Maximise holiday sales during the pandemic

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This holiday season is not going to be like any other. Preparing for how your business will tackle the change ahead of time will help maximise sales. 

  • Maintain a human and compassionate approach in all customer communications: This will make your customers feel more comfortable and be pleasantly different to the technology-based interactions they are likely to have had due to the pandemic. 
  • Use real-time data to understand buying trends and change the products that you focus on selling depending on this data: Using the data your business has access to in an effective way can be extremely helpful to plan advertising campaigns that are catered to your consumers and what they desire.
  • Promote sales as early as possible: This gives customers an opportunity to spread out their buying and minimises in-store traffic closer to the holidays. This is especially important due to restrictions placed on the number of people that can enter stores. 

Considering the financial difficulties every business has experienced this year, it is important to take advantage of the holiday season where possible. These tips will assist your business in making use of the surge of buyers that is likely to occur.

Marketing For Your Business In 10 Points To Achieve 4 Steps

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Simply put, marketing your services should consist primarily of four steps:

  • Informing as many people as possible of your existence
  • Leading them to develop an interest in your services
  • Persuading them to meet with you
  • Move from client enquiry to client engagement

Here is a simple ten-point strategy for achieving these objectives:

Emphasise Persuasion

Making people aware of your existence is fairly straightforward. It is largely a matter of advertising revenue. What takes skill is implementing the last three steps. Most businesses ignore these and concentrate on the first.

Establish A Niche

By establishing a unique marketing sector for your business, you are making your solution to the client’s problem or needs unique. If you are the only firm providing that solution, you will never need to discuss fees. Without a niche, your only option is to compete on price.

Develop Market Credibility

To convince prospective clients to sign with your services, you need credibility in their area. You need to be able to demonstrate familiarity with their sector by showing you have a good track record in it. Inform prospects of other businesses in similar positions for which you already act and convince them that you have the necessary expertise.

Don’t Bore The Prospect With Detail

Businesses often try to convince prospects by talking in detail about the services they can provide. This is of little interest to the prospect. What they want to hear about are the benefits you will bring to them. This is what a good salesperson will emphasise. For your business to excel in sales, staff sales training is essential.

Develop Your Prospecting Skills

To build up a database of genuine prospects, you must establish a coherent system for identifying them. You should identify target areas, begin a series of selected mailings to them, carefully monitor the results, and record these results on your database. Your long-term prospecting activity should focus on those who respond positively. As you gradually build up a prospect profile, you can target him or her with a precisely focused sales strategy.

Research Prospects Before Making Specific Proposals

Making a specific proposal is a critical stage in the sales process. It is essential that the solution you propose be tailored to the prospect’s specific needs. Get to know what the prospect has in mind, who is the real decision maker, what are the company goals, what are the individual’s goals, and who the competition is.

Present A Flexible, But Focused Proposal

Once you are sure what the prospect is looking for, present your proposal by beginning with an analysis of the problems and outlining the possible solutions you can offer. Be clear about your fees for each option and discuss the various pros and cons with the prospect.

However, from the beginning, you should know which options you would like to see implemented and gradually steer the prospect in that direction during your presentation.

Be Sure To Close The Sale

After the presentation, ask the prospect directly if they agree that this proposal covers the points they want to be addressed. Obtain explicit agreement that he or she will run with your business, and will engage you to implement a specific solution.

Be Prepared To Handle Objections

Often the prospect will raise objections to your proposal, and you should be prepared with considered responses. For crucial meetings, it is a good idea to rehearse the encounter with a colleague beforehand. Have your colleague play devil’s advocate and throw objections at you. If you cannot give an immediate and convincing response, prepare one before you go to the meeting.

Maintain A Positive Attitude

A positive attitude is not shallow optimism but a constructive outlook that enables you spontaneously to transform setbacks into opportunities. To win at sales, you have to be doggedly positive in both your thoughts and actions.

Mandatory code of conduct for commercial tenants and landlords

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The Government has introduced a mandatory code of conduct to help commercial tenants with rent relief during the COVID-19 pandemic.

