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Your EnterQuest Bulletin - Issue 318
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| Thought for the week: "The rule is perfect: in all matters of opinion our adversaries are insane." Mark Twain |
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In this week's issue:
Maximise your most valuable asset
Many business owners will probably think of assets as the ones that appear on their financial statements and balance sheets, such as cash, equipment and premises they own.
Some of you may favour these over the most important asset of all - and it's one that you won't find on any balance sheet. That's your customers - the individuals or businesses that buy your products or services.
Potentially this is the most valuable asset you own, but for just about every single small business this is an asset whose potential is never properly maximised or realised.
So how can you maximise the revenue and profit generating potential of your existing customers, an asset that you've already borne the cost of acquiring?
The secret is quite simple. You should communicate with them.
Be warned, though, this is not about bombarding them with incessant and blatant sales pitches in mailshots or e-mailing them with what will effectively just be a form of spam.
The object is to make them feel proud to be your customer and to remain so, not to make them sick when they think of you or hear your sales patter for the umpteenth time in a month.
Here are a few ideas about how you can do this:
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Call them. Ask them how they are, what they're doing that's new or if there's anything else that you can help them with.
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Update them. Let them know when you've got something new, different or complementary to what they've previously bought from you.
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Reward them. Offer them something free or a special bonus deal in return for their loyalty and ongoing custom.
Every business, once it starts trading and finding new customers, begins to start building this intangible but incredibly valuable asset so that it can grow to even greater value. But to do so you must recognise this asset's value right from the start and learn how to maximise it by communicating carefully, ethically and professionally with your customers.
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The UK Small Business Marketing Bible contains hundreds more tips and tactics for boosting your sales using proven marketing strategies that work no matter what product or service you sell. |
EnterQuest readers can also get their hands on a free copy of our sister publication, 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.
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Upscale tents on working farms. The Feather Down Farm tent is an upscale tent with real wood floor, flushing toilet, wood-burning stove and beds for up to six people. There is no electricity but hot shower facilities are available nearby. The tents are available on working farms in the UK, the Netherlands, France and the US.
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New York Yankees grass seed. Stadium Associates offers fans of the New York Yankees the opportunity to buy grass seed from the same farm that supplies its stadium. Building on the Yankee brand, it offers die-hard fans the chance to have the turf of their favourite team in their own backyard.
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 'vehemence'?
a) admiration, respect
b) forcefulness of expression
c) a tendency to daydream
d) an urge to keep quiet
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 Government's plans to change the standard VAT rate back to 17.5% at the end of the year will cause havoc for retailers, the British Retail Consortium (BRC) has said. How much does the BRC reckon the change will cost the sector?
a) £10 million
b) £25 million
c) £65 million
d) £90 million
2) A survey for the British Chambers of Commerce (BCC) has revealed that almost half of firms surveyed said they don't export because of which reason?
a) it's not part of their business plan
b) they don't know enough about it
c) they believe they won't get paid
d) the costs are too big
3) The Confederation of British Industry (CBI) has criticised MPs' rejection of a proposed amendment to the Business Rates Supplement Bill - a Bill which allows local authorities to levy extra tax. What would the amendment have allowed businesses to do?
a) scrap parking charges outside their premises in favour of an annual fee
b) vote on proposed tax supplements which would pay for new projects
c) choose which public services would benefit from the extra tax
d) offset their carbon footprints against the extra tax
Answers at the end of the Bulletin.
Simple guide to achieving top rankings in search engines
This article helps business owners that use websites to promote their business to achieve top rankings in the major search engines. It explains search engine optimisation techniques and how to apply them. The article is written from a web writer's point of view but is applicable to any business owner who plans to update their content regularly.
Guide to licensing from the IPO
The Intellectual Property Office (IPO) has a guide to help you get more out of your intellectual property assets, such as trade marks and copyrighted content, by licensing them. The booklet has examples of how businesses can benefit from either licensing or taking out a licence.
Free health and safety guidance for start ups
The Health and Safety Executive has some handy guidance to help you ensure your business is registered with the right authorities and complies with health and safety law when you first get it off the ground.
Top tips on managing cash flow in the holiday season
Bacs Payment Schemes has a top ten list of tips to help you better manage your business' cash flow during the forthcoming busy holiday season. Tips include using Direct Debit schemes to manage bill and salary payments and using late payment legislation to your advantage.
Win an IT security audit worth over £500
Most people are aware of the threat from viruses and other malware resulting from Internet usage, and the risks to the security of our electronic data.
IT solutions firm axon-IT has teamed up with EnterQuest to offer one reader the chance to win a remote online security audit package worth £550.
Your computer system and its data are at threat if you do not take steps to protect them. Would you leave the front door to your house open or unlocked whilst you were out for the day? Of course not, but this simple analogy holds true to computers and systems that are at risk if you 'leave the door wide open'.
Axon-IT is accredited as a Microsoft Gold Partner with a specialisation in security, covering all aspects of IT risk. For your chance to win the security audit, simply answer the following question:
Q: What does the acronym BRC stand for?
a) British Retail Consortium
b) British Retail Confederation
Email your answer, together with your name, address and daytime phone number, using 'axon-IT competition' as the subject line, to enterquest@cobwebinfo.com.
All entries must be received by 30 June. Full competition rules are available on request.
In this book by successful entrepreneur and BBC Dragon Deborah Meaden, she recounts her rise to business success, offering readers candid and straightforward business advice along the way. She also comments on the business successes and failures of other entrepreneurs. Check out:
Just one word answer
The answer is b).
Vehemence means forcefulness of expression.
The entrepreneur denied the slanderous claims with such vehemence that they were retracted. |
How's your business radar? The answers
1) The answer is d) - The BRC reckons that changing the VAT rate back to 17.5% will cost the retail sector as much as £90 million. It has asked the Government to postpone the rise for a month so the change does not clash with the busy Christmas selling period.
2) The answer is a) - The BCC survey revealed that 43% of firms don't export because it's not in their business plan to do so. The BCC is trying to encourage more firms to explore trading opportunities in foreign markets during the recession.
3) The answer is b) - The amendments to the Bill would have allowed businesses to vote on the proposed tax supplements to pay for new projects. The CBI claims that this would have ensured the tax was only levied on projects that 'make economic sense'. |
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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. |
