This Week on Scotch o Clock episode we were joined by David Clarke.
David Clarke from Chase Group Insurance Solutions is a Specialist Insurance Broker, arranging insurances for many businesses. David’s focus is on a client group that values sound advice from a Broker that truly understands their business.
Featured Whiskey: The Arran Malt.
Business Topic Covered: In this episode we discuss Risk Analysis and why it is so important to focus on implementing Risk Strategies in Your Business.
Scotch O’Clock – Episode 33 Featuring David Clarke.
Featured Guest Intro: 0:10
Scotch intro: 0:45
Whiskey Tasting: 2:00
Risk Intro Topic: 3:20
Risk Management: 7:00
Asset Protection: 9:20
Political Risk: 16:00
Cyber Protection: 17:00
Insurance Strategies: 18:00
We Hope you enjoy this Episode guys and remember to please comment and share this video to reach those who are seeking advice on implementing a Risk Strategy in their business and the benefits in doing so.
For more information on how we can help you in your business click on the Green Button Below.
Value: The customer’s perception of your worth, excellence, usefulness, or importance. Value addresses the customer’s question, “What can this person or company do for me?”
Value can be articulated by explicitly answering these questions throughout the sales cycle:
- How much? (what the customer can expect to gain by doing business with you — in increased sales, lower costs, etc.)
- How soon? (when the customer will be able to receive the value)
- How sure? (proof that the customer will in fact attain the value stated)
Provide norms for the customer so that there is little question of what the customer can expect from you: “We have a track record of providing a 15% cost savings and 90% product availability within 2 days of order.”
What are norms that your customers can expect you to live up to?
Remember, it is YOUR job to tell your customers what value they can expect — customers shouldn’t have to work to figure out the value themselves. If you don’t explicitly quantify the value your customer can expect to receive — and your competition may be doing this work for your customer — who is going to win the sale?
Competence: The customer’s perception of your skill, knowledge, and experience with respect to them or their business. Competence addresses the customer’s question, “Can this person or company do what they say they can do?”
Competence is demonstrated by the following:
- Completing and implementing an organised and logical sales approach
- Conveying an understanding of the customer and their business
- Demonstrating research and knowledge
- Substantiating your capabilities
- Involving team members appropriately and on a timely basis
The perception of competence is gained over time. As you work these guidelines into your approach to your customers, you will gain credibility and enhance your business relationships.
Trust: The customer’s confidence in your integrity, ability, and intent. Trust addresses the customer’s question, “Do I trust this person?”
Trust is demonstrated by the following:
- Using third party introductions
- Providing a letter of recommendation (objective references help build credibility)
- Displaying honesty, candor, empathy, and respect (show that you’ve done your homework, show a concern for their time and issues)
- Conveying win/win intent (concern for positive outcome/success for both parties)
- Above all, substantiate with action:
o Establish a track record of follow-through
o Set new norms (guidelines for expected behavior that are agreed to and that can be counted on)
Propriety: The customer’s perception of the appropriateness of your actions with respect to them or their business. Propriety addresses the customer’s question, “Is this person behaving properly or appropriately?”
Part of exhibiting propriety is in the way you present yourself. Over half of others’ perceptions of you is based — at least initially — on your appearance. Therefore, take care in your physical appearance, mannerisms, vocabulary, and business etiquette. If your first “appearances” occur on the phone, pay special attention to your tone, enthusiasm, and vocabulary.
A second, critical part of demonstrating propriety involves your adaptability to other people. In business, the Golden Rule — “Do unto others as you would have them do unto you” — is usually inappropriate. In fact, if you treat others as you want to be treated, you may end up ignoring their needs, wants, and expectations, which may be completely different from your own.
You must be astute enough to recognise others’ needs, wants, and expectations AND you must be flexible enough to treat people the way they want to be treated.
Relate to your customers in a way that makes them feel most comfortable. This decreases “relationship tension” and increases trust, credibility, cooperation, and the commitment to work with you.
Build your business relationships — and your future — by focusing on these critical elements of Value, Competence, Trust, and Propriety.
Proper sales training is crucial for the success of any business! The efficiency of your sales depends on various interrelated factors such as the efficiency and the skills of your business members, the ability of your company to create and explore new sales opportunities, as well as the ability to close potential sales. In addition, a proper customer relationship management can maintain the clients’ interest in the products or services offered by your business. Considering the fact that the profitability of a company is determined by its members’ relations with clients, a successful business should focus on better understanding customers’ needs, enhancing the communication with clients by providing good feed-back and also on improving interactions with clients. With the means of effective sales training programs, you will be able to strengthen the relations between clients and the members of your business.