Under the code of conduct for commercial tenancies:

  • Landlords must not terminate leases for non-payment of rent during the COVID-19 pandemic and recovery period.
  • Tenants must stay committed to their lease terms.
  • Landlords must offer reductions in rent as waivers and deferrals proportionate to the tenant’s reduction in trade during COVID-19. Waivers must constitute no less than 50% of the total rent reduction during that period.
  • Benefits that owners get for their properties as outgoing reliefs (e.g. deferred loan payments, land tax, reduced charges) should be passed onto the tenant in the appropriate proportion.

The code will be implemented nationwide and aims to encourage parties to reach agreeable outcomes on a case by case basis. For commercial tenants, this means negotiating rent reductions corresponding to their annual turnover reductions and being provided extended lease terms for the rent waiver and deferral period.

From 3 April 2020, the code will apply to SMEs with an annual turnover of less than $50 million and are participating in the JobKeeper program. Take note of how these measures may affect your business and how they may help you plan ahead for the upcoming financial year.

Managing work-based anxiety

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While anxiety and stress are quite often inevitable, it can take a severe toll on the state of your mental health and quality of life if not handled properly. In Australia, 1 in 4 people are affected by anxiety, making it more common than some may think.

You are not legally required to disclose to your employer a mental health condition unless it has the potential to endanger your safety or that of your colleagues, such as your ability to operate machinery or make decisions. Though not necessary, informing your employer can help them to support you and better understand what you may need to successfully manage work and health. In the event where an employer takes adverse action against their employee on the basis of their mental health, the Fair Work Act 2009 protects employees with mental health problems from unlawful workplace discrimination.

Those who find they have significant triggers at work should consider making a step by step plan to help identify and combat situations that cause anxiety. Those who experience more general anxiety could consider the following:

  • Sleep well: poor quality or not enough sleep can significantly impact your ability to perform tasks at work. For those who struggle to sleep, don’t consume caffeine after 12 pm, avoid screens 30 minutes prior to going to bed and have a regular bedtime.
  • Know everyone’s name: although seemingly small, those with anxiety can find names particularly hard. Identifying colleagues by name can improve reduce stress when interacting.
  • Ask for help: when you find tasks confusing or difficult, asking for help may seem daunting but the discomfort of asking for clarification is worth it in the long run as it can decrease overall anxiety about responsibilities. Asking for help also communicates to your superiors that you genuinely care about doing a good job.
  • Eat properly: take the time to eat a proper meal at breakfast and lunch as eating not only fuels you for the day, a good diet can also help you to better manage symptoms of mental health.
  • Schedule: learn when during the day you are most productive and tailor your workload to align with personal peaks. When scheduling, though it is important to set honest timeframes for yourself, it is not the end of the world if you fall behind.

Managing anxiety in the workplace is all about understanding what your strengths and limitations are. Anxiety may always be present to some degree in daily life, but it doesn’t have to interfere with working hard and enjoying your profession.

Managing Money With a Budget

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Every little bit of money counts in today’s economic climate, and for many, it’s about making what they have, work for what it is that they need.

Money management is an important skill to learn as it helps boost finances with very simple steps. Money management can ease the stress and financial worries of people as it allows for more transparency and control over where funds may be going and can erase unnecessary spending.

An easy way to self-manage money is by implementing a budget to use available funds on. There is no right or wrong way to budget, as it is up to personal preference and responsibility on how and where money needs to be spent. A budget should account for unexpected expenses, expected expenses, and saving money.

A budget might include or cover: 

  • Rent or mortgage payments
  • Food
  • Savings (a recommended amount that should be put aside is 15% of gross income)
  • Insurances (car, health, pet, etc.)
  • Unexpected expenses / an emergency fund]
  • Gifts (ie. birthdays, holidays, etc.)
  • Holidays

There should always be a reason to create a budget. This reason may be a goal, an approach, or to be able to pay off a debt – by knowing the why behind it, it can be easier to stick to a budget. It is also important to actually put the budget into action and implement it. 

An effective budgeting strategy is to set aside savings as soon as possible, which reduces the risk of spending that money. This strategy can also be used to help pay off debts or loans.

Splitting large expenses that arrive at certain times of the year over the course of several months can help minimise the amount required as a lump sum at the time that payment is due.

