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Your EnterQuest Bulletin - Issue 263
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| Thought for the week: "Everything should be made as simple as possible but not simpler." Albert Einstein |
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In this week's issue:
Offer your customers the unexpected
One frustrating aspect of running a small business is trying to reach that point where you've developed a reputation that sets your venture apart from everyone else in your sector.
The problem with reaching this goal is that there is nothing you can directly say that will result in it happening. In fact, the harder you try, the more difficult it becomes.
For example, producing marketing messages that say you offer a "quality service", "best advice" or "good food" tell your customers nothing at all about why they should buy from you. All you're telling them is what they should expect as a bare minimum anyway.
So how can you develop a reputation where people sit up, take notice and do the talking for you, and where they spread the word to others about how good your product or service really is?
Your reputation boils down to how you act and behave in your market and the reaction you get from your customers. And this will be built around the experience that people have when they deal with your firm.
The first step is to try and put yourself in the position of someone who's thinking of buying from you.
How do you come across overall? How easy is it to understand what you're offering? Is it obvious why people should buy from you? How effective is your customer service before, during and after the sale?
Once you've done this and taken an honest and critical look at yourself, then ask yourself what you could do, how you could act, or what you could change to make your customers' experiences even better.
By improving those experiences even in small but subtle ways, such as making it easier to order, opening longer hours, allowing e-mail enquiries and so on, this will gradually begin to establish the reputation you are hoping for in the eyes of your customers.
But there are other things you can do that will make a real difference to your position in your market, in your local area or type of business. You need to look for ways to make your customer experience unique.
This is where you should be striving to provide a service and experience that doesn't just deliver the expected, but surprises your customers with standards that go way beyond their expectations.
Spend some time thinking of ways to go that extra mile for your customers - they'll quickly begin to appreciate it, and will start spreading the word about your service. Then you'll find that your prospects and target audience will travel that extra mile to buy from you and not your rivals.
Tips to watch your pennies
As the credit crunch bites and utility firms push their costs up further (energy firms are already warning of yet more price increases), some small business owners may be looking to tighten their belts and reel in their outgoing costs. After all, the banks are less prepared to lend money when economic conditions are difficult.
With that in mind, here are some easy ways to cut costs and boost your bottom line.
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Comparison-shop for everything.
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Negotiate whenever possible. You will be surprised at how frequently a vendor will negotiate a price.
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Use mail order. It's quick and usually offers the best prices.
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When providing your customers with literature use e-mail or fax facilities if possible. It's much cheaper.
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Plan your carriage or mailing to avoid overnight or second-day delivery that is much more expensive. If you must send overnight, check the various websites for the best rates.
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Shop carefully for the best deal from the various telecoms providers around. Analyse your usage - do you make more long distance or local calls?
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Carry out an annual insurance review to ensure you have all the cover you need, and discontinue any unnecessary cover.
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Monitor stationery orders. You could find that you have twice the stock you need.
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Buy office supplies from discount suppliers. Shop around for the best deal and consider using two suppliers, buying the cheapest products from each. To get the best deal from your supplier, simply quote the product number, not the catalogue number, and ask for the cheapest price.
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 find and keep more customers, including:
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- Are you covered in the event of disaster? Business insurance is vital - but what do you cover, and how much do you pay? Martin Garton looks at the pros and cons, and suggests ways to make savings without compromising cover. (Issue 156, May 2008)
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- Network your way to business success. If you want to grow your business, forget cold-calling - the fastest way to do it is through networking. Louise Heasman explains how to put together a networking strategy. (Issue 155, April 2008)
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Pitching to the Dragons' Den. Looking for investment in your business? Then learn from the lessons of Dragons' Den - do your research, get your figures right and perfect your pitch, says Alan Gleeson. (Issue 152, December 2007)
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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.
- Boutique charity shops. Did you know that Oxfam has launched fashion boutiques? They will provide shoppers with high-quality, desirable clothing and look to turn the traditional concept of a charity shop on its head. The boutiques were launched in response to shoppers' views that they wanted a more contemporary shopping experience.
