Is 2022 proving to be the best year to sell your business?
CONNECTING BUSINESSES ACROSS THE UK
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Sept / Oct 2022 Issue 8
How can a business directory help you achieve your goals?
Transform your business with BPO
The Psychology of Digital Advertising
Spotlight Feature - Steve Smith The Business Doctor
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Contents
Page 6 How can a business directory help you achieve your goals? Page 7 In a class of their own - creating a culture to ensure the future of your franchise Page 9 How to reduce missed appointments and cancellations Page 14 Design expert explains why your business needs sustainable products Page 16 The Psychology of Digital Advertising Page 18 UK Marketing Professionals meet to discuss the role of marketing in a difficult economy Page 20 Is 2022 proving to be the best year to sell your business? Page 23 Call for Emergency Budget to offer more support for struggling firms as cash flow pressures drive surge in insolvencies Page 24 Transform your business with BPO Page 29 Become a sell out to save your business and retain your customers Page 33 Top 15 places olutside of London for a career in finance Page 34 Spotlight Interview - Steve Smith - The Business Doctor
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In a class of their own – creating a culture to ensure the future of your franchise
Creating a strong culture within your franchise ties your franchisees and customers together, ensuring a positive community and future for your brand. Founder of Bloom Baby Classes and baby development specialist Victoria Jennings prioritises the people within her business, and their value-driven culture is a key element of creating a supportive and encouraging franchise. Remind yourself, and others, why you began your franchise Defining your values as a business and putting them at the heart of everything you do ensures you never lose focus of why you started your franchise. For me, I began Bloom Baby Classes after experiencing postnatal depression to make sure other new mums never felt alone. Having an emotive and ethical reason for launching a business, and constantly referring to that reason, will always stand you in good stead. As a franchisee, you don’t have to have had the exact same experience as the founder of the business, but you do need to be willing to wholeheartedly support their vision. Empower your team Making your culture a priority and putting the people at the heart of your business means your team will always feel respected. As a franchisor, your support will ensure your team go the extra mile for the franchise network. Your franchisees will feel part of a strong, encouraging community and, in turn, will empower their teams for the good of their customers. Reminding yourself of your brand values impacts who you recruit, how you interact with your team and how you treat your customers. As a franchisor you set an example for the rest of your network – the support you provide will encourage your franchisees to act in the same way. Besides, a franchisee who treats their team fairly and with respect will always be one that people want to work for and remain with. Create customer loyalty Franchisees who create a community of raving fans will always have a great business – remember, the best franchise brands mean customers receive the same great experience whichever franchise location they visit. A community could be online via social media or in a group chat, or in-person in the form of an event, but you must always communicate your values and culture consistently. At Bloom Baby Classes I regularly host social events where my franchisees can meet and share their experiences, as well as our own individual tips on creating customer loyalty. Inevitably in our franchise, there comes a time when a customer’s child is too old for our classes. But the positive impact of our engaging culture means that they’ll return with their next child, or recommend us to friends and family members in a heartbeat. Outlining your values and culture from the launch of your franchise location creates a positive culture from the beginning but you can only do that if your franchisor leads the way. Choosing to invest in a franchise brand that has a strong culture and values which you feel passionate about sharing and taking forward is an important step in securing a long-term positive future for your business and the community you serve.
Rozz Cottrell Digital Marketing Executive Paramount Media
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Business
A business directory is not just a list of businesses and their details, but a method of achieving your business goals. They are sometimes neglected by businesses, but they should not be. In this article, we will delve into what a business directory can do for you, and why you should include it as part of your marketing and advertising strategy. What can a Business Directory do for you? Improves your SEO with backlinks. Search engines such as Google work to ensure the best user experience. This means that search engines prefer sites with high relevancy, usefulness, and user-friendly navigation. Search engine optimisation makes sure that your website, and by extension, your business, seems trustworthy. A backlink coming from outside your site, but linking to it, validates your website. This is a positive gain and can be placed alongside traditional SEO approaches to ensure Google recognises your website as legitimate. Provides a good impression to potential customers. Not only does a listing in a business directory suggest you are trustworthy to a search engine like Google, but it also shows potential customers and other businesses that you are active in the business community, have a marketing strategy, and are invested in your own success. Magnifies your brand awareness. People can only buy your products or services if they are aware of your business and reminded of what problem you can solve for them. You don’t just need sales, but to be recognised and remembered by others for that service. If anyone is looking for a service such as yours, or simply looking at a website with an online business directory, they will see your business. Even if they weren’t looking for your service originally, they may read about you, and decide you do have something that they’re looking for. This opens your audience out to more potential customers, which is one step closer to achieving brand awareness. Boosts your discoverability. As mentioned, backlinks improve your SEO. One of the reasons SEO is so important is to achieve that high relevancy, as this directly affects your ability to be discovered on Google and rank high in search. This is, of course, how your customers will likely find you, so it is very important to prioritise boosting your discoverability Enhances your local presence. Don’t underestimate the power of a local presence. A lot of people use the search term ‘near me’ after their search term, especially on mobile, when they are looking to solve a problem fast. Having your business listed in an online directory therefore allows these local customers to find you easier and more quickly, because of the boost to your discoverability. Listing your business in an online directory is extremely beneficial now businesses are relying on the digital more than ever. Our business directory is growing, and we want you to be part of it. List your business free in our online directory for 12 months (then £99 per year), by clicking this link.
