TEN STEPS to Recession Survival

steps_tie1In response to suggestions that the UK is already in a recession, Business Link has issued its top ten steps to help local businesses prepare to survive the economic slowdown.

Following its announcement of a free business ‘health check’, the Government funded support organisation has reported that enquiries received from trading businesses into its Information Centre in October are up 100% on the same point last year. Also on the increase are requests for information on redundancy and liquidation, with 10% of callers seeking information on these areas compared to a negligible number in previous months.

Pat Smith, chief executive of Business Link in the East of England said:

“On the basis that we are seeing an increase in customers coming to us who are already feeling the pinch, there will be many more out there who are either trying to weather the storm alone or who do not realise that by taking action now, they could avoid problems further down the line.

“These steps are really just a starting point for anyone who is worried about the future of their business. The next stage is our ‘health check’, which takes stock of where a business is currently and looks at what needs to be done to move ahead. We know that businesses who take advice from Business Link have better survival rates, so our message is simple: call us now on 08457 17 16 15.”

Ten point plan for recession survival

1. Mind your cashflow
Understand exactly what your finances are telling you. Issue invoices promptly and chase up debtors; don’t buy more stock than you need; negotiate longer credit terms with suppliers; shorter ones for customers; fill up gaps in your forward order book; and keep in touch with your bank.

2. Cut your costs
Look for savings in every part of your business. Making your business greener isn’t just about saving the planet, it’s also about saving you money. Do you turn equipment off at night? Is every business journey necessary? Are you taking full advantage of your tax allowances?

3. Credit check new customers
It may take only one major customer to go bust to jeopardise your business. Protect yourself by conducting rigorous credit checks on new customers and agreeing clear credit terms up front.

4. Focus on retaining customers
When finances are uncertain, consumers cut their discretionary spending, so do all you can to keep your customers coming through your doors. Loyalty schemes, small discounts and regular communications are just three ways of letting your customers know you value them.

5. Provide outstanding customer service
Consumers appreciate businesses that give them more for their money, especially when times are tough. Efficient service, fast delivery, flexible payment terms, and so on, can persuade people to spend with you rather than a competitor.

6. Increase your marketing
When competing for a smaller pot of money, it becomes more important than ever to tell people why they should come to you. You don’t have to break the bank, but be sure to shout about your business.

7. Concentrate on products and services that sell
Don’t put your efforts into trying to sell things that are untried or that few people will buy; stick to profitable favourites. Don’t be tempted to slash prices either – if demand for your offer is not price sensitive, you will be giving your profits away.

8. Train your staff
Your staff are one of your greatest assets and could be the key to retaining customers and keeping your business running. Training is important to their personal development and the productivity of your business, so don’t be tempted to scrap your training plan.

9. Streamline your operation
Consider moving to smaller premises, or subletting your existing space. Sell off excess equipment and look at staffing – are your people concentrated in the right areas? Will flexible working be more cost efficient? If considering redundancies, remember that it’s bad for morale and replacements may be hard to find when business picks up.

10. Sell online
An online sales or marketing channel will expose you to a larger marketplace for minimal cost. Plan and resource online selling properly, including providing payment security, attracting visitors and meeting orders swiftly.

For further information visit www.businesslink.gov.uk/east/healthcheck

BLABOUT BUSINESS LINK
  • Business Link in the East of England provides information, practical advice and support to help people to start, run or grow their business
  • Our clients fall in to two main categories:
    - Those running or working in established small and medium sized businesses
    - Those who want to start their own business
  • Both clients groups can access independent, impartial and, in most instances, free help and support from Business Link in the form of:
    - Free one-to-one help from an experienced business adviser (for established businesses only)
    - Workshops and briefings on a range of business subjects such as business planning, sales and marketing, legislation, developing people
    - Telephone and online support through our Information and intelligence centre
  • Business Link in the East of England works with businesses and entrepreneurs in the 6 counties in the East of England: Suffolk, Norfolk, Essex, Bedfordshire, Cambridgeshire and Hertfordshire
  • Business Link is a government initiative to promote enterprise, funded in the East of England by the East of England Development Agency

Business Link understands your problems, challenges and goals and can help your business grow and become more profitable.

