As a Project Manager, you need to manage people, money, suppliers, equipment-the list is never ending. The trick is to be focused. Set yourself 5 personal goals to achieve. If you can meet these simple goals for each project, then you will achieve total success. So read on, to learn… (more…)
I thought I’d share my favourite business tools I have used this year. I am amazed at how many amazing products for business are very inexpensive or often completely free. The only challenge is to find them in the first place. (more…)
Btb Guest Author
Una Coleman
Changes are a coming…
You don’t have to be a marketing expert anymore to put an ezine together or blast your prospects with an e-marketing campaign or a cool survey. They are all great ways to engage with your customers and Web 2.0 has given us fantastic, easy to use tools. However, there is a downside to having access to this functionality at the click of our fingertips: Mail Overload. We all get them – newsletters with nothing to say (or, too much to say), service offerings that have no relevance to our businesses, no personalisation, or the one that for me guarantees a send to blocked emails, “Dear Coleman”. The sender hasn’t bothered to check my name: so much for customer care. That’s why I say you don’t have to be a marketing expert… Need I say more!
Outbound – email marketing
Unfortunately, the down-side is that our email is rapidly becoming our most protected piece of personal data. We tweet intimate (and inane) details of our personal lives, we post personal and family pictures on Facebook, we upload embarrassing videos on YouTube, all for the world to see. But, we hold control of our emails sacrosanct: we are becoming ever more intolerant of interruption based or outbound marketing.
This desire to be in control and decide with whom we wish to correspond is driving inbound and permission based marketing. Equally, it is driving ever more stringent data-protection rules. Warning: DON’T FALL FOUL OF DATA PROTECTION LEGISATION
Outbound – tele and direct marketing
And it’s not just email marketing: regulation also applies to direct marketing and telemarketing. New EU regulation is coming into place the end of this year. You need to ensure you are familiar with the local legislation in each of the countries you operate.
From October 2009, an amendment to the Dutch Telecommunications Act has come into force establishing new rules for business to business email marketing. Primarily, prior consent must be obtained from the receiver if his/her email address is to be used for future commercial purposes. If you have an existing newsletter with Dutch email addresses you MUST obtain their consent before sending another newsletter. You may send an email under separate cover instructing them to “opt in” to continuing to receive your newsletter by replying to that email. Without a confirmation to that email, you are prohibited by law to email that person again. You have until the end of December to ge that consent. There are nuances to the legislation and of course, where an established relationship exists as a result of the sale of goods and services permission is deemed to exist.
Opt in email marketing legislation
The amended to the Dutch Telecommunications Act is extreme but likely to set the standard for the future.
In addition to B2B email marketing, there are new and severe restrictions on outbound telemarketing activity.
All telemarketers MUST offer a do not call to prospects and register that number, as part of the call script.
Fines and penalties
In the case of the Netherlands, OPTA (www2.opta.nl/asp/en) is the supervisory authority. The can impose stiff fines up to € 450.000 in the case of telemarketing offences, or can go as far as temporarily closing down an organisation involved in outbound telemarketing
UK email rules are currently based on 2003 legislation. It is similar but not as restrictive as the Netherlands. Permission is required for “cold” emailing. You can continue to email exiting clients, without requesting permission, as long as the products and services you are offering are similar. If you are offering something new, then you need permission: http://www.ico.gov.uk/for_organisations/topic_specific_guides/marketing.aspx
This ever more restrictive legislation requires us to be more active and creative with our inbound, permission based marketing. Websites must radically change from static brochureware to engaging information gateways that help build your brand and draw your prospects back.
What are your thoughts? Will this make our task more difficult or will it make us more creative. I’d love to hear your comments.
Una Coleman is an International Strategy and Marketing Consultant with over 20 years experience in marketing and strategy and international operations both in the US and Europe. Broad functional experience in: Marketing and Communications Strategic and Financial analytics including Business Case Development Consulting and Operational management Client Relationship Management Deep financial services sector knowledge. Worked in organisations ranging from technology start-ups, fast-paced direct marketing agency to large corporates. Member of Enterprise Ireland Mentor Panel Member of IIA (Irish Internet Association) International Strategy Working Group
People have requested that I give them a quick peek at the new www.bloggertone.com website - the site will be launching very soon!
