British businesses plan to boost AI spending, but lack of AI skills remains a challenge
FOCUSWhy your social media feels empty and how to revive it
Face to face or screen to screen - choosing the best way to network in business
FEATURERuthlessness: Business weakness or your secret weapon?
Celebrity endorsement can be good for brands but its a complicated relationship
FOCUSHow Apple successfully rebranded to prevent failure
Four ways businesses can adopt AI to connect successfully with Gen Z
- British businesses ranked highly for AI maturity, with 85% planning to increase investment
- 86% of British businesses hope for AI to deliver increased efficiency
- Only 27% of organisations feel they have the right talent and skills for AI era
2nd of October, London? New global research from ServiceNow (NYSE:NOW), the AI platform for business transformation, has found that British businesses are among Europe?s leaders when it comes to AI optimism and maturity However, concerns over issues such as skills and AI-generated inaccuracies remain. In the UK, AI-powered business transformation is in its early days. More than half of organisations (58%) are still experimenting with or assessing AI technology Despite this, an elite group of ?Pacesetters?are already turning AI into business value The UKhas the third-highest AI maturity of territories within EMEA, after the Middle East and Benelux, with 85% of organisations also planning to increase their
AI investments in the coming year
Nearly a fifth (18%) of UKorganisations were identified as ?Pacesetters? . These scored more than 50 out of 100 for AI maturity based on AI strategy and leadership, workflow integration, talent, AI governance, and realising value in AI investments Business leaders were more likely than those in other European territories to believe that AI can deliver results for their business 86% also hope that AI can deliver increased efficiency and productivity, compared to an EMEAaverage of 76%. Customer experience and revenue growth were also identified as key opportunities 85% hope for AI to improve customer experience and 79% hope for AI to drive revenue growth.
Despite these ambitions, British business leaders are also aware of the limitations of AI technologies such as Large Language Models, with 34% concerned about inaccuracies. They are also conscious of the need to hire new talent and upskill existing employees More than half of UK organisations (57%) are still working out what skills they need, and only 27% feel that they currently have the right mix of talent and skills
To address this problem, British business leaders are taking a multi-pronged approach. More than half are enabling autonomous problem solving in teams (58%), while also hiring new talent and upskilling existing employees for in-demand roles For example, in the UK, 48%of organisations
plan to hire more data scientists, while a further 38% plan to upskill existing employees
Damian Stirrett, Group Vice President and General Manager UK&I, at ServiceNow, says: ?The race to put AI to work is still in its early stages Yet, it?s clear that some organisations have already gained a head start in adopting and integrating it. ServiceNow?s customers are already seeing some real business transformational benefits from their investment in our AI platform, like unlocking productivity and enhancing experiences, achieving greater cost savings and huge efficiencies at scale, and all in a matter of weeks and months, rather than years too?
If your business isn? t getting the social media engagement you expect, you?re not alone. Many businesses struggle to connect with their audience online, and several factors could be at play. Understanding these common pitfalls can help you turn things around and build a more engaged online community
One of the main reasons for low engagement is a lack of relevant content Your followers want content that resonates with them? whether it?s informative, entertaining, or inspiring If your posts don? t align with their interests or needs, they?re unlikely to interact. It?s crucial to know your audience and tailor your content accordingly. This could mean sharing industry insights, how-to guides, or even behind-the-scenes glimpses of your business
Another common issue is inconsistency. Posting sporadically can cause your audience to lose interest Social media algorithms also favor accounts that post regularly, meaning inconsistent posting could result in your content being shown to fewer people. Create a content calendar to ensure you?re posting consistently, and stick to it.
Your content may also be too promotional While it?s important to showcase your products or services, social media users are often looking for value rather than a sales pitch. Strive to strike a balance between promotional content and posts that offer real value, such as tips, stories, or user-generated content
Engagement is a two-way street If you?re not responding to comments or engaging with your audience?s content, you?re missing out on building relationships Take time to interact with your followers by replying to comments, asking questions, and participating in conversations.
Lastly, consider the platform you?re using Different platforms attract different demographics, and what works on one may not work on another. Make sure you?re investing your efforts in the right place for your target audience.
