Building your Business with a Centre of Influence Strategy 

Influence is power!

We can influence and be influenced!  

To begin consider these key questions, 

• who are the key players that influence your Business? 
• is your Business built on referrals as a valuable source of growth?
• are you always looking for sources of prospecting to attract new customers to gain income and market value?  

Let's look at this more closely.

Influencing others begins in the Business, the first source of influence is you!   

Your leadership, leadership by example is the benchmark built on critical skills: organizational intelligence, team promotion, trust building and leveraging networks. Skills that when applied have the ability to positively influence. You and your Team can use them to effectively influence others. 

Harnessing the power of influence. On a broader level, in today’s operating climate one strategy is finding and leveraging the power COI’s (‘centres of influence’) or simply Influencers. These are people connected to or around your client group making them well placed to potentially engage, refer or introduce you to new customers, markets or prospects. 

What influences your Business?  

Who, what do you rely upon to help make your Business successful, to grow.  

 With the ‘silly’ season fast approaching and the Festive and traditional Christmas celebrations already in coffee conversations, and decorations, tinsel in shop windows, now is the time to start planning and preparing.  

If you are trading during this period now is the time to create and activate your Marketing Campaign.  

Importantly, Get your Business House in Order, Sales and Customer ready 

Checklist!  

Tick the 8 boxes below to see how ‘ready’ you are! 

1. Be and stay organised:. If you are opening or closing during this period, don’t leave things to chance or memory. Make a Checklist/ Action Plan to ensure everything is covered and everyone is onboard. Examples such as advertised Trading hours, sales targets and payroll needs. Simple steps that help reduce stress and drama! 

2. Check Inventory levels: Take stock of all goods, look at previous years and current demands to gauge needs. Identify your best sellers, popular items! Critically, speak with your Suppliers to make sure your orders are covered. Other companies will be in the same situation so get in early. 

3. Staffing needs. Rosters, holiday leave, peak period coverage. Prepare asap. For example, do you need to train new staff, are experienced Team leaders available and do you have backup. This can be a stressful time. Take care of your employees with rewards, downtime and some festive activities to keep up morale. Who doesn't love Secret Santa! 

November is the month of opportunity for planning to gain increased sales. 

Attraction to the November Black Friday and Cyber Monday events has seen recent record sales and this month also heralds the lead into Christmas gift shopping and summer holiday, traditional Boxing Day sales.

 According to a recent survey, the ‘Christmas tills will be ringing’ despite the current economic climate.  Shoppers will be more frugal with cost-of-living pressures impacting but are still ready to buy.'  

Whatever your Business if you want to get your share of revenue, follow these Tips. Increased sales equals increased revenue and who doesn’t want that! 

 It starts by understanding WHY November planning is crucial for Sales Success 

Simpy said, with a range of opportunities you can't afford to miss out. Think strategic and back with sound planning and preparation to capture and gain market share.  

Most importantly How is this Relationship affecting you! 

Inflation, Wages and Productivity, it’s a push-pull relationship! 

Inflation has surged, prices are rising faster than wages and the measures to counter inflation is hurting many, including Morgagees and Small Business owners. 

Households sinking under the pressure of inflationary cost of living expenses are looking for answers and solutions. What to do, who to turn to!

Small Businesses too are seeking answers on how to survive and thrive during this period.  They are under pressure on many fronts, including;

• With increased cost of goods and supplies how to maintain a profit margin
• Staffing, Wage-price dynamics - responding to demands 

 Inflation affects every area of Small Business, your Business, from the rising price of goods and services to how much your overheads cost, such as rent., to how much customers will pay for your products.  

But, don’t be disheartened, there are answers, ways to meeting these inflationary challenges. Create your healthier relationship with the following!

 4 Ways to Survive and Thrive during inflation:

1. Get your pricing right: Be fair when setting your prices. Customers don’t want to be ripped off. Pricing should reflect the value and quality of products. Adapt your prices as needed to reflect the changed economic conditions. Avoid over or under-pricing. You need to maintain a reasonable profit margin to survive. 

2. Reward your Employees: Reward your staff with fair wages and incentives.  Be creative. Staff will show appreciation with their contribution and extra effort. Encourage upskilling as growth opportunities if ‘monetary’ bonuses aren't an option.

3. Keep on top of your cashflow: Cashflow is the lifeline of your Business. It’s critical to stay on top of what’s going out and coming in. Adopt processes and systems to issue invoices quickly and offer automated payment options. Closely monitor and manage your debtors ledger to get timely payments.

4. Rework your Business Strategy: With changed circumstances now is the time to review, rethink and rework your Business Strategy. Be creative, look at what has changed and what opportunities it brings. Be progressive, consider what technological improvements may be possible and rethink, and look at new ways of doing Business.  Going forward, adapt your Business model to the current economic environment.

What created this situation! 

