Coffee Time Minutes 11.1.12

Welcome

Welcome to our new visitors

Apologies

Tony, Bev, Kathy Maree, Selma, Toni, and Dawn

Who we are?

Small and Home Business owners meeting to build relationships from other SBO’s.

What is CT?

Relatively casual meeting group, where you can network, talk about business ideas and strategies, and learn from one another.

Where?

Tuggerah’s Zenith Centre.

When?

At 10.30 am on the 2nd & 4th Wednesdays of the month. Arrival 10.25 am for 10.30 am start. (Runs for about 1 hour)

Update on our Raffle?

Last year we raised $822.80 for Iris foundation.

This year we will continue with our Raffles and donation to Iris Foundation. This year we will do a raffle again for the Iris Foundation. We will be looking for prizes/donations up to the value of $10. Its will be up to you if you would like to participate and none should feel obliged. Tickets will be $2 each, or three for $5.

Updated Members

We have over 110 members for Coffee Time. You can come when you are free, never feel obligated and always feel welcome. I have a list with everyone who has come along to Coffee Time; I am updating the distribution list. If you would like to be included, please check your details are correct, update where necessary and add if not on there.

There are 2 business card holders, please feel free to put your business cards in, these are passed around each meeting, and feel free to support each other and utilize their services.

Workcover

Don’t forget Jay can come out to your workplace and do a free assessment; you can then get a $500 voucher/credit towards purchasing safe office things (chair, etc). Jay also has workshops, one on one meeting and assessments currently available. If you wish to have a free appointment with Jay please contact him on jay.lewis@workcover.nsw.gov.au

Networking:
• Coffee Time 25th January, 8th February, 22nd Febraury
• Fridays round the coast SBNG – 3rd Friday here at Zenith
• BWC lunches on each month – for more info contact Kym Williams
• Success Women’s Networking Luncheon 9th February

Education:
2012 – Visit BEC upstairs or log on to www.ccbec.org.au
o February Courses
o Getting into business- 15th
o Facebook Rules – 22nd
o Business Planning for growth part A – 29th
o March Courses:
o Business planning for growth part B – 7th
o Modern Selling Techniques part A – 14th
o Modern Selling Techniques part B – 21st
o Social Media Domination for Small Business (basics) – 28th March
o April Courses:
o Make your Mark – Trade marking – 3rd
o Social Media Domination for Small Business (advanced) – 4th
o May Courses:
o Recruitment and Staffing Structures – 2nd
o How to recover debts part A – 9th
o How to recover debts part B – 16th

BEC has Memberships available:
- Business Basics Membership - $249.
- Business plus Membership - $748.

For more information, please speak to Darren or Debbie at the BEC – 02 4355 4885

Update:
• Melbourne Cup – Gosford Race Club – 1st November –.
• May 18/19th 2012 – B2B Buy Local Festival – Lucca Rd Wyong
• September 19th – Business Expo – Mingara
• Buy Local key rings - $2 each – money to iris foundation
• Lioness Cub of East Gosford is holding a High Tea on the 31st of March. Coffee Time is putting together tables. Please contact Margaret on 0412 622 400 and let her know if you would like to come along. So far we have Tarnia, Kate, Kellie


Who are you & what do you do: 30 Sec story about you

Tarnia Gurney
Gurney Financial Services www.gurneyfinancialservices.com.au
Planningwerx4U www.planningwerx4u.com.au

Glenn Kirkwood
That Referral Guy www.australiasmarketingmentor.com.au

Jamie Quetulio
WizAide Bookkeeping www.wizaide.com.au
Karen Teunissen
CRS Australia www.crsaustralia.gov.au

Kate Morris
Events with Pizazz www.eventswithpizazz.com.au

Leeanna
Intimate Whispers www.intimatewhispers.com.au

Kellie Targett
Insurance Adviser net ktargett@iaa.net.au

Rachel Dillon
Elite Embroidery eliteembroidery1@yahoo.com

Lyn Thompson
Buy Local online/ LBH Promotions/ B2B www.b2bwithatwist.com.au

John Mann
Retired business manager

Paul McCarthy
LDN Local Direct Network www.ldn.net.au


Presentation today

20 Ways to Improve Your Business - By Toyne Business Consultants

1. The turnover of your business is made up of just 3 factors;
• The number of customers you have,
• The number of times those customers buy from you, and
• The average value of each sale you make to them.

By increasing any or all of these factors….your increases your turnover.

Do you know these figures for your business?

2. Identify what makes the product or service you sell, different from your competitors………….then tell EVERYONE.

Customers but the differences they perceive. So you need to have them thinking what you want, when they make a buying decision.

3. Referrals are the most cost effective form of marketing and often provide the most converted leads to sales.

Do you have a system for measuring, rewarding and maximising the referrals to your business?

What networking activities are you involved in enabling you to receive referrals?