Contact us on 08457 17 16 15 or visit www.businesslink.gov.uk/east

Ca$hing in on the “Trade” Step One:- Asking yourself the right questions…

Nineteenth century dish and teabowl

Nineteenth century dish and teabowl

Many of us, over the last few years of “make money from old junk” TV programmes, have wondered whether or not we were the proud possessors of hidden wealth. Could this be a weekend money earner, a business opportunity or just a chance to clear some space for the new TV? Some of us might go so far as taking a “collectibles” book out from the library, to see if Mum’s old teapot is worth hanging on to… a few might even drag a box of hopeful items along to a local auction house, for a free valuation day – or even ask a Dealer from the Yellow Pages, or an Antique Centre, to come along to have a look… but most of us don’t bother to do much… until that fateful day when we realise that we are running out of space to keep the junk we have accumulated, without ever consciously noticing how much we have… …and that is where something has to be done…

and that is how we start down this particularly slippery slope. Car-boot, auction, dealer, antique stall, E-bayer where next?… And where to start?

An English Porcelain Cup and Saucer c. 1815

An English Porcelain Cup and Saucer c. 1815

You need to be sure, first of a few critical things…
WHY are you getting rid of it?

To make a profit on what you bought it for?

To recoup something of what you paid for it (rather than throw it away)?

To get rid of it, regardless of what it may or may not be worth – because you are in a hurry or you just can’t stand the sight of the clutter, any more?

As in any business venture, making a profit requires luck, research, product and market knowledge – either yours or some-one else’s. Auctioneers are often a good place to start, if you want to use some-one else’s expertise. Auctioneers earn their income from the percentage commission they make selling. They normally get a percentage of the selling price from both the vendor and the buyer – so they have a built in vested interest in getting the highest price they can for you (or from you) – but bear in mind that you only get a high price at an auction when at least two people want to buy the same lot and they bid against each other … if there is only one bidder it will go on the “maiden” bid if you are lucky – at the reserve level (if you set one) and “that is that”, it is gone.

A Samson “Armorial” Mug

A Samson “Armorial” Mug

Is what you are selling valuable? Is it collectible, unusual or old? Do you know that it has no particular intrinsic value because you have seen the same items in charity shops and car boots at a fraction of what it cost you to buy, or do you suspect that it is potential gold dust… If you put a rare antique in a house clearance/ bric-a-brac auction you are unlikely to sell it for anywhere near what you would get at an antique specialist’s auction, but it is quick – which is why many professional dealers buy their stock from auction rooms and house clearance sales.

On the other hand if you put it in an antique centre to sell on commission – you may lose money for months on shelf rent before it sells at the “asking” price and it could end up costing you money – or it might go in a few days leaving you a hefty “profit”.

If you are considering buying to sell – Examine the “under table lots” at general auctions. A box for a tenner may have thirty or forty items that can sell for a pound or more if sold one at a time at a boot sale …or it may hide a gem for an antiques stall …or it may be another ‘booter’s’ clearance box of junk they couldn’t give away and be worth even less than you paid… But, be warned and don’t get carried away with auction fever – many professional car-booters buy at these auctions too, so there can be some surprising competition on even the under table boxes of bric-a-brac…

How much do you want to get rid of?

A few bits and pieces – a couple of shopping bags worth – is a totally different prospect to clearing out Granny’s house so she can move somewhere smaller. Large clear outs or large items (like heavy furniture) need a totally different approach to that of cashing in on one box from the back of the wardrobe – as does the speed with which you want to get rid of it… least bother (and least profit) to you is likely to be invite a house clearance auctioneer or dealer round – they will clear the house for you – cream off the best and “skip” the rest – literally, down at the local dump.

A Lowestoft Teapot. ( a contemporary copy of a Worcester Dr Wall pattern)

A Lowestoft Teapot. ( a contemporary copy of a Worcester Dr Wall pattern)

An honest dealer/ auctioneer will give you a fair price, for the effort they have to go (to sift and shift through the stuff you can’t be bothered to sort out) – yes, they will profit from you, ruthlessly, but – if you can’t be bothered or don’t have the time – why not ? It is their livelihood and they have put the time and effort into learning their trade the hard way. I lost well over £1500 worth of rare Art Deco Bedroom furniture at a clearance auction sale once – no reserve and it sold for £5 – but, whilst I still grouse about it, it was my fault for not checking first, for not asking the auctioneer if it was worth putting on a reserve, for being in a rush to move house and for not wanting to pay the storage costs, whilst we took the time to sort kit out! Remember – if in doubt, ask – and, if asking, ask more than one “expert” from more than one place!

If you would like to learn more about Ebay Trading goto www.ebay.com (USA) or www.ebay.co.uk (UK) and search the community under – How do I Sell?

