A big issue we see in the traditional consulting industry is how the consultants work with their clients. I personally have heard many horror stories where either the consultants took on themselves all responsibility and initiative and left the client out of the process, or the consultant left all the responsibility in the hands of the client, simply agreeing to whatever the client wanted without bringing their own experience and expertise to the table.

In order for a consultant/strategist and business/client relationship to truly flourish, it needs to be a relationship built on collaboration and open communication.

To ensure this is the case for your next consulting project, there are a number of things you can do to determine which consultancy firm will be best suited to partner with you and your business, and then maximise that relationship ongoing.

1. Ask the right questions before choosing a consultant

Before you choose who to work with, ensure you take the time to meet with the prospective consultants and ask them questions about how they would work with you and your team on the project. Ask them how they have worked with other clients on similar projects. What are their processes like? How do they communicate with their clients and how frequently? How do they engage their clients throughout the project? You also want to know that the consultants will be focused on achieving the best outcomes for your business, not just on getting another sale across the line.

Things to look out for during these initial stages include:

• Are the consultants asking a lot of questions about your business, its background, and your goals and objectives? This will indicate that they are trying to understand your business and what it is you are truly looking to achieve.
• Are the consultants open to collaborating with you from the very beginning? Are they happy to consult and refine the service proposal until you are happy? Are they flexible in adapting their service approach to match what you and your team need? If they are demonstrating that now, that is a good indication of what’s to come.
• Does the proposal show an understanding of your brief and your objectives? The proposed approach should be based on a deep understanding of what you need, drawn from the collaboration and discussion they have had with you.

2. Be available and accessible during the project

If you have chosen the right consultants, they will be engaging you and others within your business to draw an understanding of your business, market, objectives, and more. This may be in the form of consulting workshops and meetings, via phone or email, or even over Slack or other communication channels. To ensure that the consultants have all the information they need and to keep the project’s momentum, it is important that as the client you:

• Make yourself available for any workshops or meetings, and also ensure others within your business are available as needed.
• Keep across any communication channels being used and respond in a timely manner. Responsive communication both ways will build more effective collaboration and keep up momentum.
• Provide timely and detailed feedback. You should be seeing drafts of any deliverables and have the opportunity to be working with your consultants to refine any strategies or processes. Any delays in feedback can hold up progress and lead to project delays.
• Keep your consultant/s informed of any changes or updates to your business. If there are changes that may impact the project, now or in the future, it is in your best interest to keep your consultant/s informed. They should be flexible and willing to adapt the approach or deliverable if needed.

3. Be proactive in your engagement

A collaborative relationship goes two ways so to ensure you’re really getting the most out of your engagement with the consultant, it’s important to take a seat at the table. Although your consultant is expected to drive the project and probe with questions, you know what you need and want from the project and need to be contributing along the way.

• Come to any workshops or meetings prepared. Your consultant should provide you with an agenda prior to the workshop. If you’re not sure how best to prepare, don’t be afraid to ask.
• Feel free to ask any questions which may be a little ‘left of field’. There may be things which haven’t been considered or areas where you may need assistance outside of the scope of the project being worked on. Asking questions and raising these can help identify new opportunities or avenues to explore.

4. Maintain an open line of communication after the project has finished

If you have spent months working closely with a consultant on a big project, they will have developed a thorough understanding of your business. This can be an invaluable resource to call back on as you implement any strategies, or come across any challenges or changes in the business. Keeping an open line of communication means that if ever needed, you can go back to your consultant to seek advice or input, or event assistance with implementation or further strategic work.

A good consultant will value this relationship as well, and be willing to provide ongoing support and assistance.

Choosing a consultant can be overwhelming, but working with the wrong consultant can be detrimental. It is important to take some time and talk with the consultants, to find the relationship that will be better for the long term.

The post How to get the best value from your consultants appeared first on Reload Consulting.

As you may already know, competitor analyses are useful as benchmarks, but we really shouldn’t rely solely on them, especially when developing a business and brand. Your desire to simply outdo the competition shouldn’t drive your strategy. As business leaders, our aim is to be proactive in our strategy creation, not reactive; and to be customer-focused, and not competitor-focused. There is one major draw-card with having your focus on customers, not competitors.

The #1 drawcard with having a customer-focus is: not getting held back

Conversely (and to illustrate my point), the problem with a competitor-focus is getting held back. I remember running a 100m race back at my Grade 2 athletics carnival. An eager little sprinter back then, I knew I had the chance to take out that first place ribbon. Despite kicking off to a fantastic start and leading in first place for the first 90 or so metres, I suddenly realised I couldn’t glimpse another runner. Curiously, I turned my head to see how much I was leading by, when my friend Bethan swiftly darted past for the next 10m, unexpectedly winning first-place.

As business leaders, we can’t afford to make the mistake I did in the running race. We can’t fix our gazes behind us or to the side to see where our competitors are, what they’re doing or how they’re going with the race. If we do, we lose momentum, we slow down, we can get overconfident, and then end up discouraged as they leave us in the dust. ‘This sounds easy,’ you might scoff, ‘of course, I wouldn’t get too fixated on what other people are doing,’ yet, unfortunately, we see dozens of businesses of various sizes falling into the habit of hyper-focusing on competitor strategies.

Do you relate?

