Four Ways to Improve Your Business Pitch

By Suzi Dafnis, Australian Businesswomen’s Network

If you had to get up tomorrow, or a week from now, and pitch your idea to an audience, how would you go?

Dell Women’s Entrepreneur Network (DWEN) recently gave four women the opportunity to pitch in front of a panel of judges (Dragons’ Den style) and an audience of about 60 other business owners.

These four entrepreneurs weren’t pitching for money, but were none-the-less expected to do their best to convey their message and provide enough information (but not too much) about what they were offering. In exchange, they got some business advice to help them improve their pitch and further their ideas.

I was on the panel, along with James Stevens of Roses Only and the delightful Lindley Edwards of AFG Venture Group.

Four courageous women took the stage:

1. Nikki Hills, founder and managing director, Mouths of Mums
2. Michelle Teague, entrepreneur looking for her next venture (Invisible ink name badges!)
3. Angela Elliss, founder and managing director, Australian Home Design Directory Group
4. Julie Ankers, founder and managing director, Statement Pieces

Overall, they all did a great job pitching their ideas.They (obviously) knew their business and were very passionate.

Some of the areas that they could have done better at were clarity of message, succinctness and being specific about what the outcome of the pitch was.

Despite the evening event being a great networking night for a bit of fun, the women did get some great advice from the panel, including these four areas below:

 

Four Ways to Improve Your Business Pitch

Length of Pitch. How Long Should Your Pitch Be?

Most presenters exceeded the suggested time limit. If you have an audience (whether with your bank manager, investors or a potential business client) and they have allocated a certain amount of time for a meeting – then stay within the boundaries. It shows you respect their time.

It’s easier to speak for a long time than to speak succinctly for a short time. So, practise, practise, practise.

Say what you need to say with the most punch and fewest words.

If you’re compelling, you can ask for extra time to expand, but don’t take it without checking in or you risk losing people’s focus.

A Clear Message Cuts Through

It was not always clear what the intentions was behind the pitch each woman gave.

What do you want the audience/panel to do? be very clear in your outcome and state it.

For example:

Today I’d like to tell you enough about our 2012 plans to convince you to share our message with you clients.

or

I’m looking to raise $10,000 for marketing. Over the next 10 minutes, I’ll present our marketing plan and I’ll then ask for your input on our ideas.

Tell Your Story – Set the framework

Your personal story adds colour and life and allows us to see behind the person that is doing the pitch.

When I was a panelist on the Dragons Den TV show, we dragons signed up equally on the likability of the person as well as the message and numbers. People like to do business with those they know and trust, so let the audience know you.

Similar to the clarity of message point above, tell your story, but don’t get carried away. We don’t need to know your history and every detail – just enough to make a decision or follow a call to action.

Know your facts and study your competitors

If you’re going into a new market then learn about that market, your competitors and who your competition is. As much as we like to think sometimes that we have no competition, we always do. It just may not be obvious. If you’re bringing out a new telephone (I know – extreme example) then the iPhone is not your only competition – not is every other phone – it’s actually every other way that there is for people to connect with other people.

Also, the whole market is NOT your market. There’s usually a subset of the big group who you can effectively address. (This is your ‘addressable market’.)

When it comes to the numbers, get really crystal clear about what it will cost to implement a plan. If you’re not good with numbers then it’s difficult for investors to have confidence in you. Run the details past your accountant and, again, practise talking about them so that you’re comfortable if asked questions.

Remember, you may only have one opportunity to pitch in front of a particular person or group. Pitching is an art and a science, so look to improve your skills as a presenter, speaker and do your homework.

And, good luck.

Suzi

P.S. I recently interviewed Lindley Edwards about narrative in business storytelling. You can listen to the interview here on our website or tune in on iTunes.

 

About DWEN

The DWEN community is an invitation-only, global community established to bring together an influential group of female CEOs, presidents, founders and business leaders to share best practices within the unique and challenging world of running high-growth businesses.

With the Dell Women’s Entrepreneur Network (DWEN) and other related initiatives, Dell is spotlighting female entrepreneurial success and creating an atmosphere where women can connect with one another, share best practices, build business opportunities and recognise female influence in business and technology.

DWEN Annual Conference: Dehli, India

In 2012, Dell’s annual conference will be at the cultural mecca of Delhi, India from June 17-19. Attendance is by invitation-only.

