3 WAYS TO REDUCE RISK IN YOUR BUSINESS

No business is ever without risks; however, it is possible to reduce the potential for risk. Here are just a few simple steps……

Do not skimp on your business, customer and product research

Research is not something you only do when starting a business it is an on-going process as you expand and develop new customer bases, products and services. Undertaking research reduces risk because it:

•  Informs you of the best direction and focus for your business
  
  


• Helps you identify and develop your customer base
  
  


• Informs you of refinements needed to your products and services
  
  


• Offers you clear financial information on which to base your projected figures
  
  


• Gives you a clear understanding of your competition
  
  


• Identifies gaps in the market and unique selling points
  
  


• Identifies what may and may not work for your business

 

One of the start-up businesses I am mentoring at The Business Loft came to me recently with such enthusiasm for her business idea. The problem was that it did not ‘have legs’ as it would have been in direct competition to a government funded initiative which offers a free service. Following our first session she left looking crest fallen after answering many questions that made her to think about the market her business would be in.

She went away with an action plan to do more research and I thought she would probably not return. That was my lesson – never make judgements about others. Three weeks later she was back with even more enthusiasm. She had not been put off at the first hurdle that dashed her original ideas. She had thrown herself wholeheartedly into her business research which had paid off after a trip to London. Here she identified a real gap in the market. Now she is now exploring this with a renewed enthusiasm and passion.

 

Develop  a business that ‘Feeds Your Soul’

Passion and enthusiasm sell! Also, when you are running a business you absolutely love, the job satisfaction you get makes it so much easier to weather the storms and difficult times that are inevitable. Having a real passion for what you want to do can overcome even the most difficult hurdles such as lack of finance……..

Another of the young graduate’s I am mentoring is one of the most enthusiastic people I have ever met. So passionate about her idea, she has already won an award just for her concept and business plan. On paper her idea is interesting as she has identified a gap in the market. Her problem is that as a single parent she has no money to get it off the ground and it will take a great deal of investment.

Undeterred by this obstacle she enthusiastically engaged with me in a discussion about different ways of setting up the business. Driven by self- belief and enthusiasm for her business concept she followed up on a charity contact of mine. Her passion so impressed them that they are now in discussions about the possibility of her setting up a social enterprise with them!

Develop Flexibility in Your Business

As both these case studies show it is important to create flexibility in your mind and business. Being open to the possibility of a new idea or direction is important to your overall success. Otherwise why do the research?

When we stick rigidly to our ideas and plans it prevents us from seeing other opportunities that may be out there. This in turn increases the risk factors. Being flexible, open to ideas and inquisitive to explore (research) new opportunities is the key to finding a risk reduced pathway to business success.

eBoost Lean Canvas Business Model Webinar (by eboostinterns)

Writing a business plan? Take a look at this video and find out how to create one that is focused, professional and fast!

SOMETHING TO BLURRT ABOUT AT THE BUSINESS LOFT

Celebrating the successes of the first tenant of The Business Loft……

Blurrt is a start up company founded by 3 businessmen local to the Newport area. Blurrt is a piece of algorithm that delves into twitter providing the truth about what people really feel about brands. It has taken just under a year to get to the point where they can celebrate a number of milestones.Firstly, Blurrt took on its first employee last November to work on a bespoke English (UK) dictionary.

In May, Blurrt took an office in The Business Loft - this has allowed the Blurrt team to get settled and they love the space. Recently, Blurrt gave a soft launch of the product to a selected audience of local business people which was another achievement. So if this has sparked your curiosity as to what Blurrt does, then you can visit the website at http://www.blurrt.co.uk/ to find out more.

DISPELLING THE MYTH ABOUT SELLING

Many years ago when I started my management training and coaching business, selling was the one thing I hated doing. The face to face selling was difficult enough but the worst part for me was picking up the phone and making an appointment. I did not help myself by procrastinating about this very important task and putting off the job of making those calls.

Eventually I decided to do some sales training. Here I was taught all the tricks of the trade from mirroring body language to ‘getting past the dragon’ (the PA or gate keeper for the busy person I wanted to speak to). I must have been doing something right as I was bringing in some work but not a lot for all my efforts, it has to be said. The most telling thing about this situation was that I still hated selling. Not good if you are running a business!

