1. MY MONEY SMALL BUSINESS
Keep one
step ahead
Regular reviews
of your plans
and progress
will ensure
your business
succeeds
L
aunching a small business is extremely
solidworkandkeepingitpurringalongis
equallydemanding.Toensureyourventure
remains a growing (and going) concern,
it’s important to give it regular “health
checks”. Whether it’s reviewing the business planning
and recruitment processes, along with its technology
and marketing campaigns, a regular health check can
help your operation stay ahead of the competition and
financially viable.
Review your strategy
Havingabusinessplan,evenifitisonlyabasic,single-page
strategy,iscrucial.Iandmylong-termbusinesspartner,
thelateChrisWalker,spentadecentamountoftimeon
abusinessplanforourmarketingandcommunications
firm, Corpwrite Australia, when we launched it in
2008. Over the years we regularly returned to the
plan to assess our progress, which didn’t always make
for pleasant reading and usually we weren’t spending
enoughtimeongeneratingnewbusiness.Yettheexercise
STORY ANTHONY O’BRIEN
Page 1 of 3
September, 2016
Money Magazine, National
Author: Anthony O'Brien • Section: General News • Article type : News Item
Classification : Magazines Business • Audience : 43,112 • Page: 50
Printed Size: 2341.00cm² • Market: National • Country: Australia • ASR: AUD 40,500
Words: 1783 • Item ID: 655842405
Licensed by Copyright Agency. You may only copy or communicate this work with a licence.

2. ‘“Ifyouare
hiringa
salesperson,
makethe
candidates
sell
themselves
toyou”
The internet and phone are the lifeline of many
small businesses. “Fast and reliable broadband is the
foundationforpoweringabusinessandthetechgadgets
it uses,” says Ellis. Think about what your needs are,
how much data you use and whether the plan you are
on still works for you.
You may also consider making the switch to NBN.
The NBN is a fibre-optic, fixed-wireless and satellite
system that willreplace Australia’s existingbroadband
infrastructure with a faster, more reliable service. It’s
predicted to deliver download speeds up to four times
faster than ADSL2+, making it a game changer for
small businesses. For example, 41% of small to medium
businessesthathavemovedtotheNBNnetworkreport
improved productivity due to faster connections,
according to Telstra research. A smaller number (15%)
report cost savings since switching to NBN, while 5%
report revenue increases.
“If you’re an SME, plan to move to the NBN
network before the old copper network in your area is
decommissioned and yourinternet and phone services
are at risk of disconnection,” suggests Ellis. You can
checktheavailabilityoftheNBNnetworkinyourareaat
nbnco.com.au.
Something to be aware of is that not all devices are
NBN compatible so it’s a good time to think about what
devices you are and aren’t using as you may have to
upgrade some of them.
You should also review your phone plan to make
sure it is still meeting your needs. Also ask yourself
whether you even need a landline or whether a mobile
would be enough.
When it comes to mobile plans, you shouldn’t pay
more than $50 or $60 a month, which will give you
around 3GB of data. See whistleout.com.au to compare
mobile plans.
Itcanpaytobundleyourinternetandphone,especially
from a cash flow perspective, but do the sums to make
sure you are actually saving money.
Cloud services are another option SMEs should
investigate. The cloud is a way to network computing
resourcesandtostoreandaccessdatasuchasdocuments,
images and spreadsheets. If data is stored in the cloud,
staff can access the information they need to do their
jobs from almost anywhere, at any time of day, on any
device connected to the internet.
There are also a range of apps and technologies that
help businesses stay connected to their customers and
clients. “With Telstra’s App Marketplace, you can trial
a variety of applications at no or low cost to see if they
are right for your business,” says Ellis.
always helped us to get back on track. “A business plan
is a constructive checking tool for business owners to
ensure they do the things they said they would at the
time they opened the doors for business,” says Luke
Maddison, my new business partner.
Abusinessplanshouldbealivingdocumentthatdoesn’t
simplycollectdustonabookshelf.“Takethemarketing
componentofyourbusinessplan,”saysMaddison.“The
strategyusuallycoversthenext12months.However,the
activationelements,suchastheadvertising,marketing,
public relations or social media campaigns, should be
locked in for three to six months only. This way you
can tweak the plan after you’ve market-tested it with
the campaigns, to ensure it’s hitting the spot.”
The right team
Abusinesswillonlymovetothenextlevelifitsrecruits
add value. “This usually means employing staff who
bring additional skills to your business,” says Janeece
Keller, the managing director of business consultancy
the Third Floor and family travel website boundround.
com.Kelleremployssixfull-timersandmanypart-time
contractorsinthetwobusinesses.“I’mnotadeveloper,so
I regularly bring web developers into the fold to ensure
weare continually boostingthe website’sfunctionality
with families in mind.”
FredSchebesta,founderofcomparisonwebsitefinder.
com.au, who employs almost 160 people globally, says
aligning a staff member’s personal objectives with the
goals of the business is critical to keeping them. “If
they are meeting their personal goals, which help to
achieve the company’s goals, there will be great long-
term alignment,” says Schebesta, who quirkily took to
NewYork’sfamousTimesSquarewithamessageboard
in search of content managers and SEO (search engine
optimisation) experts for Finder’s new US operation.
Interviewing is the most crucial part of building the
rightteam,saysSchebesta.“Yourinterviewsshouldbea
test of the core skills a candidate needs to be successful
in their role. If you are hiring a salesperson, make the
candidatesellthemselvestoyou.Iftheyareanengineer,
make them solve engineering problems.”
