Category: Efficiency

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Charlie’s MOT reminders

Are they helpful or salesy?

Charlie runs my local garage. As it’s just 15 minutes walk away it’s a convenient place to get my MOT done each year. And every year Charlie, or one of his team, sends me a reminder a month before my MOT is due.

I know that it’s now possible to get an email reminder via the .gov.uk website but Charlie has been doing this for years.

That reminder is true customer service because it helps me to ensure that my car is safe and compliant.

That reminder is good marketing because Charlie knows that I will pick up the phone and book my MOT with him. And, whilst doing the MOT, he may pick up additional work. And, as I see him as my regular garage he’s the first person I think about when the Service light goes on in my car.

What can you do to genuinely help your clients that will also lead to a sale?

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How to separate amicably

… with the help of a shareholders’ agreement.

A shareholders’ agreement is a bit like a pre-nuptial contract. I always encourage businesses with more than one director/shareholder to get one drawn up and, if they can’t afford the legal fees initially, to at least discuss and document the important parts.

It’s all very well going into business with a friend but I really want them to remain friends when the business has ended.

The agreement includes details of how the company should be run and how each director shareholder will be remunerated.
• What if one wants to work part time while the other is full time?
• What if one is out meeting and greeting and bringing in new clients while the other is in the back office fulfilling all the ‘work’ or operations of the business?
• What if one invests cash instead of labour?
• What if one has a long term illness and has to be carried in the business for a year?

It should also contain details of how the relationship should end.
• Can a minority shareholder be forced to sell out because the majority has found a buyer?
• Can a minority shareholder be tagged onto a sell out by the majority rather than be left with a partner they didn’t choose?
• Can shares be part of a divorce settlement so that a divorced spouse becomes involved in running the business?
• Can shares be inherited if one shareholder dies or will the company buy them back?
• How will the business be valued if one or more directors decide to go their separate ways?
• Can shares be sold to third parties or must they be offered to existing shareholders first?

If you don’t already have a shareholders’ agreement in place consider getting one drawn up now.

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How do you eat an elephant?

… One bite at a time. Or so the saying goes.

How do you complete a big project? One step at a time.

Whether completing a tax return, growing your business or constructing your dream house the steps are pretty much the same.

  1. Decide what the finished thing will look like and when.
  2. Work out the steps that are needed to get there
  3. Put the steps in order of what has to be done first and what can be done in parallel. Some steps will be dependent on others. Eg You can’t put windows into your house until you’ve built the walls.
  4. This is you project plan and can be mapped on software or just a simple checklist.
  5. Break each step down into bite sized pieces. I like to tie this into the Pomodoro 25minute cycles* but this isn’t always appropriate. Eg writing my books I can do about 2 hours at a time straight off (if I’ve already done the research) so it’s better without interruptions.
  6. Work out what resources you need for each step. eg You need all the paperwork etc before starting a tax return and you may want a coach or mentor to help grow your business.
  7. Now that you have the steps and resources add some timings; working back from the final deadline.
  8. Start. Don’t just dream but take action.

*For more on Pomodoro technique see Pomodoro Technique – Hudson Business Advice

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Is work-life balance really achievable?

Yes.

I started, grew and finally sold my first business all while working just an average of 25 hours a week. Some weeks were more but others were less. Here’s what I focused on to do it:

1.   Make it a priority otherwise you’ll drift into overwork habits.
2.   Focus on the non-work option. Mine was 2 small kids – see my Balanced 10 Talk.
3.   Focus while in work – see my articles on Pomodoro Technique etc.
4.   Say no to the wrong type of work – learn about marketing avatars in my books and courses.
5.   Set your prices to ensure that you cover your business and living costs – see my pricing articles and webinars.
6.   Systemise for maximum efficiency – see Scale Up Blueprint talk and course.
7.   Automate where possible.
8.   Delegate to free up your time.

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Being there

As you may know I do a lot on social media. Whilst I may not follow the advice of experts I do get business this way, and last year I was ranked 4th in ICAEW’s “social media influencer” table.

Here’s my talk on how to use social media to punch above your weight
https://dellahudsonfca.thinkific.com/courses/socialmedia

But the thing that you must do is BE THERE. People often ask for referrals online and I love to be able to recommend experts that I have worked with. It is very frustrating as it creates a negative impression when that expert does not pick up the referral for a week or more. If you can’t be online every day then do set up notifications.

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Trading through the tough times

Some businesses were founded during a recession:
Disney, Microsoft, Google, Facebook and Hudson Business Accountants and Advisers.
 
No matter how bad things are, we all have to do the right things in order to produce the best possible results:

  • Build robust internal systems for maximum efficiency
  • Recruit a service focused team to be the friendly human interface between these systems and clients
  • Be clear on who our ideal customers are and focus our marketing accordingly
  • Have consistent marketing and sales systems rather than relying on good luck
  • Nurture our clients through the early days and reward loyalty
  • Look after ourselves in order to look after everyone and everything else in the business (it’s why I write so much about self care)
  • Look after our team (whether employees, subcontractors or outsourced) so that they will look after our business
  • Get your pricing right

If you can manage through the tough times you will be a roaring success in the good times.

