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.

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.

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It is now necessary to constantly think of ways to reinvent your business in order to stay ahead of the curve. The reinvention doesn’t have to be revolutionary, but it does have to be continual and add value to your customers. From adding a new product feature, to updating your service process to better meet the needs of your customers, you can find ways to improve your business and stay relevant in the market. However, when you spot gaps in the market, new trends emerging, or you come up with that ‘game-changing’ idea, undertaking a process of new product or service development might be what you need to propel your business forward.

Having a new product or service to offer, however, does not guarantee success. The new product or service must be assessed for viability, planned and developed properly, and well marketed at launch. Following the process of product development will ensure that you accurately assess viability, therefore, limiting wasted resources and investment into a product that might not be successful, build a product or service that has the critical features that appeal to the market, and is launched in a way the builds momentum in the market and gets traction with your customer base.

So if there is a new product or service opportunity in your business, following the steps below before going to market might just be the most important stage your new product’s lifecycle.

Internal Capabilities and Situation Analysis

The first and most vital step is to evaluate your company’s current business situation, to determine its capabilities and capacity, ensuring that there is a need or opportunity to launch a new product or service and that there is the resourcing capacity to see the product through all development stages and through to launch. Resourcing needs to be considered from a financial perspective, along with personnel and time requirements.

Internal and external factors that may affect the performance of the business must also be assessed, looking at the current and future requirements for delivering the product and service, and ensuring that it is within the internal capacity to deliver the product or service. If gaps are identified, it is important to ensure that planned solutions for filling those gaps are achievable for the business, to avoid investing into a product that cannot be delivered in future by the business.

Finally, it is important to ensure the outcomes that are expected to be achieved through launching the new product or service align with the overall business objectives and strategy. For instance, how does launching a high volume, low margin product affect the overall business strategy if the business is focused on lifetime customer value and share of wallet? It is likely that the new product will dilute the overall brand positioning and strategy, detract from existing products and reduce the capacity of the business to achieve its original objectives.

Research

Once you have come up with the idea, and know that it is something that aligns with your business, the next step is to conduct due diligence. Ensuring that there is market demand and industry viability will guide your business decision to continue with the product development and launch. Pertinent facts that you need to get a hold of are:

• Industry Information – This encompasses industry performance, outlook, forecasts and trends in the industry that your product or service belongs to.
• Competitor Information – Look at all competitors and potential substitutes in the market and assess how they market their products, the prices at which they offer their products, their strengths and weaknesses and how they operate their businesses.
• Consumer Information – This includes their spending habits, discretionary income, lifestyle and preferences. What is the current level of demand, and how are their needs currently being met?
• Feasibility Assessment- Looks at the potential pricing structure, costs and returns to determine the break-even point and when the product is likely to produce a return for the business.

In most instances the research phase can be undertaken using secondary research and data, to provide a detailed picture of the product or service’s potential within the market. However, in cases where the product or service is an entirely new offering, or when there is little secondary data available within the industry, it may be worth considering primary research to validate the demand and consumer requirements. Primary research such as surveys or focus groups can provide greater depth of insight into your target market, allowing you to tailor the product or service to their needs and develop and market it a way that appeals to the key drivers of their behaviour.

If you’re curious to know more about approaches to market research and the options available to help determine and confirm the viability of your concept, you can learn more here, or chat with someone from our team on 1300 714 146.

Product Testing

As you start to develop your new product or service, it is a good idea to seek feedback and input along the way, to ensure the way it is developed, the features and inclusions, meet the needs of the target market.

Conducting a test sampling of your target market to trial your product or service will give great insight into how costumers respond to it, what features or aspects work well and what may need to be changed or added. You may reach out to your current customer database and invite them to a trial the product or attend a ‘demo.’ Alternatively, if you are reaching out to a new customer base, you can use market research or online research panels to trial your product, give feedback on concepts, or review your messaging or branding. This insight is highly valuable to make adjustments to your offering in order to improve it before launching to market.  It allows you to find out what the customers like about your product or service, what they don’t like about it and the price that they are willing to pay for it.

Planning

Like any aspect of your business, it is imperative to have a strategy in place for your new product or service. You will need to consider both plannings for development of the product or service, and for launch and ongoing delivery or management.

