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Your EnterQuest Bulletin - 20 July 2004
| Thought
for the week: "It's kind of fun to do the impossible."
Walt Disney |
In
this week's issue:
- why
good manners, common sense and tact mean so much to business success
- working
with the marketing experts
- the
advantages of setting up a limited company
- RFID:
what's all the fuss about?
Why
good manners, common sense and tact mean so much to business success
We've
all heard the expression, or seen it first hand, that "all's fair
in love and war", and for a lot of people that applies to business
as well.
And you might even have come across one of those
ultra successful entrepreneurs who's the meanest, most ruthless
son-of-a gun you're ever likely to meet. Nothing will stand in their
way as they seek to build a business at whoever's expense, whether
it's their competitors, critics, customers or sometimes even their
friends and family.
Single-minded, determined and focused on getting
what they want, is how they are often described, and how they will
usually describe themselves. Which are admirable virtues, but cut-throat,
cold-hearted, unfeeling, tactless and insensitive are often more
accurate ways to describe them.
Now it's certainly true that many people make it
in business by being like this, or because that is what they're
like. But the reality is that successful entrepreneurs who take
this approach are few and far between.
Why? Because to have a successful business means
having a business that other people like to do business with. In
other words, they like you, and trust you and the people that you
employ.
The problem with the heartless, hard-nosed, cut-throat
approach to entrepreneurship is that the people you are doing business
with can end up regarding you as devious, shady, unscrupulous and
possibly even unlawful. So you wipe out a whole host of prospects
who will never deal with your firm simply because they don't like
you and the way you run it.
Think about it. Look at who you currently like doing
business with and buying from the most. The corner shop, the computer
repair service, the local car dealer, the plumber, the insurance
broker. Why do you keep on dealing with or shop with the people
that you do? And why are there others that you'd rather avoid like
they've got some sort of disease?
Because you feel more comfortable with and prefer
to spend your money with people that you trust and like.
People that you feel are above board, moral, principled,
trustworthy, friendly, sympathetic and considerate are more likely
to see the contents of your wallet than people that you feel are
not.
So when it comes to trying to persuade prospects
to buy from you, or your customers to buy again and recommend you
to someone else, your level of tact, good manners, sympathy or empathy
with these buyers will need to shine through.
The more courteous, sensitive and understanding
you are of their needs, and the more they believe that is genuinely
what you are like, the greater the likelihood that they will become
and remain a loyal customer for a long time to come.
Common sense really, and something you should pay
attention to as much as you can.
Marketing
tip
Working
with the marketing experts
We've talked a lot recently about ways in which
you can do your own marketing relatively simply and cost-free, for
example by generating customer testimonials. However, if you've
drawn a blank in terms of ideas, and your budget stretches far enough,
you might consider engaging a professional to help you spread the
word about your business.
The type of help available ranges from freelance
marketing, design and PR consultants and copywriters who can be
engaged on an ad hoc basis to discuss ideas and produce promotional
designs and sales copy for your business, to more complete marketing
and PR agencies which take control of the whole shebang. This might
include anything from organising direct mail campaigns and promotional
events, to overseeing your public relations. Agencies are often
considered prohibitively expensive for small businesses, but the
expertise they offer can be useful if you don't have a clear idea
of what sort of promotion you should do, or aren't sure how to go
about doing it.
Here are a few tips to consider if you're thinking
of working with a marketing and advertising professional.
- Do your research first to make sure the contractor
or agency you're considering doesn't already have one of your
competitors on their books.
- Insist on getting to know the people who will
be handling your account. This is essential so that you can monitor
their work and be certain that they understand what you're trying
so hard to achieve with your advertising.
- Pick and choose which services you need. If you've
got your own ideas and resources, you won't want to waste precious
cash on a full-service agency. Consider appointing individual
freelance helpers instead, such as a creative consultant to analyse
your ideas, a copywriter to put them into words, or a media specialist
to cover your PR.
- Use the media itself. Often, local newspapers,
magazines and radio stations may be willing to help with basic
design or copywriting services either free of charge or for a
nominal fee.
