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Monthly Archives: June 2016

Setting Goals for Your Business Plan, Here Its Tips

Setting Goals for Your Business PlanIt’s never an awful time to take a seat with your group to set objectives. A key arrangement with eager targets will help you develop, stand up to difficulties and make acclimations to evolving conditions. Here a few tips on the best way to arrange and set objectives for the year ahead.

1. Set quantifiable goals

Setting money related and operational targets permits you to screen your business’ advancement as the year progressed. They urge you to consider yourself and your group responsible for your execution and push to achieve your objectives as the months unfurl.

2. Plan your investments

Map out when, where and how you will invest to achieve your growth and efficiency goals. One important area to consider is boosting your commitment to technology. That’s an area where many Canadian businesses aren’t investing enough.

3. Target financing

Companies with ambitious goals often run into a roadblock when it comes to obtaining the money they need to grow, Joncas says. Plan now for how you’re going to finance projects such as adding technology, machinery or real estate so as not to exhaust your working capital. It’s never too early to meet with your banker to discuss your plans.

4. Look at your HR needs

Growing companies also often have trouble finding skilled labour. This is a good time to plan your staffing needs so you can get a head start on finding the best people. Also, take a hard look at whether you currently have the right people in the right positions. It’s not easy, but the beginning of the year is a good time to make necessary personnel changes.

5. Check your radar

Gather as much information as you can about the external environment: The outlook for the economy, changes in customer needs and tastes and your competitors’ strategic direction. “You want to both protect your market position and be in a position to seize opportunities as they present themselves,” says Joncas, who advises businesses in eastern Quebec, including the Quebec City area.

6. Look to improve

What projects can you plan for the coming year that will improve your performance and efficiency in such areas as financial management, operations, sales and marketing, HR and customer service? “You have to challenge yourself to examine how you are doing things,” Joncas says. “As Einstein said, the definition of insanity is doing the same thing over and over again and expecting different results.”

7. Work with your partners

One way to improve your products, processes and management practices is to seek the help of your partners—business associates, customers and suppliers.

“Growing companies often want to do everything by themselves,” Joncas says. “But you can often get further by partnering and collaborating with others.”

While rigorous annual planning is essential for building a healthy business, Joncas cautions that entrepreneurs should guard against becoming too rigid.

“You have to maintain the flexibility to adjust to changing conditions and seize business opportunities as they arise during the year.”

Simple Tips to Start Your Own Business

In spite of the fact that anybody can begin a business, numerous individuals come up short due to a terrible item or uncalled for examination. On the off chance that you need to begin your own business, you can enhance your odds for accomplishment before you even start. To make your business effective, begin solid and ensure that your thought will wait for the whole deal.

Research Local Businesses

Research local companies before starting up your own business. This will not only give you an idea of the amount of competition you will have, but it will also help you price your product or service. If you’re looking to start a wedding photography business, you may find during your research that the market is over-saturated in your area. If not over-saturated, you should contact each business and ask them for a price list. Alter your prices so you can stay competitive with the competition in town. Researching similar local businesses will also help you decide where to locate your business location. Try not to start up a store or office close to another business of your type. If your small business is located away from similar business types, this will cause locals to choose you over businesses that are farther away from where they live.

Have a Good Product

Ensure that you plan to sell something useful. Although you may think that your product is important or special, that doesn’t mean the general public will agree. Ask friends, family and strangers what they think of your product. If they don’t seem that interested, ask them why. With their suggestions, you can either improve the product or scrap the idea completely. According to Brad Sugars of Entrepreneur magazine, most small businesses fail because they sold a product that didn’t have an adequate market. This also applies to small businesses that provide a service. A lawn-care business might be useful for part of the year in a northern state, but it is in-demand year-round in the south. Consider whether people will actually want to use your service and get constructive advice from those not afraid to give their opinion.

