There is always a lot of discussion about keeping accurate business records and most of it focuses around the accounting or legal records.

There are two other types of records that are genuinely not given the priority they deserve.

The first is Customer records. The recording of their purchasing habits, days, times, items purchased etc along with their contact details so that you can continue to communicate with them.  This is the first step to building a successful and viable business platform.  The value of your business is calculated with due respect to your records in particular your relevant customer list and how you communicate with them.

The second is keeping a Business Diary. The recording of what discussions have been had in the business be it with customers, sales reps, telephone enquiries etc should be recorded in a format which makes it easy to recall the detail as required. A business diary or day book becomes invaluable when you have more than one manager or supervisor, drop in owners or need to have someone run the business for a few days.  It also becomes an important aid to legal representation if you keep your records in a format recognised by Law.

If you have any queries you should check statute of limitation requirements under Legislation with your Accountant and Solicitor.

A Broker may be appointed by either party but is usually retained by the Business Owner to:

• Evaluate the business and the reasons for selling
• Set a fair and accurate sale price
• Market the the business sale
• Match prospective buyers
• Complete all real estate associated paperwork
• Be the main conduit between the Seller and Buyer with their Accountants, Financial Planners, Solicitors and other business professionals involved in the transaction.

During the process of deciding to sell your business their is a large impact on your emotional, financial and physical areas of your life. A professional Business Broker is equipped with a special set of skills not only in business practices, but also in negotiating, contract law, business coaching and supporting emotional triggers.

Our association with Coastal Business Brokers allows us to access a large Professional Business Brokerage with Brokers equipped to transact business sales across Queensland.

More often than not, the decision may be forced upon us without due planning for exit strategies.

The most common reasons for selling a business are:

The D’s – Death, Disability, Debt, Divorce or Despair.
Each has it’s own length of time for forcing the business exit.

All of these have a huge element of emotional impact on your ability to work and make consistently great business decisions.

Most of all,  if it impacts you enough to lose your passion or you have already lost your passion, then exiting the business may be your best decision.

Not all business sales are for bad reasons.

There is quite a lot of movement in businesses due to mergers (of like competitors), acquisitions (of competitors or suppliers) or, realising the business profit whilst you have a chance before one  of the other reasons takes over.  It may simply be because this business is being used as a stepping stone to get you into another business or better financial position.

Whatever the reason, this is only made available to the Buyer with your written permission.  Most buyers will want to know, but our focus is on obtaining the best sale price for you in the market.  We are not in the business of creating fire sales.

Often we can assist you with Coaching to realise a greater business sale price through the implementation of systems and reviewing your business operations.

Simply, buying a business for the right reason at the correct market price can be a great jump start to owning your own business.

Not all of us have the required skills to set up a business, however may have the skills to run one or develop it.

Buying an existing business can establish:

• Instant Cashflow
• Existing Marketing
• Experienced Staff
• Proven Systems
• Instant Market share

Depending on your approach a Business Broker may negotiate a stay on period for management or owners and also recommend competent Business Coaches to work with you in the initial stages of your business acquisition to maximise your ROI.

The focus of this Tip is about looking seriously at your marketing strategy and whether or not your marketing is:

Attracting your ideal client and building your business; or

Chasing your ideal client and getting frustrated?

I’m a firm believer in building a marketing system that attracts your clients to you 24/7/365.  This of course is a combination of strategies, however it is about building.  Imagine a Cathedral being built without any prospect of knowing who was building, maintaining, running it or indeed who where to be your clients.

• Every great marketing platform requires design, systems and implementation, followed by maintenance and continual improvement.
• Create the goal of a self feeding marketing platform; Develop the strategies to be implemented with clear action steps.
• Focus only on one of the strategies at a time so that you create the foundation correctly and then move onto strategy 2 and so on.
• As with all great marketing platforms create at least 7 marketing strategies and multiple marketing channels.

Our Business Development Coaches can assist you in creating these Marketing Strategies.

Contact Us Today to implement Marketing by Building

Something that comes up within Christian businesses is  how to align yourself with God’s purpose with your business.  Here a few points to ponder on to put God’s purpose into perspective.

• Your vision for your business is a personal physical purpose. Earth bound
• You are building a business for God’s Purpose and Glory.
• Use Prayer and Scripture for direction.
• Everything you do is with understanding that you do it to glorify His Kingdom.

Scripture reference

More often than not, there are two types of security breaches.  Electronic or Physical.

Electronic Security Breaches

We are now well and truly entrenched in the IT world.  Some of the most recent breaches I have seen personally have been staff and client confidentially, bank account access and also the theft of Intellectual Property.

• Ensure that your computers are password protected.  With something a bit more creative than the business name or initials!
• Protect your devices from Bluetooth enable devices.  Don’t allow a passing bluetooth device (iphone etc) to have access to your network and its files.
• Ensure that your computer folders are password protected or your networking system adequately locks down access based on access codes.
• Ensure CCTV recordings are kept and checked.  Ensure that the system is not able to be bypassed or interfered with by staff.

Physical Security Breaches

The main benefit for you and your business to stop opportunists is to carefully look at your physical security and improve it.  You will need to think like a criminal and should allow an outside firm or someone you trust to give you a third person look at your security.