Then one day I reflected on the fact that using all the selling techniques I could was doing one thing – preventing me from being myself. Next I thought about my first career as a nurse and midwife and how I loved talking to people, finding out about them and their needs and then fulfilling those needs to make them happier and more comfortable. BINGO! The light bulbs went on, all at once, as I realised that first and foremost selling is about being yourself and building sound and trusting relationships with people.  

That got me thinking about how easy and enjoyable it would be if I were to forget about what I was selling and just develop friendships with people. Being the kind of person who is fascinated by what work and businesses others are engaged in, I found this new approach so easy and enjoyable. I started to join networking groups and was soon developing an extensive database of contacts and friends.

Now don’t forget this was way, way before email and social media (that’s showing my age!) so picking up the phone and following up on meetings was vital. However, you still need to use this personal contact even in today’s digital age. Phoning to talk to a new contact was still a problem area for me until an experienced telesales lady told me the secret – never try and sell on the phone ONLY get the appointment. That was definitely easier if I had met them at a recent event but I still needed a really good ‘sound bite’ to tell them very succinctly about my business. Creating a short snappy sentence that describes your business and unique selling point (USP) is the key. Yes I know this is easier said than done when it is your own business, so ask your friends and business contacts to help you come up with one. They will surprise you with their ideas and it is such fun to choose the right one for you.

When it comes to the actual meeting remember the 20:20 rule – your prospective customer talks 80% of the time and you talk only 20%. You are still buildingfriendships not selling a product/service.  Ask delving questions to find out more about their business and future needs in the area of your service/product. Listen carefully for any problems that they flag up that you may be able to help them solve. There really is no need to give them the full on sales patter. Make notes whilst they are talking and then later on show them the services/products you have that will help them. Fill the gaps of their needs and desires.

Remember People buy from People and mostly from people they like and trust.

RSA Animate - Drive: The surprising truth about what motivates us (by The RSA)

A SKILL EVERY BUSINESS PERSON CAN’T AFFORD TO NEGLECT

What is the one thing that most people fear more than anything, and is an essential skill for any business person?

Delivering a Presentation! Am I right? If so read on……..

The problem is that most people avoid having to do presentations all their life – through school, college, university and in their jobs. Bad move! Why, because you never gain the practice and experience to be able to build your skill and confidence.

I was one of the lucky ones. I had always had people looking at me and from the age of 5 years old I was encouraged to stand in front of audiences and present. Why, because I am an identical twin! But it is never too late for anyone to learn and hone a new skill.

Yes, I know that’s a real bummer, especially when you hate the thought of standing in front of others and speaking. However, in any type of business you need to confidently and competently pitch for business, present at seminars and conferences, present yourself in videos for web and social media content, to name just a few.

“Yikes, do I really have to?” I hear you think. The answer is a resounding YES! Just stop for a minute and consider your lost business opportunities if you avoid, or worst still mess up really important presentations. How detrimental is that to your business growth?

Commit to developing your skill and confidence. In my experience of training people in presentations skills, for over 20 years, a major problem lies in what’s going on in your head……

“What if I freeze and dry up?”

“What am I going to say?”

“They will all be looking at me!”

The thoughts go on and on.

Get rid of negative thoughts and replace them with several positive ones like “I am really going to enjoy this presentation.”

Write down all your negative thoughts. Cross them out and write the overriding positive thought that countermands the negative. Now read them out load to yourself, on a regular basis, on the run up to and immediately before your presentation. Try it out it out and see how well it works.

Preparation, both mentally and practically is one of the keys you can never afford to skimp on. Not only do you need to know your ‘stuff’, you also need…..

3 – 5 key point’s dependent on the length of your presentation

A good strong beginning

A logical flow

A good sound ending that leaves them remembering your key points or a call action.

Remember that it’s OK not to know the answer to a question as long as you get back to them with an answer later. Just be honest and confident about it.

