We did it!!…….and we’re so proud of our achievement.

We travelled to the North and Pole and back………well virtually.

23 of our team and their families have taken part in running, cycling, swimming, cross training and walking, and have covered the 5,000 mile distance between us to help raise funds for the South Trafford Foodbank.

This challenge fits into our core value, ‘making a positive impact’ and we hope to raise much needed funds for a fantastic charity in our local area.

Along the way we’ve recorded a video which shows why we’re taking this on. Please hit the link to watch it and see us in action. We think you’ll like it.
All donations will be gratefully received.

https://localgiving.org/fundraising/BWP-inspire/

Thank you from all at Inspire!

Accountants tell clients to reduce their overhead costs if they want to increase profits and grow their business. But one such overhead costs is your accounting fees. So, is what you spend with your accountant an overhead expense which needs to be reduced, or is it an investment?

Expenses are costs that can’t be avoided. They are a grudge purchase with very little value add.

On the other hand, an investment is about the return on your spend – what you get back as the benefits of the service; more cash, more time, or simply peace of mind that everything is done as it should be.

We believe our role as an accountant is to provide enduring value to you and your business. It’s no longer just about annual accounts and tax. At Inspire, our core purpose is to ‘improve lives’. To live into this, we provide services such as:

• Tax planning and minimisation
• Wealth creation
• Helping our clients create a business plan to realise your goals
• Profit and cashflow improvement strategies
• Working alongside clients to realise the plan
• Ensuring compliance and tax obligations are met in the most cost-effective way

If you consider what you spend with your accountant to be a cost, then cut that cost.

But if you consider it an investment, you need to invest now more than ever.

How to make a difference.

Harvey Mackay, author of How To Swim With The Sharks Without Being Eaten Alive tells a wonderful story about a taxi driver which demonstrates Moments Of Truth perfectly…

Harvey was waiting in line for a ride at the airport.

When a cab pulled up, the first thing Harvey noticed was that the taxi was polished to a bright shine.

Smartly dressed in a white shirt, black tie and freshly pressed black trousers, the cab driver jumped out and rounded the car to open the back passenger door for Harvey.

He handed Harvey a laminated card and said:

“I’m Wally, your driver. While I’m loading your bags in the trunk I’d like you to read my mission statement.”

Taken aback, Harvey read the card. It said: Wally’s Mission Statement:

To get my customers to their destination in the quickest, safest and cheapest way possible in a friendly environment.

This blew Harvey away. Especially when he noticed that the inside of the cab matched the outside. Spotlessly clean!

As he slid behind the wheel, Wally said, “Would you like a cup of coffee? I have a thermos of regular and one of decaf.”

Harvey said jokingly, “No, I’d prefer a soft drink.”

Wally smiled and said, “No problem. I have a cooler up front with regular and Diet Coke, water and orange juice.”

Almost stuttering, Harvey said, “I’ll take a Diet Coke.”

Handing him his drink, Wally said, “If you’d like something to read, I have The Wall Street Journal, Time, Sports Illustrated and USA Today.”

As they were pulling away, Wally handed Harvey another laminated card. “These are the stations I get and the music they play, if you’d like to listen to the radio.”

And, as if that wasn’t enough, Wally told Harvey that he had the air conditioning on and asked if the temperature was comfortable for him.

Then he advised Harvey of the best route to his destination for that time of day.

He also let him know that he’d be happy to chat and tell him about some of the sights or, if Harvey preferred, to leave him with his own thoughts.

Then Harvey said, “Tell me, Wally, have you always served customers like this?”

Wally smiled into the rear-view mirror. “No, not always. In fact, it’s only been in the last two years. My first five years driving, I spent most of my time complaining like all the rest of the cabbies do.

“Then I decided to do things differently. I looked around at the other cabs and their drivers. The cabs were dirty, the drivers were unfriendly, and the customers were unhappy. So I decided to make some changes. I put in a few at a time. When my customers responded well, I did more.”

“I take it that has paid off for you,” Harvey said.

“It sure has,” Wally replied. “In my first year I doubled my income from the previous year. This year I’ll probably quadruple it. You were lucky to get me today. I don’t sit at cabstands anymore.

“My customers call me for appointments on my cell phone or leave a message on my answering machine. If I can’t pick them up myself I get a reliable cabbie friend to do it, and I take a piece of the action.”

Wally was implementing Moments Of Truth, even though he didn’t realise it!

This true story demonstrates that if Moments Of Truth can be so successful for a taxi driver – it can work for any type of business – ESPECIALLY YOUR BUSINESS!