Let’s say you own a hairdressing salon and you hear that your main competitor is offering a ‘deluxe’ new experience. Google reviews reveal that the billing system of your main competitor is slow though, and repeatedly leads to confused staff and time delays of over 10 minutes. You conduct an informal competitor analysis and decide to combine the opportunity to improve your business, with their weakness.

Inspired, you create campaigns around how quick – yet luxurious – your salon is. You invest in an efficient point-of-sale system to ensure billing is seamless. You also decide to improve your first-class feel by offering extra treats, hot towels, and a complimentary hair product during treatment; all of which is ordered within days.

Two weeks later, you hear that your main competitor has now implemented a brand-new point-of-sale system, other efficiencies, hot towels, complementary offerings and sweet treats. New Google reviews prove that they are delivering an amazing experience for clients now. You’re competing on similar ground; overwhelmed, you decide to push more advertising and tell staff to emphasise how quick everything is becoming.

A few days later, you get feedback from a loyal customer saying they don’t feel like they should be paying ‘luxury’ prices for how quick your service is becoming, with less attentive staff. Your updated first-class branding hasn’t been effectively communicated; although they appreciate the hot towels. They don’t return, opting to try out your main competitor instead. Disappointed, you realise that although your competitor analysis provided a guide, you probably shouldn’t have based your new strategy on it alone.

So how should I analyse my competitors?

Competitor analyses are effective for benchmarking and gaining broad awareness of what your market is drawn towards. They are great to do as you’re setting up a brand, new business, launching a new product/service or if you want to simply revisit how you’re tracking in the marketplace to make improvements to your strategy.

Analyse your competitors by asking some key questions.

Given that a goal of ours as business people is to offer the market something that’s more competitive than other brands while meeting customer needs; we should be asking questions like:

• What do our target markets desire?
• If I was my target market, what would I prefer about my competitor’s brand, service, and offering than my own business’?
• How can we best serve the market needs and exceed their expectations throughout their customer journey /experience with our brand?
• Are we providing something that will offer more value in the long-run?
• Does our offering align with our value proposition? Even if they may not see it written down, would our customers know what our value proposition is through their experience with our brand?

If you remember one thing

While competitor analyses reveal ‘easy wins’ to overcome competitor offerings, it remains insufficient to base your marketing and business strategies on what you notice and know about competitors. Business and marketing strategies are usually composed of a myriad of major aspects, such as a revenue model, a human resources strategy, operational processes and procedures to align with your value proposition, goals and objectives, and your messaging strategy – to name but a few. The most overwhelming part facing strategy leaders and teams is often that these elements (and all the other ones!) must be integrated tightly and strategically for them to work. (Hey, don’t worry, my team can work with you if you’re in need of a hand!) Whatever industry you work in, you’re running a race, but whether you’re first or not; just keep on sprinting and improving your technique as you go. Know where those other runners are, but just don’t let them hold you back, don’t overly fix your gaze on them, and you might just take out the first-place ribbon.

What are your thoughts on basing strategies on customers instead of what competitors are doing? 

The post Our top reason why your strategy should be based on customers appeared first on Reload Consulting.

So what’s in store for 2017? While the future is never truly known, we envisage the following 7 trends will make their mark over the next 12 months.

Trend #1 – Sales Reps become Subject Matter Experts to drive business growth.

While the concept of Subject Matter Experts (SMEs) isn’t new, it is expected to become more prominent, as businesses realise more the value of aligning sales and marketing. Sales professionals within a business are a gold mine of industry knowledge and customer insight that can be highly beneficial to areas such as marketing, and also makes them ideal candidates to become SMEs. This can be achieved by identifying their strengths and making them responsible for providing a single point of sales expertise, which will then refine their knowledge bank that can be tapped into as needed by other departments.

Trend #2 – Full integration of sales and content marketing

When marketing and sales teams come together to speak a common language, it is more likely they will see sales results off the back of their marketing budgets. Businesses that understand the importance of this will look to formalise marketing-to-sales handover procedures and better open up lines of communications. This can then lead to the creation of content that brings more, better quality leads through, with more informed content that educates the intended customer and stands out from the crowd. It will also ensure that the messages customers receive from marketing channels and sales interactions are consistent, presenting a unified message.

Trend #3 – C-suite executives turn to video content for business information

A study by Forbes highlighted that video content is becoming a critical source of information among business executives, with over 80% watching more videos online now than they were a year ago, and 75% watching work-related videos on business-related websites at least once a week. This trend is confirmed by HubSpot’s Consumer Behaviour Survey, showing that over 55% of users consume videos in their entirety. Based on these insights, it is evident that video is a preferred medium for ensuring an entire message is consumed and a promising channel for B2B brands wishing to reach business executives.

Trend #4 – Clearly and narrowly defined market segments increase engagement

Narrowing a broad target market into clearly defined segments is a trend that we have already been seeing over the past year, and we expect that this will continue to rise as more business become savvy to the need for greater target market understanding. Digital marketing allows for highly targeted marketing campaigns, however, without understanding ‘who’ the intended recipient is for these campaigns, it becomes difficult to choose the right marketing mix, ensure the right message is being sent and set the right targeting parameters.

Businesses that want to get the most out of their marketing budgets will also look at the customer journey, identifying the thoughts, needs, feelings, and behaviours at each stage along the path to purchase (from awareness through to advocacy). This will mean that not only is the right message being sent via the right channels, it is also being served at the right time to guide the customer towards the purchase decision.