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 'indolent'?
a) lazy, not trying
b) rude, disrespectful
c) not obvious
d) angry because of something not right or fair
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) Research from the University of Leicester has revealed that which trait in businesspeople is a reason why so many businesses fail inside the first few years?
a) laziness
b) overconfidence
c) pessimism
d) overtiredness
2) The prices of goods produced by small and medium-sized UK manufacturers have risen sharply in order to compensate for the strong cost pressures they face. Despite these pressures, the smallest firms have been particularly active in which business activity?
a) marketing
b) recruitment
c) exporting
d) upsizing
3) The Conservative Small Business Task Force has produced a report into support for small businesses. Chair Doug Richard says the schemes available cost the Government around £10-12 billion a year. How many different schemes are there, according to the taskforce?
a) 500
b) 1,000
c) 2,500
d) 3,000
Answers at the end of the Bulletin.
File conversion made easy
Ever needed to turn a Word document into a PDF, or an mpeg movie into Windows Media? Media Convert automates the task then downloads the converted file. You can convert files up to 150 megabytes in size, free of charge, without having to install additional files on your computer.
Guidance on new Consumer Protection Regulations
The Consumer Protection from Unfair Trading Regulations 2008 come into force on the 26 May. The Regulations have been introduced to help businesses operate on a level playing field and ensure they continue to treat their customers fairly. The Department of Business, Enterprise and Regulatory Reform (BERR) has produced a handy guide to help businesses get to grips with the Regulations.
Free web meeting tool
Dimdim is a new web conference tool which enables users to hold real-time web meetings for free. It's useful for anyone who needs to share information, work collaboratively on presentations or simply brainstorm with others involved in their business. Dimdim also has built-in Voice-over Internet Protocol (VoIP) capability, which makes it easy to chat via the web.
A1 Business forum
Forums are great places for small business owners to get help and guidance on the different aspects of running a business. The A1 Business Forum is free to use, and is divided up into different sub-forums - such as marketing, copyright and public relations - so it's easy to navigate to the forum you want to post a question to. You must register before you can use it, but registration is quick. There's also a page of FAQs you can check out before signing up.
Win a year's subscription to BT Business Total Broadband
EnterQuest has teamed up with BT Business Insight to give readers the chance to win a 12-month subscription to BT Business Total Broadband Option 2 - a broadband package designed especially for small businesses.
BT Business Total Broadband now includes the latest suite of security software - Internet Security Pack, has unlimited download limits and a wireless router, and comes with 250 minutes of BT Openzone hotspot access every month. The package also includes a Broadband Voice (VoIP) business line for both incoming and outgoing calls.
BT is offering two lucky readers the chance to win this great prize. To be in with a chance of winning, simply answer the following question:
Q. University research has revealed that which trait is a reason why so many small businesses fail in their first year?
E-mail your answer, together with your name, address and daytime telephone number, using "BT Total Broadband competition" as the e-mail subject line, to enterquest@cobwebinfo.com.
All entries must be received by 30 May. EnterQuest and BT will use the information you provide for their own marketing purposes only and your details will never be shared with any third parties (except to arrange delivery of the prize). Competition rules and BT terms and conditions are available on request.
This book covers the issues affecting home-based start ups and is from Emma Jones, creator of the Enterprise Nation website. Emma uses her own experiences and lessons learned to guide the reader through the basics of running a home-based business. The book is organised into three themes covering business, lifestyle, and technology and provides tips, case studies and illustrations. Check out:
Just one word answer
The answer is a).
Indolent means lazy, showing no real interest.
The salesman became indolent once he realised the business owner wasn't interested in switching suppliers. |
How's your business radar? The answers
1) The answer is b) - Overconfident people may launch themselves into the business arena with no regard for issues such as market size or competition. This makes failure more likely, the study says.
2) The answer is b) - The smallest manufacturing businesses have been particularly active in recruitment, according to the Confederation of British Industry's (CBI) latest manufacturing survey, and jobs are growing in the sector.
3) The answer is d) - There are 3,000 support schemes run by 2,000 organisations. According to Doug Richard, the current system of business support is too complex and confuses small businesses. |
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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. |