This month we’re focussing on customers, clients or patients.
And more importantly, why we need to make them feel ‘LOVED’!
On average, and for a variety of reasons, most businesses will lose between 10% and 20% of their existing customers each and every year.
Customers come and go. It’s simply a fact of life.
Some of the reasons for customer attrition are unavoidable but others are in complete control of the business.
Interestingly, according to a recent survey by the Sales and Marketing Executives International, customers stop buying for the following reasons:
· 1% die
· 3% move away
· 5% develop other friendships
· 9% leave for competitive reasons
· 14% are dissatisfied with the product or service
· 68% leave because they were treated with indifference, disrespect, apathy or neglectful behaviour on the part of employees of that business organisation with whom they interacted.
82% of a business’s customers leaving because they are unhappy is not good news in anyone’s book.
With a bit of ‘hand-holding’, many of these customers wouldn’t even consider leaving in the first place, and those that do can often be ‘won’ back.
At BWP Inspire, we work very hard to keep our clients happy.
We’re not perfect by any means, but we focus on every interaction and make sure at the very least they are happy with the outcome.
We also regularly tell them we appreciate their business, and when they refer people to us, we’ll say ’thanks’ and send them a gift.
There’s more we do, but I can tell you from my own experience that once you get a customer it’s your job (and the job of your team) to make sure you hold on to them.
It’s not difficult to ‘love’ our customers, as long as we don’t forget.
After all, even our loved ones need telling how much we care once in a while!

Stress is a horrible emotion.
Nobody likes to be around anyone who’s stressed, and nobody likes to be stressed.
Yet we all experience it, all the time. And it’s like there’s no way of dealing with it because it just keeps turning up unexpectedly.
So firstly, let’s establish why we should learn to manage stress.
Now, I’m not talking about the dramatic signs, where someone throws their laptop and only sleeps for four hours a night, but the signs that you probably have just learnt to deal with. Like your mind never relaxing, worrying about time, trying to fit everything into your schedule.
These are all common examples that every business owner faces, and just accepts that that is the way it is.
Well, life doesn’t have to be like that. Obviously, every day won’t be like a bed of roses, but you shouldn’t just ignore that you’re overwhelmed and unhappy.
Stress is your body telling you that you’re in danger or in some kind of threat. When it isn’t controlled, it can damage your health, mood, productivity and even relationships. Who wants to be around someone who’s raising their voice all the time?
You can’t control everything in life. Bad things will happen and that doesn’t mean the world is against you—it’s just the way things work sometimes.
When you’re stuck in a traffic jam and you’re already late, your body sends out a stress response. You feel uncomfortable, your heart races, anxiety kicks in… all of these symptoms aren’t harming if they only appear every now and then.
But if you stay in stress mode when you finally arrive in the office, then it becomes harming to you and everyone around you.
See the bigger picture.
Sticking with the traffic jam example, try to think positive instead. I don’t mean get out of your car and start encouraging other drivers to sing along to lighten the mood, but learn to accept that you can’t control what is happening right now. Tell yourself that you’ll arrive late and there is nothing you can do. Working yourself up doesn’t help and makes things ten times worse. Learn to calm yourself by taking some deep breaths and think about the reality of the situation. People are dying right now and you’re running late… it’s not so bad when you look at the reality of the situation.
If you find you get stressed when something at work doesn’t go your way, or something happens that makes you question your efforts, stress here is a good and bad thing.
It isn’t always a negative thing to feel stressed. If I told you to ring up 40 clients by the end of the day, you wouldn’t just sit down and relax all day, you’d work as hard as you can to achieve it.
When you’re feeling the strain of work, you push yourself to get everything completed to a high standard and on time. This can be healthy because if every day was the same and nothing unexpected came along, we’d be bored and unmotivated. Sometimes we all need a little push!
Work on yourself as a person to manage how you deal with hectic times and demanding situations. You are not a slave to anyone and you don’t have to stay up until 3am to please someone else. Put yourself and your health first, or you’ll be paying the price.
Spend time with positive people.
People who seem to be carefree have a more enjoyable life because they don’t let their stresses take over their life.
There is no magical pill that will ever stop you feeling overwhelmed, but it’s how you react to the situation that determines your stress levels.
When people say to you “don’t get stressed”, it’s frustrating, because you don’t have the capability to switch off your emotions and choose how you feel. But the next time someone says that, think about how right they are. Isn’t the goal to not feel under pressure? If you allow yourself every time to make a situation negative, then you’ll grow accustomed to this feeling and never change. Reassess the severity of the problem, calm yourself down and take action instead.
Not for one moment would I suggest just shrugging off the problem, because this is how everything escalates, and I’m not saying to not care about anything either. You have to understand that when you’re in that moment, when your blood pressure is rising and you’re stuck in a world full of troubles, it’s not the way it should be.
Take steps to help the situation. If a client hasn’t turned up for a meeting, don’t sit in your car and panic – call them, ring their office… do something to resolve it. Promise yourself that next time you’ll come up with solutions rather than focus on the problem. There is always a way out!
Remember … you’re in control!
• No matter how we structure and create our lives, things will go wrong … often at times when we don’t think we’re strong enough to deal with it.
• Accept the change. Accept that even if you’ve given your all and worked as hard as you can, there’s nothing more you can do.
• Become aware of your stress. There are so many people in the world who can’t go one day without feeling stressed, and they’ve just accepted that that is the person they are and things will never change. But the moment you notice that you’re sleeping less, working more, lashing out when things don’t go as planned, look at your attitude and recognise that it isn’t healthy.
• Get to know yourself and examine yourself and take the steps mentioned above. A month or a year from now, most of what you’re going through right now won’t even matter.
• It’s important to realise that there is no quick fix to living a stress-free life, but not everything will go accordingly.
• Keep practising and don’t give up. You deserve to be happy and healthy, and one day in the near future you’ll get to a point that no matter what life throws at you, you can handle it.
• Don’t try to become someone different overnight. It just won’t happen. Look at your life and see how it is heading and how, if you change your perspective on everything, life is a beautiful blessing.
• Find your personal ways of dealing with things. Is it to reward yourself at the end? Make jokes to keep yourself sane? Whatever helps you to manage your stress but still aim to resolve the problem is worth trying.
So the next time life throws something at you, try these new tricks to overcome it.