Trend #5 – Millennials take the lead and start moving into management and executive roles

Baby boomers are now reaching retirement age and we see millennials starting to step up into management and executive roles. This is expected to shake up business operations and impact on office dynamics, as they begin to influence the workforce based on their values and preferences. Key areas where this change is expected to be most prominent include:

• Office layouts – as traditional office space designs are transformed to encourage broader communication and increased collaboration.
• Flexible working hours – with the ‘9-5’ being replaced by more flexible and adaptable work schedules.
• Less internal emails – as different internal communication tools are adapted to allow for more effective collaboration, replacing traditional emails.

To prepare millennials for this new level of responsibility, many businesses are making asserted efforts to train their future leaders through effective knowledge transfer and up-skilling.

Trend #6 – Greater focus on connecting customers to what they want.

It is well known that consumers are growing tired of being ‘sold to’ and are able to determine a sales pitch from a mile away. With traditional sales-focused methods turning people away, businesses need to find new ways to encourage people to buy their products or services. What we have seen in the market, is that consumers are responding more positively to brand messaging that considers and caters to their preferences and needs. Services that connect them to what they want are gaining significant cut-through (i.e. Uber), as we well and truly enter into an economy built on connection and sharing. This creates opportunities for service-based businesses to enter the market with little to no physical assets (i.e. Uber doesn’t own a single car).

Trend #7 – Leveraging employees’ strengths

A study by Gallup established an undeniable connection between employee strengths and their engagement in the workplace. We have already seen a shift in the mindsets of a number of businesses towards identifying and leveraging the strengths of their employees, to build stronger and more effective teams. In 2017, we expect that businesses will hire more ‘specialist’ roles and invest in strength-based training. One of the organisations included in the study that capitalised on this method implemented a “Lead with Your Strengths” program that, within a year, saw employee engagement levels improve by 26%.

These are some of our thoughts, based on our observations and what we have been seeing in the media. We would love to hear if there is anything you would add. What trends do you think will become prominent over the next 12 months?

The post 7 Business Trends to Watch in 2017 appeared first on Reload Consulting.

However, with such a plethora of tools available out there and all of them claiming to be the ‘latest and greatest’, it can become difficult to know which tools are actually worthwhile investing your time and energy (and sometimes money) into. Below is a list of questions to ask when determining the right tools for your business.

• What challenges is your business facing? – To determine which tools to investigate, you must first be clear about what challenges you need to overcome. Consider the nature of your business, your daily operations and processes, (i.e. do you keep a tight daily schedule? How do you communicate with your clients and co-workers? etc.) and where there are many opportunities for improvement.
• Which tools will address those challenges? – Once you have clarity around your key challenges and opportunities for improvement, the next step is to research which tools match your needs. Once you have a list of options, you can then run a comparison of these against your requirements to see which ones tick the most boxes.
• Does the tool offer a free trial? – Many tools offer a limited free trial period or in some cases, offer the basic features for free with paid options to access the more premium or advanced features. Accessing a free trial or product version allows you to assess whether or not the tool meets your expectations and requirements.
• Is it simple to use and actually more efficient? – Once you have had a chance to trial the product, you will be able to gauge whether it is easy to use and whether it actually makes things easier/more efficient.  Some tools may seem to tick all the boxes, but once you use them they aren’t actually any more efficient than your original process methods.

During our day-to-day we come across a lot of tools, a number of which we use ourselves to help streamline our work processes and make collaboration among our team and with our clients a whole lot easier and more efficient. The ‘perfect tool’ will vary for each business and is highly dependent on a number of factors, however, the following list outlines some tools that we love and that have helped make our day-to-day activities run much more smoothly.

Dropbox

It’s very likely that you would have come across Dropbox at some point in time. This cloud-based storage system makes it easy to store and share files, which is fantastic for file collaboration. We often use Dropbox when we need to send large files to clients or share larger files with members of our team. One of our favourite things about Dropbox is that it automatically syncs files in real time across multiple devices so that the file is available and ready for use at all times. Dropbox uses a freemium business model, so you can enjoy up to 2 GB of storage capacity for free. If you need more storage, premium plans start from AU$12.99 per month.

Google Apps for Work

Google Apps seem to be growing in popularity among businesses and it’s no surprise. With a suite of collaboration, storage and communication tools that make working together a whole lot easier. Our favourite tools from Google Apps are:

Gmail

Gmail is Google’s email solution, which I am sure you would be familiar with. The work version offers professional (use your custom domain), ad-free email that integrates with all of Google’s other products, which is super handy (trust us!). With 30GB of inbox storage and 24/7 support, Google has you covered and it’s also compatible with Microsoft Outlook and other email clients if they are more to your liking.

Calendar

Again, you have likely heard of Google Calendar, but the true potential of this tool so often goes unrecognised. We use Google Calendar every day to organise our daily schedules and booking in meetings. In our line of work, we are constantly needing to find meeting times that fit in with multiple people’s schedules, Google Calendar allows us to check our colleague’s calendars to find a time when everyone is free, saving a lot of time and hassle as opposed to checking with everyone individually. The integration with Google Maps is also super handy, allowing us to easily pop in the address of our client or meeting location to be able to then easily pull up the information and directions prior to leaving for a meeting (which when done on our phone, will open Google Maps and we can start navigation).