Bloggertone is a new space that allows people in business to access and share useful business information and opinions, constantly updated by the collaborative effort of selected business bloggers………. Here is a screenshot of the new platform.
Bloggertone has 10 sections that a blogger can post under, they are:
Functionalities will include author pages for the bloggers, voting, post ratings, and the usual social media sharing widgets (share this, tweet this, facebook connect, etc). Ultimately, the site encourages a conversation, so readers are encouraged to comment and most commented posts will make it to the homepage too.
The site is currently still been developed by my parthners in crime on this project - Fred and Facundo of Dublin web agency, Channelship. If you fancy becoming a featured blogger and contributing content to this unique new online space - why not contect with us on LinkedIn, Facebook or Twitter.
There is a revolution taking place……We are witnessing the greatest shift since the industrial revolution but at a pace that we can only struggle to appreciate.
Read between the lines and you begin to realise that “the hierarchical nature of our society is beginning to crumple”
Power is very quickly been transferred to the individual and the collective……..The smartest individuals (Obama) and organizations are learning to embrace rather than fight this tide.
Where does Ireland presently sit in the new world?
So what realizations do we need to make?
So here it is, the NEW GAME… #IrelandInc #SmartEconomy #GlobalIrish #SocialMedia - Let’s start to Join the dots?
Confidence in Action is a company specifically formed to address the problems and questions individuals and businesses have about their current situation in these challenging times. The company will run a series of nationwide recovery forums, the first of which takes place on Thursday 10th September in the Burlington Hotel, Dublin from 8am to 8pm.
Co-founders of Confidence in Action, Helen Fahy and Mary Jennings both from business consulting backgrounds, formed the company after an original idea about a redundancy event evolved into something more encompassing and holistic.
The nationwide recovery forums, entitled “Routes to Recovery” will offer practical solutions to current issues like reducing overheads, pension security & maximisation, job opportunities, re-skilling, start ups, as well as offering some alternative advice on stress and time management, relaxation therapies and business coaching. The forums will feature a host of guest speakers, agencies and companies from a wide range of sectors including economists, retailers, financial advisors, educational institutes, entrepreneurs and television and radio personalities.
Speaking about Confidence in Action, Helen Fahy said, “Our philosophy is to provide direction for positive change. We see Confidence in Action as a vehicle for development, to provide people and businesses with the skills, knowledge and abilities to be confident, to motivate and to increase self-awareness in these extraordinary times. We are encouraging people to take the initiative and figure out their next step.”
Commenting on the reason behind these recovery forums Mary Jennings said “The key theme is solidarity, raising awareness that you are not alone; there are people in the same situation as you. Everyone has fears, stresses and questions that are personal to them – why not house, under one roof an event that covers all areas and offers practical advice and solutions to current issues”.
Reading today’s Irish times, Michael O Regan’s piece about Mary Robinson’s speech at the annual commemoration of the death of Michael Collins really stood out for me.
“Mrs Robinson believes we need “a vision of ourselves” and “the lack of one lies at the heart of the crises we face. We need to listen to everyone who has something to contribute; yes the business sector and the financial experts, but also the social entrepreneurs and innovators, the teachers who educate our children, social workers and activists … and those who have been marginalised in the past. We should also listen to our creative artists”
It is well worth a read and got me thinking.
Mary Robinson is entirely right, crisis creates opportunity. This is applicable to us as individuals, as business owners and collectively as a society and a country.
It is our ability to take this opportunity that ultimately decides our effectiveness in dealing with a crisis.
It could easily be argued that a crisis actually creates even more opportunity, because it forces us to look at a problem in entirely new ways. We will hopefully endeavour to find new solutions to old problems.
So what if, we decided to look upon these same problems as a blessing rather than a curse?
What if we decided to focus on the opportunity rather than the problem?
What impact might that have on how we would go about solving these problems?
And would the solutions that we find be the same as the ones we are finding now?
Isn’t it a least worth some thought?
Btb Guest Author
Miriam Ahern
SOLE-TRADERS and smaller businesses are the most vulnerable potential victims of the expected swine-flu pandemic.