The high inflation we are experiencing is the fallout of the COVID pandemic and Ukraine conflict. These events interrupted supply in the global economy pushing up prices and costs. Along with this the fiscal and monetary policy responses to the pandemic underpinned a strong recovery in demand that also pushed up prices. In essence the ‘push pull’ of supply and demand!

How do we bring inflation down? 

A question often raised. Is there an answer! 

In the current inflationary trading environment small Businesses and not so small are looking for answers, ‘fixes’, ways to get an edge and keep the cash flowing.  Reinvention, revival, survival!

Sound familiar? What does it take! 

A Winning Formulae!  

Start by going back to sound Business basics, learning from mistakes, turning disappointment into opportunity, and keeping your belief and passion. No simple answer but consider the following gained from experience and research.

10 Tips and Snippets, check if you tick the list.

1. Build Trust: Who wouldn’t like to be ranked highly on the ‘most trusted brand’ list. According to a recent report Bunnings scored top with its pillars of trusted brand, including, great customer service, solving customer problems, being an active part of the community, communicating what it stands for and product knowledge. 

2. Understand your market and develop a solid, sound Business Plan. Find your niche, know ‘the what’, why and how you will deliver your product to achieve the results you are wanting to achieve.

3. Invest in yourself. To stay ‘current’ be prepared to further your knowledge, with formal education and learning new things to grow as a person, be informed and help stay ahead of your competitors. You are never too old or young to learn or keep learning!

Standing out for all the right reasons is critical in today’s competitive and challenging Business environment. With consumer confidence up and down, discretionary spending reduced along with a list of trading challenges, having market share and more share is a must. Gaining a winning edge is vital to Business success. 

But how to get that edge?  

There are ways!

Get started with these 7 Winning Strategies! 

1. Understanding the Importance of Differentiation in Business 

To begin, ask yourself, define what sets your Business apart from your competitors. What’s your Business signature, style and distinguishing features? Look at me, choose me! What makes you, your Business product or service stand out from the rest.   

Consider these 3 areas of competitive differentiation:  

1. Cost – providing goods/services at the lowest prices 

2. Differentiate with offerings of superior quality, service or features 

3. Niche Specialization – provide offerings tailored to a specific market  

Blackburn Accounting differentiates with: 

• Guarantees a response by the next working day 

• Personalised service 

• Focus on results 

• Family Business Specialists 

• Tailored Service Packages 

2. Identifying Your Unique Strengths and Value Proposition 

Next,

• develop your unique selling proposition, value proposition and brand identity. Communicate why buyers should choose your services or goods, what makes it superior to others. 
• define, know, your Business strengths by undertaking an analysis, including identifying core competencies, customer perceptions and bestselling products.   
• critically, your Team must be onboard and in tune, singing from the same song sheet! 

3. Develop Innovative Strategies to Stand Out from Competitors 

• Be creative, develop marketing strategies that help you stand out from your competitors (messaging, products and service).  
• It's about blending creativity with analytical insights to effectively engage your audience.  
• Key is communicating your value proposition to your target audience. Showcase your top wares and support with strong benefits arguments. Think of this as a roadmap to guide and connect with your customers.  

Read the story! You decide!

The Big Mac Index so described by the Economist has seen the price of McDonalds burgers more than tripled in the 40 years of reporting. And they are still in the business of selling burgers to the masses!

What is this index? The Big Mac Index published since 1986 measures the cost of a Big Mac in different countries and indicates the difference in purchasing power parity between them.  

How did McDonalds do it!

McDonalds generic competitive and growth strategies are designed to maximize efficiency, minimize costs and ensure profitability. Its pricing strategy includes price bundling along with psychological pricing that encourages customers to buy more products. Its a formulae for success as profits indicate.

 A different approach is used by another mega US retailer. Their strategy aims to keep prices steady following a business model, described by the company’s finance boss as ‘arrogantly simple’, to hook shoppers by offering high-quality products at the lowest prices.’  The company attributes its enduring success to this approach.  

What’s your Business model?  What Strategies do you use to be competitive!

During this period of inflationary pressures and price increases running a successful Business is challenging for most, whatever your industry.

You may be one of them, a small Business owner, faced with the rising costs of doing business. Increased costs for supplies, commodities, labour and energy. How do you tackle setting price points that keep customers happy while still maintaining reasonable profit margins.  It's push - pull economics! 

For example, a recent news headline ‘price hike on the menu for Aussie pub classic’ suggests possible further price increases to menu favourites Burgers, nuggets and chicken fillets. This follows as a major poultry producer warning of higher production costs that will need to be recovered.

Similar sentiments expressed by a local hairdresser, saying he was forced to absorb rising costs to avoid passing them onto his customers and possibly losing them as price can be the difference between someone coming to his salon or going somewhere else. He cited increased cots of electricity, rent, products and superannuation, and is the hardest time we've ever known at running a business. 

 Are there any answers, solutions! 