Drive

Google Drive is Google’s online file storage solution that allows you to store all your work in one secure place. We use Google Drive this to store and organise files that need to be shared with multiple team members. Drive automatically syncs files from your desktop and provides access to all your devices. Another great feature of Drive is that is compatible with over 40 popular file formats including videos, images, Microsoft Office documents, spreadsheets and PDFs, meaning that you can view documents in these formats even if you don’t have the correct software installed to open them.

Docs, Sheets & Slides

Through Drive, you can also access Docs, Sheets and Slides, which are Google’s version of Word, Excel and PowerPoint. The advantage of using these tools is that you and your team can create and edit documents within your browser and multiple people can be working within a document at the same time (fantastic for real-time collaboration!). To make this collaboration easier, you are able to see edits as others are typing, communicate through built-in chat and ask questions using comments. These documents automatically save and have an unlimited revision history if you ever need to undo anything.

Hangouts

Google Hangouts is a free communication platform that offers instant messaging, video chat, SMS and VOIP features. You can use Hangouts as an alternative to Skype to speak or video conference with multiple people. We use Hangouts internally to quickly chat with team members. Hangouts can also be installed on your phone to allow communication and collaboration while on the go.

Todoist

Managing multiple tasks for multiple projects across multiple teams can be challenging. With a plethora of task tracking apps available, we couldn’t go past Todoist, which we now use company-wide to manage our individual workloads and to maintain effective communication of responsibilities and tasks for group projects. We love Todoist because it makes creating, sharing and completing tasks oh so very quick and easy! Their ‘karma score’ creates a fun way to track your productivity as well. The basic features of this tool are available for free, however, if you want to be able to collaborate on projects then you will need to upgrade to the premium version, which starts at $44.99 per year.

Streak

Streak is an amazingly handy little tool that integrates with Gmail and essentially allows for basic CRM functionality within your Inbox. We find this particularly helpful for the tracking of sales lead from initial prospect through to becoming a client. It allows for team members to be assigned to ‘boxes’, each box representing a contact (in our case, a box could also represent a task depending on how you are using it). This is also a great solution for small businesses that don’t have the budget for a bigger CRM system, with so many potential uses including recruitment, sales, product development, marketing and more.

PayPanther

We recently started using PayPanther, an all-in-one software solution that combines CRM, Invoicing, Time Tracking, and Project Management into one, easy to use platform. We decided on PayPanther as our CRM as it most closely met our specific requirements and so far it has been fantastic for what we need it for. This CRM is relatively new to the market and is constantly being improved upon. One of the great benefits of this is that they are really open to feedback from their users. PayPanther offer a 30-day free trial, perfect to test it out and see if it’s the right fit before making a commitment.

Gliffy

For many of the projects that we work on, we need to create flowcharts, timelines and other diagrams. Gliffy is a fantastic tool that makes this super easy to do, providing a drag-and-drop approach to designing professional, neat and personalised diagrams quickly and efficiently. It also allows for collaboration between team members. The free account allows you to create up to 5 public diagrams, and the paid accounts start at only $3.99 per month.

The business tools outlined above are tools that we have used at Reload. These have been selected based on our specific requirements and while all of these tools are fantastic for our needs, they may not necessarily be the best tools for your business and should all be considered based on your specific processes and requirements. There is a whole world of business tools available to help businesses run their operations more efficiently and the key is to choose the best tool for your business based on your needs. In order to do so, it is important to take the time to research and evaluate your options before making a decision. Periodic evaluation of the tool will also be beneficial, to ensure that it remains the best option as your business grows and changes, or to determine when a change of tool may be needed.

The post 6 business tools we love and use appeared first on Reload Consulting.

One of the most crucial decisions that a new business owner needs to make is selecting the most appropriate and feasible business model for your product, and for the market environment, it will be operating in.

There are several business models to choose from, many of which originate from the time commerce began. However, over time and with the development of new technologies, business models have evolved and there are have been many new options that have come on the scene to address the changing needs of the market.

When choosing which business model to go with, it’s important to know the options you have available and consider what each one has to offer. Below is a list of some of the most common business models, with a brief description of each one, the pros and cons and some well-known examples.

Manufacturer-Direct

Manufacturing involves the creation of products to be sold directly to the consumer. This particular model has risen from the evolution of e-commerce, as the ability to sell directly from a website has resulted in many manufacturers skipping the ‘middle man’ and selling directly to their customers rather than going through retail outlets.

Advantages of adopting the manufacturer direct business model include lower distribution costs, which also means the ability to offer more competitive pricing, as well as the ability to build a unique relationship with customers and the ability to directly receive customer feedback and input. On the flip side, this model does require the manufacturer to create an online store and then market that store across appropriate channels, all of which require sufficient budget.

Some examples of businesses that have adopted this business model include Dell and The Dairy.

e-Commerce/Retail

For a long time, the traditional retail business model has been the most common, however, it is now increasingly becoming threatened by rising trends such as subscription commerce, free delivery and returns, and direct sellers reducing product costs, all threatening the longevity of the traditional retail business. However, the traditional retail model translated into a digital environment can still be very profitable. The basic e-commerce retail model simply involves the selling of products to the consumer at a markup of the cost to purchase from the manufacturer.

The benefit of this model is that time and resources don’t need to be invested into the actual manufacture of the products, and by selling online, retailers can get away with very little overheads while being able to access a global market. However, the selling of physical products online does still present its own sets of challenges, such as inventory storage, shipping, breakage and insurance.