 

Prepare for your role. I once saw the worst presentation ever by someone who was so nervous his sheet of notes rattled directly in front of the microphone. Not only that, he apologised several times during his speech, and looked petrified. What he had not realised and had never been taught is that……

You are playing the role of a confident and skilled YOU! If someone had taught him to practice and perfect that role he would have had no problems at all. Why, because the presenter was Anthony Hopkins!

Be your natural self. Don’t try to be humorous or tell a joke if this is not your natural style. Let your passion and enthusiasm out. That is what ‘sells’ you and what you have to say to your audience.

Practice makes perfect and it also build confidence. By this I do not mean standing in front of a mirror and practicing your presentation until it is perfect – although that does work well for some people. This is one skill you have to develop in public. There’s no getting away from it you just have to get up there and present!

Use every presentation as a learning exercise. Do not beat yourself up at the end by thinking of everything that did not go to plan. Remember…

1.    No one knows exactly what you were going to say, so if you forget something they will never know. How great is that?

2.    You will look a lot more confident and professional than you think. In my experience most people who watch a video of themselves presenting says this.

3.    Allow yourself to find one thing that was wrong with the presentation. Identify the learning in it and move on.

4.    Follow the one learning point with three positive points that you did well. Can’t think of any? Here’s ‘your starter for ten’ – you got up and did it!

 

Seek out opportunities to stretch yourself and develop this vital business skill. So, no more excuses. But remember, jumping straight into presenting at a conference may be a step to far to begin with and could destroy your confidence. Build up to this by taking baby steps at first with small presentations.

Most of all learn to enjoy presenting. Good luck and let me know how you get on and what you learn.

TUESDAY’S TUTORIAL

Top tips for small business success (by BroadcastExchange)

10 Reasons Why Co-working Leads to Business Growth

Ever wondered how effective your time could be if you combined your business networking activities with your daily work activities? That is a major part of the concept behind co-working environments. These are offices such as The Business Loft, in Newport (South Wales) http://bit.ly/18RU0Q3 that offer daily, flexible rental of work space and individual desks (co-working desks) where space and time are made for networking and collaboration.

When I was appointed as the Business Incubation Manager for the University of South Wales I had no idea what co-working environments were and how they could benefit business growth. However, I was lucky enough to be put in touch with Mark Hooper, the founder of Indycube http://bit.ly/18RUc1N a social enterprise providing co-working spaces for start-up and small businesses in Wales. Working in collaboration with Indycube we have adopted their philosophy that businesses grow best in an environment where the people take a genuine interest in each other’s work in a supportive and reciprocal way that aids business growth.

Co-working has many advantages. It…….

1.       Offers a professional work environment on a day by day flexible
          basis – As a registered Associate can turn up and hire a desk for
          a day for only £10!

2.       Avoids the isolation of working from home – Face to Face
          interaction is a huge motivator for most people

3.       Offers businesses the room to expand – At The Business Loft we
          also offer business mentoring and training

4.       Enables you to understand what businesses around you are
          doing and how you can collaborate or support each other –
          Makes coming to work more productive and enjoyable

5.       Increase your potential for business growth and new clients –
         Within the first two months and with only 6 businesses at The
         Business Loft we had 10 successful work collaborations

6.       Increase the potential for collaborative projects – Freelancers and
          small businesses working together on a joint project

7.       Increases the flow of creative ideas – Tapping the creativity of
          people outside your own business can increase creativity further

8.       Offers you a team of supportive people around you at work even
          though you are all working in different businesses – Supportive
          help and thoughts on a problem or a skills gap make working
          alone so much easier

9.       Increases your contact database – Exchanging useful contacts
          without having to go out networking every day

10.   The opportunity to network every day with different businesses –
        Different people turn up every day to book a desk which adds new
        dimensions to the co-working environment

TUESDAY’S TUTORIAL

Taking on Risk, Embracing Rejection and Other Start-up Lessons From the Trenches

NETWORKING YOUR WAY

It is all too easy in business to think that your way of doing something is the best or even the only way, especially if it is successful for you. The problem with that way of thinking is that it may reduce opportunity, stifles initiative or reduces confidence in those around you.

How do I know this? Well, I come from a long line of obsessive compulsive controllers and I really did believe I knew best! (Yes, I was very arrogant at the time). Then someone challenged my thinking by throwing down the gauntlet– never could resist one of those.