There’s a lot of information about at the moment on how enterprises should prepare themselves to weather a global swine flu outbreak should the current situation worsen. Most of this is aimed at large organisations rather than the sole-trader who could suffer much more.
Among the challenges all businesses may face, in addition to high rates of absenteeism, are; disruption to supply chains and business travel; infection control amongst employees; sudden drops or increases in supply of and demand for goods and services; as well as strain on human resources, insurance and cash flow.
Here are key steps that sole-traders and micro-business leaders can take right now so they are not caught off their guard.
Be Cautious
Let’s face it –sole-traders just don’t have the resources that medium and larger companies have at their disposal if there’s a flu pandemic. If they catch swine-flu, the impact on their business will be significant and immediate. What they can do, however, is to take every precaution they can against catching flu in the first case. Here are some guidelines:
Do:
Don’t:
Be Prepared
What if your prevention efforts fail and you fall victim to the dreaded swine flu? First of all, let’s get this whole issue into context. The chances are that, unless you are extremely unlucky, you will only be unable to work for 1-2 weeks maximum. Once you get over your flu, that’s it for your business. You are unlikely to catch a second dose: unlike larger organizations, which will probably have to weather ‘waves’ of outbreaks throughout the winter.
The aims of your contingency planning should be that while you are tending to your own welfare, your business continues; your assets are secure; and your cash-flow is protected. The key is to identify your main vulnerabilities. Ask yourself the following questions:
Here are just some contingencies that you might consider:
Buddy-up with a few trusted business colleagues. Explore and plan ways in which you could keep each-others’ businesses ticking over in the event of a temporary incapacity. Each should keep a copy of the others’ contingency plans.
Set up an emergency file. Keep a list of key business contact details. Keep accurate process notes for any business-critical procedures or functions.
If you have a service or customer-facing business, explore the possibility of increasing the amount of online transactions as well as self-service options for customers.
Review your IT setup and if possible enhance it so that you can control your amount of face-to-face contact. Use video-links and tele-conferencing to maintain essential contact with your business community.
If you and your partner are both working and you have childcare arrangements that could break down in a pandemic, work out a plan (in advance) with a few other parents whereby one parent stays home one day with all the children so each parent misses only a single day each week.
Let your customers and suppliers know that you are prepared and what your contingency arrangements are.
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Miriam Ahern is the founder and managing partner of Align Management Solutions – a consultancy specialising in organisational change and development. She also manages LINK! - Dublin City Enterprise Board’s Network for Start-up Businesses. Miriam is a regular contributor in the national media on issues relating to business management and human resources. She is a Certified Management Consultant and a Fellow of the Institute of Management Consultants and Advisers.
Mobile: + 353 86 234 2789
Office: + 353 1 412 5890
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Today’s News:
I would like to add my voice to Jonathan’s and the rest of the TSE team in extending my very best wishes to TSE colleague, Steve Martinez. Steve is recovering after seven and half hours of “aorti dissection” surgery. Our thoughts are with Steve, his wife Sally, and his family, may he make a full and speeedy recovery.
The Internationalisation Partnership - Partners In EXCELLENCE, Beyond the Boardroom and Maidsfield Associates
August 7th 2009 – Beyond the Boardroom, an Ireland based Sales Leadership, Consulting and Training company has entered into a three-way partnership with Maidsfield Associates, a business development and sales-side partnering consulting company for the Irish technology sector and Partners In EXCELLENCE, a US based sales, partnering and globalisation consulting and service business.
The focus of the partnership is to help Irish Technology companies accelerate the results they achieve through their Internationalisation efforts.
The partnership brings together experience and track record in helping companies successfully expand globally. Leveraging the capabilities to access new regions, markets, develop new channels and alliances; this partnership will help Irish Technologies improve the results they achieve in competing in a global market.
Whether your organisation is seeking to go international or already trading abroad the internationalisation partnership can assist you to ensure you achieve the highest levels of performance and the best results possible.
Together, Maidsfield, Beyond the Boardroom and Partners In EXCELLENCE have helped Irish and other organizations achieve tremendous results in Internationalising. Organizations like Qumas, InnerWorkings, Decare Systems Ireland, Helix Health, Dolphin Software, IBM, HP, Canon, Motorola, Ericsson, Dassault Systemes, NCR, and others.