Examples of some well-known businesses operating a successful e-commerce business include Booktopia and Vinomofo.

Subscription Commerce

The subscription commerce model is shaking up the e-commerce space in big ways, offering convenience for customers by providing a regular supply of whatever product is being sold. This model offers many benefits to the retailer, such as a recurring revenue stream (only having to lead a customer through the checkout process once) and predictable cash flow, and the ability to easily predict the order volume that will need to be dispatched in a given time period. The reliance on long-term customers places high importance on customer retention, with retailers needing to provide excellent customer service and invest in customer retention to keep cancellations to a minimum.

The subscription commerce model is however susceptible to big issues, such as the high impact on the business should anything go wrong with stock or delivery, or should the product fail in any way. This model creates customer expectations of regularity and consistency, and living up to these expectations is important for success. There is also the risk that customers will become bored with the product after a while, cancelling their subscription.

Some examples of successful business that have adopted the subscription commerce model include Dollar Shave Club and Bellabox.

On-Demand

The underlying principle in the on-demand model is providing goods and services to customers immediately and as needed. In order to achieve this, the supply of the good or service is driven by the implementation of efficient and intuitive systems and platforms. The key to success with this model is being able to satisfy the needs of customers in a cost-effective, scalable and efficient way then those that have come before.

Many of the successful on-demand businesses that we have seen so far take ownership of the marketplace, not the supply. This means that they have reduced operational expenses (e.g. Uber doesn’t have to own the cars, as the drivers bring their own). But most importantly, all the successful on-demand businesses are solving a real problem, such as inefficiencies in the current marketplace.

Examples of some well known on-demand businesses include Uber and Airbnb.

Franchise

The franchise business model offers a lower risk to someone looking to start a business, by providing a way to use an existing and working business model, meaning a higher chance of success (but not guaranteed), shorter wait-time before opening and access to training and support. However, franchisees do have far less independence than someone who starts out on their own and many aspects of how they run their business are dictated by the franchisor.

For those considering turning their business into a franchise model and becoming franchisors, the key benefit is the ability to access someone else’s money to grow their business far more quickly than they could on their own (through the collection of initial franchise fees and ongoing royalty’s). However there are associated risks, for example, if a franchise is not operating their business in line with the guidelines set out by the franchisor (franchise agreement), the franchisor cannot ‘fire’ the franchise.

Well-known examples of businesses that operate under a franchise model include Jetts 24 Hour Fitness Gyms and Boost Juice Bars.

Broker

Brokerage may sound like it is referring to a financial institution, however, this business model actually applies to a broad range of services. Essentially, the brokerage model involves connecting buyers and sellers and facilitating transactions. With the rise of online commerce, we see this being done more and more on some form of online marketplace.

The key to success with this business model is connecting customers to sellers of a product or service that would otherwise be difficult for them to find, therefore solving a genuine problem. The broker earns revenue typically by charging a fee to access their marketplace, or by charging a commission for each transaction that they facilitate. Brokers, therefore, benefit from not needing to worry about supplying the product or service, however, there is a high dependency on ensuring value is evident for both sides. One of the biggest challenges that new brokerage businesses face is the age-old chicken and egg scenario, they need to be able to show customers that they have enough sellers on board to create a wide range of choice, however they also need to be able to show sellers that they have enough customers coming to their marketplace to be worthwhile.

Examples of well-known businesses that have made the brokerage business model work in an online environment include eBay and Realestate.com.au.

Landlord

In the landlord business model, the owner of the property or space makes money from renting his or her assets temporarily to generate revenue. This business model also applies to the financial industry where lenders act as landlords in the sense that they charge a fee or interest for lending money to clients. In the services industry, the expertise of service providers is rented out for a fee. In the digital space, we see this model presented through the leasing of online advertising space, which when the traffic to that space is very high, can be very valuable.

A key selling factor of this model is the convenience that it offers to the consumer, allowing them to access the good or service for the time they need, without needing to commit to ownership or pay the high cost to own it.

Of course, this model comes with its own sets of challenges, for example, strategies must be in place to address issues such as product damage or failure to return a product, etc.

Video rental stores such as Blockbuster are a great example of a physical landlord business model, however, we now see these types of businesses becoming threatened by hybrid models such as Netflix, who have combined the landlord and subscription models to provide greater convenience and more competitive pricing for consumers.

Freemium

A combination of the words ‘free’ and ‘premium’. the freemium business model involves giving consumers a core product for free (in exchange for their details), then marketing to them in the attempt to ‘up-sell’ them to the premium products on offer. This model has gained increasing popularity over the past years in response to the changing market, starting in the IT world and now gradually making its way into numerous other industries such as music and publishing.

This model is well suited for a product or service that is new to the market to minimise barrier to entry and drive trials and word of mouth. The freemium model makes customer acquisition far easier and if they like the product or service, they can share with other consumers.

The freemium model, however, is not suited to every product or service. One of the key product/service requirements to make the freemium model work is that its value to the consumer increases over time (i.e. value increases as more people use it). This means that a lot of users are typically required in order for freemium to work and they have to be returning users. The freemium model can take a long time before becoming profitable due to a longer conversion process, however, if the product or service is the right fit, it can become a massive success.