Benefiting Businesses and Communities in Peterborough through Digital Ecosystems

How would you feel if your landlord could come into your house and any time to search through all your belongings and use the information gained for their own benefit? leaf

That is what you are permitting when utilising some of the convenient sites provided by some of the major internet players. One can almost hear “Thanks for telling me who your friends and contacts are! What sites are you visiting? Oh yes and what was that you bought yesterday? – Nice track, maybe you would like more from the same artist? ” and so on.

We currently accept this in return for the benefits we gain. We even exploit it ourselves when optimising websites. However, there is an increasing trend to have on-line writing, spreadsheet and presentation programmes, even file sharing for collaboration. Do we as businesses want others to also be able to access these and utilise some of the information for their own purposes -or would we rather have control of our own data?

To find out more about how this might be countered, I joined an information sharing and brainstorming meeting at Lucy Cavendish College, Cambridge (http://www.lucy-cav.cam.ac.uk/pages/thecollege.php ) at the invitation of fellow HBN member Dr Jo Stanley, expert in Intellectual Property (IP) issues. As usual, I was wearing three hats – interested individual, my company Milton Contact Ltd (www.miltoncontact.com, www.miltoncontact.co.uk) and active member of the Huntingdonshire Business Network (www.hbn.org.uk).

Professor Paul Krause of the University of Surrey (http://www.cs.surrey.ac.uk/profiles?s_id=2013 ) gave a brief overview of the ethos and aims of a European wide project involving “Digital Ecosystems”, a term that had piqued my curiosity but otherwise meant little to me prior to the meeting. The other two attendees apart from Jo and myself were Amir Razari, the researcher working on the project, well informed and with a streak of humour glinting in his eyes, and Will Spinner, Principal Economic Regeneration Officer of the Peterborough Regional Economic Partnership (http://www.preppeterborough.org/). Will was keen to find out if “Digital Ecosystems” could provide a means to a addressing both Peterborough’s ambition to improve its business ranking as a UK city and address the social issues that exist.

In an attempt to level the playing field, Digital Ecosystems have been one of the elements being developed within a Framework 6 European Commission R&D research program called REDEN (Regions for Digital Ecosytems Network http://reden.opaals.org/doc/reden-mission-draft.pdf) and is now fully supported by the OPAALS network of Excellence (http://www.opaals.org/).

Harking back to the original idea behind making the internet available to all, the basic principle is to provide open sourced web based flexible tools that allow sharing of information between individuals, groups or regions by having a common http interface, to stimulate a knowledge based economy in the EU .

In simple terms, for example, all you would need is an internet browser – to securely access and share documents, spreadsheets, presentations and data without hidden restrictions or unwanted access to your data.

I say “for example” as the end user applications are deliberately left vague, for good reason. The idea is not to be prescriptive but to provide basic tools and networking ability and allow the users to evolve systems that work for them (hence the Digital Ecosystems in the project title). Users could be groups of like-minded individuals, collaborating SMEs or even geographic regions.

The hope is that these tools will act as seeds for major paradigm shifts in social or economic activity. Just think of the success and social impact of texting, which arose unexpectedly from the use of a simple service utility left over in mobile phones in high technology culture Japan, when only telephony was the original intention; of Mobile phone communication providing a giant leap over the limits of land line telephony in Africa.

From a small business perspective, I could appreciate the potential benefits. I’m acutely aware of the impact of large commercial players locking you into their systems – most businesses use a Microsoft Windows operating system (96% in 2006) and Office for routine activities; Graphic design is dominated by Adobe Illustrator; PayPal is the first simple assistance for financial transactions that comes to mind and I am sure you can think of others. Furthermore, there are not only cost implications with their use, but also a regular need for updates, or even more frustratingly, changes in operating systems that dramatically curtail the previous accessibility of other software you are using or just require valuable time for refamiliarisation. 90% of businesses are micro-businesses of 1-5 employees and especially at startup, the financial and time burden of existing systems can be disproportionately large in their impact
Collaboration and communication tools are also important to me as an active networker with both local and international contacts. It is now hard to imagine working without Windows Live Messenger, Skype, Google as current communication tools for voice, text, images and data.

As Paul’s talk progressed, I therefore began to grasp the concept and see the benefits of commonly accessible, open sourced, online or peer to peer networked systems that only required an internet browser and were otherwise independent of the operating system (Windows, Mac, Linus) on individual terminals.