Get Professional Advice

You may know someone who has started their own successful business. Ask him for advice and listen to his stories of how he started his company. You may gain useful advice on the good and bad ways to start a business. Local entrepreneurs can also introduce you to local product providers or advertisers that you may not have met without their help. Accept any advice with open arms, especially if the advice is coming from someone successful in the area.

Get Your Customer Return, Here Its Tips

# Encourage mobile shopping

Customers who touch and feel the products they’re buying feel a stronger sense of ownership than those who don’t get that opportunity before they make the purchase, Ferrier says.

“This even extends to customers who purchase via an iPad and touch the item rather than shop on a PC, where they don’t touch the screen. The iPad shoppers feel ownership over the purchase because they’ve touched in via the screen, zoomed in and touched the product. Even if that’s in a virtual sense, it adds to their love of your business.”

# Create a sense of ownership

Customers made to feel like they’re on your growth journey will always value your product or service far more, according to consumer psychologist and global chief strategy officer of creative media agency, Cummins&Partners, Adam Ferrier.

“Ikea asks its customers to assemble the product at home, and that process of co-creation is shown to increase the value people place on that product quite significantly,” Ferrier says.

# Involve your customers

Exodus Wear actively encourages and facilitates customers to be part of the product design process.

Founder and director Elyse Daniels says all their products are custom designed by customers, which means they feel a stronger affinity with the products and the broader business.

The days of telling customers what they want or what is cool are over, Daniels says.

“If you don’t offer custom products, let them be part of the process of designing the next range, vote for colours and features they want included,” she says.

Social media is a great way to facilitate this process as you can get instant feedback, she adds.

# Listen

Any healthy relationship needs open lines of communication, and it’s no different with customers and a brand, says Mitchell Taylor, co-founder of Koala Mattress, which offers four-hour deliveries in some metropolitan areas.

“Whether it’s the ability to live-track a delivery, or being able to speak to someone on live chat, letting your customers know that you’re listening is key to earning their trust,” Taylor says.

# Make the purchase easy

Another technique to improve customer love is to throw in a free hanging accessory on sites like eBay, meaning customers don’t have to purchase anything additional to hang and use their purchase, according to Brady, of Heavenly Hammocks.

Regular hammocks are tough to sell on eBay due to the high number of cheap overseas competitor brands given he’s not the cheapest on the market.

“Despite this, it actually costs us very little to include it, though we do lose the opportunity to cross-sell the accessory, so we don’t give the freebie everywhere.”

# Rethink the value of your customers

You don’t need lots of sales to prove that customers love your business, according to Heavenly Hammocks’ Daniel Brady.

Sometimes, it’s about the recommendations they pass on to others that are a bonus for you, Brady says.

“We sell hammocks which are usually sold as a one-time purchase with few repeat customers. However, sometimes, customers return to buy another, maybe as a gift because they are so impressed with the quality,” Brady says.

# Be authentic

Wanting to be liked can actually devalue your trust currency, according to personal branding specialist Lauren Clemett.

The first step in building a trustworthy brand is authenticity. This means knowing exactly how you are and being prepared to stop trying to appeal to everyone and focus on those you know will enjoy achieving extraordinary success.

“Wanting to be liked is nowhere near as important as knowing exactly who it is you like dealing with,” Clemett, of Ultimate Business Propellor, says.

# Start a conversation

Content is king, so make sure you’re producing web content, blogs, email marketing, social media and external content to get your brand top of mind and improve SEO, suggests Julie Mathers, founder of 100% vegan online beauty boutique.

Content creation needs careful attention and can be time-heavy, but look for efficiencies, such as outsourcing, Mathers says.

“In my experience, content-driven traffic delivers you a far stickier, engaged, loyal customer,” she says.

# Tell your stories

Don’t just bombard people with “buy my product” messages on social media. Instead, include entertaining posts on your social media channels, offers Katrina Fox, founder and editor of Vegan Business Media, which works with ethical businesses run on vegan principles.

“Instead of seeing your brand as a faceless entity only interested in taking money from them, you become a fun, interesting and engaging business,” Fox says.