“I’m very excited about the impact this partnership can have on helping Irish Technology companies Internationalise. A key growth strategy for these companies, is globalisation. Together, we bring both a track record, experiences, and resources that can accelerate the results companies achieve, while significantly reducing risk in these programs.“
- David A Brock, President of Partners In EXCELLENCE
“The future of Irish business lies in our ability to deliver internationally. This unique initiative is about giving Irish Tech companies the tools to overcome the challenges and pitfalls of the International business landscape. Our aim will be to deliver results, quicker and more effectively than has previously been seen.”,
- Niall Devitt, Managing Partner of Beyond the Boardroom
“I’ve experienced first hand the challenges of internationalising Irish Technology companies. In expanding the capabilities and international reach of working with such good people as in David’s and Niall’s organisations, is about delivering faster and more effective results for the international success of Irish Technology Companies. ”,
- Donagh Kiernan, Managing Partner of Maidsfield Associates
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About Maidsfield Associates
Maidsfield Associates is a business development consulting company providing services to established internationally focussed technology companies. Maidsfield helps its clients meet its growth aspirations through delivering consulting services in Sales-side Corporate Partnerships and Strategic Business Development. Maidsfield clients include with internationally focused technology companies in Dublin, Limerick and Cork.
Maidsfield’s founder, Donagh Kiernan has 20 years experience in working in, owning, driving and delivering results with international focussed Irish technology companies. In 2007/2008 Donagh was selected by Enterprise Ireland as one of 32 Irish business leaders to participate in a year long “Leadership for Growth Programme” for globally focused business leaders delivered by the prestigious Stanford University in California. He is an active contributor to Irish Technology industry development organisations through it@cork, NSC Campus, Irish Software Association, CIT Alumni and on Enterprise Ireland initiatives.
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About Beyond the Boardroom
Beyond the Boardroom is a leading Irish business development consultancy, working in the areas of sales leadership, sales management consulting and sales excellence programs.
Niall Devitt is the founder. He is a member of Top Sales Experts International team and the founder of Sales Leadership Ireland. His blog on sales know how is one of the mostly widely read sales resources on the net.
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About Partners In EXCELLENCE
Partners In EXCELLENCE is a global consulting company, focused on helping its clients achieve the highest level of results and performance in Sales, Marketing, New Product Introduction, and Globalisation. The firm is known for its pragmatic approach to driving significant growth and profitability for its clients.
Btb Guest Author
John Murray
All business owners exit their business at some point, the only question is whether they are in control of that process or not. When the exit happens one of three things will occur:-
Many factors affect the saleability and value of an individual business. Some are outside your control such as the current recession and credit crunch but many factors are very much within your control. The value you receive from the sale of your business will be in direct proportion to how effectively you manage the factors within your control before you engage with prospective buyers.
Top Ten To-Do’s to maximise your exit value
1. Focus on growing sustainable cashflow.
Business buyers pay for future cashflow. For a small business (turnover between €200,000 and €2m) ‘cashflow’ is frequently defined as Sellers Discretionary Earnings or SDE* and for medium sized businesses (turnover between €2m and €10m) it is commonly defined as Earnings Before Interest Tax Depreciation and Amortisation or EBITDA.
Being able to demonstrate strong historical and current cashflow is key to making your business attractive to potential buyers.
2. Critically review and tidy up your profit and loss account.
Maximizing cashflow means maximizing revenue and margins whilst minimizing expenses. Make sustainable improvements where possible and in particular eradicate non essential and discretionary expenses from the business.
3. Critically review and tidy up your balance sheet.
If there are unproductive assets on the balance sheet dispose of them. Keep stock levels optimised and focus on getting debtor days down. This may result in cash holdings above what is required to maintain working capital in which case the excess cash can be extracted from the business prior to sale.
4. Management independent of ownership.
Businesses which ARE the owner are extremely difficult to sell because all business knowledge and key customer and supplier relationships vest in the owner who is walking out the door after the sale. Delegate as much as possible to a General/Sales Manager and a Financial Controller. Buyers want to see a management team who can provide continuity after the current business owner has departed and will discount the value of your business if a competent management team is not in place.
