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Small business owners – replace hoping for leads with marketing strategies to generate them
Andrew Stubbs • Oct 04, 2018

 "I get all my business from word-of-mouth marketing."

"I'm a referral business."

"I don't have the budget for marketing."

"I'm just too busy to market my business!"


If you find yourself saying any of the above, it's likely that you experience considerable peaks and troughs in your small business.

Why?

Because it means that you are not actively pursuing marketing to generate leads and opportunities for your business. There is no steady flow of new business to help even out the peaks and troughs - so you are either flat-out busy or twiddling your thumbs.

When times are good, it seems like everything is in place and your business is a resounding success.

More often than not, however, the leads dry up and there is nothing churning away in the background to generate new opportunities. No mechanism is in place to bring new prospects in to help you grow.

But the bills still need to be paid.

That's why EVERY small business should be investing in marketing, regardless of size, turnover, or budget.

There's nothing wrong with word-of-mouth leads. In fact, they're wonderful! It's just that you are reliant upon others. You are not in control of your own destiny. You are essentially playing a game of hope.

Word-of-mouth leads and referrals should be considered the icing on the cake – not the cake itself.  Build a strong 'base' from the right 'ingredients' and you have a creation that will sustain your business for years to come!

But if you just have the icing, there will be periods when you inevitably go hungry!

Here are five ideas that will help you bake something to create a consistent flow of opportunities to protect your business from famine in the years ahead…

Build a client referral marketing system

Word-of-mouth marketing needs systemising or it is just a game of hope. It's all well and good waiting for referrals to come to you but you can achieve much more by implementing a simple system

To do that, go through these steps:

  • Get clear on your value proposition – what your business provides that others' do not and why people should choose your business.
  • Trim your existing client list – you may need to shed some low-value or 'problem' clients to focus your time on higher value clients and new business.
  • Segment your database by value, how long they have been with you or what stage of the sales funnel they have reached.
  • Set expectations from day one – when a prospect signs up, set the expectation by telling the client that you will speak with them in the future to request referrals.
  • Ask the question– if you feel awkward asking for referrals, start by asking your closest clients for details of two businesses that would benefit from your services.
  • Get creative - include a line in your email signature or arrange special events for clients - and ask them to bring two business associates along.
  • Show your appreciation with a verbal or emailed 'thank you' - or take it a step further and send a card.

Get smarter with LinkedIn

LinkedIn is the world's largest database of professionals. Somewhere in the region of 500,000 professionals use the platform. It's free to use – or low-cost for paid membership.

Depending on your type of business, it's possible to make LinkedIn the hub of all your marketing activity at very low cost. It will take a bit of time but if you focus on the following areas, you will have a head start on the many other LinkedIn users:

  • Get crystal clear on what's unique about your business and who exactly you're serving (your target audience).
  • Optimise your profile to focus on exactly what you do and your value proposition – and include your main keywords. Focus your summary on talking to your target audience.
  • Grow your network by connecting with your target audience
  • Engage with this growing network by liking/commenting/interacting in groups and posting status updates and links to valuable content.

The two mistakes that many business owners make are:

  • Treating LinkedIn as a peer-to-peer network - wasting time talking to other industry professionals rather than potential clients; or
  • Treating it as a sales platform - and losing their network by trying to sell straight off.

LinkedIn is a superb marketing platform for small businesses to generate a steady flow of leads if you get the strategy right as per above.

Put resources into SEO marketing

Search Engine Optimisation (SEO) marketing can be time-consuming – but it is essential for getting found by your target audience.

SEO is the process of optimising your online content for the search engines (Google, Bing, Yahoo etc.) This includes your website's standard pages, but also its blog posts, and anything else you have published online-such as videos-that can be found through 'organic search'. (Organic search means 'free search', as opposed to paid search such as Google AdWords or Facebook Advertising).

Understand the basics of keywords and SEO – then hire reliable and recommended SEO professionals to look after your campaigns.

It is unlikely that you will have the time or expertise to effectively manage your own campaigns but your SEO professional should be able to guide you with on-page SEO (keyword placements), off-page SEO (link-building etc.), and the content required to improve search rankings.