Managing money on a low income

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Increasing living expenses and commitments can make it challenging to manage and save money, especially for low income earners. Here are some tips that may help you reduce financial pressures on a low income…

Prioritise high-interest debts:
If you have a lot of different debts to pay off, prioritise them by their interest rates. Paying off high-interest debts first can prevent you from unnecessarily losing money from interest fees.

Track your income:
Keeping track of all your income, whether it’s wages, government support or investments, can help you get a good sense of how much you’re able to spend and at what time. This can prevent you from spending too much too soon before your next income payment, and plan out the best time to pay major expenses without running out of money.

Budget:
Creating a spreadsheet with your expenses and income can help you maintain an appropriate amount of spending and tell you if you’re overspending. It may take a few tries to develop a budget that suits your lifestyle, but trial and error will provide you with an accurate estimate of how much you need to set aside for different expenses. Sticking to your budget will help you grow your savings every week.

Automate savings:
Setting up automatic transfers into your savings accounts can put you into the habit of spending less. This can be especially useful if you struggle with budgeting and want to grow your savings.

Cut back on expenses:
Unnecessary spending, such as entertainment and eating out expenses can be cut down to maximise your savings. Simple things such as packing a home-made lunch and opting for a home movie night instead of the cinema can make a huge difference if you keep it up.

Smooth your bills:
If you struggle to pay large bills all at once, contact your utility providers and ask them if they will let you smooth your bills. This means that you can make small payments more frequently instead of paying one big bill once a year. This may make it easier to budget your expenses and maintain a steady income/expenditure balance.

Increase your income:
You can increase your income by starting a side hustle or making an effort to generate more money by simple tasks such as blogging, pet sitting and selling possessions you don’t need. This can reduce the amount of financial strain you may be under.

Managing longevity risk and your superannuation

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Longevity risk is a common and important factor to consider when planning for your retirement funds. Longevity risk refers to the risk of outliving your savings and arises as people enter retirement, and in most cases, with a fixed amount of money to use during their retirement years. Managing your longevity risk is important because retirees often have no idea of how long they will need their retirement funds for. Here are a few strategies to help you manage your longevity risk:

Purchase an account-based pension:

An account-based pension is a regular income stream you can buy with the money from your super after you retire and reach your preservation age. When buying an account-based pension, you can choose how much of your super funds you’d like to transfer to the pension phase, the size and frequency of your payments (within a set limit) and how you want your money to be invested through your pension.

If you were thinking of purchasing an account-based pension to begin with, now may be the time as the Government is temporarily reducing superannuation minimum drawdown rates for account-based pensions by 50%. The annual payment as a percentage of account balance currently has reduced rates between 2% and 7% (from age brackets from 55 to 95+ respectively).

Set up a lifetime annuity:

Lifetime income annuities and insurance products designed to provide income throughout your retirement. Annuities are bought from insurance companies with a lump sum of cash and in return, you can get regular income payments until you pass away or for the amount of time you’ve agreed upon.

To make sure you purchase the right annuity for your desires and circumstances, it is often wise to consult a financial adviser before making your decision or go through a reliable insurance broker. In the case that you’d like to avoid paying commission fees from an insurance broker, you can also purchase lifetime annuities from investment companies rather than a traditional insurance company.

Age pension as a safety net:

While there are a number of retirement safety net options available to retirees, age pension is the most obvious and most reliable. An age pension is a means-tested Government-backed safety net for retirees who are unable to fully provide for themselves in retirement. While a stable income stream to take note of, age pensions usually only provide their recipients with the bare minimum and hence considering some of the strategies listed above will give you more leeway with your funds and lifestyle after retirement.

Managing employees with personal crises

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Managing an employee who is going through a stressful period personally can be a big challenge for bosses. Handling these situations well as a manager often means you need to be compassionate and empathetic whilst also being professional and constructive.

Listen:
If an employee comes to you with a problem, it can be helpful if you listen to them without interrupting to assure them that you are aware of the situation so you can understand and act accordingly. This could prompt a productive discussion to consider work solutions that are appropriate for the employee and the business.

Keep it professional:
It is often useful to remember that you are still the employee’s manager and not their friend. If the line between manager and friend is blurred, it can make it difficult for you to take a stance and do what is best for the rest of the team and business down the line. If you become too entangled in the employee’s problem, it can make it harder for you to have a serious and upfront discussion about work, which could then damage productivity.

