Turn Around The Fortune of Your Small Business

Recessions are often said to be the time when entrepreneurs are able to truly shine. The turbulent economy will frequently offer opportunities that would otherwise be out of reach for most people. However, many small businesses are having a hard time during the current economic downturn.

The first thing you should do if your business is struggling is to refer back to your business plan. Examine whether you have strayed from the original premise of your business idea and evaluate whether this diversion has been successful or not. The reverse of this is also true – if you have rigidly stuck to your business plan all along then it is probably time to start making some revisions.

The main priority for your small business during a recession should always be your customers, so it is vital that you have the highest possible level of customer satisfaction. Speak to them whenever possible and find out if there is anything you are doing wrong. They may also have suggestions for additional products or services that you could offer.

You should look for ways to save money wherever possible. Make sure that you are extra vigilant with company finances at this time because you should be paying your bills as quickly as possible and taking advantage of early payment discounts. Consider lowering your prices slightly because although your business is hurting, so are your customers’ and they may need an extra incentive to keep spending.

Although it may seem strange, one option for you is to start another business. Diversification can be extremely successful for many entrepreneurs. If the market for your current product or service slowed during the recession then consider focussing on one that is emerging. Hopefully you will find that the recession is the best thing that ever happened to you!

Is Twitter the ‘Marmite’ of Social Media?

Twitter appears to be creating a social media storm, but it divides opinion massively; you either love it, or you hate it.

Last week The Telegraph reported that the Social Media platform, Twitter, is growing at an incredible pace; with Twitter users sending 50 millions tweets per day, which averages approximately 600 every second.

In 2009 Twitter had 18 million users, and projected an increase to 26 million users in 2010. Interestingly though, research conducted by Neilson which divided Twitter users in to ‘heavy users’- including those who spent over an hour a month on Twitter- ‘medium users’- those spending between 5 and 60 minutes on the site- and ‘light users’- users who spend up to 5 minutes per month on Twitter- suggests that of this number, only 7% of Twitter users account for 79% of time spent on Twitter.

Neilson’s research concluded that 79% of activities occurring on Twitter could be accounted for by those in the heavy use category, equating to just 7% of Twitter users. Interestingly it has been previously discovered that up to 60% of Twitter users abandon their accounts within a month of signing up.

I was, in fact, one of those 60%. I created a Twitter account, followed a couple of people I knew and could see no point in it at all. My personal Twitter revolution only came once I became a ‘SmartPhone addict’; and since then I have made many useful connections, both personally and professionally.

Which category do you fall in to? It seems not many are sitting on the fence on this one; Twitter appears to be the Marmite of Social Media- you either love it or you hate it- which camp are you in?

How Can Your Small Business Reduce E-Waste?

The UN released a report this week that called for urgent action to tackle the amount of e-waste building up in developing nations. Countries such as China, India and many African nations are currently suffering a deluge of old computers and electronic equipment.

This problem is only going to get worse in years to come. India in particular is expected to see a 500% rise in the amount of e-waste by 2020. Developing nations are often happy to accept the waste in order to extract raw materials, but the UN believes that some countries are unable to handle the extraction process safely and efficiently. This can lead to environmental damage or serious health hazards for the local population.

In order to tackle this problem, it will require a change of thinking. We are all going to have to re-evaluate the decisions we make to purchase new electronic items. If you or your business upgrade your technology every six months because you consider it to be obsolete, try to consider the consequences of what you are doing.

If you do need to purchase a new mobile phone or computer, consider donating your old one to organisations that will be able to make use of it. If it no longer works, find a way to recycle it. Many companies will pay for your old phones if they are still worth something, or dispose of it for free in an environmentally friendly way.

At WinWeb, we do our part by reducing the need for you to upgrade your computer as our software is browser based. As long as you can still run a web browser on your PC or Mac then you will be able to use our software. Find out more about our Climatebyte technology here.

The Basics of Making a Sale

If your business is currently suffering from a lack of sales, it is often useful to re-examine your current selling techniques and identify what you are missing from your repertoire.

The most important aspect you should remember when selling is to accentuate the uniqueness of your product or service. You must convince potential customers that your offering is superior to the competition in some way.

A very in-depth, almost encyclopedic, knowledge of your product is essential. You should be able to answer any question about it without hesitation because knowledge is the most powerful tool in the world of sales.

Whatever the mood in your personal life, don’t let any negativity cross over into your working day. The last thing potential customers want to hear about is your problems. Instead they should be excited by your enthusiasm, even if it means you have to fake it!

Make sure you listen to what the customer actually wants, before adjusting your sales pitch to better suit their needs. Remember that people always love to buy, but hate to be sold anything. Don’t put your foot in it with an overly aggressive sales pitch.