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How Can a Business Directory Help You Achieve Your Goals?
Tim Morris MD Cymphony
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According to NHS England, more than 15 million healthcare appointments are missed annually. And approximately 7.2 million of these are missed appointments with GPs, costing the NHS a staggering £216million per year. Of course, there are many reasons for someone to miss an appointment: for example, they may have a family emergency, a physical illness that makes them unfit to attend, or transport problems. Plus, since the pandemic, there has also been an increasing number of missed appointments due to anxiety – yet another challenge for healthcare providers. Tim Morris is MD of Cymphony, a communications provider specialising in enquiry handling with a personal touch. He believes that attendance rates can be bolstered by utilising communication technology to combat pre-appointment nerves. In addition, investing in ways to put patients at ease can help them make the most of their appointments and be better equipped to digest all the information given to them. Tim is also confident that providers who embrace communication technology will benefit from lower staffing costs and, more importantly, alleviate non-essential drains on staff time, allowing them to focus on critical tasks. The power of the personal We all know missed appointments can be extremely costly. Unfortunately, there’s no single way to eliminate them completely. However, a 24-hour telephone answering service can go a long way to reducing the number and frequency of cancellations and no-shows. Answering phone lines can be a struggle for busy surgeries or clinics at the best of times, especially because of the difficulty of recruitment. Missed calls and lengthy hold times will often result in no-shows so, being able to resolve a patient’s enquiry quickly, without compromising on the personal touch is vital. This may mean answering a few simple questions to put someone’s mind at ease or confirming timings and location details. It may even mean rebooking a new appointment – allowing for the now known slot to be reallocated to someone else. Either way, the net result is no downtime for your busy practice and no valuable team members twiddling their thumbs! The personal touch is especially important when dealing with patients. Some people will be incredibly shy, anxious and even genuinely frightened when it comes to visiting a surgery or clinics, so it is important to deal with people on a very human level. Using a trained human operator will put patients at ease as they can answer a multitude of questions and enquiries quickly and efficiently with genuine empathy. This is something that an automated system or chatbot struggles with when facing a complex personal or medical history. Outsourcing to a telephone answering service can also ensure patients are called a few days before their appointment to give them a gentle reminder of their upcoming commitment. Getting a system like this in place is invaluable for a healthcare provider and will drastically reduce the number of missed appointments and loss of earnings. Live chat is forward-thinking digital solution that can also help to keep patients committed by offering instant access to key information and answers to common questions in advance. From health questions to availability, patients can gain the information they require at the click of a button. Whether that’s on your own website, through an app or social media pages, live chat services are quick, convenient and cost-effective. It’s also a fantastic way to reduce the number of non-essential inbound calls. Empowering patients A well-prepared patient will feel confident and have the skills to actively participate, as far as they want to, in conversations about their immediate health and ongoing care. Using telephone answering or live chat services will help prepare patients to get the most out of their appointment by giving them all the information required ahead of time. This could be ensuring they have the right address, letting them know who they will be talking to and fielding any general and frequently asked healthcare questions. Finally, because going the extra mile for your patients is the best way to retain them, telephone answering services will carry out follow-up calls after an appointment. Not only does this let your patients know that you have a genuine concern for how they felt their appointment went, but it also allows them to ask any questions about the appointment or to book in again.
How to reduce missed appointments and cancellations
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A recent global report from the Economist Intelligence Unit revealed online searches for sustainable goods increased by 71 per cent from 2016 to 2021, proving that consumers have changed their buying habits. It’s no longer enough for brands to produce just ‘any’ item. Customers want products that are kind to the environment, as well as guaranteed to last a long time. Expert design and graphic company Novograf explains what sustainability is and how your business can tick the right boxes. What is meant by ‘sustainable’ products The ultimate goal would be to live in a world where all products are made from raw materials that can then be reused over and over again. Reality isn’t quite there yet; however, there are ways we can shrink our carbon footprint by expanding the lifespan of the products that we produce and consume. As a result of this, as much use will be gained for each kilogram of waste produced at the end of the lifecycle of a product. Keep the three Rs in mind If you’re serious about creating sustainable products that have a long life expectancy, keep the three Rs in mind. Reduce– Maximise material usage and minimise waste, both in process and product. Reuse– Adopt reprocessing practices that reinforce sustainability throughout the whole supply chain. Recycle– Use natural or recycled materials. It’s the key to the sustainability of products! Ross Campbell, Digital Business Development Manager at Novograf, commented: “The three Rs of sustainability are at the core of everything we do. To reduce waste, we’ve implemented clever nesting techniques to utilise offcuts, and when it comes to reusing, we reprocess packaging to reduce waste. “Our base materials comprise of 30% recycled materials, and we’re currently working towards developing 100% recyclable products. All these small measures combined have resulted in <0.73% wastage in the last 12 months and challenging targets for the future.” Now we’ve established the three Rs, let’s look at two other important components that determine the sustainability of a product: quality/durability and repairability. Quality and durability Durable, quality materials must be used to create a product that has a long life span. Strive to improve your supply chain by partnering with high-quality construction suppliers that are Considerate Constructors accredited, ensuring reduced risk and improved safety, as well as sustainability, on all projects. As well as this, it’s important that the utmost care and attention are given to the production process, using skilled staff and robust equipment. When it’s time to launch the product, first check all your efforts have indeed resulted in an item that’s quality and built to last a long time. Of course, it’s inevitable the product will reach the end of its lifecycle at some point, but the longer it lasts, the better for the environment. When it is time to dispose of it, it can be done consciously. Longevity equals repairability A guaranteed way to generate more waste and produce further CO2emissions is to continuously replace products. As well as this, more natural resources are used and there are higher levels of consumer spending. One way to combat all of these issues is to create a product that can be repaired over replaced. Campbell continued: “If a section of the surface of one of our products gets damaged, for example, you only need to replace the patch that needs repairing instead of the whole thing. That extends the life span of our products by another ten years compared to traditional surface products. “We offer customers options to conserve, protect, and extend the life of existing furniture items while reducing waste. Our 3D surface emulations and range of external and internal graphics mean that you can easily change the colour and brand design without replacing the whole unit. This is a win-win situation both for the environment and your budget.” Making small changes in our lives can create a greener future, which is what we all need to be doing. Be excited to be a part of the change and pay the eco mentality forwards with more and more customers embracing sustainability.