- Continually evaluate whoever you decide to appoint
in terms of how their input is positively affecting your business;
their track record with other businesses; their approach to the
work, and its reliability and quality; and their reputation within
your market sector.
There are a number of places where you can find
useful information about professional consultants and agencies in
order to check their reputations and credentials. The Institute of Practitioners in Advertising publishes information
about its members, as does the Marketing Communication Consultants
Association.
You can locate individual agencies though the Advertising Agency Register
or check out Campaign and Marketing Week magazines for relevant news and features.
The Good Small Business Guide contains hundreds more tips,
tricks and practical guides to managing your marketing, figuring
out your finance and developing your business. It's the ultimate
resource for anyone thinking about starting or already running a
small business.
Legal
tip
The
advantages of setting up a limited company
Limited companies are a little more complex than
the partnerships and sole trader status we've already looked at,
but they shouldn't present too many hurdles to a start up and can
have quite a few advantages.
For a start, they have to be registered with Companies
House, the central body for company registration in Britain. This
means checking on name availability, then getting together all the
relevant details such as directors' names and addresses and your company's
office address, and drawing up articles of association and a memorandum.
You'll have to fill in an annual return, hold an annual meeting, and
if your turnover is above a certain amount, you'll need to register
for VAT.
So with all this admin work, what are the benefits?
The 'limited' in limited company means that your liability is no
higher than the amount unpaid on the company's share capital, so
if you get into trouble you won't be in danger of losing your personal
possessions to meet a debt. So your company can take risks which
will allow it to invest and expand. People often take a limited
company a bit more seriously than a partnership or a one-man-band,
so you should be able to work with other companies more easily and
get better credit terms from suppliers. And pooling your colleagues'
talent and experience together into a board of directors means that
everyone can be rewarded fairly for the effort they put into the
company and will have a clear idea of what their responsibilities
are.
Companies
House has the low-down on everything to do with sole traders,
partnerships and limited companies. The Red Tape BUSTER also has a comprehensive guide to
limited companies, as well as hundreds of scenarios, frequently
asked questions and tips on complying with and understanding the
laws that apply to small businesses.
IT
tip
What
RFID might mean for you
Is RFID going to change the world? Will it affect
any business that supplies supermarkets, or car manufacturers, and
will it help a mail-order business track down a missing parcel when
the customer calls up to complain? Well yes, but probably not this
year. Even so, people like Tesco are already experimenting to see
how it can be made to work, and it's worth knowing something about
RFID now that it seems to be inevitable.
When it becomes cheap enough to mass-produce, Radio
Frequency Identification (RFID) will mean suppliers attaching a
tiny microchip to every item they produce. This will include an
antenna allowing it to be picked up on a radio channel so it can
be tracked down and identified. The potential benefits are fairly
obvious: when consignments go missing or get stolen it should be
easier to find them, and when your local supermarket is running
low on bread, a bakery company somewhere will get a message asking
them to put the oven on and get baking.
So it's a similar system to the barcoding we're
familiar with, except that RFID chips can hold more information
and don't have to pass a laser reader to be checked off or counted.
In other words, the supply chain is going to be pretty much transformed.
The How Stuff Works website has put together a handy
explanation of RFID at http://electronics.howstuffworks.com/smart-label.htm, and
Wikipedia has a good guide too (including the controversies over
RFID which it's worth being aware of) at http://en.wikipedia.org/wiki/RFID.
New
business idea
Each
week we provide you with summaries of some popular or emerging business
ideas in the UK.
Here
is this week's idea:
Just one
word
We've
talked a lot about various computer nasties in recent weeks, but
the terminology is still evolving and can be confusing. Do you know
the meaning of the following words, all of which are now being used
to refer to different types of software?
a. Malware
b. Adware
c. Freeware
d. Spyware
e. Shareware
Try to link up the following definitions with the
correct term:
a. Programs that are freely available for a testing period.
b. Programs that are freely available to download and use.
c. Programs that are usually free, but which generate constant advertising.
d. Any form of malicious software (such as viruses, worms and Trojan
horses).
e. Programs that surreptitiously monitor your online activities,
often reporting back to a third party.