If you run a search on Amazon.co.uk for books that claim to help entrepreneurs to run their business, it’ll come up with well over 50,000 titles.
Yet, in my opinion, The E-myth is the absolute crème de la crème of reading matter. So much so that if I was CEO of Companies House, I’d make it mandatory reading for every single person who sets up in business.
The focus of The E-myth Revisited.
First published in 1986 and then revitalised in 2009, by world-renowned business author Michael Gerber, the E-Myth Revisited is a terrific go-to handbook that looks to challenge two entrepreneurial myths. Firstly, the myth that most people who set up a business are indeed entrepreneurs. The second myth – the (fatal) assumption that anyone who understands the technical workings of a business, can successfully run that said business.
The things that get in the way.
We live in an economy where more and more people are looking to achieve maximum independence and freedom when it comes to generating income, and setting up their own business and franchises is a great way of going about that. You’re in control right?
However most people set off only considering the technical aspects of their business; what they’re going to do, who they’re going to do it for and how much it’s going to cost them.
But that’s only the starting point. And if this remains their sole focus, once their customer base grows – they eventually end up with a multitude of bosses. Dozens of customers, all with their own particular wants and needs, putting pressure on them to perform. Now that’s no way to achieve the freedom, independence and job satisfaction you set out for, is it?
In this book, Gerber points out how common assumptions, expectations, and even technical expertise can get in the way of running a successful business.
He walks the reader through all the steps in a business lifecycle – from start-up immaturity, through the growing pains of business development and expansion as well as looking at things from a mature entrepreneurial perspective. He also shows how business owners can apply the lessons of franchising to any business, whether or not it is a franchise; simply because the methodology works!
Working ‘on’ your business versus working ‘in’ your business.
One of the main areas that Gerber focuses on in The E-myth, is the distinct differences between working ‘on’ a business and ‘in’ a business and the power that having that knowledge can generate. They are in fact two very different activities and gaining an understanding of the distinction between them is a massive step in achieving commercial success.
Helping us to help you.
Every new client that signs up with BWP Inspire is automatically given a copy of this book with their welcome pack. And we strongly encourage them to read it. Ensuring our clients truly understand their businesses and can get themselves in the right mindset is crucial to a successful business journey. It allows us to better assist those clients in understanding and putting into practice the ethos of the topics Gerber covers and ultimately helps us to help them achieve the business and lifestyle that they truly desire.