By addressing these areas, you can start to see better engagement and a stronger connection with your social media followers
Business networking has always been a key component of professional growth, but the way we network has evolved, especially with the rise of virtual platforms like Zoom. Whether in-person or online, networking is about making meaningful connections that can lead to new opportunities, collaborations, or clients Both formats have their unique advantages and challenges, and choosing between them depends on your personal style and goals.
In-person networking offers the benefit of face-to-face interaction, which often helps in building stronger, more immediate connections There?s a natural flow to in-person conversations, and non-verbal cues like body language, eye contact, and handshake dynamics contribute to forming trust and rapport In-person events can create memorable experiences, whether it?s a casual coffee meeting or a large business conference However, these events often require more time, effort, and planning, such as traveling to venues or adhering to strict schedules
On the other hand, networking via Zoom or other virtual platforms provides a level of convenience that in-person meetings can? t match. Virtual networking allows professionals to connect with people from around the world without leaving their homes or offices The accessibility of Zoom makes it easier to attend events more frequently, saving time on commuting and offering flexible scheduling However, virtual networking lacks some of the personal touch found in face-to-face meetings. It can be more challenging to develop deep connections, as digital interactions sometimes feel less spontaneous and more transactional
Ultimately, a combination of both in-person and virtual networking might be the best strategy. In-person meetings help foster deeper, long-term relationships, while virtual events expand your reach and allow for efficient, ongoing interactions Choosing the right approach depends on your business needs, personal preferences, and networking goals
In this feature article, Craig Sergeant of Advance Copy Ltd, delves into the controversial yet often effective role of ruthlessness in business, exploring how it has famously shaped global business leaders and how a little ruthlessness could go a long way on the path to success.
According to entrepreneur Kevin O?Leary, famous in Canada for appearing on Shark Tank (their version of Dragon?s Den), if you wouldn? t fire her, then you and your business will fail
During an interview with Incmagazine in 2016, he said: ?Some people might say that?s evil, but I think it?s wonderful ? O?Leary continued: ?Do you need a social mission?Hell no Profit is the mission?His appearance on the front cover was even emblazoned with the headline, ?Go ahead, be evil.?
This all should come as no surprise. The image of the ruthless fat-cat businessman sitting at the top of the tree stretches back to the birth of the Industrial Revolution, through the conquering and building of empires? first the British and then the USA? right up to the present day.
From CEOto star turn
Look at some of the major movies of relatively recent years The Wolf of Wall Street is a fun whirlwind of a flick based on the true story of Jordan Belfort, an NYCstockbroker. It?s testament to director Martin Scorsese?s
skill that the black comedy format masks how cold and ruthless Belfort was as he engaged in corruption and fraud on a massive scale
And there have been movies made about tech oligarchs Steve Jobs of Apple (Steve Jobs) and Mark Zuckerberg of Facebook (The Social Network)? more on him later The fact that films with real-life CEOs as the protagonist even exist at all shows how much business success is venerated in Western culture The take-no-prisoners approach is portrayed as something to aspire to have? which we see on the small screen, too
Take this short and simple test When you read this next phrase, who springs to mind? ?You?re fired!?
Now, we can pretty much guarantee that, if you?re British, the businessman and star of The Apprentice, Alan Sugar, appeared in all his grizzled ?glory.? The show has been a long-running UKTVinstitution? a cutthroat competition that pits walking egos in suits against each other.
Many contestants are brash and show ruthless traits, and while the producers
probably pick such personalities to create conflict and boost viewer numbers, it still shows how accepted and ingrained in society such business behaviours are.
In recent years, that?s splintered into a new, perhaps insidious form of ruthlessness that?s propagated through social media, where people have turned their commitment to work into their entire personality.
Sometimes called ?grind mindset,??grindset? or ?hustle,?you?ll have likely come across people spouting online about it? the funniest often being the absurd daily schedules they post about waking at 3am after two hours? sleep to hit the gym
While it inspires some people, it also invites mockery But why?