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"67% of people understand information better when communicated visually" TechSmith
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Visuals are designed to be seen and perceived. Visual imagery in advertisements is all around us, all the time, permeating our day-to-day lives. It has even been estimated that the average person may see 6,000 to 10,000 ads every day. Think about all the content that is promoted on social media platforms, think about banner ads, paid promotions on YouTube videos, reminders of products and companies galore. There’s clearly something deeply powerful about visual imagery because we keep buying things, and apps such as Instagram are being updated to not just support, but prioritise e-commerce, even to the detriment of the personal content that made it so popular when it began. So why is visual imagery so powerful? Visual communication is a common approach to learning, and a captivating way to articulate information. We are accustomed to seeing imagery as having meaning, colours symbolising various moods and tones, and text often being represented through interesting and eye-catching fonts. 67% of people understand information better when it is communicated visually, according to TechSmith. A lot of people comprehend complicated topics through imagery playing through their head, visual references that pop up and conclude in the full picture. These may be unique to the individual’s perspective, but nevertheless, imagery helps form this. Visual communication assumes an audience, and its very nature is about interaction and perception. In many ways, the visual is more powerful alongside words and numbers than they are alone – there’s a reason why some symbols are repeatedly used, such as emergency stop signs, the cross sign for a hospital or medical assistance, and more. These visual symbols are universal, so that spoken or written language is not always required to communicate. Of course, you cannot make generalisations, not everybody is predisposed to preferring visual imagery and communication, but for many people for who do prefer visuals, making use of this predisposition is smart, and it works. How is visual imagery used in advertising? There’s a reason visual content is used on website and blogs by 49% of marketers.Because visual communication is so commonly used as a method of articulation, it has an undeniable relationship to psychology, and motivates consumers to find out about a business, and even purchase products they never knew they needed. Visual imagery in advertising tends to fulfil two goals: Capturing attention. The content we consume has changed, and attention spans have shortened. This has largely been pinned down to the increased usage of mobile phones and social media applications, think TikTok and its 15 second videos. Visual communication can take less time to process and understand and is used often when information needs to get across fast. This is true of tutorial videos, entertaining infographics, product photography, and more. Colour is often used to do this. Colours have universal meaning (though there may be variations depending on culture), such as red: emergency, love, anger, or blue: loyalty, intuition, and power. Colour has an almost instant connection to some meaning or symbolism, communicating ideas quickly. Even featuring a celebrity can fulfil this goal – as this endorsement immediately catches the eye of the viewer and improves trust in the brand. Think about what a person in an advertisement does: often, they attempt to make eye contact with the viewer through talking to the camera. It can be hard to break eye contact – a visual tool to capture attention. Making the viewer remember. Are you more likely to remember a provocative image, or a sentence describing something? A mix of both is likely to be quite effective. Imagery that is placed alongside text persuades the viewer to imagine, and if it is significant enough, they may just remember it. It has been recorded that around 80% of people remember what they see or do showing that visuals can remain in the mind long after someone has seen them. If you are attempting to persuade someone to trust your brand or purchase your services, think visual. Visual communication is not going away any time soon. Videos, infographics, posters, photography and much, much more, stick in the minds eye and persuades most of us to like, and sometimes, even to buy. This undeniable relationship to human psychology is what makes visuals so important.
UK’s Marketing Professionals meet to discuss the role of marketing in a difficult economy
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150 of the country’s leading marketing professionals are to meet in London on Thursday 22 September with the aim of addressing the role marketing can play in steering the UK through an economic recovery. In the inaugural conference of the Alliance of UK Independent Agencies, Pimento and Agencynomics, the focus will be on how to attract the best people into marketing to drive the promotion and growth of the business sector, the purpose of marketing and how the performance of marketing initiatives can be optimised and measured. CEO of Pimento, Stephen Knight emphasises the importance of cooperation in achieving the best results. “In Pimento we have an alliance of the country’s leading professionals across multi disciplines, which means that clients are able to access all the areas of marketing support that they need in one place. From Packaging to PR, and Digital to Design by working together we are able to deliver the best in class solutions for businesses as they navigate their way through choppy economic waters. The conference is designed to draw out best practices so that we can optimise the value of marketing holistically and play our part in the economic recovery.” Pimento covers all areas of marketing, including branding, events, data management, customer experience, social media, PR, ecommerce and general consultancy, and has access to 3000 marketing professionals across 150 agencies. Clients are able to build the most appropriate team to meet their needs. The Alliance of Independent Agencies brings the best and most forward-thinking independent agencies together to access the tools, resources, community, training and guidance to keep their offering as brilliant as their ideas, and to maximise the return on their own energy, persistence, commitment and hard work. Agencynomics is an organisation dedicated to supporting the now, next and future of agencies through a free community and through events. They believe that when many agency minds are working as one, they overcome challenges and find better solutions, faster. The conference is to take place at the Montcalm Marble Arch Hotel in London.