If you take informed and consistent action, results will come. Think long term with SEO – and if you are largely targeting your local market, be sure to optimise well for local search.

Reach out with email marketing

If you have spent time and resources to connect with prospects online (on LinkedIn, Twitter, etc.), and offline (at various networking events), you will rapidly build a large database of potential clients.

How do you reach out regularly to these prospects and stay top of mind?

As well as through your activity on LinkedIn, you can get your prospects' permission to include them in your newsletter marketing and in email marketing campaigns for other offers you may present from time to time.

Well-written email marketing campaigns have the power to convert prospects into customers – or at least move them along the sales funnel so they are closer to signing up.

Get professional copywriting assistance here to increase open rates, click-throughs, and conversions.

Build authority with content marketing

Nothing beats regular, original, relevant content for improving the relationships with prospects. And, in the long term, that's what marketing is all about.

Why?

If you focus on the main questions going through your prospects' minds, you establish authority status. It builds trust and confidence and you will be top of mind when they are ready to sign up for the types of services you offer.

That may not be today or tomorrow – it could be six months down the track or even longer. But this longer-term marketing activity will pay dividends in the future, as part of a multi-pronged marketing strategy.

The types of content you can focus on include:

  • Articles that answer key questions in clients' minds
  • Blog posts about industry changes
  • How-to or FAQ videos
  • Infographics that succinctly provide useful data and concepts

Market your small business – no excuses!

There are literally no excuses for not marketing a business.

No time? Make time.

No budget? You don't need it.

Don't know how? You do now.

Don't need it? You will.

Got enough leads? You soon won't.

Marketing is the key to bringing a steady flow of opportunities in – and leads are the lifeblood of any small business. With a good sales system to convert leads, you have new revenue, healthy cash flow, and growth.

But generating leads can be an awkward subject for accounting and financial professionals with little to no marketing or sales experience. It's easier to rely on leads coming to you than to go out hunting for them.

Don't confuse marketing with sales: marketing is the process by which you bring in leads. It doesn't need to be salesy. Sales is the process of converting leads into revenue.

Remember that your word-of-mouth leads always have the potential to completely dry up. Such passive marketing is dangerous and stressful for any small business owner: suppliers still need to be paid and things can quickly go south if the cash flow dries up.

Get proactive and market your business on multiple fronts and you have a much better chance of not only maintaining a healthy cash flow but growing your business for the future.

If you need assistance with developing marketing for your small business, get in touch with us and we'll be able to point you in the right direction, as we know a number of marketing specialists in different areas.

Why Your Business Needs to Invoice Using the New Peppol Network

By Andrew Stubbs • 05 Jun, 2022
Here's some good news if your business sends invoices to business or government customers. Peppol* is on its way. (That's Peppol, not Peppa .) Ever had this conversation in your business? You or one of your team: "Hello, I'm calling to follow up the invoice we emailed to you last month. It hasn't been paid yet." Customer: "Really? We didn't receive that invoice?" In addition to the time and expense of following up, the cash flow delays create stress for you and they hurt your business. Thankfully, the adoption of Peppol will solve this problem. What is Peppol? Peppol is an obscure acronym for Pan-European Public Procurement On-Line. What's more important than what it stands for, is what it enables. Peppol is an international 'eProcurement' framework for the electronic exchange of information. It creates a standard approach for governments and businesses to structure and exchange information such as invoices and other documents. What Peppol means for you and your business Peppol makes electronic ordering, invoicing and shipping between governments and private companies faster, simpler and more secure. This means your business will get paid faster when dealing with government and larger businesses. In 2019, Australia and New Zealand adopted this platform for e-invoicing which, when implemented, will make 'we never received your invoice' issues virtually impossible. The new e-invoicing system is more secure than email and provides many other benefits. Which countries are adopting Peppol? There are currently 40 OpenPeppol member countries: 32 countries in Europe plus Australia, New Zealand, USA, Canada, China, Japan, Mexico and Singapore. Each country has a Peppol authority. For example, in Australia that's the Australian Tax Office (ATO). Is Peppol already in use? Yes it is. For example, the SuperStream system in Australia-which many businesses are currently using to automate the payment of employee superannuation contributions-is based on the Peppol protocol. How does e-invoicing work? The system connects the accounting systems of all businesses and government departments via the secure Peppol network.  Suppliers generate sales invoices in their accounting systems which are sent to Peppol.