Well, that will vary from country to country and from person to person For example, in the US, there is the concept of the American Dream? the idea that it?s the land of opportunity where anyone can make it big In America, individualism comes above all
And while this is a generalisation, it?s probably more acceptable on a societal level there than it is in the UKto be ruthless to succeed
On these shores, we still have workers?rights, some socialist institutions, and maybe even the British concept of ?fair play?in our nature
So, as a nation, we may be less comfortable with the win-at-all-cost ?grindset?mentality of our American cousins But since the economic deregulations of the 1980s, the UKhas been catching up Fast
For those reading of a certain vintage, you may remember the once-ubiquitous store, JJB Sports Its owner, Dave Whelan, is a self-made man from the North and a former footballer who was never shy about publicity? despite the (allegedly) rather dim view of him by many of his former employees
Whelan was once interviewed by Ruby Wax for a BBCdocumentary about him It revealed an awful lot (or should that be a lot of awful?) about the man
" ... you can be unethical and still be legal ... "
Whelan?s son suffers from schizophrenia, and his son-in-law sadly took his own life in 2004 due to the stresses of working for the family business. During the interview, Wax was masterful in putting Whelan at ease, so was able to ask blunt questions, which Whelan couldn? t bat away.
She asked him whether he?d give up everything? his business empire and his lavish lifestyle? to swap it all for his son to be healthy and his son-in-law to be alive
Easy one, right?
But Whelan said he couldn? t answer And while that might be shocking to some readers, it?s the same mindset that helped him make his millions in the first place
It raises the question, do such extreme levels of laser-focused commitment to success at the expense of empathy and humanity signify something far more sinister than ?hustle??
Studies estimate that between 4% and 12% of all CEOs are psychopaths or people with psychopathic traits. Which mayseem like a small number? until you learn that the average in general society is only 1%whereas in prisons it?s 15%.
With CEOs so romanticised in our culture, does that mean we respect those most who have more in common with people so dangerous that they?re behind bars?
Something doesn? t add up with that idea, but it leads us back to a purported statement from Facebook?s Mark Zuckerberg that might shed a little light on it
?You can be unethical and still be legal? that?s the way I live my life,?he apparently said to a friend while at university Asentence like that blurs the line between what many may deem acceptable but is perhaps an insight into how and why people become billionaires
Though Zuckerberg?s quote isn? t an example of psychopathy per se, having such an emotional detachment can help people like
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him make rational decisions that are the difference between failure and success
Now, the many allegations about the man might be another story, such as ordering the tracking of his employees?encrypted Snapchat data, hacking into and vandalising rival social network sites and more
Yet if directed in the right way, especially for small business owners, is ruthlessness always bad?
There are ruthless traits that are healthy? even necessary? to have For example, giving a terrible employee chance after chance after chance with no sign of their improvement is not only a headache, but it
also hurts your bottom line You have to be ruthless
Not all the time, though? it?s all about balance You can look at titans of industry for lots of examples of what not to do, but many more of what you should do Those who lead and succeed never compromise on their objectives and values
To use ruthlessness to your advantage doesn't mean that you must be unethical or a tyrant It means being bold, making big decisions and holding firm in your beliefs Plus, being balanced helps keep your team on side as you take action to achieve your goals
Unless, of course, you really are a psychopath CEO Because then you?ll just do whatever it takes
Like firing your own mother
The endorsement isjust as powerful as the brand itself.
The UK?s advertising watchdog has banned online adverts for two nutrition brands, for their failure to disclose a well known businessman?s financial interest in the companies Huel and Zoe had run adverts featuring testimonials from the entrepreneur and podcaster Steven Bartlett, who also appears on the popular BBCshow Dragons? Den.
The Advertising Standards Authority ruled that revealing Bartlett?s commercial relationship with the companies was key for customers to make an informed decision about the product Not to do so, according to the regulatory body, was ?misleading?. The two companies had argued in response that the average consumer would understand the commercial relationship and that explicit disclosure was unnecessary
The controversy certainly highlights the sometimes blurry world of celebrity endorsements Research has shown just
how damaging such partnerships can be for both businesses and celebrities when things go wrong ? and what they can do about it.
For most celebrities, whether they?re actors, athletes, musicians, chefs or models, chances are that some business would like to be associated with them and their popularity And evidence does suggest that celebrity endorsements can have a positive impact on brand recognition, consumer behaviour and sales.