5. Address internal and external risks to the business which buyers will use to lower value.
6. Maintain good financial and legal records and prepare for due diligence.
A minimum of three years annual accounts is essential to demonstrate the financial performance of the business and up to date management accounts are important to demonstrate that the business is continuing to perform well.
Due diligence requests from the buyers advisors can be anticipated so prepare documentation in advance. Speedy and complete responses to information requests convey transparency and confidence to the buyer.
7. Be flexible in relation to terms and conditions particularly in relation to earn outs or deferred payments.
90% of all business sales involve some element of deferred payment. Don’t expect all cash on completion of the sale and do expect to compromise – rarely does a sale meet all of the seller’s and buyer’s objectives.
8. Prepare for a process not an event.
Business sales typically take between six and nine months from the initial valuation and marketing of the business to completion. Expect many small steps and bumps along the way.
9. Maintain confidentiality.
Don’t openly discuss or advertise that you want to sell your business. If you do your suppliers will get nervous, your customers will start to drift away, your staff will become unsettled and your competitors will tell everyone that you’re going out of business. The net effect can be that buyers don’t engage at all and the future of the business is threatened.
10. Price the business so that it actually sells.
Evidence from around the world consistently demonstrates that one of the key reasons businesses fail to sell is pricing. Small businesses are much higher risk than comparable medium to large sized businesses and as a result will have significantly lower pro rata valuations. Your business will only sell if the asking price reflects what the market will actually pay. Always validate the proposed asking price in cold commercial terms. Would you pay €X for you’re your business? Why? If you correctly price your business to match what the market will actually pay then you significantly increase the probability of selling.
*SDE = (Operating profit before tax + market salary for one owner + non cash expenses + non recurring once off expenses + non business related expenses paid for by the business + interest paid)
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John Murray is Managing Director of Sunbelt Business Brokers Ireland, who specialise in the confidential sale of privately owned businesses with turnover between €200,000 and €10m. Before starting Sunbelt Ireland, John spent twenty years working in a variety of financial and commercial roles within small to medium sized businesses. John was Ireland’s inaugural member of the International Business Brokers Association (www.ibba.org) and the first to attain the Certified Business Intermediary accreditation.
“Loopthing is a social networking platform which enables businesses to create and maintain win-win relationships with other businesses and individuals around the world”
I was delighted when they asked me to do an interview. Here’s that interview.
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Q. Can you tell us a little about your business and what you specialise in?
We help businesses to overcome sales performance issues and to better leverage their current environment to grow business. Sometimes this means management consulting, sometimes it means process management, sometimes it means sales programmes and very often it’s all three.
I endeavour to be an expert in “all things sales”. In the US, they would probably call me a sales guru, although I am not sure that would go down so well in Ireland.
Q. How many staff do you employee currently?
Two full time and two part-time.
Q. In your opinion, what are the biggest hurdles for businesses to overcome in the current global economy? As a result, what do you foresee for the future of your particular businesses sector?
Phew! To a large extent that depends on the particular business. However, let me a general observation about Irish businesses that want to operate globally.
We are an open economy, so recovery will always be heavily tied into our ability to export and sell our products and services internationally.
We continue to have a very high cost base, which in turn limits our competitiveness internationally. Now you don’t have to a rocket scientist to see that this is contradictory.
That being said, I believe that pretty much all obstacles are there to be overcome. The biggest obstacle in overcoming all other obstacles is fear itself. Fear leads to inaction and inaction is extremely bad for business.
In my sector, you already starting to see “a survival of the fittest taking place”. I will be one of “the fittest”.
Q. What are you doing to grow your business and services? Can you tell us about any new initiatives?
My blog is now performing very well and it brings a lot of new enquires. It has allowed me to become better known and I am gaining a lot of respect within the Irish business community and internationally. Our business is fundamentally based on our knowledge and reputation, in both respects – I believe we are making very good gains.
Earlier, this year I changed my payment terms to include an ROI option. This takes any perceived risk away and gives my clients the confidence that we deliver.
Q. Do you consider networking to be an important aspect of your business activity? Why?
Networking is hugely important to me. I am the one responsible for developing new customers. As a sales trainer, I know that sales are about building strong relationships.