The right technology
Smallbusinessownersdon’texpecttobethetechnology
experts when they launch their operation, says Andy
Ellis,groupmanagingdirector,TelstraBusiness.“They
startabusinessbecausetheyhadanidea,apassionand
theconfidencetobackthemselves,”hesays.“Theyneed
help to get back to what they’re passionate about, so
they can be the best business they can be.”
Page 2 of 3
September, 2016
Money Magazine, National
Author: Anthony O'Brien • Section: General News • Article type : News Item
Classification : Magazines Business • Audience : 43,112 • Page: 50
Printed Size: 2341.00cm² • Market: National • Country: Australia • ASR: AUD 40,500
Words: 1783 • Item ID: 655842405
Licensed by Copyright Agency. You may only copy or communicate this work with a licence.

3. One of the apps featured is BlueJeans. “Save yourself
the commute time and cost by hosting high-definition
video meetings from the comfort of your couch using
BlueJeans,”saysEllis.Thisconferencingappisaneasy-
to-use, cloud-based application compatible with almost
any device and is very secure, says Telstra.
AnotherappbusinessesmightfindusefulisDocusign,
whichenablesthesigning,sending,trackingandstoring
of documents on your mobile device. You’ll do your bit
for the environment and also cut back on paper and ink
as well as postage costs.
Make the most of social media
Consistencyiscriticaltosocialmediasuccess,saysKate
Mather,frommarketingcommunicationagencyProfile
DigitalGroup,whoseclientsincludeleadingrealestate
brands and online retailers. “Every platform, whether
Cash flow is the lifeblood of
a business and, if money is
tight, there are a few steps you
could take to fix this obstruction.
Often slow-paying customers
will be at the root of cash
flow problems. If you don’t
have a process to manage
your debt collection, put
something in place fast.
Better still, try automation.
Accounting software provider
Xero, for example, offers an
automated reminder service
with its invoicing functionality.
Businesses using Xero can set
overdue alerts for seven, 14 and
21 days, which are emailed to
overdue debtors.
If this strategy fails, try old-
fashioned diplomacy. By talking
to your customers directly, you
can find out if there is a problem
at their end. If there is an issue,
discuss whether they’d be
amenable to a payment plan
that will help you recover the
debt. If there is no clear-cut
issue affecting a customer’s
ability to pay an invoice, then
don’t be afraid to ask them to
settle the debt by a specific
date. Only if the matter drags on
should you consider legal action.
On the accounts payable side,
review the payments to your
suppliers. For many businesses,
suppliers are as critical to long-
term success as employees,
and it’s important to keep them
happy. However, this doesn’t
mean paying them prematurely.
If you’re having a few customer-
based cash flow issues, get
on the phone to your suppliers
and seek payment extensions.
Likewise talk to your suppliers
about if they’d be prepared to
give you discounts for early
payment or volume discounts.
Consider ways to trim costs
such as insurance, phone
and electricity. Check which
companies are more motivated
to make your life easier as a
business owner. “Some energy
provider plans, for example, will
allow you to pick your billing
days, which can make it easier
for companies that send out
their invoices on set days,” says
Laura Crowden, public relations
manager at iSelect. “If your
business income varies over
time and you sometimes have
to pay invoices late, you may
be better choosing a plan that
provides a guaranteed discount
rate rather than a conditional
discount that only applies if you
pay on time.”
Finally, re-examine your loans
and commercial leases. Again,
shop around and ask your bank
or finance company to match
the best deal.
What to look for in your review
it’s Twitter, Facebook, Instagram or Pinterest, requires
consistentlyuniquecontentfromabusinessandplenty
of sharing, liking and comments about the posts made
by your customers and contacts,” she says.
Hashtagging,usingthe“#”symbolonplatformssuch
asInstagram,TwitterandPinterest,isavaluablestrategy.
“Hashtagging enables people to search for products on
socialmediaplatforms,”saysMather.It’salsoanavenue
for businesses to reach potential customers.
“If a cosmetics firm, for example, is seeking to
grow its Instagram following, it could search hashtag
#blueglittereyeshadow,” says Mather. Through this
hashtag,acosmeticsfirmwillfindacommunityseeking
informationaboutthelatestproducts,make-uptipsand,
more importantly, posts by consumers about the latest
make-ups, eyeshadows and lipsticks.
“By‘liking’theseposts(iftheyareindeedlikeable)and
postingsomequalitycontentofitsown,thecosmeticsfirm
can start to build a presence at #blueglittereyeshadow,”
says Mather. “Using social media in this way enables
a business to grow its brand awareness and create a
dialogue with consumers who might be influenced to
buy its products.”
Ifyou’renewtosocialmedia,orwishtomakegreater
use of the many platforms, you can outsource this
function. Expect to pay $250 a month per platform for
a bargain-basement plan, says Mather.
“This will cover the cost of some daily posts and
implementing a few strategies such as hashtagging
and liking posts,” she says. “For social media training
or project work, expect to pay between $80 and $100
an hour.” M
ThisreportwassponsoredbyTelstrabutwasindependently
researched and written.
Page 3 of 3
September, 2016
Money Magazine, National
Author: Anthony O'Brien • Section: General News • Article type : News Item
Classification : Magazines Business • Audience : 43,112 • Page: 50
Printed Size: 2341.00cm² • Market: National • Country: Australia • ASR: AUD 40,500
Words: 1783 • Item ID: 655842405
Licensed by Copyright Agency. You may only copy or communicate this work with a licence.