To learn more join the DWEN “Women Powering Business” Linkedin Community: visit www.dell.com/dwen

Being part of the DWEN community creates unique opportunities to connect, share best practices, build business opportunities and recognise female influence in business and technology. In addition to the annual DWEN Conference, the community holds webinars, Tweetchats and face-to-face networking events throughout Australia.

PayPal releases news of online purchasing trends

By Suzi Dafnis, Australian Businesswomen’s Network

Buying online is not only on the increase, the way we buy is also changing. At a 700-strong breakfast yesterday morning, PayPal released the results of a recent study on the monumental changes seen in online commerce in Australia, where merchants and consumers are harnessing new technologies to connect in new ways.

The report, “Secure Insight: Changing the Way We Pay” was developed in conjunction with Forrester Research, Nielsen and the Australian Centre for Retail Studies and explores the factors influencing Australia’s boom in online commerce.

Powering the growth in online commerce is the increasing prevalence of smartphones, with ownership of Internet-enabled phones currently at 65 per cent of the total handset market in Australia. Now accounting for two out of every three phones sold in Australia, smartphones are disrupting both the traditional and online retail environments. Australians are heavy users of mobile phones to transact, with PayPal Australia seeing mobile payments on a steep trajectory of 430 per cent year on year. (I got my iPhone 4S yesterday and am thrilled with it, by the way.)

As transactions begin to take place in new environments, PayPal’s report reveals a changing attitude amongst consumers when it comes to making payments. According to the research, consumers feel the choice of payment method is not theirs to make, with retailers restricting choices. Regularly having to switch between payment methods depending on the product they are purchasing, 40 per cent of consumers desire a simpler payment solution.

Interesting Insights

Here are some of the insights and comments (from the many presenters and the panel) that I found interesting:

• QR codes make non-traditional venues (e.g., a bus shelter) places where you can now transact (just scan the code and go!)
• New platforms, e.g., daily deals sites, bring new opportunities to transact (both from a computer and via mobile).
• Generally, there are now MORE ways that people can buy – but merchants aren’t necessarily accommodating this change.
• A customer today is more aware of your product or service when they come to you than ever before. Generally, they have researched you, compared you to your competition and are ready to transact – if you make it easy for them,
• More than 10% of Paypal’s transactions are via mobile.
• The average expected growth rate, as reported by Aussie online retailers, is 30% in the next year (How fabulous!)
• Coupon businesses reduce the risk of purchase with low prices and money-back guarantees.
• Cudo CEO says coupon businesses address two needs: 1. Unsold capacity and 2. Customers want to try new things.
• Multi channels are used to research and decide on a purchase (We also post the process to social networks as we go.)
• When it comes to social media, larger companies are more likely to stick to traditional media, whereas (because of the low cost of entry), smaller businesses are more likely to use social to market.
• 

  Meandering path to an online purchase

  Understanding the barriers that customers need to overcome to transact can give you an advantage over competitors.

• 39% of consumers using their phones for product or services research.
• Cash is still king for most smaller purchases. New landscape sees people prefer fewer, more consolidated online payment options (for ease) – men mainly
• How are consumers deciding WHICH payment method to use? 1. Security 2. Price. Mobile payments PERCEIVED to be less secure by some.
• A hungry lean self-starter online retailer is probably doing better than high street retailers (due to being flexible and nimble).

The best question posed:

Are you making it easier for customers to do business with you? Or are consumers using tech to make it easier for themselves?

Also, “People on social media are a community of interest. Be relevant.”
— Colin McLeod, Australian Centre for Retail Studies (ACRS)

What I took away:

Merchants: It’s time to recognise consumer needs have changed and to adapt accordingly.

Here is a copy of the full report.

Controlling Your Destiny by Maintaining Good Finances

Margaret Lomas is the best-selling author of six property investment books, Founder and Director of Destiny Financial Solutions and Chair of the Property Investment Professionals of Australia. She is also the 2006 Telstra NSW Business Woman of the Year.

In this In Her Shoes interview, Margaret tells us:

• how she took control of her own destiny and created her success
• what we should be aware of when making investment decisions
• the main priorities women tend to focus on when managing a business
• tips on how to better plan for your future

Enjoy part one of this interview with Margaret Lomas!

Watch this interview on the Australian Businesswomen’s Network website.

Watch Part Two of this interview with Margaret Lomas.