It’s a pretty simple equation:
Networking + Relationships = Sales
Q. How does your business interact with the internet and social networking? What have your experiences been like so far?
I spoke about my blog, and recently I am having a lot of success with social media tools such as LinkedIn and Twitter. In fact, social networking is proving so successful that I rarely get the time to make cold calls etc any more.
I spend a lot of time reading and learning about these online tools, because I think this is key to ensuring that you use them well. So much so, that I am now getting approached more and more to coach others in how to use social media for business development.
As a salesperson, I realise that any tool that gives me an opportunity to listen, ask questions and start conversations is extremely valuable.
Q. Any words of advice for other businesses and entrepreneurs?
Thank you Donagh and Loopthing.
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In the News
“AN END to the recession is now “in sight”, after the Economic and Social Research Institute (ESRI) said that “a clear picture” was beginning to emerge of the likely extent of the economy’s troubles” From the Irish Times, full story here.
Very interesting post from Dave Brock on Twitter
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Over at TSE
Upcoming Masterclasses include:
Thursday July 16th 2009 : Achieve Real Results with CRM, Quickly and Affordably
Tuesday July 21st 2009 : The Best Damn Networking Process There Is
Thursday July 23rd 2009 : Turn Your Connections into Cash
Thursday July 30th 2009 : The Psychology of Selling
Tuesday August 4th 2009 : Make a Strong ROI in the Simplest Way
Thursday August 6th 2009 : Marketing Is All About Selling You
Tuesday August 11th 2009 : Sociable! — How to Profit from Social Media
“THE ECONOMY will shrink by 8.3 per cent this year and contract by a further 3 per cent in 2010, when unemployment will peak at “15 per cent plus”, according to the latest projections from the Central Bank”
(click Times logo for story)
Reading this headline, you could be forgiven for thinking what next?
But maybe you shouldn’t. Perhaps the greatest damage that has being done is not to our economy, but to our thinking.
Ireland was, is and will continue to be an open economy. For a while, we allowed a situation to develop where this reality was turned on its head, and now allied with a world recession; we find ourselves up the s#@ter without a paddle.
For our collective troubles, we made sure to leave ourselves with a uniquely Irish mess.
Now wait for it, we find that our recovery is tied right back to where we started. In our ability to become a successful open economy once again - TRUE: Yes, EASY: No.
High cost base + open economy = competitive?
1+1 = 3
OK, so we won’t need a rocket scientist then, thank God. So while our problems might be big, they also pretty darn obvious. Now here is where the simplicity of my argument ends.
Unique problems call for creative solutions, right?
Seeing as we allowed such a downrightly stupid situation to evolve, what does this say about our recent track record with being creative?
Frankly, it sucks.
Decisions, Decisions, Decisions
I hear a lot of talk about making hard decisions; but shouldn’t these hard decisions have being part of last year’s news?
Isn’t a hard decision where one is required to make a great choice? Isn’t one that requires foresight rather hindsight? Isn’t one when others struggle with the logic? Isn’t a hard decision one, where grasping the need for such an action is not easily understood?
Surely, hard decisions are made in times when they are difficult to sell rather than by the seat of one’s pance.
Someone please tell me, has HARD become the new OBVIOUS?
Anyway what are required now are not hard decisions, because that ship has sailed, Right?
Here’s a thought, maybe what we really need now is GREAT decisions. Now is surely the time when we most need to employ our creativity, our imagination, and our flair.
So how come then, that it seems to be taking us so long to cop on? How come our preoccupation is with hard rather than great decisions? Might the final legacy of the boom be in how it has dulled our decision making and our creativity?
Let’s look at some of the evidence.
Historically speaking, Celtic Tiger Ireland was a time when making decisions in Ireland was perceived to be at their easiest. Will I buy this car or that car? Will we spend money on this road or that building? Of course we now know that it was a time when a great many of our decisions were at their very worst.
So then, let me ask you again, has the Celtic Tiger really gone? Or perhaps could it still remain, buried deep within our collective psyche? Does it continue to eat away at our creativity, our imagination, our ingenuity and our ability to be innovative around the decisions we now face.
So has the Celtic Tiger really gone, and even if it has, please say it hasn’t eaten all our saints and scholars.