Do you ask your current customers for referrals?

4. Use the first sale to a customer as a lead in for future sales.

It is much easier to sell to an existing customer than to a new one. Identify what further sales you can make to the customer e.g. maintenance items, add on products or more sales of the same product.

5. Keep a current database of your existing, past and potential customers.

Not only does this allow follow up sales to be made easily (for previous tip), it allows you to keep in contact with your customers. You can spend your marketing budget efficiently if you can target your customers. It will also allow you to keep your name in the minds of your customers.

6. Discounting your price focuses customers on the cost of your services. It gives them only one reason to buy from you……and a reason that can and will be matched by your competitors.

Look at adding value to product or services, so that customers can focus on the benefits of dealing with you. This will give customers more reason to buy from you again.


7. Educate your clients.

Following on from the last tip. The more you tell your clients to enable them to make an informed purchase, the more likely they are to buy from you……..and the more likely that decision to buy won’t be based on price.

8. Make it easy and fun for your customers to buy from you.

Find out what it is that customers dislike about dealing with businesses in your industry………and design your business so that your customers do not have to deal with those frustrations.

9. Send out a newsletter to your customers and prospects.

This will help educate your clients, allow you to keep in touch with them, give you additional opportunities to sell to them and position you as an expert in your field.

Your database will allow you to effectively distribute the newsletter………especially if you collect customers’ email addresses.

10. Hold information nights or demonstrations of your product or service.

This has a similar effect as a newsletter, but allows personal contact. It also allows your customers to bring a friend along!!

11. Plan your business. Set goals, both business and personal, and refer to them regularly.

There are many clichés advocating the benefits of planning and setting goals, suffice to say……..if you do not know where you are going or how you are to get there, there is not much chance of making it!!!!!

12. Benchmark every aspect of your business.

This involves comparing anything you can about the operations or results of your business against industry average figures. You can even do this by comparing your results from year to year, or by comparing yourself to successful businesses in your industry.

This provides you with countless opportunities to improve your business.

13. Put systems in place wherever you can in your business.

This will not only improve the profits in your business but also allow it to manage growth. You can improve the quality of your operations and output. You will also be able to have your team members undertake tasks that you currently do yourself.

Basically, it will free up your time and ensure that the things that need to be done in your business are done.

14. Get feedback from your customers.

It is often not such a bad thing for your business to get a complaint……it lets you know what is wrong with your business. Most unsatisfied customers do not bother to tell you when something is wrong.

By putting in place a system to obtain feedback from your customers you are able to make improvements and really identify how others view you. It might seem scary, but it is invaluable.

15. Form an alliance with another business that has the same target market as you do. E.g. Gurney Financial Services and Woodview Home Loans.

You will both be able to market to each other’s client base and provide incentives for customers to deal with you.

One important point is to ensure that the business you form an alliance with is reputable and provides a quality service or product.

16. Get your team involved.

To unlock the full potential of your business you will need the support and help of your team. Give them the power of make decisions and involve them in the planning process. Consider bonuses for achieving agreed business goals.

17. Unlock working capital from within your business.

All business use some sort of working capital requirements. It is often in the form of stock on hand, debtors, creditors or work in progress. Minimising the amount tied up in these areas can provide valuable cashflow for a growing business.

For example, creditors (invoices to be paid) can often be paid by credit card. This not only gives up to another 55 days to pay the account it can also provide you with reward or frequent flyer points.

18. Make your customers feel special.

Start a club for valued customers (hopefully that is all of them) where they can receive benefits. These may include newsletter, information nights, and advance access to product promotions, “exclusive” access to your business or anything else that makes them feel special.

Even send them a thank you card for placing their business with you.

19. Fill in idle time in your business.

What promotions can you run to have customers buy in slow periods?

How can your facilities or assets be used “out of hours”?

What marketing or other beneficial activities can your team be doing in down time?

20. What is the worst possible thing that could happen to your business?
How would you handle it? Do you have insurance? A contingency plan?

The sort of things you might consider is: - loss of a key person, natural disaster, loss of a major contract or customer, financial loss.

It is better to be prepared for such an occurrence.

Bonus Tip

Once you have grown your business to where you want to be, you will need an exit strategy from your business.

This may be how you turn it into a saleable business and achieve the best price, maybe how you can pass it onto the next generation of your family or introduce existing team members into the ownership of the business.

This may all be tied up with your retirement planning…….but that’s a whole separate plan!!!!

Thanks everyone for your participation, hope everyone got something out of it.

Planningwerx4u has Business Planning Cds for $50 each, if you would like one please let Tarnia know.

The winner of the raffle today was –?

Today we raised $24 for Iris Foundation.

Thanks and see you next time

NEXT MEETING: 25th January – arrive 10.25am for 10.30 start – sharp

Presentation – Open Forum - Business Planning.