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Your EnterQuest Bulletin - 23 March 2004
| Thought
for the week: "One of the penalties for refusing to
participate in politics is that you end up being governed by
your inferiors." Plato |
In
this week's issue:
- prudence
for what purpose?
- a
guide to the Chancellor's Budget
- making
your guarantee part of your USP
- a
book about 'opt-in' permission marketing
Prudence
for what purpose?
So
what did you make of last week now that the dust's settled? What
was the safest bet of the year so far?
Best
Mate winning the Gold Cup for the third year running, Rio Ferdinand
losing his appeal, or Mr Brown's Budget doing nothing to support
the country's biggest group of wealth and job creators?
According
to Brown, this Budget was about prudence with a purpose, but other
than to win more votes at the general election next year, it's difficult
for us mere mortal entrepreneurs to work out what that purpose is.
OK,
so this Budget doesn't appear to make us any worse off, which is
just as well when you consider how hard we got whacked last year
with National Insurance increases. And of course the National Minimum
Wage will be going up again...and there's more red tape to come,
with all the extra cost, time and grief that goes with it.
So
would we be better off with the other lot instead? Probably not.
If they don't take it from your front pocket they'll get it from
your back one, and red tape will continue to increase no matter
who's in power as we move closer to our ridiculously over-regulated
European partners. A price we will continue to pay for the being
part of the biggest free market place in the world. C'est la vie.
So
what's our point?
It
doesn't matter who's in power or what method each particular Chancellor
uses to fill the Treasury's coffers. If your business isn't viable
or if you haven't got the discipline to manage it properly, you
won't be trading for long enough to pay tax anyway.
We've
made this point time and again in these bulletins. If you've found
a market to exploit and a method of exploiting it, then do it for
all it is worth and do it quickly. If you manage your cash properly
and pay your bills and statutory returns on time, then you and your
business partners, and the Chancellor, will all be happy.
But Mr
Brown obviously doesn't read our bulletins. While he's decided to
save the country money by laying off 40,000 civil servants, they seem
to be going from the wrong departments, and it looks like we'll be
stuck with the Department for Stating the Obvious About Business for
another five years at least.
If
you were lucky enough to be too busy to notice that there was a
Budget at all, here's your chance to read a summary of what was
said in relation to its impact on small businesses:
2004 Budget summary
To
read the Treasury's summary of the key points of the Budget 2004,
go to:
http://www.hm-treasury.gov.uk/budget/budget_04
To
see the Inland Revenue's coverage of the Budget, go to:
http://www.inlandrevenue.gov.uk/budget2004/index.htm
Weekly business tip
Making
your guarantee part of your USP
Businesses
that make their guarantee part of their USP are far more likely
to prosper than those that don't.
The
ability to differentiate your business by the guarantee you provide
will set you apart from your competition, because most small firms
don't use a guarantee as part of their USP. In fact, most don't
even have a guarantee, and this is especially true of service businesses.
The
idea is to make your guarantee a focal point in your marketing efforts,
and give your customers a compelling reason to buy today without
fear of looking bad tomorrow.
How
you word your guarantee can make all the difference in the world.
Certain powerful words and phrases can significantly boost your
sales and response rates. Here are some suggestions for strong words
and phrases you can use that will bring some life to your guarantee:
- Better
than risk free
- Unconditional
money-back guarantee
- Your
money back, no questions asked
- No
way that you can lose
- 30-day
free trial
- No
questions, no quibbles, money-back guarantee
- Cast
iron money-back guarantee
- 100%
full refund
- Absolutely
no risk to you
- 100%
no-hassle refund
- Our
110% no fuss, no questions, "take-it-or-leave-it" promise
- No
messing, our get-every-single-penny-back guarantee
Delivering
any product or service is not risk free, but by shouting about your
guarantee you can decrease the risk in your prospects' minds and
increase their trust and willingness to buy from you.
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
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.
What
is the meaning of the word "assiduous"?
a)
unreasonable
b) of uncertain origin
c) paying close attention
d) deliberately misleading
Answer
at the end of Bulletin.
Did you know?
War
declared on 'creeping' red tape
The
Better Regulation Task Force (BRTF) has declared war on what it
calls 'creeping' regulation, with a study entitled Regulatory Creep.
The move follows the British Chambers of Commerce's (BCC) claim
that businesses have to fork out £30 billion on red tape introduced
since 1997. The BRTF says that although much legislation is clear
and defined, some regulations can become embellished as they pass
through Government departments, independent regulators and industry
bodies. This often makes the original intention of the legislation
confusing. The study is due for completion this summer.
To
find out more about this, go to:
http://www.brtf.gov.uk/taskforce/pressreleases/creepreg.htm
The
Minimum wage is going up again
The
Department of Trade and Industry (DTI) has announced that a £3 minimum
wage for 16 and 17 year olds will be introduced in October. At the
same time, the rate for 18 to 21 year olds will go up to £4.10 from
the current rate of £3.80, and the adult minimum wage will rise
from £4.50 to £4.85 an hour. The British Chambers of Commerce (BCC)
said that the minimum wage rises, which are currently three times
that of inflation, are becoming an unmanageable cost for businesses.
To
get a guide to the minimum wage, go to:
http://www.dti.gov.uk/er/nmw/index.htm
Worth
a visit
HSBC
Start Up Stars Awards 2004
The
HSBC Start-Up Stars Awards aim to find the best and brightest rising
business stars in the UK. Applications are open to fledgling businesses
that were under two years old on 8 March 2004. Ten finalists will
share £65,000, and will also win consultancy services and software
worth £4,000. The closing date for entries is 30 April.
To
download an application form, go to:
http://www.ukbusiness.hsbc.com/public/ukbusiness/
inf/en/inf_start_up_stars.jhtml
The
British and International Franchise Exhibition, London, 2 and 3
April
Aimed
at people looking to run, or already running a franchise, this two-day
exhibition will include seminars and networking opportunities. The
event costs £8 in advance, or £13 on the door.
For
more information, go to:
http://www.franinfo.co.uk
China
Expo 2004
Billed
as the only event of its kind in Europe, China Expo aims to allow
European businesses to view the products of Chinese manufacturers.
The four-day event will be host to around 1,000 exhibitors from
all sectors of China's manufacturing industry, and will also include
a seminar programme of UK and Chinese speakers. It's happening at
Earls Court Exhibition Centre in London, on June 27-30.
To
find out more, go to:
http://www.expoces.com
Worth
a read
If
online marketing is going to be at the heart of your business strategy,
then this is widely regarded as the first book you should read on
the subject. The author reveals groundbreaking ideas and concepts
that make 'opt-in' marketing techniques work in both online and
offline environments. Check out:
Just
one word answer
The answer is is c) assiduous means paying close attention.
The assiduous marketer who studies market trends and characteristics
the closest will be most likely to provide customers with exactly
what they want.
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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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