HMRC is getting fancy and is hell-bent on being one of the most digitally advanced tax administrations in the world.
No more tax returns. Less paperwork. No unexpected tax bills. Well, that’s what all the marketing blurb says anyway.
But what’s the ‘real deal’ behind the Governments latest ‘efficiency’ scheme? And how is it set to affect small to medium-sized businesses?
So … HMRC claim: ‘There’ll Be Less Time Wasted’.
No protracted annual return means no chunks of your business calendar dedicated to tax. Instead, with the Making Tax Digital scheme, summaries of income and expenditure will be submitted each quarter.
Hmmm … people who live in the ‘real’ business world know that there is so much more to completing a tax return than making sure their income and expenditure ledgers are up to date.
Even the most meticulous bookkeeper still has to dedicate a reasonable chunk of time and resource to make sure everything is absolutely spot-on with their numbers before they press the ‘submit’ button.
Just cast your mind back to the amount of time it took you to do your last self-assessment. Now times that figure by four and that’s how long this process is likely to take you once Making Tax Digital kicks in – at least in your first year until you get up to speed.
Because submitting once a quarter means going through that whole rigmarole every three months, come rain or shine.
HMRC claim: ‘There’ll Be Less Money Lost’.
It’s estimated that £9bn is lost each year due to human error. The new digital system will drastically reduce this figure, making sure that your tax is calculated right, the first time around. Fewer mistakes, and less unwarranted fines.
Not True! The new system will never truly eradicate human error.
Admin tasks still need to be completed and there’s always the chance that mistakes will be made. The good thing about the new system is that in instances where too little tax has been paid, you’ll be notified sooner and be able to rectify the situation quickly – without having to wait till the end of the financial year.
But if mistakes are made in HMRC’s favour and you end up paying too much tax – how likely do you think it will be that they’ll be hot on the phone to tell you that they’re processing your refund??
The Federation of Small Businesses has stated that they feel the change is likely to triple the administrative burden on small businesses, landlords and the self-employed.
Small businesses ware also likely to need to invest in new hardware to support the system. The FSB suggest that these changes could set small businesses back as much as £3000 a year in additional time, salaries and professional fees alone.
HMRC claim: ‘You’ll Become Less Reliant on Your Accountant’.
Since your ongoing digital accounting records will be compatible with the HMRC systems, there’ll be less for accountants to do.
Wrong. The truth is that you’re going to need your accountant now more than ever – literally!
Strict quarterly reporting rules will mean that contacting your accountant in a blind panic on 1st January will become a thing of the past. Well perhaps not, but you’ll only have the previous three months to worry about!
On top of this, if you’re not already using a cloud-based software such as Xero or Clearbooks, your accountant can make sure that your books and records are properly migrated online, giving you an accurate balance sheet from day 1.
More importantly, they’ll be able to provide more regular advice on the intricacies and complexities of tax rules and regulations.
And to be honest – we couldn’t be happier with all of the above, because we’ll get to know you AND be able to serve you better!
Instead of that one-off annual panic, we’ll remain in regular contact with you. That means more cups of tea, more chats about your financial goals and more guidance on keeping your business profitable.
Next Steps
Initially, the government was aiming to complete the ‘Make Tax Digital’ transformation by 2020, but there has been talk of delays due to Brexit. But one thing is for sure, THIS THING IS HAPPENING!
Starting with businesses that are registered for VAT. With effect from 1 April 2019, if your taxable turnover is above the VAT registration threshold you are legally bound to keep records in digital form and file HMRC’s VAT Returns using their Application Programming Interface (API) platform.
And taking everything into consideration, we firmly believe it will be good for your business.
And it’s OUR business to protecting YOUR interests and making sure that YOU keep more of YOUR hard earned money – and not surrender it unnecessarily to the tax-man.

What do a photographer, a quantity surveyor and an electrician all have in common?
Well, it’s highly likely that as small business owners, they each started up in business to serve their clients doing something that they absolutely loved. Not to spend countless hours every month pouring over their accounts or bookkeeping.
Traditional desktop-based accounting software can be somewhat tedious.
This is especially true for the entrepreneurs amongst us who insist on stuffing all their receipts into a plastic bag; then frantically cobbling things together in an Excel spreadsheet at the end of every quarter.
Thankfully, there’s an ever-growing range of online tools and technologies available that can help to reduce the monotony of managing invoices, bills and receipts. Whilst at the same time, freeing you up to do the parts of the job you really love.
Cloud accounting is the future when it comes to finding a solution that is simple to use. And it will almost certainly save your company a significant amount of time and money.

So what is this ‘cloud’ and how does it work?
It’s not that long ago that if we needed to use a specific piece of software, store data or run programs, we’d be completely reliant on the capacity and speed of our individual computer.
If we then wanted to share that data with someone else (our accountant for example), we’d either have to email it or else load it onto a USB stick. Neither of which is secure or reliable.
Plus – practically as soon as the data has been sent, it’s out of date again!
‘The cloud’ is a shortened term for ‘cloud computing’. And a cloud application (app or program) can run on multiple (sometimes dozens) of powerful internet-connected computers spread around the world.
So your hard drive is no longer relied on as the central hub.

How can Cloud Accounting help me and my business?
Cloud-based accounting software such as Xero, Clearbooks and ReceiptBank can be accessed from practically any device that has an internet connection.
Data can be accessed anytime, anywhere in the world, meaning that you’ll always have an up-to-date picture of how your business is performing, no matter where you are or what you’re doing.
Processing your accounts online means that you can successfully bridge the data-sharing gap between you, your business and anyone else that needs access to your data; such as an accounts assistant, a bookkeeper or an accountant.

What do our clients have to say about Cloud Accounting?
An estimated 80% of our current client base is already using cloud-based accounting and are reaping the rewards that this technologically sophisticated medium affords.
Steve Tanswell, Managing Director of Smarter Heating Services, told us: “Cloud accounting has absolutely transformed my business over the past few years.
“Instead of just reporting last year’s figures – basically because the tax man says I have to – my input is now based on real-time activity. This has really strengthened the relationship between my company and Price Manchester and I feel that we get a much greater level of support from them.
“I have to admit that I was a bit apprehensive at first, but cloud software really is so easy to use and because it’s payable on a rolling monthly subscription, it’s much more cost effective. Steve and his team were absolutely brilliant when it came to getting us set up. And since they now have real-time access to our data, they’re often in a position to spot any errors or omissions early on, so that things can be quickly rectified.
“That’s’ just the day to day stuff – from a more strategic point of view, cloud accounting gives me instant access to accurate financial information which has been absolutely invaluable when it comes to planning the future growth of my business.”