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About the In Her Shoes series In Her Shoes is a regular video series presented by the Australian Businesswomen’s Network and BNet.com.au. Each interview features an inspiring businesswoman and her strategies for success. New episodes are released regularly. Become a Community Member for regular updates. StartUp and Growth Members get updates automatically. Become a Community Member with the Australian Businesswomen’s Network. Watch previous episodes of In Her Shoes.

 

Delivering Value with Joy

By Lisa Murray, Revive Business Coaching

If your business is not generating the sales volume you would like right now, it could be time to look at how much value you are delivering and whether you are delivering this value with joy!

Value is one of those areas of business where we all assume we are doing it, but if we take a step back out of our business and consider whether we are delivering value for money according to our customers, it is possible we could see a different picture!

In the last few years, there have been many business ‘gurus’ who have put forward all sorts of notions about what value is. And for a little while, our customers bought those ideas, until the point where they found the promises empty and the “value” offered was irrelevant to what they truly needed.

We need to go back to the ‘old-fashioned’ idea of what value is and really explore this deeply.

• What represents true value for the people who we serve?
• How can we provide unexpected value that is valued and appreciated?
• How can we communicate our value so that our clients see the full benefit of what we offer?

Each of us has our own unique talents, abilities and capacities. When we tap these insights for the essence of our value, our capacity to expand our business profitably becomes clear.

Once we are clear about how our own individual brand of value is created and shared in the world, it is essential to look at the second part of the equation – offering your value with JOY. This is the magic potion that few people mix into the value equation. And this is the biggest differentiator of all.

Think of a product or service that someone contributed to you with total joy and ease… does that feel totally different in value to you than someone who offers up their product or service with a negative or indifferent attitude? Would you generally choose to spend your money with a business that is joyful to deal with or one that only meets the minimum requirements for supply of what you require?

I love writing and teaching creative ways to do business differently.

When I look back, I have always tried to create my work in ways that brought me joy. In some organisational cultures, this capacity was valued highly and in others, not at all (they were the jobs I left really quickly!!).

Now that I have my own businesses, I can be as creative as I desire in delivering this value to people who desire to see the possibilities of what business can be. We can start to see that value is not about comparison and competition, it is about being the difference we truly be. Go harvest your ideas and create value from what gives you joy. Your business may look a little different at the end of the day!

Value – it is oh so simple… and rarer than hens teeth. So how are you choosing to deliver value today… With joy or without? It’s kind of like asking, do you want your cake with chocolate, strawberries and cream on the side or would you like it plain? Most of us would choose the deluxe version because it makes us happy on the inside… it’s the same with delivering value in your business! What will make you and your customers happy on the inside?

Value is one of the New Energies of BusinessTM – if you want to succeed in business, it will be of infinite value to your business to create more value, starting today!!

MORE GREAT BLOG POSTS BY LISA MURRAY

• Overwhelmed, Overworked and Over It!
• Blisscipline Trumps Discipline
• Startup Savvy – Leveraging Your Budget

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Lisa Murray – Revive Business Coaching/Bliss Tribe Lisa Murray is an experienced business mentor who brings bliss back into your business. Her holistic, unconventional and creative strategies help small business owners design authentic, ease-filled and profitable businesses. Through her BlissTribe community, Lisa is a catalyst for business owners to choose a phenomenal, rich and joyful life without compromise! The sky is not the limit… there are no limits… unless you choose them! Lisa connects the dots for you… she is an idea generator, a sounding board, a skilled facilitator, a strategist, a problem solver and a contribution to the authenticity and potency of you creating the business you truly desire and deserve. What else is possible? Ask and you will receive!! Phone: 0404 063 513 Skype: lj.murray Email: info@revivecoaching.com.au Website: www.revivecoaching.com.au www.blisstribe.com.au Blog: Revive Coaching Blog Bliss Tribe Blog Twitter: @revivecoaching Facebook: Bliss Tribe LinkedIn: See Lisa’s Public Profile Member Profile: See Lisa’s Member Profile

 

How to Dress to Communicate Skill and Success in Business

By Nerida Gill, Admin Bandit

Andy Warhol changed overnight. One day he was just like any other 1950s man — white business shirt, high-waisted pants and too much Brylcreem in his hair — and the next he was dressed in a black leather jacket, a “French” striped t-shirt and a wig that looked like straw.

Warhol consciously chose this outfit when he wanted to shift from a day job as commercial illustrator to being taken seriously in the world of high art… and it worked. To this day, his iconic look screams “artist.”

