Month: December 2021

12 Days Of Tipmas Day 12: Celebrate!

MOMENTUM Business Support 12 Days Of Tipmas 2021
Two champagne glasses tanding on golden decorations and Christmas bells with warm lights in the background

It can be difficult to reach our end goal. Most of the time it is a long journey that you can’t make overnight, so it’s important to celebrate the achievements you make while working towards your goal. Whether you choose to celebrate by just acknowledging the work you’ve done or by getting together with your team for a meal, you’ll feel renewed. It is easy to lose sight of all the progress you make, so taking the time to appreciate your accomplishments can put things into perspective, improving your outlook on the situation.

Celebrating can be the little things:

  • Reflect on your accomplishments and how you’ve improved
  • Take time for yourself to recharge
  • Socialise with your team
  • Spend time with your loved ones
  • Be positive about the future

We hope you’ve enjoyed MOMENTUM’s 12 Days Of Tipmas. If you’d like to find out more about any of our blog topics or require any additional business support, get in touch!

E: makeithappen@mbsmih.com   T: 01903 688789

12 Days Of Tipmas Day 11: Grow With A View To Sell Your Business

MOMENTUM Business Support 12 Days Of Tipmas 2021
Eight people sitting at a table together working and shaking hands

While it may not be in your imminent plans to sell your business, selling your business later down the line can provide financial stability when you’re thinking about retirement, starting a family, or maybe when you just want a change of pace in your life. With that in mind, how would you make your business attractive to potential buyers?

Succession strategy – have a potential successor identified early on, show them what it takes to run the business and take time to mentor them so that the transition to a new owner is as smooth as possible. You could also consider whether to stay on as an advisor or to exit the business entirely.

Experienced employees – managers and staff who are staying in the company will make the transition to a new owner smoother as they have experience with the ins and outs of the company.

Financials – financial records as well as sales forecasts are important when pitching a business; buyers would like to know that the business is profitable and that going into the future it will continue to be the same. Make sure you are able to explain any previous blips in your figures to potential buyers.

Customer relationships – how diverse is your customer base? You should consider diversifying if one single client or customer accounts for over 25% of your sales – relying on only a few clients is a big risk if one of them stops using your services. Diversification takes time however, so plan to diversify early.

Future growth opportunities – which direction do you think your business will go? Buyers will want to know this too, so it would be important to share any strategies or new ideas that have not yet been implemented in your business. Where will new customers come from, and how can the business expand with any developments in technology or events?

Reputation – you need to make sure that your company reputation is great, both with your clients and employees. A company with a tainted reputation will be hard to sell, and potential buyers may have to consider rebranding if a company has a bad history.

Intellectual property – is your company adequately protecting its IPs? Having other companies copying ideas from your company and selling it as their own would cut into profits down the line, so make sure to protect your IPs. If your company has any original technologies or ideas, make sure they are protected by copyright, trademark, or patent law.

If you’d like to find out more or require any further business support, get in touch!

E: makeithappen@mbsmih.com   T: 01903 688789

12 Days Of Tipmas Day 10: Look After Your People

MOMENTUM Business Support 12 Days Of Tipmas 2021
Six colleagues people putting their hands together as a team

Your Employees are the engine of your business; they are the main driving force behind the productivity and output of your company. With this in mind, it is crucial to look after your employees and keep their health, and therefore the company health, in great shape.

Employees who are happier and healthier tend to be more productive and more likely to recommend their company. Unhealthy and unengaged employees have a negative impact on the productivity, innovation, and the bottom line of your company.

Employees now expect more from their employers in terms of happiness and support than ever before. Physical and mental health are rising in importance – a study from Glassdoor showed that half of all employees prioritise physical and mental wellbeing benefits over office-based perks, and 87% of employees expect their employer to support their work/life balance.

So, what can be done to benefit Employees’ health and happiness?