Company Director? Why You Need to Apply for Your DIN

By Andrew Stubbs • 04 May, 2022
If you're a director of an Australian company-or you plan to be-take 5 minutes now to read this article. All existing directors (and intending directors) of Australian companies need to be aware that the Australian Government has announced the introduction of a new mandatory Director Identification Number (DIN) system. (You'll notice the term director ID is also used for DIN.) This system is the initial step in the Modernising Business Registry (MBR) Program which has been established under the Treasury Laws Amendment Act which was legislated by the Australian Government in 2020. More information on the MBR program can be found here . What is the DIN system trying to achieve? The DIN aims to provide accountability and traceability of a director's relationships over time, across all companies and will provide information on a director's involvement in what may be repeated unlawful activity, including illegal phoenix activity. It should also solve the problem of false or fraudulent director identities. What are the key features? It is mandatory for all directors, foreign directors and alternate directors of Australian companies to hold a DIN. The DIN is a unique 15 digit number. The first 3 digits will be 036 which is the identifier for Australia. The last digit is a check digit to help with accuracy when quoting your DIN. Like your tax file number, you will only be issued with one DIN which you will hold for life - even if you cease acting as a director for any period. To obtain a DIN, you will need to prove your identity so you will not be able to hold multiple DINs. Other office holders (e.g. company secretaries) are not required to register. The director is responsible for updating the DIN records for any changes in personal information within 7 days of the change. The director must apply personally. The process cannot be completed by your accountant, lawyer, spouse or executive assistant. There are significant penalties for non-compliance. How do you apply for a DIN? Directors have 3 options for applying. You can apply online from 1 November 2021. To use this method, you must first establish your identity via myGovID (an app you download on your smart device which is different from myGov). Once set up, your myGovID will make accessing a wide range of government services easier. (It's not just for your DIN application). For information on how to set up a myGovID please go to https://www.mygovid.gov.au/set-up During the DIN application process, you will need additional information such as your tax file number (TFN) and your residential address as per ATO records. It would also be advisable to have other personal details such as bank account details, medicare card or a recent income tax assessment available in case these are required. You can also apply by phone ( 13 62 50 ). During the call, the operator will ask for the identity documents you would have used to obtain your myGovID (passport and driver licence) as well as the additional information listed above. These details will be confirmed with the records held on existing government databases and, assuming the details agree, your DIN will be issued. Or you can apply by mail, but this is not recommended because the process for doing this seems vague ("Write to us") which means you can probably expect a lengthy process of certifying documents and coping with the vagaries of the postal system. One of the other two methods would be a better choice. When will you need to apply for a DIN? Transitional arrangements will allow directors to become familiar with the new requirement. When you need to have a director ID will depend on when you were appointed as a director.