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Is 2022 proving to be a good year to sell your business?
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John Hatt - Managing Director of Business Partnership
Increased demand for business ownership means its a sellers market
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2022 has started well and it is definitely shaping up to be a great year to sell a business. Businesses are selling at record prices, buyer demand is growing, and sellers are in an ideal position to negotiate with the many entrepreneurs seeking business ownership. In this article, John Hatt, Managing Director of Business Partnership, explains why he believes now is a great time to sell your Business. 1. Businesses are selling at record prices According to BizBuySell’s Insight Report, business for sale transactions experienced steady growth in the first quarter of 2022, rising 24% over the previous year and just 3.7% shy of Q1 2019, long before COVID-19 shocked the market. Median sale prices have also continued to sit at record levels, up 6% over the previous year to $345,0001. These statistics, which come from the USA, prove that not only is there a demand to sell, but buyers are willing to pay a premium for businesses that are performing well. We expect a similar movement to take place in the UK over the next couple of years. The businesses that seem to be performing well when it comes to sales often share three common traits: they are in great locations, have well-trained and skilled employees and have great long-term growth potential. One sector in particular that has performed well is the service sector. Businesses in this sector have proved themselves to be recession and pandemic proof in recent years and are therefore the most sought-after among buyers. From healthcare and nursing facilities to gardening businesses, car washes and laundromats, these companies, many of which are essential, offer steady streams of income and are less likely to be impacted by economic uncertainty. 2. Increased Demand for Business Ownership It is no secret that with the Great Resignation more individuals are choosing entrepreneurship over returning to the 9 to 5 job. According to PwC’s Global Workforce Hopes and Fears Survey 2022, one in five workers plan to quit their jobs in 20221 in the pursuit of higher salaries and more fulfilment in the workplace. So, it is easy to understand why the demand for existing businesses is expected to remain strong in 2022. 3. Sellers still have the market advantage Right now, 2022 has proven itself to be a seller’s market. Over the past two years, many business owners have chosen to wait to sell their businesses. In turn, this has created an imbalance in the market because buyer demand exceeds the supply of available businesses for sale. We can expect median sale prices to continue growing as buyers have to pay premium prices for these businesses. To conclude, 2022 could be the perfect time to act - as the effects of the pandemic fade and more people retire and exit their businesses, the market is expected to become more balanced. How to maximise your sale price To ensure you succeed in negotiating the sale of your business and get the very best deal, it is crucial to have all the necessary skills required to close your sale. Selling a business is a process that takes finesse and sensitivity, as well as grit. First, I recommend you set out clear negotiating goals for selling your business to help you answer critical questions and guide your negotiations when selling. Then put together a negotiation strategy. By being proactive and planning a strategy, you will stay ahead of the curve. Make it clear you are willing to walk away from a deal and always try to lead the discussions. This way, you will be in the driver’s seat throughout the sales process. It is also crucial to make sure you understand and know everything about your accounts. Prospective buyers usually request to see records of three years’ worth of trading, so even if it’s a while off selling, make sure your accountant can advise on how best to present statements. Items of interest could be increased profits, a consistent but varied client base, and regular revenue growth. Finally, when it comes to selling your business, believe in yourself! No one will want to buy your business if you are not passionate about it. Keep in mind all your business’s best assets and ask yourself what would be of interest to your prospective buyer. Do not doubt yourself and let the success of the business do the talking. By following these tips, you should have no problem selling in 2022. Good luck!