Whether you are the owner of a large, prominent company or a small business, proper sales training of your team members is the key in achieving and maintaining a strong position on the market. In order to strengthen the relations with your loyal customers and to attract new clients to your products or services by increasing the exposure, popularity and credibility of your business, you have to make sure that your business team has a solid sales training. A proper sales training program can help you boost the profits of your business by familiarising you and your team with a wide range of strategies for attracting new customers. In addition, sales training programs offer you effective solutions for selling more to your already existent clients, by maintaining them interested in your products or services.
There are various online professional services that offer a wide range of effective sales training programs for companies. By attending to the latest, cutting edge sales training programs, you and your business team will be able to quickly assimilate an extended package of knowledge, skills and abilities that are vital for achieving success. Sales training programs account for all the features of a successful business, ranging from customer service and sales skills to sales management and leadership development. By attending to a set of specialised sales training courses, your sales staff will be able to improve their overall sales skills, negotiation skills, communication skills and conflict resolution abilities.
Advanced sales training programs also include executive coaching, sales management coaching and leadership development, courses suitable for your team members that occupy higher positions inside your company. Thus, sales training programs are appropriate for all the people in your business, regardless of their role and position inside the company. By attending to a set of specialized, professional sales training programs, your team will learn new, effective solutions and strategies for promoting and selling your products.
Regardless of the success of your business, there is always room for improvement! After following a set of reliable, effective sales training programs, lots of businesses have been able to increase their profits by up to 30 percent! Sales training programs are strongly recommended for all business owners who wish to enhance the efficiency of their company.
Creating a successful and profitable business is no easy task. It’s reliant on many outside factors, including competition, timing and demand, which you have very little to no control over at the beginning. Assuming all of these outside factors are in your favor, having a sound business plan can lead to having a successful business. Here are five steps to consider when you’re building your business from the ground up:
1. Determine your business. What are you selling?
This question isn’t as easy to answer as you may think. For example, Nike is in the sportswear business, but the truth is that when you buy a pair of Nike shoes and a t-shirt at the mall you’re buying a lot more than sportswear — you’re buying an image, a feeling. You’re buying the Nike brand. Richard Thalheimer, the former CEO of The Sharper Image and the founder of RichardSolo.com, has worked in specialty retail for more than 30 years. When asked what business he’s in, he’ll tell you “convenience” or “innovation” before he specifies any particular industry, and he’s built one of the most powerful brands in America. Keep in mind, there’s more to a product than, well, the product. Your brand is what sets your product apart from your competitor’s.
2. Select your market. Who are you selling to?
This step is a bit less interpretive as the first, though equally important. Who are you selling to? or more importantly, what do you know about this person? Understanding your consumer is a key to success. What do they do? Where do they hang out? What do they watch on television? These are just a few of the questions that you should be able to answer about your consumer. Knowing the answers to these questions can answer a lot of questions of your own when it comes to a devising a marketing strategy. Richard Thalheimer understood his market for The Sharper Image, probably as well as they understood themselves. From an article in the LA Times, Tracy Wan, who was president and chief operating officer under Thalheimer says “Richard has the amazing ability to figure out the things that people want to have.” This ability to perceive your consumer’s desire can only be a result of knowing them like your neighbor.
3. Create a marketing strategy. How do you speak to these people?
This is a culmination of understanding your brand and your consumer. As mentioned in number two, understanding your consumer can answer a lot of questions concerning your marketing strategy: Where should you advertise? What’s the voice of your brand? What kind of prices are reasonable for this demographic? In order to engage your consumer, a.k.a. sell your product to them, you must know where your advertisements will be noticed, how to speak to them, and how much they will be able to spend, among many of things. Really, this step should have been combined with the last because who your market is dictates your marketing strategy entirely.
4. Learn by example. Seek advice from those who have done it.
There are many books written by professionals who have already started their own business and have been successful in doing so. One that comes to mind immediately, as we’ve already mentioned him a couple of times, is Richard Thalheimer. “Creating Your Own Sharper Image” shares the story of how he grew his tiny office supply company, The Sharper Image, into the thriving enterprise that it has become today.
Remember, building a successful business in not all about the dollars and cents. Equally as valuable is you brand equity and your ability to engage your consumer, which is only attainable by understanding them. Assuming there is a demand for your product, and you can compete with the other brands, following these four steps shall guide you in the right direction.
Grabbing opportunities with open arms is often easier to talk about than to actually do. Most people find themselves dreaming about being rich but never actually doing anything about it. A combination of procrastination and ‘what if’ syndrome can cripple your creative spirit and might mean your idea will never become a reality.
Socrates said “Action equals knowledge’. He was one of the greatest philosophers of our time. What he meant was that it is through action that we achieve results.