What does Warhol have to do with small business? Plenty.

As a freelance illustrator in the 1950s, running his own business as the equivalent of a sole trader, he earned up to $700,000 a year in today’s money. Even when he became one of the most famous artists to ever live, he understood that he was primarily a businessman and worked hard to craft a professional image that matched his product.

Talking about physical appearance is extremely controversial, especially when most of my readers are women, so let me stress that I’m not telling you to be fake or to drastically change your spots. What I am saying, however, is that 55% of first impressions are based on non-verbal communication and we have the power to control how others perceive our skills and success as businesswomen.

Refine your look

In business, looking good has nothing to do with beauty… instead, it’s a simple matter of being neat and tidy. By this, I mean:

• Wear clothes that are not too tight nor baggy
• Maintain clean, regularly cut hair… go easy on the product and keep the roots retouched
• Polish and reheel your shoes
• Manicure your fingernails (and toenails if you wear sandals or peep toes)… pay attention to the cuticles, and avoid talons, chipped polish and chewing (ugh… think of all the muck you’re eating!)
• Pay attention to dental hygiene… make sure your teeth aren’t too yellow and keep mints handy on those days you desperately need to overload on coffee
• Throw out scruffy, stained or worn clothing — I will always remember the meeting I had with an events manager at an important government department who wore what looked like pilled track pants!

How to properly fit a suit

A flimsy and poorly fitted suit makes even the cleverest, most charming and capable person look like they’re working on a supermarket check-out for the summer!

And, unfortunately, look around and you’ll see most people are wearing the wrong one.

There are two ways to make sure a suit fits: one is to buy from a specialist shop with well-trained staff and the other is to watch Jamie Yasko-Mangum’s succinct tutorials on jackets, skirts and pants on eHow. You’ll also find these tips useful:

• Bring a pair of shoes and a shirt you’ll wear with your suit when shopping.
• Choose a fully lined jacket and skirt (pants rarely are).
• Chances are the pant and sleeve lengths will need to be adjusted. Specialist shops always provide this service… or visit an alterations shop.
• Don’t compromise your suit with shabby accessories — take care when choosing handbags, briefcases, jewellery and pens.

The best news is that a fabulous suit doesn’t need to be expensive — a friend recently attended an embassy function in a jacket, blouse and pants she picked up from a charity shop… and not a soul could have guessed!

Dress for your target audience

Of course, not everyone needs to wear a suit to work… there’s no point donning a Saville Row three-piece if you’re a fitness coach!

I personally don’t need a suit… but I do like to look smart, professional and creative, which is why I wear a beautifully tailored black leather jacket that I picked up in Florence (no, I’m not a fashion queen… I just had a wonderful visit with friends in Italy last year!)

You’ll also probably find that an elegant jacket of some kind in a neutral that flatters your colouring (black, chocolate, burgundy, grey or camel) is useful for everything from conferences and meetings to weddings and formal dinners.

Whatever you choose to wear, make sure it’s the right look for your industry and matches what customers or clients expect from someone in your position.

How to audit or revamp your appearance

Analyse your appearance by asking yourself:

• What would a skilled and successful woman in my industry wear? Apply this to various situations, such as meetings, conferences, day-to-day work or cocktail parties.
• If I was buying a product from or hiring the services of someone like me, how would I want them to look?
• What grabs my attention when I meet other businesswomen?
• Which five characteristics do I most want clients and associates to see in me? How well does my appearance communicate these? And what do I need to change?
• What do I, or could I, wear to create a signature look? For example, Katharine Hepburn always wore pants, Grace Kelly carried a Hermes bag and Jackie O donned those giant sunglasses.

Your second chance

When it comes to first impressions, contrary to popular opinion, you do get a second chance… even a third and a fourth, says Jerker Denrell, associate professor of organisational behaviour at the Stanford Graduate School of Business. While you may never see some people again, his research shows that you can definitely soften an initial bad impression with repeated contact and even reverse it for good.

