Giving you the heads up.... Monthly Newsletter of TI Payroll & Accounting
December 2013, Edition 21
Welcome to December’s Newsletter It's that time of year again where, depending on whether you like Christmas or not, it's either your favourite time of year or the most stressful. I love Christmas and even though our office becomes very busy over the Christmas period, with people who've panicked because they haven't done their tax return yet and would like it done before Christmas. I always feel jolly around this festive period. In last month's newsletter I talked about getting out of your comfort zone and one of the things I mentioned we had done to achieve this was start going to exhibitions. I'd done exhibitions in the past and thought they didn't work. This was before I'd done all my learning in marketing. The reality was the exhibiting does work – I just wasn't doing it right. At the exhibitions I've attended recently, while ours was one of the busiest stands there (and I'm an accountant remember!!), I saw a lot of people still doing it wrong. So I thought I would share the 7 mysteries to making exhibiting work for you: 1. Don't send employees!! We saw hotels that had sent receptionists for the day. They sat behind their stall and played with their mobile phones all day and then wondered why no-one came to speak to them. Plus these girls from the hotels didn't care if they got any leads – they were getting paid regardless and I know that the hotel, if they look at their costing and returns will be thinking that exhibitions don't work. We got so many more enquires due to the fact that I, the business owner, cared enough to come out from behind our stand to speak to people. 2. Grab their attention. And I don't just mean with a box of chocolates dumped in the middle of your stand for passers-by to nibble on. This isn't going to attract prospective leads to come and talk to you. We ran a 'kindle up for grabs' competition, with forms for prospective leads to fill in so we could grab their attention, which leads to my next secret: continued overleaf
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Dates for your Diary
Pink Link Furness Payment to HMRC CIS Submission Due The Business Network Last day office open at TIP HQ Christmas Day Boxing Day New Years Eve
January 2nd 14th 19th 19th 31st
TIP HQ Re opens Pink Link Ladies Furness NOW ON TUESDAYS CIS Submission Due Payment to HMRC Self Assessment Deadline
Productivity Tip: Let your mind wander Studies show that our brains work better when we periodically shut them down, letting your mind wander during the day will help you maintain a high level of productivity. In today’s high-tech, always-on, rushed environment we often forget to take a full lunch hour, to power down our smart phones and iPads, to take small breaks and occasional days off. In fact, some employers encourage these unhealthy habits or tacitly endorse them. However, it is only by “unplugging” once in a while and letting your mind wander that you’ll come up with new ideas, solutions and creative insight. Some of the greatest thinkers in history, from Einstein to Newton and Descartes, have come up with breakthroughs while daydreaming. You can too, if you put your mind to it. From Virginia Woolf's diary: "My mind works in idleness. To do nothing is often my most profitable way."
3. Ask Questions. While people were filling out their details we asked them what they did, where they were based etc. We ascertained whether they would be in need of our services. Once I knew something about the person I then tailored my “pitch” to be useful to them. We got a lot of leads this way from people who originally were just walking straight past.
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5. Know your limits. One of the exhibitions that we went to there were 1600 people registered to go to the event. As we had only been able to get 159 forms filled out when only two of us went to an exhibition I thought that we couldn't do 1600 on our own. With 3 of us at the event we still only managed to get 256. I learnt from this that there are limitations to how many people you can speak to each day regardless of attendance figures and if you are qualifying them as you speak then you get to know how many people you can reach … if you want to reach more then take more people with you. 6. Give them something of value to take away. As our exhibitions were near the end of the year we had planners made up, these weren't just ordinary planners they had info graphics in them to help small businesses. Now I know not all my planners are going to end up on office walls next year but they are much less likely to go in the bin than a brochure telling them what your company does. You have to think 'out of the box' slightly (although I'd like the thank Paul Cox of SpinLessPlates for planner idea – I can't take all the credit). 7. Follow Up. I had two mailchimp campaigns already written with an offer on, to send out the next day – both letting people know who had won the kindle (with a testimonial from the winner saying how pleased they were). One for those who asked for us not to contact them explaining that this was the only email they were going to get and leaving my social media details at the bottom and a few paragraphs about what we do. The other, to those who said we could make contact, included an offer on a mini auto responder campaign set up over 2 weeks. This last nugget is definitely what clinched those 5 new clients for us. So if you're thinking you would like to try an exhibition but people have told you they don't work then I'm here to say – they do if you do them correctly, you just have to make yourself interesting. Hope you all have a fantastic festive period.