Some popular examples of businesses that have made the freemium model work include Spotify and Evernote.

Determining which is the perfect business model for you will be dependent on a number of factors, such as available funds, the competitive landscape and market characteristics, potential legal implications, etc. The pros and cons for each potential model should be carefully considered, the potential risks carefully evaluated and the market being entered assessed before making a final decision.

Interested in discussing which business model is the best option for you?
Contact us today for an obligation-free consultation, or give us a call on 1300 714 146.

The post 8 popular business models – which one is right for you? appeared first on Reload Consulting.

It’s common knowledge that being a business owner requires you to wear several hats, especially at the beginning of your entrepreneurial journey. Starting a business requires a unique juggling act between many areas of the operation. However, as you grow, taking on too many roles can do your business more harm than good.

When to delegate.

When delegating work the rule of thumb is to hand over tasks that fall outside your area of expertise. If you have limited knowledge or skills to perform a certain task, chances are you will waste time and be less productive than someone who is better trained in that area (The result of which would be a half-baked outcome). Further, the time taken up for these assignments could have been used for more important and productive activities, such as innovation or networking. Some of the roles that you can consider delegating include:

• Online Marketing – This encompasses the management of your website and social media accounts, as well as digital marketing campaigns and initiatives. Large companies typically have an entire department dedicated to online marketing. Because there is so much involved these tasks can become very tedious and time-consuming.
• Customer Service – Engaging with customers is crucial to the success of your business. Customer service encompasses assisting customers with their needs pre, during and post-sale. Like online marketing, this can be a full-time job especially if you want to do well by your customers. If this is becoming the case, it may be time to bring someone else in to assist with answering customer inquiries, developing loyalty or gratitude programs, and sometimes physically attending to customers’ needs.
• Reporting – A business has many moving parts and it’s critical to monitor each of its facets to ensure that these are running properly. These include such areas as finance, sales and marketing, human resource and operations. Reports help you as a business owner to have a feel of his or her current business state and the information can then be used to plan for the next financial year. Tracking all of these can easily leave a business owner with no time for anything else. By assigning this task to someone else, the business owner can concentrate on other, more important areas of the business.

Things that you should be doing.

There are certain things that either shouldn’t be delegated or are too personal to hand over. There will be areas that only the business owner will be able to do effectively until the business has reached a certain level of growth. Some of these owner sensitive areas are listed below.

• Product Development (Innovation) – Innovation is key to maintaining and growing your customer base. If you keep offering your customers what you’ve started with, chances are that they will get bored or find a better alternative. Constantly updating your products and expanding your product range will give your customers something to look forward to.
• Hiring – Hiring the wrong people can be costly for your business. The vetting process is time-consuming but necessary for finding the person that would be the perfect fit for your business. The business owner is the best judge of whether or not a candidate is right for the job he or she is applying for. It is also the job of the business owner to set goals and key performance indicators (KPIs) for each employee. Once your business has grown to a point where recruitment and HR are becoming a full-time job, then it may be time to consider hiring a HR specialist, however until then, this responsibility should fall with the business owner.
• Budget – The budget of a business for all its activities is usually guided by its previous or forecasted revenues. However as the business owner, you can make tweaks here and there depending on the goals and priorities that you have set for your business. Whatever these may be, the business owner ultimately needs to decide the best use of the business’ available funds and where best to allocate these.
• Strategy – The business owner should no doubt be on top of the overarching business direction and strategy of the business. The strategy is an extension of the vision which the business owner has set prior (seeking help from experts in strategy development can be wise).  Decisions ultimately fall on the hands of the business owner and rightfully so.
• Networking – Networking has many benefits for a business and should be given time and attention. Through networking, a business owner can make connections, get referrals, stumble upon opportunities and increase brand awareness. There is no better person to network than the person who knows the ins and out of the business.

Running a business is not easy. It has many moving parts and each part needs attention in order to function efficiently. As much as you may want to take control of every part of your business, it is not advisable to do so as your business grows. It is best to delegate activities that fall outside of your expertise, as this way you can be assured of achieving your desired results while not wasting your valuable time. The best use of your time is to oversee the core functions of the business – the sensitive functions that only the business owner can do effectively.

The post The business owner’s guide to smart delegation appeared first on Reload Consulting.

Operations Management

While business activities vary, there are a plethora of  tools available making lighter work of daily tasks.

Some of the day-to-day benefits that can come from investing in digital tools include:

• Reduce cost and clutter – the use of digital tools for office tasks allows small businesses to save on operating expenses. For example, instead of printing, correspondences and memos can be sent electronically saving on the cost of paper and time. Investing in office tools can also mean not having to hire an additional employee to perform tasks that can be done by, or with the help of, digital tools. Tools such as cloud storage solutions, allow businesses to organise their important documents without having to print papers and file them away manually in bulky cabinets.
• Go green – investing in tools that allow business owners and/or employees to conduct business remotely can mean saving on travel costs and thus reducing the business’ carbon footprint.
• Improve timelines – using electronic mail versus snail mail enables correspondences to be delivered almost instantaneously. This enables the recipient to act on the information that they receive sooner.
• Improve employee productivity – some digital applications are designed specifically to help boost employee productivity. Tools such as Customer Relationship Management (CRM) programs, social media management tools (i.e. Hootsuite), Google Analytics, content management platforms (i.e. CoSchedule) etc. have functions that enable colleagues to collaborate, manage their files and schedules, and keep track of their activities. As a result, employees have more time to work on other tasks and attend to other responsibilities.
• Improve customer service – digital applications allow businesses to reach out to their customers faster and easier, and allow for alternative methods of contact other than face-to-face or via phone. Digital tools also allow businesses to respond to customer service requests in a more timely manner.