Big companies know this, and are often prepared to spend huge amounts of money seeking fame and influence. For example, McDonald?sonce spent more than US$8 million (£6 million) launching a meal with branding linked to the Korean boy band BTS. And Nike has been successfully linking itself to elite athletes for decades, becoming one of the world?s most ubiquitous and valuable brands in the process
Credit to source: Sameer Hosany Professor of Marketing, Royal Holloway University of London
But it?s not always a smooth process. When celebrity associations don? t go to plan, brands can be exposed to financial risk and reputational damage Evidence collected over 25 years shows that a celebrity scandal can result in a decrease in stock prices for brands they endorse.
Back in 2009, firms linked to the golfer Tiger Woodslost up to US$12 billion as share prices dropped over 2%after revelations emerged about his personal life Companies including Nike, General Motors, Gatorade, Gillette and TAGHeuer were faced with difficult decisions about how to mitigate the damage.
Research also suggests that brands should be prepared to terminate their relationships with celebrities. But in practice, there is a high degree of uncertainty about how to respond to these issues
Another study indicates that a high proportion (59%) of companies faced with such situations actually decided to do nothing, preferring to wait for the whole thing to blow over.
Of course, complications can occur in the opposite direction too. And some contracts contains ?reverse moral clauses?which allow celebrities to suspend or terminate their contracts if a company they are linked to is involved with some kind of political, social or environmental scandal.
For example, LadyGaga ended a partnership with Target when the retailer received criticism over donations to a political action group perceived as being anti-LGBT (Target responded that it was committed to the LGBT community) And Canadian singer The Weeknd cut ties with H&M after it was accused of racist marketing. (H&M apologised )
These potentially complex relationships may be behind a noticeable shift in the world of celebrity endorsements ? when famous people, rather than being the face of someone else?s company decide to set up their own brands.
Hollywood actors Ryan Reynoldsand George Clooneyfor example, are said to earn more
money from their alcohol brands (Reynolds makes gin while Clooney prefers tequila) than they do from acting. And retired tennis superstars Serena Williamsand Maria Sharapova generate significant revenue from their clothing and skin care lines
Kim Kardashian ? who once said, ?I?m an entrepreneur, ambitious is my middle name,? ?launched a clothing brand which four years later was valued at US$4 billion YouTubers KSI and Logan Paul combined their online popularity with astute marketing tactics to run a highly successful energy drink brand
These entrepreneurial moves demonstrate the profitable power of fame in business. And by setting up their own brands, the risks of attaching your famous name to a company that becomes problematic or controversial is reduced
Name recognition and huge social media mean celebrities can call more of the shots and enjoy greater creative autonomy And there is evidence that consumers have a more favourable attitude towards brands which are celebrity-owned brands versus those that aren? t
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In the world of business, few stories are as compelling as Apple Inc's remarkable turnaround Once on the brink of failure in the mid-1990s, Apple transformed itself into one of the most valuable and influential companies globally. This transformation is a textbook example of how strategic rebranding, coupled with innovation and visionary leadership, can rescue a company from the edge of collapse
Challenge:
By the early 1990s, Apple was struggling Founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple had initially achieved success with its innovative personal computers, such as the Apple II and Macintosh. However, the company faced several challenges as the technology landscape evolved
The release of Microsoft?s Windows operating system, which became the dominant platform for personal computers, led to a decline in Apple?s market share Apple?s Macintosh computers, while technologically advanced, were often perceived as expensive and incompatible with other software The company?s product lineup became cluttered, and it lacked a clear strategic direction. By 1997, Apple was in a dire financial situation, with a market capitalization that had dropped significantly
The Rebranding Strategy: A Return to Innovation
Apple?s rebranding success can be attributed to several strategic moves made under the leadership of Steve Jobs, who returned to the company in 1997after being ousted in 1985 His return marked the beginning of a transformative phase for Apple
Streamlining the Product Line:
One of Jobs?first actions was to simplify Apple?s product lineup The company had previously offered a confusing array of models with overlapping features Jobs streamlined the product range, focusing on a few core products that exemplified Apple?s commitment to innovation and quality This move helped to clarify the brand?s identity and improve operational efficiency
Embracing Design and User Experience:
Jobs recognized that design and user experience were crucial to Apple?s success Under his leadership, Apple placed a strong emphasis on creating aesthetically pleasing, user-friendly products. The introduction of the iMac in 1998, with its distinctive, translucent design, marked a turning point. It was not just a computer but a statement of Apple?s new design philosophy This focus on design continued with subsequent
products, such as the iPod, iPhone, and iPad, which combined form and function in ways that delighted consumers
Reinventing Marketing:
Apple?s rebranding also involved a significant overhaul of its marketing strategy The ?Think Different?campaign, launched in 1997, played a pivotal role in redefining the brand?s image. The campaign celebrated creativity and innovation, positioning Apple as a company for ?crazy ones?