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Insolvency figures released for August 2022* by the Government’s Insolvency Service showed the number of registered company insolvencies in August 2022 was 1,933. This is 43% higher than in the same month in the previous year (1,348 in August 2021), and 42% higher than the number registered three years previously (pre-pandemic; 1,365 in August 2019). In August 2022 there were 1,662 Creditors’ Voluntary Liquidations (CVLs), 33% higher than in August 2021 and 73% higher than August 2019. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were almost four times as many compulsory liquidations in August 2022 as in August 2021, and the number of administrations was more than twice as high as a year ago. Leading restructuring and insolvency professional Oliver Collinge from PKF GM said: “The large rise in corporate insolvency numbers is not surprising compared to this time last year. But alarm bells ring when there is a material increase on pre-pandemic levels, as we are seeing now. Many distressed businesses managed to keep afloat through Covid by using the high level of government support available. Most businesses are now repaying BBLS or CBILS loans and many are also still repaying HMRC liabilities deferred during the pandemic, and rising input costs are adding to these cash flow pressures.” Challenging times ahead as cash flow pressure on businesses grows and even better-performing businesses won’t be immune Oliver continued: “The current headwinds will create challenges even for better-performing businesses, not only those that were already in survival mode. The inflation rate suggests there may be more interest rate rises to come.The cost-of-living crisis has led to the biggest fall in real pay on record and British retail sales fell much more than expected in August. Another sign that the economy is sliding into recession as the cost of living crunch squeezes households' disposable spending. Pressure on cash continues, and unfortunately, we expect to see heightened levels of business failures for some time to come.” Creditors’ Voluntary Liquidations (CVLs) The increase is primarily driven by Creditors’ Voluntary Liquidations (CVLs), where directors have chosen to place their business into an insolvency process. In August 2022 there were 1,662 CVLs, which is 33% higher than in August 2021 and 73% higher than in August 2019;PKF GM thinks this may partly be because creditors can now take enforcement action, forcing directors to take pre-emptive action. There is also significant anecdotal evidence that many of these liquidations involve small companies which had taken out Bounce Back Loans and are now unable to repay them. Emergency Budget Next week’s Emergency Budget is an opportunity for the Government to provide help beyond energy bills. Businesses PKF GM are talking to need support with business rates and cuts to VAT to help them survive in the aftermath of the pandemic and the current cost-of-living crisis, particularly in the hospitality and leisure sectors. Oliver Collinge added: “Whilst the Covid loans, support packages and interventions staved off many business closures; the repayments on these loans, together with the worsening macro-economic climate means many businesses are beginning to experience severe cash flow pressure. It’s critical businesses act early and seek advice if they are struggling now or think cash flow may be squeezed in the coming months. The earlier they act, the more options they’ll have to secure the business’s long-term survival.”
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BPO, or business process outsourcing, is the quickest way to improve your business efficiency and bottom line. It's a growing industry with a lot of opportunity for businesses of all sizes. BPO can be used for a variety of tasks, from customer service to accounting and human resources. Business owners inevitably find themselves in a spot where they are unable to quickly grow without investment. In the past, growth required significant investment in staffing for different functions, office space, and marketing and sales. However, with current technology, companies of all sizes and growth stages can take the advantage of Business Process Outsourcing (BPO) to grow and transform their business model. Let’s look at some of the key ways this can be achieved. Take Advantage of Emerging Opportunities With the help of BPO, you can run a nimble business that can exploit emerging opportunities. Let’s take the example of a small real estate brokerage operating in San Antonio. With the real estate market red hot in Texas, especially in neighboring Austin, it could make sense for them to start operations there. In a traditional approach, you would open an office, and hire people in marketing, research, operations, etc. However, with the help of BPO, you can hireoutsourced marketingand sales support to generate leads and get remote executives to connect with local property owners. BPO allows the flexibility to rapidly exploit opportunities. If at any point in time you experience a downturn in business, you can immediately scale back your business functions as most BPO contracts allow you to reduce billing hours based on your needs. Improve Profitability Startups and growing businesses are in a race to find profit. You cannot spend money or precious resources getting in-house processes optimized. With the help of BPO, you can quickly outsource business functions often for an affordable fee. For example, instead of employing a full-time bookkeeper, you can useonline bookkeeping servicesand save thousands of dollars a year as well as countless hours of your own time. Build Valuable Expertise Building expertise in a start-up or small business can be difficult, especially with current labor shortages. BPO allows you to overcome these challenges by providing you with readily available expertise and process knowledge. Let’s take the example of a retail chain looking to expand into a neighboring state. As they prepare to expand, they will need to set up contacts and negotiate rates with suppliers. With the help of an outsourced research service, it’s easy to tap into an expert team of procurement specialists. Such experts can benchmark the capabilities of suppliers in the new area and prepare cost models for effective negotiations. Exploit Technology Irrespective of the size of the business you are running, using the best available technology and processes will help you achieve a competitive advantage. When you engage leading BPO to manage different business functions, you get the advantage of deploying cutting edge technology which might be out of reach for a small business. Look at the example of an outsourced customer support team working for your businesses. It offers you the chance to build a knowledge base based on similar clients it may be handling. Based on their previous experience in similar verticals they can implement best practices of query escalation and incident management. Moreover, they can offer insights about challenges your consumers are experiencing. Similarly, an outsourced marketing group can introduce best practices of growth marketing relevant to your vertical and let you use software platforms which would cost a lot to purchase yourself. Key Advantages of Engaging BPO Across Key Business Functions Growing businesses need to build expertise across marketing, sales, technology services, customer support, accounting and compliance to name a few functions. Let’s look at some of the advantages BPO services offer. Accounts Receivables There are many benefits to outsourcing collections on your accounts receivable to aninvoice factoring company. Perhaps the most obvious benefit is that it frees up your time to focus on other aspects of your business. Another benefit is that it also allows you to take advantage of the factoring company’s expertise in collections, which can lead to improved cash flow. Marketing Services BPO specializing in marketing and sales functions can help you tap into emerging markets, deal with new client topology, and drastically improve the rate of customer acquisition and retention. They can help you with marketing research and run digital marketing campaigns in specific areas. Outsourced marketing services teams can also coordinate with local executives and run sales support campaigns. Technology and Digital Services Nearly every business needs to embrace technology to stay relevant. BPO specializing in technology and digital services can manage your presence on websites and apps, as well as create applications to improve customer service and product support. Technology solutions can also manage your business data, assist with reporting and analysis, and forecast trends. Customer Support Functions Using BPO for customer service, you can offer customer support across phone, email, social and other digital channels 24/7 and gain competitive advantage. Some BPO can even help you with managing AI chat support systems, knowledge bases, and engage in support-driven growth. Final Thoughts on BPO Transformation BPO offers one of the most innovative ways to quickly transform your business into a lean operation focused on profitability and growth. It also allows you to build a sustainable business model in a vertical where profit margins are relatively low. However, the biggest advantage that BPO offers is the power to experiment - you can enter new markets, try new product and service offerings, and dramatically increase your marketing and sales efforts without breaking the bank.
