Coffee Time Minutes - July 2013

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? Today we raised $19. Over the past 4 years we have raised $2000 for the prevention of suicide. 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. Coffee Time Networking: • Coffee Time – 14th August – Tarnia away, but still on • Coffee Time – 9th October • Coffee Time – 13th November • Coffee Time – 11th December + Christmas Luncheon Other Networking: • BWC (Business Women’s Connect) Ladies Luncheons on once a month. For more information contact Kym Williams • SWN (Success Women’s Network) Ladies luncheons are on once a month at The Edge Café, Zenith. For more information contact Corrine • B2B Networking - contact Suzy or Lyn for more information. • SBNG – meetings on Fridays around the coast. Meet at Tuggerah on the 3rd Friday of the month. For more information check out the website. Education • The BEC runs courses and mentoring for home and small businesses. For assistance contact Darren, Debbie or Lynne • BEC also has a membership aswell Today’s Discussion Simon Calder on What Businesses should have. What Ever Business Should Have Product/Service What products and/or services do you sell? Business & Marketing Plan Financial Forecasts Advisers/Mentors Have you got an accountant, financial advisor and/or coach? Exit Strategy Are you going to sell the business? Is the business going to pay you an income in retirement? What is the worst possible thing that could happen to your business? Running the Business Commitment What hours/days are you going to operate? How long do you intend to work in the business? Management What is your management style? What systems does the business need - Software required – CRM, invoicing, cash management? How will you involve the team? Sales Who is your sales force? Unique Selling Proposition (USP) Are you selling on price, features or benefits? Make it easy for your clients to buy from you Prospecting How many customers do you need? What is your conversion rate? How many prospects do you need to produce enough customers? When and how are you going to find your prospects? Marketing Referral marketing Educate your clients Benchmarking Get feedback from your customers Pros & cons of send out a newsletter/information nights to your customers and prospects Networking Form alliances with businesses and groups that share your business values What Next Plan your business Open Discussion: • Motivation – be motivated • Get a mentor or two • Have a business plan • Make sure you have a financial planner, accountant, bookkeeper, solicitor • Marketing plan – strategies for the future • Set your office hours • Set to do lists • A strategy or plan – where do I want my business to be in 12 months, 3 yrs, 5 yrs, 10 yrs • What systems can I put in place to make my business work efficiently and effectively • Get a good CRM system (Client Relationship Management) • Utilize a invoicing system – office 365, word, excel, xero, myob, quicken • Network and build relationships with people who can refer and work together with you • Know your worth • Know your conversion rate • How many people do I need to meet or talk to , to then turn into clients • Look at price – am I selling for the right price? What is my price? What do I need an hour to cover the expenses of the business • Make it easy for clients to deal with you • Have a deadline to get back to clients • Keep clients informed • Keep stats on marketing, networking, mail outs, phone calls • Build relationships, but know it can take 6 months to 2 yrs for a referral • Educate your clients, business associates, family and friends on what kind of clients you need or want • Benchmark your business against others, so you know if your on track • Be mindful that your time is valuable • Get feedback from clients – good and bad • Update social media regularly • Build your social networking • Plan plan plan Thanks Simon for sharing your knowledge. 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. Today we raised $19 for Iris Foundation. Thanks and see you next time NEXT MEETING: 14th August 2013 - Arrive 10.25am for 10.30 start – sharp The Edge Café, Zenith Centre, Tuggerah