who wanted to change the world This campaign resonated deeply with consumers and helped reposition Apple as a brand that stood for innovation and excellence
Creating Ecosystems:
Akey element of Apple?s rebranding strategy was the creation of integrated ecosystems. The introduction of products like the iTunes Store, iPhone, and App Store allowed Apple to offer a seamless experience across devices This ecosystem approach not only enhanced the user experience but also created multiple revenue streams, making Apple?s products more indispensable to consumers
Fostering a Culture of Innovation:
Jobs fostered a culture of innovation within Apple, encouraging employees to think outside the box and challenge the status quo. This culture was instrumental in the development of groundbreaking products that set Apple apart from its competitors The company?s commitment to research and development led to
the creation of revolutionary products and technologies that kept Apple at the forefront of the industry
Apple?s rebranding efforts were incredibly successful. The company not only avoided failure but also achieved unprecedented growth and profitability. The launch of the iPod in 2001, followed by the iPhone in 2007and the iPad in 2010, revolutionized the technology market and established Apple as a leader in consumer electronics
Apple?s market capitalization soared, and the company became one of the most valuable and
Steve Jobs
influential brands in the world Its success story is a testament to the power of strategic rebranding, innovation, and visionary leadership
Apple?s rebranding journey offers several key lessons for other companies:
1. Clarity of Vision:Streamlining product lines and focusing on core strengths can clarify a brand?s identity and enhance operational efficiency
2 Design and User Experience:Prioritizing design and user experience can differentiate a brand and create a strong emotional connection with consumers
3 Innovative Marketing:Effective marketing campaigns that resonate with consumers can redefine a brand?s image and position it for success.
4 Integrated Ecosystems:Creating a seamless ecosystem of products and services can enhance user loyalty and generate multiple revenue streams
5 Culture of Innovation:Fostering a culture of creativity and innovation can drive product development and keep a brand at the forefront of its industry
Apple?s successful rebranding is a powerful example of how a company can overcome significant challenges and achieve remarkable success through strategic vision, innovation, and effective marketing The lessons learned from Apple?s transformation continue to inspire businesses around the world
Credit to source: SIA Austria
Wielding an estimated $150 billion purchasing power globally, Gen Zconsumers ? spanning those born between 1997and 2012? are a marketplace force to be reckoned with.
This tech-savvy generation therefore deserves attention from businesses with authentic digital experiences dominating their decision making
56% of Generation Zexpect personalised
content ? which harnesses the power of artificial intelligence (AI) ? tailored to their own unique interests and preferences
Ski and snowboard instructor course business, SIAAustria, explore how best to leverage AI for Gen Zsuccess
One of Generation Z?s defining characteristics is their impressive levels of tech-literacy.
Gary Clark, Academy Director at SIAAustria explains: ?Gen Zgrew up in an increasingly digital world, spending their formative years surrounded by smartphones, social media and its accompanying personalisation.
?From curated playlists on streaming platforms to customised, AI-driven product suggestions on e-commerce websites, they are accustomed to the tailored experience
In fact, 89%of Generation Zare willing to pay for customised experiences using their data.
?This expectation extends beyond mere convenience but is a fundamental requirement for engaging this audience.?
Read on to learn more about how AI can enable this.
How can AI help?
With this desire for personalised communications, AI plays a pivotal role in meeting Gen Z?s expectations
Artificial Intelligence offers unparalleled capabilities in understanding and predicting consumer behaviour For Gen Z, this means receiving content, recommendations and offers that resonate with their individual preferences and lifestyles.