Marketing

More and more businesses are taking their marketing online because when done properly, online marketing tools and platforms can bring a multitude of benefits. Some of these include:

• Maximise marketing budgets – Marketing online is a more cost-effective way of reaching a broader audience. Many online marketing and advertising avenues are available to businesses for a significantly lower cost than advertising through traditional channels such as TV, radio or billboards.
• Easy to measure returns – Online marketing investments are easier and faster to track with the use of data analytics. Using data analytics not only helps businesses to see the effectiveness of their marketing campaigns, it also allows them to gather important information about their customers that they can then draw from when planning their next campaign.
• Increase awareness – Having a good website establishes a business’ presence and credibility online. Further, being visible online increases the chances of more people learning about the business and it capturing their interest.
• Expand market reach – Businesses can reach a much broader audience through online advertisements and social networking. Being present in these channels can also help to drive traffic to a business’ website and towards conversion.
• Better engagement – Using digital tools can enable businesses to engage with their customers in a way that is convenient for both the customer and the business. It can also allow for faster response times to any inquiries, avoiding drawn-out wait time and therefore decreasing the chances of customers becoming frustrated.
• More segmented and personalised marketing – Through data analytics, a business owner can gain valuable insight into their target market’s preferences and activities. This means the ability to constantly be reviewing and improving online marketing efforts to get even better results, through more personalised and targeted marketing campaigns.
• Boost Sales – Ultimately, having an online presence and investing in online marketing activities can increase the chances of driving interest in your business. Further, with the right digital strategy and utilisation of the most suitable online marketing channels for your business and market, an increase in conversions and sales can be achieved.

Investing in digital solutions can provide numerous benefits for your business, especially in the areas of operations management and marketing. Investing in the right business tools and marketing channels is imperative and must be approached strategically and, when done in such a way, can result in your business operating more efficiently, seeing an increase in sales and revenue and ultimately, making a positive impact to a business’ bottom line.

The post How digital tools can save your business time and money appeared first on Reload Consulting.

The key is to be informed and to approach budgeting in a systematic and carefully thought out way. Here are 7 key things that you should do when planning your marketing strategy to ensure that you get the most stretch for your budget.

1. Understand why marketing is important and why it’s a necessary investment for your business.

The purpose of marketing is primarily to introduce your brand and your product or service along with it (or vice versa), to build awareness and spark interest among your target market. If your target market isn’t aware of what you have to offer and why they should purchase it, then inevitably there will be no sale and no sale means no profit, and no growth. Once you’ve established your brand, marketing then helps to strengthen the brand image, which can then be leveraged to attract high-quality talent, establish strategic partnerships and win the loyalty of your customers.

2. Consider the industry in which your business operates, your product or service, and your target market.

Marketing is never a case of “one size fits all” and there is no magical formula for successfully gaining market traction. Your marketing strategy will need to take into consideration your target market and where they get their information, which will then help you to strategically select the marketing channels that are going to allow you to reach your target market without breaking your budget.

3. Set your marketing objectives.

This involves identifying what you want to achieve with your marketing efforts (e.g. brand awareness, lead generation or increase sales), linking it back to your overarching business objectives to ensure This will then be used to gauge the extent of your marketing activities and will help you in selecting the marketing channels to use.

4. Determine your marketing budget.

The recommended allocation for marketing is usually (reload’s recommended budget here) percent of the company’s previous or projected gross revenue. However, this may or may not be followed depending on the current circumstances of the business. When creating a budget, it is important to consider your marketing objectives.

5. Know your options.

There are various options available for getting your product or brand noticed. This can be done either via traditional channels or through digital channels. There are pros and cons for investing in each of these channels. Choose the channels that will allow the widest market penetration, whilst considering your budget. For small to medium business owners, digital marketing might be the more practical choice as it is more cost-effective and tracking of results is easier.

Traditional channels include:

• Print (i.e. newspapers, magazines, posters, etc.)
• Radio/TV
• Direct mail (the delivery of marketing communication (i.e. a letter, postcard, and coupons) to customers via post)
• Trade shows
• Face to face interaction with customers and prospects
• Telephone interaction with customers and prospects

Digital channels include:

• Web marketing
• E-commerce (selling products online)
• Affiliate marketing (partnering with other businesses to cross-promote each other’s products)
• Search Engine Optimisation (SEO) (the method of increasing the visibility of your website in search results)
• PPC and banner ads (paid ads that appear on websites and searches)
• Email marketing (communicating with a database of customers and prospects via email)
• Social media marketing (Social media marketing includes blogging and sharing content, and engaging with customers via social media channels)

6. Plan your marketing strategy with a corresponding timeline.

Having a marketing strategy is important to ensure that your marketing plans are aligned to your overarching business goals. The marketing strategy will outline your goals and objectives, which marketing channels you will be using, timelines and milestones for achieving your marketing goals, any costs associated to the marketing efforts and other pertinent details.

