Issue 03, April 08

www.impact-corporate.co.uk

"Planning, Strategy, Profit, Success"

Hi {~Firstname~},

In this edition:

1. Introduction & another offer
2. Tip Bitz
3. Feature: Working on your business not in it
4. Business Threats
5. Events
6. Subscribe/Unsubscribe information

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Introduction & Offers
Welcome back to Biztips, Impact's contribution to helping business owners grow their profit and create even more success. We have had some excellent feedback from our readers on last year's tips and following our recent IT rebuilding project (thanks, by the way, for a great job from Alan Johnson at Teknicare Ltd) we are back for a new season in 2008. I am really pleased that those receiving our advice are reaping the rewards - that's great!

Biztips is completely complimentary and I hope you find the content here both useful and informative. If you haven't already done so then please subscribe and feel free to send it to a business colleague, friend, client or even supplier. by using the link here or in the right hand margin

In the last edition we extended our Business Review offer (a two to three hour review session with one of our consultants entirely at our expense) that was snapped up by three lucky businesses. We intend to replicate the offer this month so call us today to claim your review - first come, first served.

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Tip Bitz

Working from home? - The taxman has changed his mind on what you can claim for working from home. Of course we would all argue that as we work from home from time to time we should be allowed to claim back a proportion of our household bills. Not necessarily! You will need to plan accordingly and for advice please contact Morgans by clicking this link or the one to the right.

False VAT claims - Are you checking on the VAT position of new suppliers? If you are VAT registered then you will of course be claiming back your VAT on supplies purchased but what if the VAT number on the invoice is FAKE, meaning someone is charging VAT for their own benefit? Don't get caught out. You can do a simple check with the VAT office by calling the advice line on 0845 010 9000 and check if the number is valid.

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Feature: Working on your business not in it!

Your business should run as efficiently without as it does with you, but all too often I find that businesses are completely reliant upon the owner to run from day-to-day. Generally I find that businesses like these are basically busy, sometimes overly stressful to work in and rarely grow to their potential. Having a plan and strategies with which to deliver that plan is the first step to creating a business that is self sufficient.

If for example your charge out rate is say £50 per hour (or equivilent) then if you can find a book keeper that will do your paperwork for say £25 per hour, then you owe it to yourself to not be doing the books and to spend that time doing what it is that you do or marketing your business better by utilising that time.

Create systems for every function of the business and write them down. For answering the phone, dealing with orders, handling complaints, marketing etc etc. In fact write a system for everything that you do that is successful. Create your operations manual so that anyone can do what needs to be done, consistently improve it, then... guard it with your life! You will have created the platform to run a successful business that can be replicated over and over in a certain industry sector.

I remember making all sorts of mistakes in my business in the early days, but soon I discovered what worked well and what didn't work so well. Then I had a bright idea, or to be more acurate, a change of business mindset... What if I took all of this information, then put a value on all of my mistakes and successes and created a way to be paid for all of that time spent? Then the mistakes wouldn't be mistakes at all, just discoveries that would pay me handsomely!

Working too hard? - you may need to take a look at the role that you play as an owner manager and:

Ask yourself these questions...

• Do you find it difficult to take a holiday?
• What if you get sick (the enforced holiday)?
• Do you feel as though you are working harder and harder for no further benefit?
• Are you benefiting from your mistakes?
• If you got someone else to focus on the day to day stuff could you make the business more profitable?
• Time is your biggest asset - are you using it in the most profitable way?

The benefits of business systems

• A business that is run on systems is likely to be worth 87% more at sale as one that relies on it's owner's knowledge.
• Taking a holiday without fear of damaging the business.
• The ability to create time for yourself to create productive strategies and increase profits.
• Having time to develop your best client relationships and more of them.
• Working smarter not harder
• Reducing your time in the business to concentrate on what's important in your life.

Sounds idylic but to my mind this is the essence of business. If I had wanted to work harder and harder I would have stayed employed and created this opportunity for the people at the top of that business.

Do you want to be a self employed business person or do you want to be a business entrepreneur? - For advice on making it - subscribe first then call me on 0208 642 1919

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Barclays Survey - Business Threats

The following is data collected by Barclays Bank in their business survey and indicates threats actually experienced by the survey corresspondants. (SME market conducted by Ciao Group - 509 customers with T/O up to £1m in January 2007)

Threat area	Threat experienced?
Customers not paying	50.50%
Computer / IT breakdown *	38.10%
Breakdown of vehicles	29.50%
Loss of income	25.00%
Mobile phone loss / damage	21.20%
Burglary / theft	15.50%
Vandalism to property	9.60%
Other storm damage	9.00%
Premises flooded	5.50%
Employee fraud **	4.70%
Personal injury on your premises	4.70%
Being sued **	3.30%
Subsidence at premises	1.80%
Terrorism	0.20%

A set of business strategies within a business plan will avoid most of the above. Do you have a business plan on which you run and develop your business? If not - it's really easy let's get the process underway today.Call me to find out how Impact can help.

Also
Item marked * Contact Alan Johnson here
Item marked ** Contact Fintan O'Toole here

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Sales Taster Session

Just as a reminder, our ground breaking sales programmes designed specifically for local business owners are still running and creating excellent sales results for delegates.

One of them in the accountancy profession said recently - 'every one of my clients would benefit from Impact's techniques'.

For just £210 per quarter (6x two hour sessions) you can really ‘sharpen the saw’ and get guaranteed improved results fast!

Check out how here

We will of course be continuing our 'Taster Sessions' again in April so you can try it out for free. These sessions are held at our offices in Cheam where you will be joined by other local business owners and also some corporate representatives. Call Gary today or visit this page to register your free place.

Nat West Networking Seminar -  Wed 16/4/08
I will be speaking on some of the above topics and more at Nat West's Business (Breakfast) Seminar on the 16th April (7.30 am start) at The Gypsy Moth Restaurant in The Colonades in Croydon. It's a great place to network with other businesses and better still it's free!

For further details and to reserve your place email:
cindy.1.holden@natwest.com
Hope to see you there!

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Thanks for reading, I hope you found this month's offerings useful and please consider the questions in this month's feature carefully. I urge you towards unprecedented success!

 

Phil Wells
Business Success Coach
www.impact-corporate.co.uk

I will only bring you items and information that I believe will benefit your business.

 

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written by
Phil Wells

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