• Make sure your employees have a say.  You will find that they will come up with simple, low cost measures to improve your business security.
• Don’t leave rear doors unlocked etc during trading.  The person dropping off supplies could also be taking from you.  Install a buzzer and remote lock, check who it is via CCTV and let them in and monitor them from your office.
• Ensure all doors meet the building and fire codes and install heavy duty physical deadlocks.  If it is a high risk area, fit the door with extra hinges and steel backing etc.
• Remove obstacles and rubbish from inside and outside your business. Remove the temptation for anyone to hide or loiter.
• Put up security and warning signs and utilise recordable CCTV to monitor customer, staff and contractor movements.
• Don’t have an external switchboard and if you must, ensure it is locked.
• Look at the quality and ability of your walls, windows and roof to withstand break and enter attempts.  Make sure skylights are protected.
• Install a good quality back to base alarm system with additional sensors.  Make sure that the sensors will work irrespective of your marketing posters etc you may put up.
• Install external lighting and sign lighting to not only promote your business, but to make it a safe environment for your staff and customers.
• Reduce cash stored on the premises and show from the window that cash registers are empty by leaving the drawer open.

This list can go on and on.  Enlist the help of your Business Insurance Broker and the Insurer’s Risk Control Managers; your landlord; staff and external Security firms.

Timetable in regular reviews and always keep improving your business.

Whilst you have to be careful not to void any supplier agreements or warranties, explore the option of using recycled printer cartridges or at least make your used printer cartridges available to refilling agents if your warranty prohibits using recycled/renewed cartridges.

Measure your printer and toner use and adjust your ordering cycle to compliment efficient use of the existing supplies whilst not having to carry a huge stock of toner or ink on hand.

Do you really need to Print?

Stop – Think.  Do you really need to print off that document onto paper?  With a little extra effort could the document be formatted or edited online and then tweaked by another staff member to get the context and content correct?

Maintain your Printer !

Regular maintenance is a must.  If you wish to get the best out of your printer, ensure that you have it regularly maintained to ensure not only optimal performance but reduce the amount of resources it chews up.  Remember to turn it on at the last moment in the morning and last thing at night.  Printers should also be set up on their own power protection system as they are notorious in supplying brownouts back up the lines to other equipment attached to the same power board etc.  Also ensure that at least once a month the printer is given a good vacuum to get rid of paper dust and clean out excess toner etc.

Go Paperless where possible!

Use common sense to reduce paper.  Use electronic bank statements and put a stop on paper statements turning up.  Don’t print out emails to circulate; circulate them by forwarding the emails to the appropriate people.

Scan and email documents rather than printing out copies.  Do the same with meeting agendas and notations.

Update your fax machine to receive faxes electronically and forward them to your email automatically.  It will also mean you can access faxes remotely via your emails.

For more Business Development Tips consult your Business Coach

Recently I have entered into many discussions regarding placing yourself in the community and business marketplace as a Christian business.

Within the discussions most people have an anxiety over what perception others may have if you openly confess and show you have Christian faith.

I ask the following questions:

• Are you not confident in your faith to stand up for the truth?
• Is your business not a place of sanctuary from the world and it’s perceptions?
• Do you think people will see that you are exploiting your Christianity?
• Are you anxious about becoming wealthy?

Now there is no wrong or right answer here, no correct perception.  It really depends on where you are on your Christian journey and your understanding of where you are right now on your walk.  Overcoming social fear and stigma’s is often the biggest cause of procrastination and “conforming” as Christian’s need to overcome.

The great news is that the Bible scriptures handle all of these objections;

As Christians don’t put your hope in riches but be generous and ready to share 1 Timothy 6:17-19

You have been anointed by God to prosper.

“Do not let what is for you a good thing be spoken of as evil by others” Romans 14:16

“The Lord will protect good people but will ruin those who do evil.” Proverbs 10:29

The Church is the marketplace, don’t confuse the Church with a Church building.  Your business is part of the marketplace.

What is needed most is the mind-shift to understand your place in the Kingdom of God via his ministry in the marketplace.

“Do not let your occupation (or business) block your destiny; instead, allow your destiny to shape your business by turning it into your ministry.”

(C) Anointed for Business by Ed Silvoso

Not sure how to communicate with them?

Some of the more common challenges come with:

• Not identifying your own business and products or service
• Not identifying your ideal client demographics well enough.
• Not identifying what your ideal client thinks and their purchase motivation (Psychographics)

Demographics give you their characteristics that identify their abilities, needs and interests of your customers; Psychographics identify their motivation or reason for making the purchase.

Demographics: who is buying your service/product

Psychographics: why they buy your service/product

Where are you missing the mark?

All too often we see people jump straight into the sales process without building a relationship with that potential customer or even communicating with them in a way to suit their pace and relationship style.

If we are to look at this further have you really defined your ideal client Demographics and Psychographics enough?

To define these further we need to also look at when and how they communicate.  The type of language they use, at what speed and format it is delivered in, where they source this information from and how much creditability they place upon it.

By examining it further you may well discover that the information you have for your ideal client is too long and wordy or not even in a language they understand.  Worse yet you may be selling the benefits or features of your product rather than how your product or service actually provides a solution for their unique challenge.

If you convert this misinformation to lost leads, this may be the reason your marketing information is not performing as well as you wished.  Is it in the wrong language at the wrong speed for the wrong audience selling features not solving their challenges?

Take the time to revisit your ideal client profile.  Once this is streamlined and perfected, you can then duplicate it across to another service or product.  Just like most franchises do, they start with one systemised product and then drop an almost identical product into their client base.   The language they use to capture the young children is much different to the language and approach used to capture the family meal market.

Sit back, Take a moment to reflect and get some outside perspective on your Marketing.

John Burkhardt – Business Development Coach – Sunshine Coast