services using snail mail. Plenty of businesses still do very well selling their products and services in ways other than online.

• Send thank-you letters through snail mail. There are few things that will beat a heartfelt, sincere thank-you letter received in the mail.

• Include a freephone number on your website that someone can call to get more information about your product or service.

For hundreds more practical tips and techniques to help you find new customers and increase sales on a shoestring budget, check out The UK Small Business Marketing Bible.

Boost your merchandising

Visit a few shops in your local high street and you will be inundated with BOGOFs (Buy One Get One Free), clearance lines and product bundles, and be tempted with impulse-purchase goodies at almost every checkout. Used intelligently, such techniques can make a significant difference to your bottom line.

The temptation though, is to be panicked into throwing out a few offers chosen on pure instinct just because everyone else is doing it. Here are some tips to help you with your merchandising strategy.

• Whatever you do should increase your revenue, not reduce it. So measure results frequently to make sure that any reduced margin is compensated for by increased volume or fresh business.

• Give a little to gain more. Offers like 'three for the price of two' are saying to customers, 'If you buy more I will sell for less'. Straight discounting may be attractive for the customer but not attractive to you.

• Let the market drive the offer. If something is selling fast, try upping the price a little but offer an attractive bundle with something else. If something is not selling, offer it at a reduced price when bought with something else.

• Offer related items together. You will get better results if you offer a half-price spare cartridge with an inkjet printer than if you offer a half-price pot plant.

• If you have a high street outlet, uploading from a conventional till to an electronic point of sale (EPOS) system will give you the information you need to decide on appropriate offers. By using barcoding instead of individual price labels, it will also enable you to implement them quickly and efficiently.

An active approach to merchandising will help you to spot new products and new business opportunities, which in turn will help grow your business, attract more customers and increase revenue.

This tip is an extract of an article from EnterQuest's sister publication, BETTER business magazine. Subscribers to the magazine can read even more articles to help them run a better business, including:

Blog - Time you had one? So just what are 'blogs'? Hayden Allen-Vercoe explains why having one may be the best marketing decision you could ever make. (Issue 157, June 2008)

Working from home can help you, too. Flexible working is still viewed with suspicion by many employers - yet the reality is that it can offer a new pool of experienced staff and improve morale, says James Manning. (Issue 156, May 2008)

Protect your assets - or pay the price. In today's world, where information can be spread so easily, it's more important than ever to protect your firm's intellectual assets. Dr Kevin C. Desouza explains the risks. (Issue 153, February 2008)

To receive a free copy of BETTER business magazine simply send us your name and address to enterquest@cobwebinfo.com, putting 'EQ magazine offer' in the subject box.

Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.

• Photographs on a tissue box. OK, so this idea isn't new, but if the simple idea of personalising tissue boxes with photographs is good enough for Kleenex, it's could be good enough for other businesses too!

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 'alacrity'?

a) speed; eagerness
b) bossiness
c) alarm, fear
d) hard; unbending

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) Businesses are still unaware of major reforms due to come into force in 2012. Over half of businesses surveyed are unaware of the reforms, according to a survey by the British Chamber of Commerce (BCC). What will the reforms affect?

a) pension schemes
b) equality policies
c) insurance policies
d) tax filing

2) A survey of small business attitudes towards operational issues has revealed that which of the following bugbears ranks highest with entrepreneurs?

a) technology failure
b) tight deadlines
c) loss of confidential data
d) long hours

3) The Bankers' Automated Clearing Services (BACS) annual business omnibus has found that the average small business in Britain is owed how much at any one time?

a) £1,000
b) £9,000
c) £15,000
d) £30,000

Answers at the end of the Bulletin.

Freelancing collaboration tool from PeoplePerHour

Online services website PeoplePerHour.com has launched a collaboration tool for freelancers who use the site. The tool enables freelancers from all over the world to collaborate, pool their skills together and ultimately deliver on complex projects. PeoplePerHour.com is a useful site for small businesses looking to outsource work to freelancers.

Credit crunch survival tips for small businesses

Barely a day goes by without more bleak news about the credit crunch and the impending recession. This practical article from the Association of Chartered Certified Accountants is aimed at small businesses and contains useful tips on surviving the crunch.

Business start up pack from BCC

The British Chambers of Commerce (BCC) has launched a start up pack to help and encourage small businesses. It provides access to products and services such as free business banking and tender alerts. The pack can be accessed online. You'll need to register in order to use all the products and services offered.

Business banking comparison site

A recent survey by financial comparison site moneysupermarket.com has revealed that small business owners are turning to personal bank accounts to manage their business finances. Help is at hand for those who want to check out the best deals on business accounts, from business banking comparison site Business Mule.

This book aims to help entrepreneurs discover their own 'wow factor'. It has 16 short chapters, so the information is delivered in bitesize chunks, and is divided into three parts. Part one helps you to identify a personal brand; part two helps you follow a plan, and part three helps you to stay hungry for success. Check out:

Where's Your Wow? 16 Ways to Make Your Competitors Wish They Were You! by Robyn Freedman-Spizman and Rick Frishman

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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.