Will was keen to understand how a digital ecosystem could bring benefits to Peterborough. Peterborough is a city with excellent infrastructure links to the road and rail arteries of the UK and situated close to the manufacturing and industrial centre of the Midlands. Strengths include food production & processing, environment and advanced engineering. However the labour market affected by an increase in elementary occupations; skills attainment was still below the national average and the absence of higher education facilities hampered the local R&D and technology base resulting in few high-tech start-ups (Peterborough sub-regional economic strategy
http://consult.peterborough.gov.uk/portal/planning/pet erborough/cs/cspo?pointId=36413). It was going to take decades to build up the necessary physical infrastructure in the form of a local university and provide incubators for new businesses with space for them to grow.

The brainstorming began. Two main themes became apparent offering applicability of digital ecosystems to Peterboroughs unique challenges.

1. Enabling communication: With the near ubiquity of broadband and mobile access to the internet, physical proximity of businesses or individuals became less of an issue. There is already a growing familiarity of social networking via the web, particularly amongst the younger generation. Providing knowledge and lo-cost materials, a range of target groups could be given access to Peterborough based open sourced network tools. Whether Hi-Tech entrepreneurs, students, parents taking maternity or paternity leave, disadvantaged groups -the principle would be “here’s a set of tools that allow you to communicate with like minded people – now see how you can adapt and use them to fulfil your needs (and discover new ones and their solutions!)”.

2. Fostering innovation and ideas: Following on from point 1, Communication is an excellent breeding ground for innovation, whether at the intellectual level regarding cutting edge science, finding complementary skills and synergies in business or simply discovering a new need that you can or could answer with your idea, product or service.

The meeting concluded with a clear intention to explore a practical demonstration project in setting up a digital ecosystem in Peterborough. There would be mutual benefit to the City, in attempting to address at least one of the Peterborough sub-regional partnership objectives, and to the researchers by providing a UK applied system that would enhance the REDEN project.

Milton Contact would continue to be involved either as an interested company or (more usefully) as link or facilitator able to access the networking& collaboration skills of partner businesses through
Huntingdonshire Business Network (HBN) members active in the region and internationally.

Chris Thomas
Director, Milton Contact Ltd.

contacts regarding information arising from this article:

Dr Chris Thomas, Milton Contact Ltd/HBN – T: 01223 440024 E: chris@miltoncontact.com
Dr Jo Stanley, Lucy Cavendish/ HBN –
T: 01223 332190 E: js731@cam.ac.uk
Professor Paul Krause & Amir Razari, University of Surrey –
T: 01483 689861 E: p.krause@surrey.ac.uk
Will Spinner, Peterborough City Council –
T: 01733 742668 E: will.spinner@peterborough.gov.uk

Photo: Tulip tree leaf from Lucy Cavendish College by www.miltoncontact.com. The tulip tree is a native of North Americal, cultivated as an ornamental tree. The leaves are distinctive and timber, known as white wood, is used for house interiors in the US.

For the full article as a downloadable pdf download here – The article was written using the open source Writer of OpenOffice.org.

 

 

 

 

Business Link… the place to go for business support

BLFor information, practical advice and support to help you run or grow your business, Business Link is the place to go.

Whether your business is established, or you are just starting out, we can provide you with independent and impartial support to help your make the most of your business.

Business Link is your gateway to:

Free one-to-one business advice with an experienced business adviser, who will

• Identify and analyse your business needs
• Develop and customise a plan of action
• Provide a summary of support services required to meet your needs
• Support you in the implementation of your plan

Answers to any business questions through our Information and Intelligence Centre, including

 

• Mailing lists selected to meet the needs of your target market
• Company information and/or more extensive company reports
• Potential sources of grants, finance and/or subsidised business services
• General business and market intelligence

Workshops and seminars covering a vast range of business topics, such as

 

• Understanding business legislation and regulations
• Starting your own business
• Winning public sector contracts
• Successful marketing for growth

Business Link understands your problems, challenges and goals and can help your business grow and become more profitable.

Contact us on 08457 17 16 15 or visit www.businesslink.gov.uk/east

 

Free Business “Health Checks” across the UK

  
• Our clients fall in to two main categories:

- Those running or working in established small and medium sized businesses

- Those who want to start their own business

• Both clients groups can access independent, impartial and, in most instances, free help and support from Business Link in the form of:

- Free one-to-one help from an experienced business adviser (for established businesses only)

- Workshops and briefings on a range of business subjects such as business planning, sales and marketing, legislation, developing people

- Telephone and online support through our Information and intelligence centre

• Business Link in the East of England works with businesses and entrepreneurs in the 6 counties in the East of England: Suffolk, Norfolk, Essex, Bedfordshire, Cambridgeshire and Hertfordshire • Business Link is a government initiative to promote enterprise, funded in the East of England by the East of England Development Agency
 