Offer appropriate assistance:
Make a judgement on what the employee needs depending on the situation and act accordingly. This could include reducing their workload, adjusting their work schedule or allowing them to take leave.

Don’t pry:
You often don’t know how much the employee is comfortable with sharing, so to avoid making things uncomfortable, make sure you don’t ask invasive questions. This will also prevent you from becoming too involved in the situation beyond the professional level.

Check in:
You can occasionally check in with your employee by sending a brief email or asking them in person. This doesn’t have to delve into the details of their personal troubles; you can ask questions like ‘do you feel you’re handling everything okay?’ or ‘have the solutions we talked about been helpful?’. This can help your employee feel supported and comfortable at work.

Managing business growth

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It can be exciting and reassuring when your new business venture achieves growth and success. However, it can also become hard to manage and keep under control. When things reach a certain threshold, you may no longer be able to oversee everything as a business owner. Despite the challenges, you still want your business to produce a consistently high standard of goods or services. Here are some key things to consider in order to manage the development of your business.

Key performance indicators:
As your business expands, determine some key performance indicators (KPIs) to evaluate certain tasks and how you will get regular data for each. This can help to inform business decisions that will continue to facilitate your organisation’s growth. Some examples include:

  • Absenteeism: by creating a great working culture and attendance perks, you can encourage your staff to take less time off.
  • Sales: offering bonuses or other perks to employees who exceed sales expectations could improve overall performance.
  • Complaints: Implement a system for dealing with complaints individually. By examining their causes and providing solutions, you can make changes in your business to ensure they don’t happen again.

Develop your skills:
In addition to making changes that improve how your business operates, you should also focus on adjusting your own leadership style. For example, you may realise that you need to develop your skills in managing people, business innovation, or attracting second-stage investment to optimise your business’s growth. In areas where you recognise you could improve on, think about delegating tasks to your employees to maintain growth. Brainstorming with your staff and other advisors may open you up to different perspectives and insights, facilitating a diversity of ideas within your organisation.

Anticipate competition:
Growth will inevitably attract competition. If the growth of your business begins to take away your competitor’s market share, they may implement strategies to counter your success such as lowering their prices, increasing advertising or adding new products. Be prepared for this and pay attention to the other businesses in your market. To continue the growth of your business despite the competition, you may consider solutions such as customer loyalty programmes, or contracting clients for a fixed term.

Making shareable content for Social Media

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Content should be produced with the intention of it going viral and being shared across a broad number of platforms. Although this sounds ambitious, it is a good practice to help ensure solid planning is being incorporated into creating content to make an impact on readers. With that in mind, do not be discouraged if your content isn’t reaching large volumes of people, as there is a lot of luck behind creating viral content. Here are some ways you can get the most out of your social media presence.

Conversation:

Great and shareable content sparks discussion. The internet is flooded with information so to stand out and prevent being lost amongst the noise online, your content should generate a point of dialogue. Directing your audience to some kind of action or being intriguing enough to make people tell others about it is a good thing to keep in mind when creating and posting content. Incentives, such as giveaways, are another way to get your audience talking and sharing content. The cost to you is minimal, but the potential benefits are great.

Composition:

Careful thought needs to go into how you choose to display your content. The best way of composing your content will depend on a number of factors, such as your target audience, the seriousness of the content, and whether it is better presented using text, images or videos. Try using a mix of different ways when composing content such as lists, videos, infographics, photo essays, memes or written how-to/opinion pieces. 

Consistency:

To build not only shareable content but a popular voice in your industry that people keep coming back to, you need consistency. Consistency can be achieved by using the same tone (sarcastic, humorous, informative, etc), regular posting or using a theme (reviewing a TV show relevant to your industry, weekly wrap-up of news, etc). By posting regularly, you can connect with your audience frequently and build a better relationship.

Content:

The content you share should have a “wow” factor. It should be engaging, thought-provoking and above all, credible. Before coming up with a content idea or committing to writing about it, conduct research to work out what is already being said about the topic and how you can provide something new to the discussion. If your competition is doing the same thing as you, you can’t expect your content to stand out. Provide your audience with something extra that no one else is doing.