MORE GREAT POSTS BY NERIDA GILL

• Business Insurance: How to Prepare for the “What Ifs”
• Your Business Plan: The Best Road to Success
• How to Be an Inspiring Speaker (and Promote Your Business for Free)

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Nerida Gill – Admin Bandit Nerida Gill is the creator of Admin Bandit, a web-based accounting package designed specifically to make keeping the books easy for volunteer treasurers in community groups. After winning numerous business awards, Admin Bandit is in a growth phase after recently attracting external investment. Phone: 02 6176 0030 Email: nerida@adminbandit.com.au Website: www.adminbandit.com.au Blog: adminbandit.wordpress.com volunteertreasurernetwork.blogspot.com Twitter: @neridagill Facebook: See Admin Bandit’s Facebook Page LinkedIn: See Nerida’s Public Profile Member Profile: See Nerida’s Member Profile

 

Fantasy Companies vs. Dream Companies

Is your company based on a fantasy or a dream? The answer may be the key to your success . . . or failure.

Tammy Camp is the Managing Director at Camp International, a venture advisor and equity investor.

“What we do is bring capital from the Middle East to invest in extraordinary technology companies,” Tammy said.

When Tammy considers a new investment opportunity, she asks herself, “Is this a fantasy company or a dream company?”

“Over the past couple of years since I’ve been investing, I’ve been looking at all sorts of companies and trying to find that one differentiating factor for why some companies fail and others succeed, and I have a bit of a hypothesis,” she explained.

“I think fantasies are selfish and dreams have purpose. For instance, take a company like Groupon. It’s the fastest-growing company in the world. It’s worth $25 billion. It’s grown from $0 to $25 billion in three years. It’s on the cover of Forbes magazine; it’s everywhere! You’ve basically been living under a rock if you haven’t heard of Groupon. However, I think it’s flawed because it promotes consumption, and it’s not a real innovation company. There’s nothing innovative about an email marketing company, and at its core, that’s what it is. So, ultimately, I think Groupon is a fantasy, and it will ultimately fail.

“If you look at Twitter, it’s about a $5 billion company, but look at all the disruption it has caused, in Iran, with the elections. A few years ago, that actually kept them in business. And now, with what’s happening in Libya and Syria, it’s a technology platform that has given the common man a voice. That is true democratisation of the Internet, and that’s a dream.

“It comes down to values. Is your company going to have a great impact on the world? You really need to think about this when you’re starting a business.”

Enjoy this interview with Tammy Camp at the Dell Women’s Entrepreneur Network 2011 event in Rio de Janeiro, Brazil.

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Tammy Camp – Camp International Tammy Camp, known as the “Lara Croft of the web” according to Forbes, is a venture investor, company advisor and adventure traveler living in San Francisco, CA. An entrepreneur since the age of 21, Tammy has taken part in numerous successful business endeavors, facilitating over $1 Billion+ in sales. Tammy has collaborated with organisations such as Lloyds TSB, Hotwire.com, Holiday Autos and eBay to scale their businesses on an international level. Tammy also arbitraged media buys resulting in a capital performance track record of 60% return on investment, outperforming the world’s top hedge funds 3 to 1. Tammy also serves as an advisor to numerous startups in the security, consumer Internet and executive research fields. Tammy has been featured in Forbes, USA Today, NPR and the International Business Times. She has also appeared at SXSW, BizTechDay, BlogWorld, New Media Expo and served as a host for the US Department of State’s “New Beginning: Entrepreneurship and Business Innovation” program, which hosted the top entrepreneurs from over 28 countries. Website: www.tammycamp.com Facebook: TammyCamp Twitter: @TammyCamp Blog: A day in the life of Tammy Camp

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Dell Women’s Entrepreneur Network 2011

From June 5-7 in Rio de Janeiro, Brazil, more than 120 female business leaders from around the world gathered with Dell to learn about technology, marketing, brand, social media and raising capital while building relationships and sharing insights. It was an impressive group of participants, including Moira Forbes, Arianna Huffington and Luiza Helena Trajano, the founder of the third largest retail chain in Brazil. Over the course of two days, the conference participants explored and learned that women entrepreneurs truly share a unique perspective and approach to business.

Building on Dell’s entrepreneurial heritage and recognising the unique challenges and rocky journeys entrepreneurs can face led to the inception of the Dell’s Women Powering Business Initiatives, including Dell’s Women Entrepreneurs’ Network (DWEN). DWEN strives to help women entrepreneurs expand their networks, innovate and grow their businesses. The DWEN event and LinkedIn community supply a social network to grow B2B and exchange ideas to help build confidence. Dell’s believes never in the history of the world has the entrepreneurial spirit been more alive or in a more favourable position to drive global growth.