Here?s how your business can use it to create impactful marketing campaigns:
In a recent survey, Gen Zshoppers expressed the highest rate of approval for personalised marketing AI enables businesses to analyse vast amounts of data to discern patterns and preferences. This capability allows for highly personalized marketing campaigns that can adapt in real-time to changes in consumer behaviour
AI-driven predictive models can anticipate Gen Z?s needs. Whether it?s suggesting the next binge-worthy show or predicting fashion trends, businesses can use these insights
Gen Zis vocal segment on social media AI tools monitor conversations, identify trends and gauge sentiment. After analysing this, brands can adapt their messaging accordingly
Hyper-Targeted Advertising
AI enables precise audience segmentation Businesses can create hyper-targeted ads that resonate with Gen Z?s diverse interests whether you?re selling trainers or a gap year ski season
Strategies for success
Data-Driven Creativity: Combine AI insights with creative storytelling. SIAAustria?s
Gary Clarke Academy Director at SIAAustria
Instagram stories feature user-generated content, showcasing real experiences from their community
Interactive Experiences: Use AI-powered quizzes, polls and ARfilters Gen Zcraves engagement, and such elements can go ?viral?- driving brand awareness
Ethical AI: Be transparent about data usage Gen Zvalues privacy and ethical practices
SIAAustria?s privacy policy is concise and accessible, earning trust.
Conclusion
With impressive spending power and an influential online presence, Gen Zoffers plenty opportunity for savvy, forward-thinking marketers
By harnessing the power of AI, businesses can create tailored campaigns that resonate with this digitally native generation
White Ribbon UKwelcomes announcements today from the Home Office that begin to lay out the Government?s plan to halve violence against women and girls in a decade. This commitment can only be achieved with a focus on preventing violence before it starts, requiring culture change, promoting equality and challenging gender stereotypes to transform the harmful male cultures that lead to violence.
Anthea Sully, Chief Executive of White Ribbon UKsaid, ?We welcome the plan that the Home Secretary has shared to halve violence against women and girls Work that engages men and boys and prioritises
Primary Prevention will be essential if this commitment is to be realised. Work that engages with men and boys is chronically underfunded, proper investment is urgently needed with statutory sources of funding made available for specialist organisations working on Primary Prevention initiatives.? ?We are pleased to see a ?cross-government? approach that provides the opportunity to bring together all areas of society to engage men and boys, including workplaces, sports organisations and the media, to create positive culture change and shift harmful attitudes that lead to violence against women and girls?
Credit to source: White Ribbon
Benjamin Dyer, CEOof Powered Now, looks at how to grow your business
from a one-man band to having employees. Then to grow on further from a small to a larger company.
There?s a lot to be said for a lifestyle business. You can deal with the same pleasant customers that you have always have. Your overheads and risks are low You can make time to pick up the kids or grandkids if you want to But lifestyle businesses aren? t for everyone
This article is written for people who don? t want to be sole traders or even run small installer businesses all of their lives Instead they want to grow their companies and see themselves really prosper
The first thing to ask yourself is whether you will make it if you try to expand In reality, it?s hard Certain skills are pre-requisites One of these is skill at estimating and pricing Acritical capability is to be good a knowing how much effort jobs will take. Another is building rapport with customers If you?re no good at either of these, it will be very hard to succeed.