 

 

 BLIn response to suggestions that the UK is already in a recession, Business Link is offering a free business ‘health check’ to all small or medium sized businesses.
• Our clients fall in to two main categories:

- Those running or working in established small and medium sized businesses

- Those who want to start their own business

• Both clients groups can access independent, impartial and, in most instances, free help and support from Business Link in the form of:

- Free one-to-one help from an experienced business adviser (for established businesses only)

- Workshops and briefings on a range of business subjects such as business planning, sales and marketing, legislation, developing people

- Telephone and online support through our Information and intelligence centre

• Business Link in the East of England works with businesses and entrepreneurs in the 6 counties in the East of England: Suffolk, Norfolk, Essex, Bedfordshire, Cambridgeshire and HertfordshireIn response to suggestions that the UK is already in a recession, Business Link is offering a free business ‘health check’ to all small or medium sized businesses.

bl2Towards the end of last year, Business Link reported that enquiries received from trading businesses by its Information Centre were up 100% on the same point last year. Also on the increase were requests for information on redundancy and liquidation, with 10% of callers seeking information on these areas compared to a negligible number in previous months.

Dominic O’Sullivan of Business Link said:

“On the basis that we are seeing an increase in customers coming to us who are already feeling the pinch, there will be many more out there who are either trying to weather the storm alone or who do not realise that by taking action now, they could avoid problems further down the line.

“Contacting our information centre is just a starting point for anyone who is worried about the future of their business. The next stage is our ‘health check’, which takes stock of where a business is currently and looks at what needs to be done to move ahead. We know that businesses who take advice from Business Link have better survival rates than those who don’t, so our message is simple: call us now on 08457 17 16 15.”

In addition to the health checks, Business Link will once again be running its programme of workshops and seminars for those who are either looking to move into self-employment, or established businesses that are looking for information on tools such as marketing, PR and finance control.

All workshops are free and they take place on different dates at a variety of locations within easy reach of Huntingdon to enable business people to attend at a time that fits in with their commitments.

For further information on events visit the website www.bookevents.org or phone the events booking team on 0845 601 1000. For all other enquiries telephone 08457 17 16 15 or visit the Business Link website www.businesslink.gov.uk/east .

ABOUT BUSINESS LINK

• Business Link in the East of England provides information, practical advice and support to help people to start, run or grow their business

 • Business Link is a government initiative to promote enterprise, funded in the East of England by the East of England Development Agency

 Towards the end of last year, Business Link reported that enquiries received from trading businesses by its Information Centre were up 100% on the same point last year. Also on the increase were requests for information on redundancy and liquidation, with 10% of callers seeking information on these areas compared to a negligible number in previous months.

Dominic O’Sullivan of Business Link said:

“On the basis that we are seeing an increase in customers coming to us who are already feeling the pinch, there will be many more out there who are either trying to weather the storm alone or who do not realise that by taking action now, they could avoid problems further down the line.

“Contacting our information centre is just a starting point for anyone who is worried about the future of their business. The next stage is our ‘health check’, which takes stock of where a business is currently and looks at what needs to be done to move ahead. We know that businesses who take advice from Business Link have better survival rates than those who don’t, so our message is simple: call us now on 08457 17 16 15.”

In addition to the health checks, Business Link will once again be running its programme of workshops and seminars for those who are either looking to move into self-employment, or established businesses that are looking for information on tools such as marketing, PR and finance control.

All workshops are free and they take place on different dates at a variety of locations within easy reach of Huntingdon to enable business people to attend at a time that fits in with their commitments.

For further information on events visit the website www.bookevents.org or phone the events booking team on 0845 601 1000. For all other enquiries telephone 08457 17 16 15 or visit the Business Link website www.businesslink.gov.uk/east .

 

Contact us on 08457 17 16 15 or visit www.businesslink.gov.uk/east

Networking

Do you network??

What is the biggest benefit besides financial gain, that you have achieved through Business networking??

Introduction

Over the next few weeks we will be transferring articles from the original Wising UP! magazine (and the current website www.wising-up.co.uk) to these pages.

We hope that this will encourage our authors to add to the great contributions they have already made – it gives them a chance to keep their articles current and it gives you the opportunity to add to the articles and information held here, without having to go through the core vetting that our original articles all experienced. We are hoping that the immediacy of this system will give all our authors, contributors and users greater freedom!