Merry Christmas!!
Tracy x
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4. Be proactive. Don't wait for people to come to you. Most people stood behind their stands waiting for people to come to them. We were in front of ours with clips boards and ask everyone that came past “Would you like to go in a draw to win a Kindle” we got a few no's but the majority of people said yes. At one event last month we had 256 forms filled out 194 people said they were happy to go on our mailing list, we got 21 warm leads and have turned 5 of those leads into clients. If I had stayed behind my stand do you think that I would have had the same return?
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Be so good they can't ignore you Steve Martin
Steve Martin HMRC's new investigation process The pilot for HMRC's new enquiry process has led to an important change to how business will be told about tax investigations. What's the full story? Whats the SCP? HMRC's Single Compliance Process (SCP) is a framework for carrying out all tax investigations in a standardised way so that everyone involved knows where they stand. It's a good idea, but it's taking an age to implement, although HMRC has recently taken one step towards this. What's changed? One bugbear with SCP's was that HMRC would first sidestep accountants and go straight to taxpayer for information. This is course upset accountants and put taxpayers at a disadvantage by catching them on the hop. The good news is that HMRC has changed its opening strategy for enquiries involving SME's. How will it work? If HMRC intends to start investigation it will first tell you in a letter and allow a week for you to say it you want to deal direct. If you don't reply, HMRC will contact your accountant by phone within 14 days. If it can't make contact it will direct its questions to you. TIP 1. A week isn't a long time to respond, especially as letters from HMRC often sit around in their post room for days. You might find the deadline has passed. In this case contact the Taxman straightaway, and tell him what's happened. TIP 2. Get your accountant involved at the earliest stage. Statistics show that investigations are wrapped up more quickly and efficiently where you're represented by a tax expert.
Business of the Month
DEBORAH’S
THE FLORIST TI Payroll and Accounting help to ensure that Deborah's florist business is 'blooming' marvellous! Florist Deborah prides herself on providing appropriate bouquets and displays that are tailor made for all occasions. From weddings to funerals, Deborah aims to create the most appropriate flower arrangement for the occasion, whether happy or poignant. Deborah's customers can rest assured that she is doing the best she can for each customer: 'we only use the finest quality seasonal flowers and foliage'.
Whatever you need from a florist, Deborah has it 'arranged' Deborah has owned her current shop for 19 years, before which she had ten years experience at another local florist. Flowers can clearly communicate so much in a simple way, but it's a delicate business to get the message right. Deborah places great importance in helping her customers to choose, as she puts it, 'the right flowers for the right occasion' and his is what Deborah loves the most about her business. With such dedicated service, there seems no chance that Deborah will allow her business to 'wilt'! Other Deborah is optimistic that the currently economy will pick up a bit. As she says: 'we noticed that October picked up a bit'. Next year might be brighter still financially, if recent positive results are anything to go by.
It's important for Deborah to really take the time to consider what kind of arrangement is best for the needs of each customer. You can be assured of a personal service each time. She organises an individually chosen supply of flowers and takes care of the whole process as needed from selection to delivery. How could the government create a more 'fertile soil' for business to flourish? Deborah thinks the most important thing is for the state to continue its practical help for small businesses, e.g. tax relief. Deborah would like to see her customer base grow, especially 'doing more weddings and deliveries', all of which of course would help her profits to grow. Deborah has clearly got a talent for making her business grow, as she now has four employees. TI Payroll and Accounting help Deborah with the smooth running of her business? Deborah says that the team really 'keep her on track.'Tracy gave Deborah a new perspective on her business, enabling Deborah to know what state her business is in at the moment, so she can plan for the future.
Deborah thinks that one of TI Payroll and Accounting's many strengths is that they are 'extremely approachable and contactable' The personal and dedicated service that Tracy and her team offers her customers is reflected in how TI Payroll and Accounting have looked after her: 'I feel that they are all now my friends instead of my accountants and I have never got that anywhere else'. Being able to rely on TI Payroll and Accounting for all her business needs means that everything really is coming up roses for Deborah!
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TI Payroll and Accounting provide an excellent service with payroll, tax and any NI issues leaving you more time to concentrate on your own business growth.
Paul Fitzpatrick – Barrow Domestic Appliances
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