Are Business Plans Still Worth The Time & Effort?
While a robust business plan is considered essential in any business, sadly not every entrepreneur sees the need for one.
We regularly come across business owners who haven’t got a business plan.
Some are complacent, assuming that their dedication, passion and optimism is sufficient to get them where they want to be. Many claim they’re far too busy. Others are reluctant to physically write their goals down in a business plan; fearing that if they do, they’ll put themselves under immense pressure and encourage failure.
There are dozens of articles online claiming that business plans are outdated or irrelevant; but thankfully, not everyone agrees with that statement.

What’s The Secret To Success?
Today’s most successful entrepreneurs have one major thing in common. They’ve learnt to appreciate the value of dedicating as much time to working ‘ON’ their business (setting realistic goals and strategies) as they do ‘IN’ their business (actually doing the job and carrying out their day-to-day activities).
A business plan is, and always has been, an important strategic tool for every entrepreneur. A tool that forces them to focus on the specific steps necessary to make their business ideas succeed. A tool that makes them accountable for setting both short-term and long-term objectives; and to be able to modify said objectives depending on their circumstances.
And let’s not assume that this is just an activity reserved for start-up businesses.
Business planning is an ongoing activity that should be reviewed and updated regularly, or at least whenever there is a change in the business’ circumstances.
For example when companies:
• acquire a huge new account
• take a hit from a significantly large bad debt
• take on a business development manager or key member of staff
• acquire some new technology that helps them to work smarter, not harder
Having a great business idea is no longer enough. Even the most sensational business ideas can be totally useless if you don’t take time out to research, formulate, execute and implement a strategic plan to make your business idea work.

Value Added Service
At BWP Inspire we want to see all of our clients succeed in business; which is why we offer them preferential access to our business planning service.
This service encourages them to take a step back from the day to day workings of their businesses and focus on the things that are needed to help them grow, at a pace that is right for them.
We focus on a variety of areas, and get them to think about:
• The purpose of their business.
Are they looking for world domination, or are they looking to build the business to a level where it becomes attractive to investors? Are they looking to franchise? Do they have plans for retirement?
• Whether or not they have realistic and measurable goals.
They might know where they currently are in business, but do they know how to get where they need to be? Do they have a realistic, robust strategy in place to help them to achieve their goals?
• Do they frequently review their plans?
Business frequently change direction or diversify. Markets change, policies change, staffing levels can fluctuate. All of these external influences can have an effect on a business’ aims and aspirations.
All of this culminates in the development of an easy to follow single-page business plan that then acts as a guide for them and their teams to focus on key areas of their business and successfully implement the necessary changes.

Andrew Nelson and Anthony Bonney
from inSurge Limited, a Manchester based B2B marketing agency, have recently gone through this very process with us. They told us:
“We knew that if we were going to get this business right, we needed to start with a clear plan.
“Having gone through this process with Steve, we now have a framework for how we want to run and grow inSurge. We have laid out a plan and have made ourselves accountable for its delivery.
“This business plan has given us the confidence and motivation to create the business we want.”
If you’d like more details on our business planning service, why not give us a call, or pop in for a cuppa.

Owning a business is hard work. And despite how successful a business is, not one single person has all the answers.
More challenging still, is knowing when it’s the right time to look for external support and ultimately where to find it.
How often do you find yourself at work wishing you had someone objective to run things by?
From something as simple as building a marketing strategy to something as complex as planning your exit strategy.
How could you benefit from having someone to help you navigate challenging terrain? Business coaching could well be the answer.

Keeping you and your business on track!
As a regular BWP Inspire blog reader, you’ll know that we are anything BUT a typical accountancy firm.
But it may well come as a surprise that we deliver tailored coaching programmes, covering a range of different topics, that help to motivate and drive our Client’s businesses forward.
Chris Byrne, managing director of Manchester-based CEB Electrics Limited told us;
“I started off as a one-man-band, but as my business grew, the urgency of the day job became my number one priority.
“Sorting out the staff, ordering materials, writing up tender documents and chasing outstanding invoices. It was relentless. In all honesty, little to zero time was spent thinking about where my business was actually going”.

Business coaching benefits
Chris had a good idea of what he wanted to achieve with his business; he just wasn’t quite sure how to get there.
He admitted he was initially quite sceptical about the benefits of business coaching but decided to give it a try after being encouraged by one of his friends.
“I don’t know why I left it so long”, Chris said. “Steve and his team have done my accounting for a few years now, so they obviously know quite a lot about my business already.
Having the opportunity to sit down with someone I trust, in a relaxed environment, who can offer support and guidance in so many other areas is absolutely priceless.
“I now meet with Steve for a monthly business coaching session. As well as discussing accountability, profitability and cash flow, we also chat about areas such as marketing, sales strategies, ambitions and goals.
It’s great to have a non-judgemental sounding board. He helps me to filter ideas and resolve pressing issues; something I couldn’t really do with anyone else in my business”.

The whole package
Commercial success can’t be attributed to one specific thing. It’s a mixture of all of the little things that make a collective impact.
And significant progress is often made when small, incremental improvements are made across the board. And that’s where business coaching comes into its own.
Because when we become focussed, driven and accountable business owners, that’s where the magic happens.