Finally, always bear in mind that selling is a difficult task. You need to be prepared to hear “no” from a huge number of potential customers and not allow it to affect your emotions. Great salespeople are able to think outside the box and find a way to successfully sell any product or service.

A Home Office With A Business Address

As a small home based business working from home has many advantages; you are able to be with your family, spend time with your friends, use local facilities in your lunch hour and work hours that suit you. But how do you maintain a private home address when work correspondence needs to be delivered somewhere?

Having a business address, where all your business contacts can send mail, not only allows your home address to remain private, by using a business address your company can also create a prestigious image to potential clients. We all know that you can successfully run a business from a home office, but some potential clients may see a home address as a disadvantage compared to competitors that have a business address.

Finding a business address that allows mail for your small business to be redirected to your home address needn’t be stressful or expensive. By using the Business Services that WinWeb offers your home business can have a business address from only £30/month.

By choosing a professional business address you not only receive a business address that you can confidently give to your clients, you also have the peace of mind that comes from knowing that we will deal with all your mail, and forward it to your home address.

Take a look at this, and other Business Services offered by WinWeb, on our website.

Could Mobile Broadband Boost Your Productivity?

There has been a lot of talk recently in the media about mobile broadband, but many people are still unaware of what it actually is and how simple and inexpensive it is to set up.

Mobile broadband allows you to do everything that you currently use your home broadband for, without needing a fixed telephone line. This allows you to access the internet while you are travelling (e.g. public transport) or away from home on holiday or a business trip.

The most common way of accessing a mobile broadband network is via a special USB stick (often called a ‘dongle’). An increasing number of new laptops and netbooks now have a built-in device that makes it possible to connect without needing a dongle. Both these devices connect to the internet using the same signal as mobile phones – meaning that you can receive internet access wherever you get reception on your phone.

There are a few downsides to mobile broadband which also should be pointed out. The coverage does not currently extend across the whole of the UK and connection stability can be an issue, even in those areas that have reception. The speed is great for most tasks, but it will struggle to handle streaming video or online gaming. You will also have to pay an ongoing subscription fee to whichever provider you sign up with.

However, this technology has great benefits for businesses. It gives small business owners the opportunity to run their company remotely from anywhere in the world. Combining mobile broadband with WinWeb’s online software suite makes it even more invaluable as a tool for small businesses.

It’s Browsing… But Not As You Know It.

Microsoft recently announced that they had formed an agreement with Europe’s Competition Commission that will give millions of European Internet Explorer users the opportunity to switch to an alternative browser.

On March 1st millions of XP, Vista and Windows 7 users will automatically receive the update and be asked whether they wish to stick with Internet Explorer. They will be able to choose from Google Chrome, Firefox, Safari and Opera.

Figures show that over half of the world’s internet users currently use Internet Explorer. For many people, the patch next month will be the first time they have even considered using an alternative browser.

If you are a Internet Explorer user of our online software suite and wish to switch to a different browser on March 1st you will be able to do so easily without any compatibility issues and log in to your account as normal. Our software is tested and supported on all the major browsers, so you can use whichever one is your favourite.

Finding Alternative Sources of Finance

This week’s survey from the Institute of Directors (IOD) suggests that nearly 60% of UK businesses were refused credit from their bank in 2009. Despite the Government having spent billions of pounds on quantitative easing in the past year, it seems that not much of it is actually making its way to small businesses in need. If your business has been refused credit recently, there are a number of alternative sources of finance that are worth investigating.

The most likely source of additional finance for your business is family and friends. Although many small business owners are reluctant to ask for financial help from loved ones, it often ultimately makes the difference between business survival or failure. It doesn’t necessarily have to be a loan either – instead you could offer them equity and they would then own part of the business.

A slightly riskier option to overcome a short-term financial crisis is by using your business credit cards to cover expenses. According to the IOD, 20% of UK businesses were forced to do this in 2009. Don’t forget that you will be hit by high interest charges if you are unable to pay these off promptly.

Your business may be entitled to various Government grants that you are not aware of. Financially sound businesses that have been refused bank loans but want to expand are those most likely to benefit from these schemes. Do some research on the Enterprise Finance Scheme to see if your business qualifies.

For small investments, it is often worthwhile to search for an ‘Angel Investor’. These are individuals that will offer you money in exchange for a share in your business. They will only invest if they believe strongly in your future plans, because they will lose their investment if your business fails.

To get a grip of your businesses finances, and plan for the best and worse case scenarios, use the accounting module available from WinWeb. You can even try it free for 30 days!

« Older Entries