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Become a Sell-Out to Save Your Business and Retain Your Customers
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There are a million reasons to raise prices right now. Inflation. Labor shortages. Taxes. The ongoing effects of the pandemic. War. Global supply chain issues. On the surface, it may seem justified: We won't survive if we don't raise our prices. Looking deeper, there is reason not to: You won't survive if you lose your customers. Raising prices risks permanently damaging your relationships and overall business. Doing so also opens the door for your retail buyers and customers to look elsewhere for similar products or question the need for your products all-together. This is particularly true if you're a small-to-medium sized supplier to some of the world's largest retailers. This is a dilemma nearly all business leaders are facing today, with many believing they have no choice but to pass on the increases or put their entire business at risk. What if I told you it does not need to be one or the other? What if you could not only save, but grow your business without passing on cost increases to your customers? You can ensure that major retail partners keep coming back to you for more business while at the same time, cutting out vendors several times your size. You can maintain high levels of quality without passing along price increases. You can become stronger and more poised for growth through inflationary periods and down economies. I know it is possible because I've helped lead my own companies through it and helped other businesses navigate it, many times over the past twenty years. You can do the same. This four-part series, "P&L Survival Guide," has a clear theme: Control the controllables and get your business in shape. Obvious in theory; difficult in practice. You can't control inflation, pandemics, labor shortages, taxes, war, or global supply chain issues. So what can you control? For starters, you can control your revenue. It is the first critical step to getting your P&L in shape. Here's how. I don't mean lower your standards, predatory price or sell your soul. Instead, hyper-focus on increasing revenue, through sales. The companies that will be best equipped to not only make it through the next few years, but also have the highest potential for exponential growth will be the sell-outs. It won't be easy. Selling-out will likely require changes in your company culture and potentially, your overall business model. It will demand proactivity and personal accountability across the organization to discover and implement new and different pathways to revenue. Here are five ways you can improve top line revenue without raising prices: Ship current orders in full - The easiest sale is the one you already have Expand existing assortments - Develop new products for existing customers Create new business - Identify new customers, services and income streams Go direct - Increase margin and consumer engagement Review terms - Renegotiate freight, rebates, and program terms Ship current orders in full. Recently, many businesses are having challenges shipping their orders on time and in full. If you are short-shipping items from purchase orders, focus first on solving the issues causing you to short ship, late ship or cancel orders. You are almost certainly experiencing chargebacks, fines and lost sales as a result. Fix it. Repair the instocks, fill rates and lost sales. Think about it - you already have the sale. Make sure to capture all of it. Expand existing assortments. Instead of passing on cost increases to current customers, what if you were able to get them to add more of your items instead? What are some additional SKUs you could add to your assortment? Could you create a new bundle with existing and new SKUs, especially if some of the new items have better profit margins? The increase in revenue could offset much - or all - of the margin loss from the cost increase you had to inherit on your legacy items. Think of ways you could increase your footprint, value and impact with your customers. Create new business. This one is obvious and where CEOs often start. They try to sell existing products to new customers. Yes, this could be a play to make, but try to be more creative and open-minded about opportunities. What about expanding from selling products to also selling services? As an example, one of our businesses distributes products manufactured in-house to wholesale, large retail and D2C channels. We utilized our fulfillment capabilities within this existing business to partner with other companies who were struggling to execute effectively or afford the costs of warehousing, fulfillment and distribution. This addition of selling capabilities not only created incremental revenue, but also led to a completely new business model, which increased our opportunities for long-term growth. Go direct. Direct to consumer sales can tolerate price fluctuations much more easily than major retailers. Consider expanding online where you can control pricing and margin, however it's essential that you don't undercut your retail partners. If you could convert a small percentage of the market by offering a closer brand experience and higher value via D2C, you would improve your P&L without alienating your retail partners. You would also be creating a direct connection and relationship with your consumers, giving you the best pulse on your pricing, products and brand community. Review Terms. There are also indirect ways to increase revenue. Many businesses struggle securing, controlling and managing freight, which is not only a major cost, but a liability that could put your business with large customers at risk. Could you amend your vendor agreement from Prepaid Freight to FOB Collect? Rebates, discounts, and allowances are also a smart place to look into. Could you reduce or eliminate these programs while keeping your invoice price the same? The retailer will give up some margin, but they won't need to raise shelf prices to consumers and risk losing retail sales. This one is tricky, but it is an example of how to get creative to improve your business without passing along cost increases. These strategies are just the beginning. There are endless opportunities to increase revenue, if you are willing to look for and invent them. You don't have to resort to passing on cost increases as a default, instead you can choose to take the initiative, adapt your business, and expand your products and services. These strategies for increasing revenue are just the beginning. If you're willing to commit to all and still feel like you need to pass along cost increases to large retail partners, stick around. The next installment will tee up another set of actionable tips to improve the second core element of your P&L: Reducing Cost of Goods Sold. The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