Marketing. It’s all about getting as many eyes on your business as you possibly can.
Are you covering all of your bases?
• Website … check!
• Social media … check!
• Advert in the paper … check!
How about networking?
• Errrmmmm …
Okay, so online marketing is great. And over the years, online networking platforms such Linked-In have become an invaluable business tool when used to their best advantage.
But if you’re overlooking actual face-to-face networking, let me tell you, you’re seriously missing out.
‘Marketing’ is simply making connections with humans on an emotional level. That’s why customers and clients will buy from YOU and recommend YOU before somebody else. And what better way to make that connection than face-to-face?
There’s simply no substitute for a direct personal connection with someone who trusts you and the value you bring.
The Power Of Networking
I won’t deny that face-to-face networking takes more effort than simply adding ‘Becky from Sales’ to your Facebook group. But the return on investment can be so huge, that complaining will be the last thing on your mind.
The very act of meeting people face-to-face gives you the opportunity to have more meaningful exchanges. It can deepen your business connections and boost your credibility massively. This ability to gain and maintain real trust is priceless in today’s virtual business world.
So, what can you expect to gain from face to face networking? Networking can bring you:
• New clients
• Unique ideas
• Extra opportunities
• Improved solutions
• A reputation for integrity
• Fresh talent for your team
• Grass-roots market research
• Information about competitors
• A deeper awareness of your industry
• A great social life!
In essence, it can give you a whole new ‘sales team’ of networking connections that are only too willing to recommend you! There’s little more powerful than word-of-mouth recommendation and referrals. It’s the original form of viral marketing.
How To Network Effectively
Networking doesn’t have to be a bunch of fuddy-duddies huddled around the jar of Nescafe. Nor is it limited to long golf-days with a senior team of people you just don’t like.
Networking can be done anywhere, anytime, with anyone you meet. In the canteen, the back of an uber, during a conference, over lunch or at a traditional networking meeting such as those run by the world’s largest referral marketing organisation – BNI.
Wherever it happens, the same rules apply to making your new connections meaningful.
Here are our top 10 tips.

1. It’s not all sales, sales, sales. Effective networking is about the long game.
2. Think about your first impressions and reputation. Honesty always!
3. Always give value and deliver on your promises.
4. Be proactive and generous in opportunities, sharing any introductions that you make.
5. Be interested and actually care. Listen and take notes as you chat.
6. Quality over quantity! Don’t just collect a tonne of cards in order to spam people.
7. Stay in touch. Not with just one follow up email. Networking is just the beginning of a potentially lifelong business connection, so don’t drop the ball.
8. Don’t only connect with people that are like you. Get out of your comfort zone and look for diversity. It’s the key to a whole new world of opportunity.
9. Don’t overlook people who are new to the industry. You never know where they’ve worked in the past or where their career might take them. And they’ll remember your kindness if you bring them value without expecting something in return.
10. Don’t feel nervous. You might not be the worlds greatest communicator and/or feel nervous, but go ahead and reach out. The rewards could be huge.
    When nurtured properly, your networking connections will essentially become your external sales team. They’ll know you, trust you and recommend you. And that is so powerful in this age of faceless digital business.
    The Bottom Line
    Still undecided? Remember that networking is not only for sales-people or those at a senior level. Nor are networking groups full of people who are suited and booted. You’ll find dozens of tradespeople and sole traders at these events too. If your business is worth marketing, you should be networking.
    There’s no secret formula. You just need to show up, make a connection, leave a great impression, stay in touch, give value generously and actually CARE. Because if you don’t, your competitors will.
    If you’d like to know more about networking events in the Manchester area – feel free to contact us.

“If you want to be wealthy, if you want to be successful in business terms, there is only one way…..add more value to other people’s lives than anyone else is adding” Tony Robbins – The World’s Number One Success Coach.

If you haven’t come across Tony’s work, then I’d urge you to check him out, he’s certainly had a big influence on my life, both professionally and personally over the past twenty-odd years. To such an extent that he once persuaded me to walk barefoot over a bed of hot coals at the Excel Centre in London (along with around 2000 other brave souls)!

One of the biggest challenges for all businesses today is how to stand out from the crowd, how to be different from your competitors, not just another entrant in the “price beauty parade” (whoever’s got the lowest price wins!). And the ultimate differentiator is to do something for your customers that no one else is doing, in other words, to add value to the relationship and by doing so, convert them from customers to “raving fans” of your business.

Why? Because in tough times even “satisfied” customers will desert you for a better offer, but “raving fans” will stay with you. And in the viral world, we live in those “raving fans” can be your best marketing resource, people love to talk about the good things in their lives.

So what’s the difference between your business and your competitors? What added value can you bring to the relationship with your customers? What can you do today to turn your customers into “raving fans”?

How easy do you make it for a new client to start doing business with you? Developing any new relationship is difficult, but once that relationship is established, then given your delivering great value, great service and the outcome your clients expect, they’re going to keep coming back for more, aren’t they? So really it’s about getting over that first hurdle, making it as easy as possible for your prospects to convert into clients, so you can build a long-term relationship with long-term profits.