  • Give your staff a sense of purpose – it’s very hard to get motivated if you feel that your work is meaningless, so providing something to work towards is important
  • Don’t force formality – breaking down the boss/worker hierarchy makes the atmosphere more relaxed and open
  • Praise your employees – be open about business performance and employee’s individual performance when they’re doing well
  • Go the extra mile – personalise gifts or experiences for employees to show you’re putting the effort in and that you care on an individual basis
  • Keep small team spirit – personal interactions and a small, close-knit team are great for making employees feel indispensable

If you’d like to find out more about the benefits of a happy team or any other business support, get in touch!

E: makeithappen@mbsmih.com   T: 01903 688789

12 Days Of Tipmas Day 9: Master Your Sales Process

MOMENTUM Business Support 12 Days Of Tipmas 2021
Lightbulb on a black chalkboard background with white chalk markings

A sales process is the practice of undertaking a series of steps and routines designed to sell a product or a service. A strong sales process promotes consistent sales and stable business growth by providing framework and a regime. Ultimately every stage of the cycle counts towards customer satisfaction and successful sales, while mastering the process increases the numbers of returning clients as well as referrals. But what are the core stages of a sales process?

  • Prospecting – The identifying and researching into potential leads and prospect clients, during which it is established whether there is a need or demand for your product/service.
  • Researching – Once the company/individual is identified as a suitable prospect, further research is then undertaken in order to learn more about them. Researching helps to profile the needs of a possible client as well as helping to provide a tailored service.
  • Initial approach – After learning more about them, it is the time to approach the prospect. This can be done in many ways and doesn’t have to feel like a forceful ‘sales pitch’. Sometimes the initial approach is simply a message with a question, a gift/sample or an introduction.
  • Presentation and proposal – If contact has been successful, you can then present all the aspects and features of your product. This is a great time to apply things you’ve learned about the client and address features of interest for a more targeted approach.
  • Addressing concerns/objections -An often-overlooked step of the sales process is the addressing of your clients’ objections, but it’s important to respect their views and spend time on finding solutions. The objections may be anything from price concerns, time frames or special requirements.
  • Closing the sale – Once everything has been discussed and established, it is time to agree upon pricing, normally it is best to do this once the proposal is complete. It may be a standard service price or something more customised but offering different payment options or discounts provides flexibility for the client.
  • Following-up – While it may seem like closing a sale would be the last step, a follow up is a crucial part of maintaining a good relationship with your customer. It helps to build trust and provides an opportunity to receive those needed customer reviews and referrals!

If you’d like to find out more about mastering your sales process or require any other business support- get in touch!

E: makeithappen@mbsmih.com   T: 01903 688789

12 Days Of Tipmas Day 8: Outsource- Value Your Time

MOMENTUM Business Support 12 Days Of Tipmas 2021
Woman in white office shirt working at a laptop

There aren’t many things more valuable than time and while we can’t turn back the clocks, we can ensure that the time we have is well spent. Which is what brings us onto todays topic- outsourcing.

Outsourcing is a service during which a third party is hired to take care of various business processes and tasks, it holds many advantages and is a common practice among many companies. But what makes it such a popular service?

  • Shifts your focus to more important business activities– outsourcing is an incredibly effective way of freeing up extra time, allowing your business to keep its focal point fixed on growing the company. By passing on certain tasks to an outsourcing team, it allows you and your staff to concentrate on more important/time sensitive matters, as well as establishing new strategies.
  • Provides higher quality outcomes – An outsourcing company will have a team which specialises in the services it offers, therefore delegating your tasks to them will not only mean it’s going to get done in much less time but also to a higher quality. A specialising third party will likely have an established routine and strategy for completing your tasks, as well as knowing what works best and which approach is most suited for your business.
  • Higher cost effectiveness– Outsourcing is frequently much cheaper than an in-house service, reducing the costs of recruitment, training, and office hire. It also means that you pay exactly for the work you need done instead of fixed office hours, lunch breaks and holidays.
  • Flexible and tailored services– Outsourcing teams most commonly work from home and offer flexible hours which means that the work gets done as and when you need it. It provides a lot more flexibility and freedom, meaning you can get things done quicker and more effectively.

If you’d like to find out more about the benefits of outsourcing, reach out to our team! Here at MOMENTUM, we provide a wide range of professional services tailored to suit you and your business needs. Get in touch!

E: makeithappen@mbsmih.com   T: 01903 688789