Ship current orders in full to prevent chargebacks, fines and lost sales
Review terms - could you amend vendor agreements to reduce costs
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Go direct - direct to consumer sales can tolerate price fluctuations easier than major retailers
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Top 15 places outside London for a career in finance
#
District / Unit
Number of finance firms
Population
1
Edinburgh
310
527,620
2
Birmigham
265
1,144,900
3
Manchester
552,000
4
Leeds
240
812,000
5
Buckinghamshire
170
553,100
6
Glasgow
155
635,640
7
Cheshire East
150
398,800
8
Belfast
342,560
9
Trafford
130
235,100
10
Bournmouth, Christchurch, Poole
120
400,300
Mortgages Protection Pensions Investments
London may be the country’s banking hub, yet there are 15 places across the UK and several unexpectedly finance-friendly towns that offer surprisingly good career prospects. A new study found that Edinburgh, Birmingham and Manchester offer the next best opportunities for a career in finance after London. Meanwhile, big districts like Cornwall, Bradford and Wiltshire disappoint in terms of the pursuing a finance career, barely competing with much smaller places, like Stockport, Solihull, Elmbridge, and Windsor and Maidenhead. The research, carried out by UK trading company CMC Markets, analysed the latest data from the Office for National Statistics, published in March 2022, for finance enterprises in 342 UK districts, excluding London, and the latest available population statistics. It found that 63% of British firms offering financial services alone, excluding insurance and pension funding, are located outside London. Edinburgh tops the list for best places outside London for a career in finance, with around 310 firms and 527,620 residents calling it their home. It is also the only other place outside London that hosts large firms with over a thousand employees each. With a population of 1,144,900, Birmingham ranks second for finance enterprises, with around 265 firms located here, although none hire more than 250 staff. Surprisingly, although Leeds is the third biggest city in the UK, it is outrun by Manchester, which hosts around 265 finance firms – 15 more than Leeds. In fact, Manchester has more medium to large finance companies than Leeds, despite having 32% less residents. The wildcards of the ranking include Trafford, Milton Keynes, Stockport, Solihull, Elmbridge, and Windsor and Maidenhead. With relatively small populations of just 235,100 and 287,000 respectively, Trafford and Milton Keynes make the top 15 places outside London for a career in finance, with 130 and 110 specialised firms located here. This positions them ahead of much more populous districts like Bradford (546,400 residents and 95 finance firms), Wiltshire (510,400 residents and 85 finance firms) and Cornwall (570,300 residents and 80 finance firms). Stockport, Solihull, Elmbridge, and Windsor and Maidenhead are four more honourable mentions. While much bigger cities may host more micro and small finance firms, counting up to 49 employees, Stockport and Solihull stand out for the number of firms that are classed as medium (up to 249 employees) or large (over 250 workers). Meanwhile, Elmbridge and the district of Windsor and Maidenhead beat the odds and, despite populations of just 138,800 and 153,500, respectively, they each host around 80 finance firms, placing them at #24 and #25 nationally. At the other extremity, with zero to two registered firms offering financial services, are Argyll and Bute, Clackmannanshire, Na h-Eileanan Siar, Orkney Islands, Shetland Islands and the Isles of Scilly. Michael Hewson, Chief Market Analyst at CMC Markets commented on the findings: “We were pleased to find out that these finance-friendly places are not necessarily the most populous cities in the UK. London is extremely competitive and the lifestyle is not everyone’s cup of tea, so it is refreshing to know where the best places to pursue a career in finance are that are way off the beaten path. “Take Elmbridge and the district of Windsor and Maidenhead, for instance. They are both home to a significantly larger proportion of high earners, creating a striking demand for financial services, compared to other places in the UK. Their proximity to London makes them ideal for financial advisors looking to offer a more curated yet competitive approach.”
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About the Business Doctors With a strong passion for the world of business, The Business Doctors launched in 2004 with the aim of providing small and medium-sized business owners affordable business support and guidance. Starting out in North West England, with the Merseyside SME market, this innovative multi-faceted solution to achieve business growth took off and soon lead to multiple branches opening internationally, including, Belgium, Bulgaria, India, Republic of Ireland, Malta, Myanmar, Portugal and South Africa Our ample business expertise and experience is focused on providing business owners a custom-built business strategy, which can help with company growth and development, while benefiting from an array of other benefits as a result. We will help you achieve your business vision regardless of the current standing or size of your business. Our goal is to help you with sustainable business growth over-time. For more information on how The Business Doctors can help you scale and grow your business with practical strategy and advice, visit www.businessdoctors.co.uk
In this Spotlight Interview edition we welcome Steve Smith - The business doctor for St Helens, Wigan, Widnes & Leigh. With a vast career spanning over 30 years in senior management and director roles and an impressive portfolio of work with brands such as Proctor and Gamble, Kelloggs and AG Barr, Steve has experienced the best and worst of the industry. In this spotlight interview Steve shares his knowledge, experiences and business advice.