7. Don’t forget to track and monitor data and feedback.

It’s important to measure how your marketing efforts are performing against the goals that you’ve set. The data that you will gather from your marketing efforts will allow you to track the progress and growth or your business. This information can then be used to guide decisions around future marketing efforts.

There is no cookie-cutter approach to selecting the best marketing activities and channels to use for building awareness, generating leads and increasing sales. Selecting the correct mix of channels and activities will largely depend on factors such as your industry, target market and budget. The key is to research the options that are available, set a clear budget and develop a strategic plan, then throughout the implementation continuously track the performance of your activities and be open to making little tweaks and adjustments here and there based on the insights that you gain.

The post 7 tips to make your marketing budget stretch appeared first on Reload Consulting.

Your business plan represents the roadmap for your business, enabling you to develop and implement strategies that are in line with your business objectives. This ensures your operations are efficient and targeted towards achieving your goals without wasted expenditure along the way.

Often, however, the extent of detail and inclusions required for a business plan can be confusing, with a vast array of options available from a 3-page template plan to a lengthy 50-100 page custom plan. Determining which option is right for your business can be difficult and can leave many business owners unsure about which path to take. Below we outline the differences between template and custom business plans, to help you identify which is best for you, your business and objectives.

Template Business Plans

A template business plan can provide you with a general outline of the basic components that are necessary for a business plan. These usually range from 15 to 20 pages in length and can be a great guide for getting an idea off the ground. Template business plans are readily available online, some available as free resources and others sold at a low cost.

While they are great for quick turnaround and low cost, the main downside to using template business plans is that they provide a very general format. Even with the numerous industry-specific examples that are available online, they don’t take into account the unavoidable truth that what applies to one business, doesn’t necessarily apply to another. Additionally, not every business owner’s background is in business, and often there can be a lot of confusion when trying to ‘fill the gaps’ under the template headings – especially if they aren’t all relevant to that business.

With that said, templates can be a great option for students to use for university assignments and for entrepreneurs starting out on a shoestring budget.

Custom Business Plans

Custom business plans are exactly that, custom. They are developed based on a deep understanding of the business and the market in which it operates, in line with the business’ goals and objectives. These business plans typically go into a lot more detail and are therefore much more comprehensive than a template plan, with the length of the document varying greatly depending on the business and objectives that it is addressing.

Unless you have a sound business background, it is usually advised to seek out the services of an expert business consultant to help craft your custom business plan. This ensures that the end result is backed by sound business knowledge and research, and covers all of the requirements to meet your objectives (i.e. includes all information that the bank needs to see to approve financing applications). As would be expected, engaging an expert to deliver a custom higher quality business plan does require a higher investment and so may not be the best choice for entrepreneurs starting out. However, if you are applying for funding or have other specific objectives that you need to meet, the outcomes are certainly worth the investment.

When making the call as to which path to go down, it’s important to consider the objectives and purpose behind having a business plan and subsequently, the investment that you are willing to make in order to achieve that. If you’re still unsure, speaking to a consultant can be a great way to gain further clarity. An initial chat shouldn’t cost you anything, depending on who you go to, and they should be able to advise you as to which option will be best suited to your current situation and desired objectives.

The post Custom or template – which business plan is right for you? appeared first on Reload Consulting.

“…responsibility of an organization for the impacts of its decisions and activities on society and the environment, through transparent and ethical behaviour that

• Contributes to sustainable development, including health and the welfare of society.
• Takes into account the expectations of stakeholders;
• Is in compliance with applicable law and consistent with international norms of behaviour; and
• Is integrated throughout the organization and practised in its relationships.”
• A good CSR strategy engages in a holistic approach with the organisation at the centre and incorporates seven core subjects; human rights, labour practices, the environment, fair operating practices, consumer issues, and community involvement and development.

In most cases, incorporating a CSR strategy is voluntary, however, there is increasing pressure to make a positive contribution to society. In Australia this pressure is primarily ‘societal’, however internationally, governments are starting to push for enforcement of certain CSR elements.

While many SMEs may not have the resources required to incorporate all seven core subjects, a ‘leaner’ approach can still have a positive impact on your business. Taking into consideration which elements will have more meaning for your market and your brand, you can determine which elements to focus on strategically in line with your business objectives. The benefits that can come from this include:

Strengthened brand reputation

Contributing positively to the good of others or the environment is always highly regarded and businesses that can show they are doing so can achieve a positive boost for the reputation of their brand. People buy from or work with businesses that they know, like and trust, and are more likely to buy from businesses that they see as being reputable and community focused. Investors are also partial to enterprises whose reputations are in good standing.

Enhanced trust and participation from stakeholders

Having open communication lines with internal and external stakeholders allows a business to understand how to better enhance its relationship with them. This allows for strategic focus on programs that will jointly benefit the business and the stakeholders. For example, creating programs that show concern for employee well-being can decrease employee turnover costs for the business and boost employee morale.

Reduced cost from efficiency improvements

Ensuring a more efficient use of resources saves money and has a less negative impact on the environment. Improving environmental practices such as reducing pollution and improving waste management within the business can lead to better financial performance through both increased revenues and lower costs. SMEs can incorporate simple programs such as recycling or upcycling to help mitigate their environmental impact.

The impact that socially responsible actions have for an SME may not be as all-encompassing as those initiated by larger corporations, however incorporating a well-planned CSR strategy can potentially make a positive impact where it matters most – in the SME’s own backyard.

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