Yes, consider these Strategies.

Look at margins: Most retailers boost profits by marking up prices. Short term cost impacts can be managed thru margin initiatives, but these need careful planning to avoid losing customers.  Engaging with your customers is critical during these times

The importance and power of a positive Business image can’t be understated or underestimated.  This is how the world, and your customers, see you, and relate to you or not.  

No matter if you are a corporation giant or family small Business corner store, it's important to show what you stand for and what you stand by. Your Business principles, core values, and goals.  Your public image should be reflective of your Business.

Why it's important to build a strong brand image and identity

• A strong brand identity helps raise awareness about your services and products to customers and potential prospects. 
• Creating a positive Business image is vital as public perception helps build a customer following.
• Your corporate identity, brand reputation, and how you are perceived by your customers, potential clients and community are critical to your success. 

And in a time of economic challenges, and market uncertainty consumers are looking for Businesses they can trust, believe in and respect. 

Customers want a feeling of stability and security during these turbulent times. 

In this environment, your brand IMAGE is crucial to building loyalty, positive relationships, relationships that see customers coming through your door and returning for more! Your words and actions need to resonate with your customers and deliver what you promise. Personal and Business credibility is key to your success.

The alternative, as we often see, is damaged reputations due to various misadventures that have customers abandoning you.

How to Build a Strong Brand Image 

Follow these steps: 

What does it take!

Is there a secret recipe?

 No secret but there is a recipe. It's a mix, by combining the ingredients of experiences, wisdom, little gems, mistakes and lessons learned that make successful relationships in marriage, Business or both! 

A secret recipe! Add these 8 Ingredients. 

1. Have a Vision, Belief and Goals. Share your dream with loved ones and your associates to bring it to fruition, and make it a reality! Be an entrepreneur of your ideas, add passion, commitment, creativity and innovation. Think Blue Sky and dream Utopia! 

2. Develop your Pitch. To get buy-in and attract partners you need to promote, sell and clearly articulate your dream. Keep your message simple, avoid jargon, frills and whistles! 

3. Build relationships on strong foundations: Develop trust and build bridges and bonds with partners by finding common ground and mutual interests. Together, develop a roadmap, a guide to know where you, your Business, and your partner are going, how and what it takes to get there. 

No matter your Industry, if you have something to sell start developing your Sales campaign now!  

Black Friday will officially begin on November 29th this year but don’t let that stop you from getting into the action earlier. 

Start by Understanding the importance of Black Friday sales opportunities 

Australia has eagerly embraced this American tradition that heralds the start of the shopping season, after their celebrated Thanksgiving Day. Both retailers and shoppers enjoy the offers and benefits of highly promoted sales at discounted prices. 

New research shows that the pre-Christmas sales opportunities in November, including Black Friday, will see an impressive number of shoppers bringing forward their spending to secure bargain gifts. This builds on last year's November sales that jumped by 2.7%.  

7 Strategies to Maximise your Sales opportunities 

1. Plan, prepare and promote your Marketing campaign, NOW!  Identify your deals and align with stock, supply, resources, budget etc. Explore all marketing options to get greatest exposure, such as; social media, display advertising, newsletters, and Instore promotions. 

2. Consumers' buying habits and behaviours have changed, since the pandemic and now with the cost-of-living crisis. Shoppers are savvier, more discerning, looking to increase their buying power, both instore and online. Bargain hunters are out hunting, keen, and eager to get ‘early-bird’ specials.  

3. Get your Business ‘house’ in order. Instore make sure your premises are ready and equipped for more customer traffic. Ensure you have sufficient and suitably trained staff. Online/digital make sure all systems are up to date, in working order and ready to go!  Do a ‘test run’! Have a backup system, plan B! 

4. The Role of E-commerce to expand opportunities.  Optimize your website and maximize sales opportunities with ‘Click and Buy’ purchase options. Make it simple and easy for shoppers. More direct methods mean less time and hassle for all. Explore new marketing tools and seek expert technical help if needed.  

5. Leverage social media to boost your exposure. Craft ‘clever’ emails, tailor content and personalize to regular customers, and re-engage with past and target potential ones. Be honest and authentic, avoid gimmicks. Utilize hashtags effectively to spread your message.  

6. Craft irresistible deals. Plan your ‘sales’ pitch and develop product offers to get ultimate results. Motivate customers, make offers attractive with ‘can't refuse’ incentives! Remember your (USP) unique selling point. Consider offering free delivery, bundled offers bonuses and gifts.  Explore ‘upsell and cross-sell' methods. 

7. Delivery methods. Critical to have delivery systems in place for Online shoppers. Check your providers/arrangements are reliable and ready to go to deliver orders as promised. Carefully monitor and manage inventory to ensure supply. 

Seize the moment to capitalize on this year’s Black Friday sales opportunities, crank up your campaign 

And get your early bird deals out now!