Answer at the end of Bulletin.
Did
you know?
Dishonest
traders beware
Dishonest traders peddling dodgy goods or sucking
consumers into sales scams are being targeted by a new telephone
and online service. Launched in Scotland, Consumer Direct aims to
inform consumers of their rights as well as giving advice on locating
a reputable trader. This is all part of a major shake-up of consumer
policy. The Government is currently consulting on making Consumer
Direct the single, national point of contact for consumer advice,
as well as developing a single 'unfair trading' law, and improving
the processes for consumers to follow through disputes with businesses.
Any business that sells to consumers needs to keep up to speed with
legal developments in this area.
To have a look at the new site, go to:
http://www.consumerdirect.gov.uk
You can read the DTI's consumer strategy at:
http://www.dti.gov.uk/ccp/topics1/consumer_strategy.htm
New
guidance on investigating accidents
A new advice booklet is available from the Health
and Safety Executive (HSE) covering how to investigate accidents
and dangerous incidents occurring in your workplace. The guidance
is intended to make sure all business owners understand the importance
of carrying out investigations, even for near misses and non-serious
incidents, as well as explaining how to record the information properly
and ensure it is followed up.
To find out more, and to get contact details for
ordering the booklet, click on:
http://www.wired-gov.net/WGLaunch.aspx?ARTCL=25587
Making
a big splash
The Government's new 'Big Splash' initiative could
give you free advice on how to reduce your water bills and consumption.
Saving on water has the twofold bonus of saving you money and protecting
the environment, and Big Splash aims to give businesses tips on
simple strategies for using less water. If you participate, you
receive a free audit to identify the best water-saving measures
for you. Businesses saving the most water will be awarded a certificate
of excellence next March. Applications for the scheme must be received
before 17 December 2004.
To get a Big Splash registration pack, go to:
http://www.envirowise.gov.uk/bigsplash
Worth
a visit
Catch
the wave on the Trends Portal
This portal is a fascinating resource for any business
owner who's keen to stay ahead of the game. It links you to all
sorts of different information on new and emerging trends, from
e-zines and weblogs to online articles. General trends are covered,
as well as trends categorised by sector, and it's really easy to
navigate. You can also link to a free ten-minute quiz to assess
your own creativity levels.
Check the Trends Portal out at:
http://trends.creax.net/#
Sayonara
spyware
The good people at PC World have produced a list
of the top eight resources available online for protecting your
computer against spyware, as well as for dealing with the pesky
stuff if you've been unlucky enough to get infected. All the resources
are free, and most of them are only a few months old, so they're
new enough to be able to tackle all the latest threats. They don't
expire and won't bombard you with pop-up 'nag screens' to try and
force you to buy other software products.
To browse the list, click on:
http://www.pcworld.com/downloads/collection/0,collid,1307,00.asp
The
Retail Academy
As well as having a lively website and providing
a selection of training courses for anyone involved in selling from
shop-based premises, the Retail Academy also publishes a series
of advice guides for retailers. Covering issues like detecting and
dealing with counterfeit banknotes and how to cope during a robbery,
the guides are free to download and packed full of practical advice.
You can also try out their free online test which analyses how fit
your business is in terms of its values, competitiveness, ideas
and strengths.
Visit the Retail Academy at:
http://www.retailacademy.org
Worth
a read
Google
is the world's most popular search engine, and in recent weeks we've
let you in on a few tips and tricks for how to get the best out
of it. Now you can read a whole book on the subject. Covering special
search techniques, secret tools and little-known corners of Google
that can save you hours of search time, this is the Google manual
that we've all been waiting for. Check out:
Just
one word answer
a. Malware links with definition d.
b. Adware links with definition c.
c. Freeware links with definition b.
d. Spyware links with definition e.
e. Shareware links with definition a.
There can be some crossover, as some adware also tracks your
activities online and reports back the information it has gathered
about you to help the advertiser learn more about you.
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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.
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