You’ve had quite an impressive career to date, can you tell us about your journey so far ? It has been quite a journey and almost come full circle – though I’m much older and wiser now ! I went to school in St Helens, Sixth Form in Widnes, University in Sheffield and now I operate the Business Doctors franchise for the St Helens and Wigan areas. In between I worked in sales and marketing for some of the biggest and most recognisable consumer brands in the world such as Pampers, Fairy, Head & Shoulders, Kellogg’s and IRN-BRU. Everyone reading this will have used at least one of the products I’ve worked on! You have worked for some very famous brands along the way, what skills and experiences were you able to take from your roles there ? Joining global business Procter &Gamble straight from university was a fantastic start. P&G are known as one of the true pioneers in marketing and building brands with a reputation for investment in training their people, which is second to none. Not only was I trained in how to sell, but the wider development and support was first class. No wonder so many P&G people go on to top roles in business. In fact, Greg Jackson the founder and CEO of Octopus Energy used to work for me at P&G in his early days. I could fill the page with all the training and courses I have done over the last thirty years, yet my hunger to learn is as strong as ever. Please tell us about your current business. Business Doctors started in 2004 to provide small and medium-sized business owners with affordable help and make the right choices for growth. We apply our practical business services, together with various analytical tools, to assist with developing a business strategy best suited forclients’goals and needs. Over 12,000 businesses have now benefitted from Business Doctors support, across a wide range of sectors, from single person start-ups to large SMEs employing hundreds of staff and ultimately floated on the stock market. Practice, dedication, and past experiences have made us experts in our field, but we don’t just coach, we get on the pitch! What is your role within the company? Whilst I have the support of Business Doctors Head Office and the other franchisees across the country, I basically do everything myself, with a little bit of help from my wife and son. So, I’m MD, Sales Director, Marketing, Finance and teamaker all rolled into one. The “buck” starts and stops with me. What do you enjoy most about your job? What is the most rewarding aspect of your job ? I love the variety of businesses I work with and after years of travelling the length and breadth of the UK in my previous sales roles, I enjoy working locally. In huge organisationsI sometimes felt that my contribution was just taken for granted. Working with local businesses invariably leaves me feeling much more appreciated and fulfilled. What is the biggest challenge to your business/sector at present ? Economic confidence is still a massive factor. We have come out of the Covid restrictions, but have been faced with the conflict in Ukraine, delayed Brexit ramifications and the surge in fuel and energy prices. It is crucial for all businesses to keep a close eye on their costs and with various input prices rising, profits are squeezed and business owners maybe reluctant to invest in third party advice. Of course, this can be a bit of a vicious circle. By not engaging with outside support and coaching, business improvements and opportunities may not be realised, putting even more pressure on the “bottom line”. At Business Doctors we know the importance of having a clear vision for the business and a strategic plan to get there. This isn’t just “wishy washy business speak”. Working to a plan really is crucial. Who or what has been your greatest influence ? Being elected JCR President at the University of Sheffield was massive for my self confidence and my first true leadership role. This was key to my joining Procter & Gamble and learning so much. One of the managers in my early days at P&G was the inspiration behind the title of my book – ‘Leadership, Levity and the Power of Baked Alaska’. What is the best piece of career advice you have received ? I’m not sure I can pick out the best, but I’m clear on the worst ! One of the Managing Directors at Kellogg’s advised me to “act like you have already got the next job up the ladder’. To be fair, I have seen people adopt this type of behaviour and progress ahead of me. However, it is not an approach that I am comfortable with. It disrespects your peers, erodes trust, and feels disingenuous. It may have worked for others, but I can’t pretend to be someone I’m not. What is your greatest success, both personally and professionally? On a personal level, aside from my family, I’ve written a book and ran a few marathons. On a professional level I was once told that “if you look after your people, the business will take care of itself”. As Sales Director at AG Barr, I ran a sales team of over four hundred people and we had some excellent results increasing turnover over 200% during my tenure. The many positive messages when I left are something I’ll treasure forever. Tell us about the most memorable moment of your career There have been so many experiences over thirty years that it is difficult to pin down specifics. Step changing AG Barr’s business with Tesco ranks highly and Bestway Cash & Carry voted us Supplier of the Year five times in six years. If you could have a 1:1 with anyone past or present, who would it be and why ? I’m a history buff and there are so many fascinating figures who it would be amazing to consult. However, I’d have to go with my mum. She died suddenly whilst I was at University and never got to see me graduate, progress in my career, get married and start a family etc. What is the secret to your success ? I’d say just being myself. I always try to do the right thing by others and provide help and support or be a “nice guy” if you like. Some people view being nice to others as soft, weak or indecisive, but I take great pride if someone describes me as a nice guy. For me it stands for being Natural, having Integrity, Collaborative approach and sharing Experience. And also Great at UnderstandingYou ! What does the future hold for you and how do you see your business evolving ? I really do enjoy operating as a Business Doctor. After starting two years ago in lockdown it has taken a bit longer to gain momentum, but I’m on my way to achieving my vision of being the first port of call for local businesses seeking advice. I’ve been running the Business Advocates initiative for St Helens Council and yes, I get paid, but I also see it as “giving back” a little to the local economy as many of the businesses might not be able to afford engaging with a business coach. I’d love to support a roll out of this model to Wigan, Widnes and Leigh if their councils are interested. My passion in business is the area of Leadership. Specifically identifying poor leadership traits and shining a light on great leadership. My book is about simple ways to lead people and build business. Peter Drucker, the father of modern management once said that “Culture eats strategy for breakfast”. A great quote which I explore ina workshop and presentations. I’d love to present this on the big stage, maybe even in the US where so much leadership and management theory has evolved. Paramount Media would like to extend great thanks to Steve Smith - The Business Doctor for his time completing this interview and this informative insight into his career past and present.
Spotlight Interview
Spotlight Interview : Steve Smith - The Business Doctor
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