Australian women business leaders are invited to join in the conversation and share who and what inspires and motivates them as entrepreneurs and leaders via the Women Powering Business Network group on LinkedIn.

When does 1+1=3? How Outsourcing can Leverage your Business

By Liz Parker, VA Placements

When you listen to everyone’s input (even if it is just one more person than usual), the output is more than the sum of the individual parts. In these circumstances, when you are collaborating and listening, 1+1 does equal 3 (plus) every time.

So why, as business owners, does it take us such a long time to realise the benefits of working in a team  and the amount of leverage this can give us?

 

A typical small business owner works long hours and has little spare time – yet will continue to do work that they can easily outsource at a much lower hourly rate. One of my favourite quotes is,

“A rich man spends money to save time, a poor man spends time to save money.”

There is no doubt that outsourcing can be a challenging situation, especially if you have never managed or delegated previously. How do you get the best out of your team and continue to reap the rewards of more time and less stress? The simple answer is to use a company that has the experience in finding you the right virtual assistant to help you and to provide you with resources and support to make sure the relationship works.

If you are adding to an existing team, then a virtual assistant can provide you with a level of skill and experience that just doesn’t warrant a permanent position.

Eventually, once you and your team gets into the routine of including a remote member, you will find that the added resource will provide you with a range of opportunities never considered previously. The flexibility, range and depth of services available nowadays are impressive. Everything from social media, marketing, lead generation, project management, web development, web maintenance through to operational activities such as automating processes, bookkeeping and general admin.

If you think its time to get some leverage for the time spent in your business, then consider retaining the services of a virtual assistant or several virtual assistants who are experts in remote delivery of their own particular services.

Liz Parker will be the guest speaker on the Australian Businesswomen’s Network’s exclusive webinar Monday, 18 July 2011 – Outsourcing to Grow Your Business. Register now for this event.

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Learn more at our exclusive webinar Monday, 18 July 2011… Outsourcing to Grow Your Business: Save time and money, increase productivity and strengthen bottom line results. This webinar will look at: The top five benefits of outsourcing for your business Being prepared – what you need to do before you start How to induct, delegate and communicate with your virtual team Risks vs Benefits What makes virtual teams virtually irresistible

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Liz Parker – VA Placements As the founder and CEO of VA Placements, Liz has matched many clients with the right virtual assistant. Previous to starting her business in 2007, Liz was a CEO and national IT Centre Manager who was responsible for developing systems and processes from idea to reality and for training staff virtually in using these new systems and processes. Over her career, she has been responsible for developing effective teams of all sizes from small 5 member teams right through to 80+. Email: ceo@vaplacements.com Website: www.vaplacements.com Twitter: @vaplacements Facebook: VA Placements’ Page LinkedIn: View Liz’s Public Profile Member Profile: View Liz’s ABN Profile

 

Outsourcing to Grow Your Business Webinar

Save time and money, increase productivity and strengthen bottom line results.

How can you have more time to focus on the income generating activities of your business? One answer is to outsource.

If you spend too much time on tasks that are not helping your business to grow and prosper, you can probably benefit from outsourcing some non-essential tasks. In today’s world, outsourcing is easier than ever.

So, transfer the headache of small tasks and spend your time working ON your business.

Join us on 18 July when Liz Parker of VA Placements is our guest speaker. Here’s where to start.

During the webinar, we’ll look at:  The top five benefits of outsourcing for your business Being prepared – what you need to do before you start How to induct, delegate and communicate with your virtual team Risks vs Benefits What makes virtual teams virtually irresistible

 

Event Details:

Outsourcing to Grow Your Business – National Webinar

Date: Times:	Monday, 18 July 2011 10.15am for 10.30am – 11.30am AEST (Check your timezone.)
Venue:  Price:	Webinar – Your home or office.  Growth Members: FREE StartUp Members: $39 Community Members: $59 Non-Members: $59 *members: login to get your member discount. Not able to attend? Complete your registration and a recording of the webinar will be sent to you after the live event.

 

Your Speaker:

Liz Parker As the founder and CEO of VA Placements, Liz has matched many clients with the right virtual assistant. Previous to starting her business in 2007, Liz was a CEO and national IT Centre Manager who was responsible for developing systems and processes from idea to reality and for training staff virtually in using these new systems and processes. Over her career, she has been responsible for developing effective teams of all sizes from small 5 member teams right through to 80+. Read more about Liz Parker.

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What is a webinar?