The Challenge

So my challenge was to attend a networking meeting and not make any pro-active approaches to introduce myself to people. I was allowed to make eye contact and smile but nothing more and I was not to hide away in a corner. I love networking and at that time I fully believed that my technique of working a room was the best, so this suggested way of doing it did not sit comfortably with me.

My way of networking was more pro-active than reactive. I would introduce myself to people and strike up a conversation, asking them about the job or business. I am really interested in other people and the work they do so this comes easily to me. Also my objective was always to identify at least 3 prospective clients and get their business cards so that I could follow up and arrange a meeting.

Well the gauntlet had been thrown down so off I went. The room was filling up when I arrived so I got my cup of tea and stood by myself in the middle of the room. Oh boy, did I feel uncomfortable in that situation. My stomach was in knots and I was trying desperately to look relaxed and confident when actually the opposite was true.

It seemed to take for ever but eventually two gentlemen came to talk to me. They were the only people I made contact with at that event so I did not meet my usual target of at least three contacts. However, as it turned out, they were from the Royal Bank of Scotland and by following up, as I usually did by setting up a meeting with them, I landed one of my biggest ever contracts at that time.

Moral of the Story

There is always more than one way to skin a cat – as the saying goes. It really does not matter how the initial networking approach is made. What matters is how you then communicate and present yourself.

Successful Networking in Action

·         Look confident when you make your initial approach

·         Ask them lots of questions about their work or business – people
          love to talk about themselves

·         Remember the 80:20 rule – get them to talk 80% of the time to be
          able to find out about them

·         Mention briefly what you do. Only elaborate if they ask for more
          information

·         Listen for the common ground between you and anything that
          identifies that they may need your services

·         DO NOT try to sell them anything

·         Exchange business cards

·         Follow up by phone, within 48hrs, with the goal of getting an
          appointment (NOT selling to them on the phone)

Over to You

If you have not already done it now is as good a time as any to take the Networking Challenge, find out your best approach and start to grow your confidence.

Always remember that most people find it challenging to begin with.

 

 

 

6 STEPPING STONES TO SUCCESS

How many times have you caught yourself thinking?

·         They wouldn’t be interested in seeing me?

·         Who do I think I am going for something so big?

·         I am not in their league.

·         I do not have enough credibility/experience/knowledge.

·         What happens if I fail?

·         I could never do………because………would be so jealous of me.

·         That’s too hard and I would show myself up as a fraud.

·         I must do ………. before I make those sales calls (or something
          else you fear doing)

Feel free to add some of your fearful thoughts to this list.  The more you identify the more you can rid yourself of them. 

Fear paralyses. It stops you taking action and moving towards success. It allows you to discount valuable opportunities and can even stop you seeing them altogether. Fear of failure can hold back and even destroy success if you let it.

The first time I ever felt a massive failure in life was when I had to close my first business. After seven years of putting my heart and soul into my designer knitwear business I had to make the very difficult decision to close it down.  The bottom has fallen out of the market and I had no other option.

I was devastated. My dreams were shattered and I felt such a failure.  It did not help having some family and friends tell me that I was not cut out to be in business. Then a true friend came along and told me to sit down and write a detailed list of all the things I had learnt over the seven years. Four sheets of paper later she had me read it out load to her. That was powerful enough but what she then said changed my life – “So having read that out, how can you think you are a failure? Life is about learning from adversity and moving on.”

I also learnt that the more we see failure as a negative experience, the more likely we are to allow our fears to hold us back from success.  So here are six steps you can take towards success:

6 Stepping Stones to Success

1.       Remember that fear holds back or even destroys success, if you
          allow it to. Identify the fear and change your mind-set by taking   
          positive action to move forward.

2.        Look past the fear by rejecting it from your mind so that you can
          see the opportunities life brings to your door and take action on
          them.

3.       Refuse to listen to people who are negative and put you down   
          when things are going badly.

4.       Surround yourself with supportive people who challenge you in
          positive ways.

5.       Whenever you fail at anything, big or small, write down a list of
          what you have learnt, read it out load and see how many stepping
          stones you have created to move forward.

6.      Take positive action now!