7 Best Practices for Setting Your Small Business on the Success Track

By Andrew Stubbs • 07 Apr, 2022
If you're a small business owner, you're always on the lookout for better ways to go about routine tasks to boost growth and underpin reliability. So, yes, you have the will; now, what are the ways? What are those consistent routines you can instill that will have the most benefits? This article looks at the top 6 things you can do to help your business thrive. We're going to cover finances, goals, marketing, technology and you ! So, let's take a look… 1. Your finances are a scorecard … and a predictor Boil it all down and dollars in the bank are the report card on the health of your business operations. Surprising then that so many people don't really pay much attention to how much they've earned, nor how much they're likely to earn. As much as it might feel like a chore, reviewing your sales and financial projections and then using them to ascertain if you need business financing is a discipline worth cultivating . If you suspect that your cash flow is precarious, you should be checking out your options today. First metric to check: your credit score. If it is too low, you need to take steps to shore it up. Next, check in with your bank or finance broker about what loans are available. 2. Goal setting, goal achieving, goal celebrating So, if you're using current and future dollars in the bank to keep score, the next thing is to do something about it. This is where goal setting comes in. If thoughtfully set and persistently pursued, goals help you orientate your willpower and your energy at each moment of the business day. This is the hidden power of goals: giving you a good sense of direction and a way to channel your instincts towards wise objectives. Constantly checking in with your goals makes them a benchmarking tool to keep your business pointed in the right direction. Yes, just having goals helps. Actually achieving a goal helps too, of course! 3. Increasing the impact of your marketing Marketing is not magic. It is not a mystery. It is not an art. However, many less-than-reputable marketers will try to claim that it is. They do so to gain wiggle room to pad their invoices and cover up their lack of skill. What this means is that it is easy to waste money on ineffective marketing. The good news is that there are many low-budget marketing strategies that actually work to help grow your brand and reputation. Scout around on the internet and choose one or two new tactics. Deploy them and test them. If they work, double down. If they don't, try something else. If you can't tell if they're working, also try something else. Social media is the obvious starting place for these low-stakes experiments and the old classics of LinkedIn, Facebook and Twitter are where to trial them. 4. Bringing your business up to date technologically The ability of modern productivity and project-management tools to give small players the same capabilities as the big boys simply cannot be ignored. Harness them properly and they'll let your small businesses operate with the same productivity as the titans of your sector. And, if your business is in the services sector, the increased controls that business technologies can yield also lets you be highly agile - that's something the big boys can't do. So, ask yourself: are you taking full advantage of what's out there? Don't worry, the answer to this question is always 'no' - the field is simply moving too fast for anyone to be able to take full advantage. However, if you have a realistic view of your needs, then you have a yardstick to help assess all the solutions out there. When you know what you need the technology to do, then you can wisely choose what hardware, software, platforms and techniques to introduce. 5. SEO has changed and it is going to change again Google - indeed all platforms offering broad search functions, from Youtube to Facebook - are constantly altering and optimising their algorithms. This, in turn, means SEO practice must constantly evolve to keep pace. So, if your SEO approach hasn't been overhauled in a few years, the time has come to give it some attention. Do a review of best practice and score how you cater to SEO in your online presences. Yet, because the underlying concept of SEO has not changed, the corrective actions you need to take may not be major. Then again, they might be! It is better to know unpleasant news sooner than outright bad news later. 6. Download the right new apps The remote work trend has gone mega and this means mobile productivity apps are very much of-the-moment. See, you can get a surprising amount done with just your phone and tablet. And apps are how it all happens … plus connectivity and a full battery, of course! Usually, apps are best for keeping an eye on things, boosting effectiveness on the "busy" tasks and enabling you to give your stamp of approval to work that needs your say-so to progress. In general, these are not value-adding tasks, just the value-neutral tasks that get in the way of the value-adding tasks. Now, there is no end of apps out there. So, as always, don't bother looking until you have some idea of what you need. 7. You are the ultimate business tool Health is the single most important aspect to consider for anyone running a business. It's the non-negotiable factor that governs everything else you are capable of. To adapt a quote from Arnold Schwarzenegger, being fit and healthy is "a status symbol. It reflects you worked hard for it; no money can buy it. You cannot borrow it, you cannot inherit it, you cannot steal it". This means that you must get enough sleep every night (most people need 7 hours or more). This means a healthy diet must become your preferred way of eating. This means that you should exercise every single day (except when sick). This means you must give your mind a rest too . Meditation isn't some mystic monkish thing, it's simply the practice of letting your thoughts come and go while you - the observer - stay peaceful and undisturbed by them. Think of it like this, meditating is mediating your mind. Take stock, choose wisely, make small steps in the right direction In this article, we've talked about some improvements you can make to what you're already doing. You don't have to do all of these at once. Start with the one that seems easiest and then stick with it to see if it works. Remember, it's not always about big changes. Often, you can make major improvements in outcome by making small changes to input. Doing the little things better. So take stock, choose wisely and be sure to make those small steps in the right direction for success today, tomorrow and the next day.
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