A webinar is a web-based seminar. To participate you will need high-speed internet and a USB headset (with microphone). Instructions will be sent to you on receipt of your registration.

Not a member?

Join today and you save hundreds of dollars each year on workshops designed to help you be more successful as a businesswoman. Membership is less than $1 a day! Learn More about Membership Now.

Is this event right for you?

This event is suitable for women who are managing a business and those who are in the Growth stages of business.

The Business Growth Webinar Series This event is part of the Business Growth series of webinars which are free to those with Growth Member membership to the Australian Businesswomen’s Network. For details on the benefits of Growth Membership take a look at our Membership Comparison Chart. For details on other webinars – see the Events section on our website.

What’s Next?

Register below through our secure online shopping system. Upon registration you’ll receive confirmation of your attendance. If you have any questions you can send us an email or, call 1300 720 120. If you are a member, remember to login to get free entry.

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Business Insurance: How to Prepare for the “What Ifs”

By Nerida Gill, Admin Bandit

A recent encounter with a tree trunk while mountain biking taught me that running a small business is not very compatible with a couple of cracked ribs. I also learned that “resting” — that is, continuing to tap away at the laptop in bed, propped up with extra pillows — is neither productive nor comfortable.

Not surprisingly, my rather annoying situation got me thinking about insurance, so this month we’re discussing how to plan for those… err, unplanned little incidences.

Why have insurance?

“It’ll never happen,” you say. Yeah? Tell that to my friend who, as a teenager, found himself in the awkward position of needing to streak naked across the lounge room in front of his mother and her girlfriends.

Unfortunately, the impossible happens all the time. My friend’s story is hilarious (he laughs about it now… 20 years later), but very few disasters have a funny side, as we saw with the Queensland floods over Christmas and New Years.

The fact is that you’ve worked hard to build your small business — you work on average an extra 10 hours a week than other people and have most likely gone without a few of life’s luxuries to get where you are today.

Still tempted to overlook insurance or pooh-pooh the price of premiums? Consider these statistics:

• Crime risks are higher for small businesses than for households
• 49% of respondents in the Small Business Crime Survey experienced at least one incident of crime in the last 12 months
• A fire costs a small business an average of $72,235
• 1 in 3 Australians are disabled for more than three months and have no income during their working lives
• For every home lost to fire, 48 homes are lost to disability
• 127,000 employers and self-employed Australians were injured at work in the last year, according to the latest ABS statistics

What insurance to get

By law, any business that employs people, even if you’re the only employee in your own incorporated company, must have WorkSafe Injury Insurance. Many business owners mistakenly believe WorkSafe is all they need.

What they don’t realise is that this insurance does not cover those operating as sole-traders or in partnerships. What’s more, it only covers accidents and injuries that occur during work hours or illnesses that are a direct result of employment. Statistics, however, show that 70% of accidents happen outside the workplace and that an equal number of trauma claims are for cancer, stroke and heart disease, which are rarely work-related.

The solution is to hold sickness and accident, and income protection policies. Experts also strongly recommend business owners hold public liability, product liability and professional indemnity insurance, depending on the industry you’re in.

Other significant policies to consider include:

• Fire and perils
• Burglary
• Equipment and general property
• Goods in transit.

And others to research or be aware of are:

• Business interruption
• Directors and office bearers liability
• Employee dishonesty or Fidelity guarantee
• Electronic equipment and breakdown
• Employment practices liability
• Glass breakage
• Income protection insurance
• Key person insurance
• Loss of money
• Machinery breakdown
• Perishable food or stock deterioration
• Motor insurance
• Product recall
• Tax audit
• Trade credit
• Unregistered equipment
• Weather.

Where to get insurance

The same companies that provide personal insurance generally also deal in the various business products. In fact, many providers offer insurance tailored specifically for small business, and have products to fit the distinct needs of individual sectors, such as hospitality, retail or the manual trades, or allow you to build a package to suit your personal needs.

It goes without saying that packaging your policies together is generally cheaper, and that it’s wise to compare quotes and the fine print from several providers. Alternatively, an insurance broker can offer a more independent and over-arching view of the business insurance policies available, not to mention do all the leg work for you! A good one can:

• Expertly match your needs to available policies
• Make sure you’re not over-insured and, thus, paying unnecessary premiums
• Help you make a claim or negotiate a settlement
• Work as a consultant to manage the insurance side of your business.