It?s easy to think that the first priority when it comes to growing your business, assuming that your company does good quality work, is to find new customers Recommendation is still the prime way that new business is won, at least in the residential market But 30%of business comes from other routes. It?s exploring these that will really make a difference
Alot of this 30%now comes from the internet, but it?s complicated Some will arrive from having your own web site, although most likely not a huge amount As you probably know, most people report Yellow Pages as a complete dud Instead, Facebook, Google, Rated People, My Builder, Checkatrade and more are all trying to corner the market for people searching for installers and other trades
There is no magic wand for marketing and trying out some of these different channels to see what works for you may be your best approach
Marketing is hard However, when selling to the leads that have come your way there are a lot of obvious and easy things to do These should be a higher priority than marketing as they generally cost little or nothing So, converting a higher proportion of leads into orders will grow your business at a lower cost and risk
The first rule is to remember that people buy from people they trust So, the first time you meet a new prospect, you should do everything possible to build up that trust Here are some points to consider:
- Be totally professional ? my wife refused to give business to someone who was a bit fresh with her
- Offer to take off your shoes when you arrive at the house, it shows that you care
- Have a smart, clean, van and make sure you look smart too
- Try to reference your experience, qualifications and so on when you are talking to the customer, but without being too pushy
- Try to establish in the customer?s mind the likely ballpark cost ? people tend to react badly if your quote is in a different league to what they were expecting
- Make sure you produce your quote really quickly ? either the same day or the next day This alone will grow your business
- Always honour what you promised Turn up when you said and produce the quote when you said you would
Effort put into creating a good template for quotations will pay off handsomely over time. Once it?s set up, it?s normally easy to use again and again If people are spending a lot of money, they will feel more comfortable when the quote is more substantial, with pictures of previous work and so on
Make sure that you don? t under-price the job
Probably the biggest cause of business failure is not charging enough Remember that doing all of
the things to establish trust will help you to win business, even when you are not the cheapest quote.
Moving beyond being a sole trader
Taking on your first employee is both the hardest and the most risky step that you will ever take Suddenly you have PAYE, Pension auto-enrolment, statutory sick pay, paternity and maternity leave and holidays all to think about. And that?s before you consider that you may need to double the amount of work coming in as you now have two mouths to feed!
This could be one of the reasons why so many installers settle for being sole traders
There are a number of ways that you can overcome the difficulties of that first hire. The first is to build up your business using subcontractors before you hire anyone permanently This means you take a lower risk
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"there comesa timewhenif you don? t radicallychangewhat you do,youbecomethecorkinthe bottlethat preventsfurther growth."
even though you may have to settle for making less profit The only complication is that you must get to grips with the Construction Industry Scheme (CIS)
Eventually you will need to take on one or more employees. With a good bookkeeper to run the payroll and an HRadvisor to avoid the employment tank traps this can all be made much easier and smoother You may not want to pay out the money for these experts, but it?s much better to focus your time on the key business issues You are much more likely to be successful that way.
Once you have the right formula for growth, there are a whole new set of challenges to do with scaling your business There are a number of points to think about:
- When a larger and more established business does their work, people expect and will be prepared to pay a bit more
- You will need to invest in various areas. Recruiting the right people, spending on
training, premises, tools and vans are some of the areas that you will need to address
The balance is not to be too tight with money but not to be too loose either
Of course, if you grow your business you need to reap the financial rewards To do this, you must keep control of your business as it grows and manage things efficiently Some of the pointers to achieve this are:
- Watch the cash You need to know how much you have, what?s due to go out e.g. tax, VAT, payroll and when money will be coming in. There is nothing more frustrating than going bust in a growing, profitable business because you run out of cash It does happen
- Focus on people management Ahappy, hard-working team makes a huge difference
- Implement the right system. Agood system will vastly influence your ability to stay in control and grow efficiently
As a hands-on manager that deals with most quotes and still gets on the tools, you can grow your business quite a bit However, there comes a time when if you don? t radically change what you do, you become the cork in the bottle that prevents further growth. It?s simple, once there is too much for one person to do in dealing with customers, delegation becomes the critical skill. Among the skills that you need to focus on to move from being successful to being very successful are:
- Recruitment ? avoiding mistakes and getting good people
- Managing managers ? you mustn? t micro-manage or you will discourage anyone who is really capable. This is a different skill than direct management It?s about setting goals and motivating
- Delegation ? letting go of some control is part of managing managers
- Envisioning ? deciding and then communicating the overall company strategy. This must be about talking about quality as well as outlining what type of jobs you will focus on and which geographies you will and won? t serve
The difficulty with making this transition is that the very skills that helped you to succeed previously can become a hindrance Sometimes being really good at what you should no longer be doing will actually prevent you from moving to the next stage It?s why so few companies can manage it.
For competitive people that like to win, running a successful business can be good fun But you will get a lot of hassle in growing your business so there should be financial rewards as well I hope that there has been some useful food for thought in this article Please just make sure that you are profitable enough to make it all worthwhile