For example, you could think about learning Spanish for months, imagining the holidays you will take and the people you will communicate with. You can dream forever but accomplish nothing unless you actually make the effort to start taking lessons.
Much like the martial arts approach – the idea is to take action immediately and avoid over analysing the situation.
Do you want to start your own business but are afraid of what kinds of things can go wrong? What if your initial investment doesn’t pay off? There are millions of things that could go wrong but likewise there are many things that can go right! Fear can be paralysing. When thinking about starting a business particularly if you keep waiting for the right time. There will never be a perfect time. It’s now or never when it comes to starting your own business.
Overcoming your fear is a step by step process.
– Do you have a clear idea of what kind of business you want to start? A clear plan will help keep your worries at bay.
– Do you have access to the resources you will need? This includes the necessary start up cash as well as anything else you will need.
– Do you have access to clients or do you know enough about marketing basics to ensure you will have enough interest in what you are offering?
Just like anything – taking action is the most important part. Make an itemized list of what you feel needs to be done in order for you to start that business you always dreamed of.
Prioritizing your list will help too. Don’t wait for all your ducks to be in a proverbial row before you begin but make sure you have all the basics covered. Don’t wait for that ‘perfect someday’. Make an imperfect start.
Don’t over think everything. Sometimes the best approach is to just jump into the deep end.
Don’t wait to start discovering your own entrepreneurial spirit. Take action today!
Are you thinking about setting up your own business? Have you an idea for a new business but are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. I am going to write about how to plan and create a successful small business.
Many people are looking at ways in which they can become self-employed as they have had enough of being dictated to and fed up of long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work.
Leaving a full time career can be quite a scary prospect however. The security of having a regular income and other benefits such as a pension and a share save scheme can seem hard to let go. I am sure many people whether rightly or wrongly have opted to stick with this security and to merely keep their business plan as an idea, which they never see through or use.
Other people are willing and happy to take the risk and see it as a way of getting out of the rat race.
When you have an idea for a new business you then need to think of a name to call it. I would keep this name quite short as it makes it easier to remember for people. It obviously needs to have something to do with the business sector you are entering.
You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term I would advise to keep these start up costs as low as possible, you can always buy or rent better machinery in the future as an example.
Once you are aware of how much money you need, you then have to find it. You may have enough yourself via savings or a redundancy payout, however most people are not in this position. If you do not have enough money, you could try and raise money via the family, by seeking a partner or by releasing the equity from your house. There is also the option of a business loan.
The next stage is to market your product or service. There are many ways of doing this including:
-The internet via a website
-An advert in the newspaper
-Direct marketing in the form of leaflets
-An advert in the yellow pages
I would advise finding out where other people from your industry advertise as they will have tried and tested many of the above options.
You then need to work out how much to charge for your product or service. I always keep these charges fairly low at the outset in order to attract as many people as I can and to get some income in. I then hope that word of mouth will take over and the idea is that after a few months I will be in a position to increase my fees.
It is also important to realise that we will make mistakes along the way. When this happens we need to think positive and not to beat ourselves up. It is an experience we can learn from.
Always have belief in yourself. At times any business will go through a rocky period, this is when we need to be strong. In my opinion the more work we put in, the more rewards we are likely to obtain.
Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be many peoples downfall. We have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off at this stage.
Let’s face the facts… old-fashioned marketing tools aren’t going to keep your business a growing and prosperous entity in today’s marketplace. Hey, this month’s hottest techniques and information will be obsolete in six months. Now, I’m not saying that old marketing principals can’t be upgraded and incorporated successfully, but as a rule marketers have to stay on top of the latest marketing trends.
If you’re wanting to stay ahead of your business savvy competitors you’ll need to implement 3 tactics to stay one step ahead.
- Watch For New Advertising Methods
You never know what will work for you unless you take the time to experiment! Who knows? The next marketing experiment you test may be a million dollar idea. Keep your eyes peeled for the latest marketing news.
It never pays to put all of your eggs in one basket. Don’t neglect the tried and true marketing tools that have been successful in the past. Invest about 20 percent of your advertising budget and time into testing for new marketing strategies that will increase your profits.
- Spruce Things Up
Don’t get stuck in a rut. Yeah, you have products that have been successful for years, but what would happen if you gave them a “face lift?’ Would you attract new customers? Would your old customers enjoy the change? You’ll be surprised at what a new packaging will do for old product sales.
Sprucing up doesn’t have to stop with your products. A few minor changes in the store appearance can bring new life to your place of business as well.
The more products you have to offer, the more insulation you have against the decline in popularity of one particular item. Don’t go out on a limb, when you’ve got a good thing going. Look for products and services that compliment your current products and services.
Don’t let the speed-of-light changes in the market take your business under. Stay afloat with these proven tactics.