How to minimise the risks

Not surprisingly, all the insurance in the world won’t keep your business operating smoothly if you snorkel a little close to a  swarm of electric eels or a plague of locusts devours your entire inventory. If this happens, won’t you be pleased you listened to this advice:

• Keep back-up copies of important documents in a second location
• Keep an address book of important contacts
• Prepare a procedures manual or train staff how to do important tasks if you or other key personnel are not available
• Have a loss prevention strategy if you’re in retail
• Review your postcode — some locations have higher crime rates or are more susceptible to natural disaster. It may never happen, but you’ll still be charged higher insurance premiums
• Train your staff in occupational health and safety and, please, find ways to make it appealing. Continually look for ways to make the workplace safer and happier.

And finally, back to those bruised and painful ribs of mine … please contact herBusiness if you’d like to send me a “get well” card or, even better, a bottle of champagne and a box of chocolates!

MORE GREAT POSTS BY NERIDA GILL

• Your Business Plan: The Best Road to Success
• How to Be an Inspiring Speaker (and Promote Your Business for Free)
• Put Down Your Gloves: How to Resolve Conflict the Right Way

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Nerida Gill – Admin Bandit Nerida Gill is the creator of Admin Bandit, a web-based accounting package designed specifically to make keeping the books easy for volunteer treasurers in community groups. After winning numerous business awards, Admin Bandit is in a growth phase after recently attracting external investment. Phone: 02 6176 0030 Email: nerida@adminbandit.com.au Website: www.adminbandit.com.au Blog: adminbandit.wordpress.com volunteertreasurernetwork.blogspot.com Twitter: @neridagill Facebook: See Admin Bandit’s Facebook Page LinkedIn: See Nerida’s Public Profile Member Profile: See Nerida’s Member Profile

 

Financial Foreplay: Bringing Sexy Back to Finances – Interview with Rhondalyn Korolak

“I think financials are fun because having money is fun,” said Rhondalynn Korolak, author of Financial Foreplay, during a recent interview at Kochie’s Business Builders Boot Camp.

Not everyone shares her view. Finances are often left last after marketing, networking, social media, etc.

“I’ve noticed that everyone’s afraid of their financials, or they just hate them,” continued Rhondalynn. So I thought, ‘What I’m going to do here is help people move their business forward. I’ve got to make financials fun. I’ve got to make it easy and practical, and to do that, I’ve just created this concept of sexiness in business and relationships to tell the story”.

Some of Rhondalynn’s ideas may sound counterintuitive at first: “I’ve noticed that everyone wants to spend money on social media. What I’m saying is this: stop spending money on social media. I know this is controversial. Stop spending money on chasing customers. Learn how to unlock the insights in your financials, and you’ll learn how to make more money that way.

“Essentially, if you’ve got a cash flow issue in your business, there’s no point in chasing customers. You’re actually hurting yourself financially by doing that. What I’m advocating is to take a look and figure out where you’ve gone wrong. Perhaps you have stale or old inventory that you need to get rid of. That’s a good way to get cash flow in. Another way is to collect your debt. None of us like to ask for money, but I love asking for money because when it comes in, it goes straight into your back pocket.

Some people are afraid to ask others for money. I say, when you complete the work, you collect the money right then and there without any debt collection.

“Another way is to not allow debt in the first place. Some people are afraid to ask others for money. I say, when you complete the work, you collect the money right then and there without any debt collection. Another way could be to offer a simple discount for early payment, but be smart about it. Don’t just say, ‘If you pay early, you get 2 percent off or 3 percent off.’ Calculate what that means to your business financially before you offer it, because sometimes it’s actually not good for you”.

Rhondalynn pointed out that many businesses could save money by not wasting money on a vehicle they don’t really need: “Regardless of whether the government says you’ll get a 50 percent tax rebate, if you don’t have cash flow in your business and you don’t need that asset to produce income in your business, then you shouldn’t be buying it.”

“It’s simple things like that,” Rhondalynn concluded. “You can actually save money, and then you’ll have more money to advertise and do all the things you want to do that are more fun.”

Kochie’s Business Builder’s Boot Camp was supported by the Australian Businesswomen’s Network.

Related Links

Visit Rhondalynn’s website - Imagineering Unlimited.

Financial Foreplay: Whip Your Business into Shape and Take Home More Cash By Rhondalynn Korolak Order your copy of Financial Foreplay from Booktopia today and save.

 

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