Because for most businesses, a substantial amount of their profits will come from those clients who keep coming back and buying again and again over the years, so getting them to buy from you in the first place is critical, and you need to get them to that point as quickly and as painlessly as possible.

As a starting point, if you knew what a client was going to spend with you over the term of your relationship, then you’d have a good idea of how much you could afford to spend in acquiring that client, wouldn’t you? If you knew, for example, that your average client stayed with you for 3 years and spent £500 with you 4 times a year, and if you also knew that your Gross Profit margin was say 50%, then the “Lifetime Value” of that average client would be:

£500 spend x 50% gross profit x 4 purchases per year x 3 years = £3,000

 So, if for every new client you acquire you’re going to make an average £3,000 gross profit, then what’s it worth spending to get them on board in the first place?  If it cost you £1,000 then you’re still well ahead of the game, but actually, you don’t need to spend anything like that amount. All that’s required is to make that first purchase so easy, so instinctive, that your prospective client just can’t say No!

First off, you could just reduce your price by 50% for the initial sale, so your cost of acquiring that new client becomes £250 in our example. Simple, but in my opinion, not very effective. Yes, it’s going to be very attractive to your prospects, but they may well expect similar discounts on future purchases, which is something to be avoided at all costs!

How about something a little more inventive? Why not take that £250 cost of acquisition, and use it to add value to the original offer? You could spend some of the money on more product or service and give your prospects twice the quantity on their first purchase. Or you could use some of the money to buy complimentary products or services and bundle them up with yours to create an attractive high-value package.

And of course, now you know what you have available to spend to acquire a new client, you could invest that money in your marketing system or even pay it out to your sales people as increased commission. That would get them focused, wouldn’t you agree?

Hopefully you’ve given some thought to the three questions I asked in my last blog? Remember there are only three ways to grow your business, and provided you focus on each one with purpose and with persistence, you will see significant growth.

As an example let’s have a look at a fictional Beauty Salon. It’s well run, well established, and the owners regularly focus on those three key growth drivers (must have a good accountant!)  They know that currently they have 1000 clients spending an average of £25 each visit and making 6 visits each year.

1000 clients x £25 spend x 6 visits = £150,000 income per year

What if they could find a way to increase those three key numbers by just 10%? That’s not a massive increase but let’s look at the effect on their income.

1100 clients x £27.50 spend x 6.6 visits = £199,650 income per year

That’s a 33.1% increase in overall income, from a mere 10% increase in those three key areas. Imagine if you could do that year on year, what kind of success could your business achieve in the next 5 years?

So let’s look at each of those three key growth drivers in more detail, but before we do, let me ask you this. Do you think of the people who buy from you as Clients or as Customers?

To contrast the two terms, here at Inspire, in keeping with, I imagine, every other firm of accountants in the world, we have Clients. What that means to us is that we have a duty of care, to be a trusted advisor to our clients, and to protect and look after their best interests. Based on those principals we can build a long-lasting and mutually rewarding relationship

Compare that with for example your average mid-sized outlet in the Trafford Centre. Their sales staff will generally be more focused on the product than the purchaser and will view the transaction as a one-off. In other words, they have Customers.

But isn’t it interesting how the large multiples, your Tesco’s, Sainsbury’s and the likes, are now bending over backward to look after us all? Loyalty cards bring us back to the store time and time again, but they also give the company valuable information about our buying habits and our preferences.  They’re even trying to get us to eat our veg, for goodness sake, presumably so we’ll all be around longer to continue that “mutually rewarding relationship”!

So, many of the biggest and most successful retailers in the country are looking at us differently now. They may still call us their Customers, but aren’t we actually their Clients? And is that perhaps something you can take on board in your business?

Give most business owners a magic wand and they’d wish for three things.  Firstly, they’d want more clients, secondly, they’d want to make more profit and thirdly they’d want more cash in their bank accounts. In other words, GROWTH!

But where to start to achieve sustainable growth? It’s quite a daunting prospect for most businesses especially if things have stalled and there’s no obvious way to get them going again. But as somebody once said, if you want to eat an elephant, you have to start with the first bite-sized chunk!

So let’s start with some of the stuff I’ve touched briefly on in previous blogs, and look into them a little more deeply. All the strategies I’m going to talk about in the coming weeks are designed with one aim, to help you maximise your sales your profits and your bank balance! We live in a world of opportunity; the challenge is to turn that opportunity into success.

First of all, hands up anyone who knows how many ways there are to actually grow a business. 100 ways, 500 ways, 1000 ways? Actually, there are only three ways to grow a business, 1. Increase the number of clients, 2. Increase the average sale per client and 3. Increase the number of times clients come back and buy from you again.

It’s as simple and as difficult as that, but at least if there are only three areas you need to concentrate on, and you make a decision to work hard on each of those three areas, then eventually you’re going to get good at this stuff and your results will reflect that.