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How to balance working on and in your business

Small business owners usually do a mixture of working on and in their business. It’s very easy to get sucked into working IN your business to generate profits and income today but it is also essential to work ON your business to grow and generate future profits.

So how do we get the balance right?

I use a default diary to try and ensure that I get a good balance at the planning stage.

Monday: ON catch up on admin, clear my inbox, follow up leads.
Tuesday: IN Write, rehearse and record webinars and talks for the speaking and training parts of my business. 
Wednesday: IN Minerva Accountants work.
Thursday: ON/IN Marketing and content writing for myself and third parties as I write content and articles for fintechs and accountants.
Friday: IN/ON Individual and group coaching for my various online programmes and then my own business development time, implementing ideas from books, webinars and conferences that I have attended.

Of course, in the real world, it isn’t easy to stick to this but having it in my diary in the first place means that I am more likely to move my work slots around than to cancel them completely.

On a Friday afternoon I like to plan out any remaining work in my diary so that I can hit the ground running on a Monday morning.

How do you structure your week?

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Working from home – the long game

As some parts of the country are in local lockdown and we’ve all been encouraged to work from home again we need to get set up properly for working from home.

For 7 months now businesses have been making excuses for poor service and blaming working from home. Frankly, apart from a few badly hit sectors, if you haven’t adapted by now then it sounds a bit hollow. (If you want ideas on how to adapt then watch Hudson Business Advice’s old ‘One for All’ Covid videos or book onto their 30 day Makeover course starting 1 November – see www.hudsonbusiness.co.uk for further information).

Employers still expecting their team to work from their premises need to have a pretty good risk assessment, and some types of business may also be called upon to explain WHY they can’t mitigate risks by working from home.

Make it easier to work from home with:

  • VOIP phone system for external calls or an alternative method of contacting the team. I have a VOIP phone but I also use Answer It answering service to take messages or redirect calls.
  • Paperless systems. Even the smallest businesses can store information in the cloud for free or cheaply. Where possible send out information electronically to minimise the number of people touching a document. I use the business version of Onedrive.
  • Online signatures for contracts, accounts etc. I use Signable and Accountancy Manager for the two sides of my business.
  • Internal communications for managing work. Invest in a workflow system. I use Trello, Active Campaign and Accountancy Manager for the different aspects of my businesses
  • Informal internal communications such as Slack or Microsoft Teams.

There are plenty of other cheap or free ways to run your business from home now that we have time to catch our breath and plan.

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What is decision fatigue? (part 2)

Decision fatigue is the exhaustion that comes with making constant decisions. My tip this week is to remove some more of the smaller decisions in your life, so here are some ideas for deciding what to eat AND trying to keep it healthy(ish).

I really admire those people who spend a day each weekend bulk cooking for the whole week. Although I love cooking I’m not that organised.

  1. Plan your meals a week ahead so that you don’t end up ordering a takeaway or snacking on junk just because you’re hungry and can’t decide what to eat.
  2. Cook double quantities and freeze half for a busy day.
  3. Order a veg box. You just have to cook what turns up, whether you like it or not. If anybody has any recipes for courgettes where you can’t taste the courgettes then please send them to me. It’s not just the veg box but the only things I have growing in my garden are tomatoes and … courgettes.
  4. Order a fruit box. Healthy snacks! Also pots of dried fruit and bowls of homemade popcorn instead of crisps for those who prefer something savoury.
  5. ‘Hello Fresh’ and similar meal boxes. Choose them in a matter of minutes ready for the following week. It’s great for trying new things and they come with brilliant instructions so the teens are able to cook a meal without input from me.

Give it a try and let me know how you get on.

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What is decision fatigue?

Decision fatigue is the exhaustion that comes with making constant decisions. My tip this week is to remove some of the smaller decisions in your life so here are some ideas for deciding what to wear.

I’d like to think that I simplified my wardrobe long before Steve Jobs or Barack Obama but I don’t know when they started to wear their ‘uniform’ rather than spending time deciding what to wear each day.

  1. The simplest thing is to limit your wardrobe to one main colour so that you need fewer changes to match outfits. You may have noticed that I’m almost always wearing blue with black footwear.
  2. I also wear branded polo shirts and jeans for normal work days. They’re as comfortable as a t-shirt so can be worn when working from home but the collar makes them slightly smarter. Choose something that matches your business image.
  3. These days I follow a 333 clothes system where I choose 33 items of clothing (excluding underwear and sports kit) to last me 3 months. Any seasonal clothes get stored in a box in the loft. I’m pleasantly surprised that I haven’t needed to cheat yet but you set your own rules.

Give it a try and let me know how you get on.

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