A product plan encompasses a blueprint of how the product or service will be developed and managed towards success and how the company’s resources will be manipulated in seeing this process through.  Factors to consider in your plan include operational requirements, process changes, technology, resourcing and training, communication and documentation, financial and budgeting requirements and of course, marketing.

Launch

Once the steps above have been successfully completed and your product or service meets the requirements to be ready to go to market, it is time for the launch to commence. At this stage, having previously planned your launch, it will be helpful to ensure that the schedule of the launch ties cohesively with all the areas of the business including marketing, sales, distribution and human resources. A launch typically has three phases, and the emphasis of your efforts will change slightly as you progress through each:

• Pre-Launch – During the pre-launch phase, it is necessary to ensure that all launch day activities are on track and scheduled, marketing and communication in particular. At this stage emphasis will be on resourcing and training, ensuring that all internal stakeholders are aware of the new product or service and are educated to the level required to be able to deliver their components. Resourcing and operational requirements will need to be in place, ensuring that the business is ready to support the new product or service on the launch date.
• Launch – The launch phase is when the product or service is unveiled to your target market and the emphasis here now switches to external factors rather than internal factors. Monitoring the marketing impact, gathering customer feedback and assessing the initial perception and product or service delivery. It is likely at this stage that ‘hiccups’ will occur in the product or service delivery, therefore continuous monitoring and agile adjustment of the service process will be critical for long-term success.
• Post Launch– After the launch, it is important to measure how the product or service was received and how it is being received. It is also important to monitor and measure the media exposure that has been attained from the launch and the impact that it has had in terms of the objectives and targets set. Changes may need to be made to the marketing in order to respond to what is effective and what isn’t working.

The pre-planning and foresight for the requirements at this stage are critical because failure to organise a successful launch may result in your efforts leading up to this point going to waste. We’ve all heard the horror stories of a great product launching but the server not being able to handle the volume of users coming to the site, or the great new service that was let down by poor customer service or sales training. While these might be extreme cases, small operational elements that you have failed to plan for can de-rail your launch, and possibly have a lasting negative impact on your product or service.

Evaluation

Overall, the results in terms of the business impact that you want to see from the product or service need to be continually evaluated, to ensure that you are seeing a return on your product investment. Setting benchmarks and objectives, and using a dashboard or reporting measure to assess performance will ensure that you stay focused on the product or service’s business impact and strive to continually improve the product or service.

If your product or service continually fails to hit your benchmarks or objectives, then you need to evaluate further investing in understanding the reasons it is not performing, and then adjust the product or service to meet requirements, or alternatively removing the product from your product mix. The decision to remove a failed new product or service from the product mix can be a difficult one to make, but one that needs to consider the best outcome for the business.

It is important to remember that before offering a new product or service, the decision to do so must be based on a solid foundation. Following the product development steps above will allow you to start your new venture on the right foot towards success.

If you would like to learn more or chat with someone about your new product or service concept, please get in touch with one of our consultants, or give us a call on 1300 714 146.

The post The Essential Steps for New Product and Service Development 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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Most people understand the basics of a business plan and the process, however often expensive consultants try to “make one size fits all” as their mantra by rolling out templates or telling their clients they should read a book and all will be OK.

Unfortunately, this doesn’t work for a business plan as every business and organisation is different in size, staff numbers, marketing budgets and growth strategies.

We have seen some of the smallest start up’s being the most growth-focused and cash ready businesses around, willing to push the boundaries and take a risk.

Then we also see (in the majority I might add) businesses that are stable and supporting staff costs and marketing budgets already. They are sometimes wary of fast risky growth and make sure they plan out what they do next.

For every client though, we are focused on outcomes and results. Throughout the business planning process, we ensure that we provide a personalised and structured business plan service, with the very best business consulting and business advice delivered at all times.

Business planning outcomes will often include:

• A clear business plan, vision and mission
• Outstanding profitability and more growth
• More sales and leads with better customer retention incorporating thorough research
• Greater cost reduction
• Scalable and robust IT systems specifically for their needs
• Exceptional marketing techniques, strategies and campaigns
• A greater understanding of their unique “points of difference”
• Any other business help and business advice

Without these, your business plan may not be the investment it should be.

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