Have a think about this tonight.

• How many clients have you got at the moment
• What’s their average spend each time they buy from you
• How many times a year do they come back and buy again?

If you have that information available then you’ve already got a great platform to grow your business, if not then make it a priority to find those numbers and put a system in place to measure them at least once a month.

As opposed to Complicated Stuff That Doesn’t!

Making more profit doesn’t have to be complicated. It’s about getting the basics right and above all it’s about taking action, because ultimately if you don’t “just do it” who will? So we’re going to focus on the stuff that works, that’s affordable, and what you can do right now to make a real difference your profits and your enjoyment.

But to set the scene, did you know that in the UK alone, there are around 4 million small businesses of which 95% employ under 5 people, and that overall they contribute 50% of the UK’s GDP?

This country relies on entrepreneurs who’ve seen an opportunity and had the courage to take action and it will continue to do so because every year in this country around 500,000 people start new businesses.

And we’ve all heard the incredible success stories, Virgin, MacDonald’s, Apple and Microsoft, all these world class businesses started as home-based or one unit entities whose owners had the vision and the drive to build something really special. Of course the flip side is that many businesses fail, in fact almost 75% within the first five years of their existence. And I’ll bet that for the vast majority, the one fundamental cause is that the owners just didn’t have the skill sets to run a business in the first place, and they didn’t have the time or the inclination to acquire them.

As Michael Gerber says in his book The E-Myth, being a good technician doesn’t mean you’re going to make a good entrepreneur. In other words being a great plumber doesn’t necessarily qualify you to run a plumbing company, does it? But the good news is that the skills you need to build your business are acquirable.

You can learn how to be successful in your marketing, how to control the growth of your business by having good systems, and how to manage your finances successfully. And those are the things we’re going to be concentrating on.

Do you know the easiest and quickest way to increase your annual profits by between 25 -95%? Read on, but before I let you into the secret, here’s some recent research:

•   Firstly, if you improve your client retention by just 5%, your profits can increase by between 25-95%.
•   The average business loses 50% of their clients every 5 years!
•   The same study found that it costs 6 or 7 times more to gain a new client than to keep an existing one
•   Two thirds of clients surveyed separately said they didn’t feel valued by their supplier.

So by now, you’ve probably guessed my secret to increasing your profits. Keep in touch with your clients. Create a system to follow up with them regularly, so they’ll be more likely to buy from you more often, and as an added bonus you won’t have to spend as much on marketing to replace the clients who’ve decided to go elsewhere. Result: a big increase in your profits for a very low investment

Let’s face it, very few clients will wake up in the morning thinking of you and your business. It’s nothing personal; they’ve undoubtedly got many other things to think about, and actually, it’s not their job to follow up with you, it’s yours. Woody Allen once said that 80% of success is just showing up at the right time, so regular contact shows you’re still around and ready to do business. So don’t be overcautious, be persistent with your message and assume your clients are interested in what you have to tell them unless they tell you otherwise.

So here are a few ideas to get you started:

•   How about sending an email to all your existing clients thanking them for their business over the years and telling them of your plans to make your relationship even stronger?
•   Or you could ask them to tell you what areas of their business they feel could be improved or changed. Have a look at http://www.surveymonkey.com, you can quickly and easily create an online survey which your clients can complete. Great feedback for you, and your clients will know you really care about improving the service you give them
•   And this works equally as well for potential and new clients. After all, people just don’t see you as a great business after the first contact. It takes time for them to get to know you and to be confident you’re going to deliver on your promises. By getting in touch regularly with them, giving them information, case studies and examples of how your business has worked successfully with others, you’re building credibility and making them much more likely to consider you over your opposition when they’re ready to buy.

And finally, ask yourself this: How many of the businesses you buy from keep in touch with you on a regular basis? I’ll bet the big nationals you deal with do, but I’d be equally sure that most of your smaller suppliers don’t. So if you really want your business to stand out from the herd, then you know what to do… Keep in touch!

Every business is made up of processes that convert inputs and outputs. If you want to improve your profits then it’s important you identify your key processes and do everything you can to improve them, so that you get more output from every input.

Key processes can include:

• How many sales leads (inputs) are converted to sales (outputs)
• How many first time customers (inputs) become repeat customers (outputs)
• How many customers (inputs) give you referrals (outputs)
• How many units of raw material (inputs) it takes to make a finished product (outputs)

There are loads more but you get the idea. So look closely at each process in your business, decide which are the really important ones and then work hard on coming up with ideas to improve them. And once you’ve identified these key drivers in your business then measure them, accurately and regularly, so you can see the effect of your improvements.

It’s all about focus really. Owners who get into the habit of regularly focusing on and adjusting the processes that really matter in their business invariably succeed, but in our experience, they’re few and far between. One very effective tool that we use to help our clients do this is the One Page Business Plan.

Every month we offer two Profit Builder sessions, worth £650 each, to existing and prospective clients on a first come first served basis. These sessions are completely free of charge, so if you really serious about growing your business get in touch today.