Great session with the Alpha group, sparked me into thoughts about leadership at the moment. I have often thought it's your bloodyminded stubbornness that marks the MDHUB Mds. Got an e-mail this morning that included a quote from Calvin Coolridge which seemed to fit the bill.
Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan 'Press On' has solved and always will solve the problems of the human race.
Calvin Coolidge30th president of US (1872 - 1933)
Obviously you need to know where you are "pressing on" to but most of you do.
Friday, 6 March 2009
Friday, 13 February 2009
Seminar and BERR
Good session at the seminar this week and I believe that some of you gave those nice people from BERR a tough time. Thanks for the involvement they seem to be genuine about finding out about small businesses but no idea what happens next.
On the business front a couple more Hub companies reporting that business is holding up well and another who has seen business slide at the end of last year but now holding level and feeling a little more confident.
Also an interesting discussion about keeping staff in the loop and one important point if you are doing most of the new business for your company, don't forget to let them know how it's going. You may have a positive feeling after a pitch but they may just have seen all the hard work and not know how it went. Generally the feeling is that you should be monitoring the pipeline and be transparent about it.
Still finding HMRC helpful with tax re-scheduling but they are asking for a business case to back it up so expect a few more questions but still a useful way out of a cashflow hole and yesterday a bank said to a client "we are going to help you through this"!
On the business front a couple more Hub companies reporting that business is holding up well and another who has seen business slide at the end of last year but now holding level and feeling a little more confident.
Also an interesting discussion about keeping staff in the loop and one important point if you are doing most of the new business for your company, don't forget to let them know how it's going. You may have a positive feeling after a pitch but they may just have seen all the hard work and not know how it went. Generally the feeling is that you should be monitoring the pipeline and be transparent about it.
Still finding HMRC helpful with tax re-scheduling but they are asking for a business case to back it up so expect a few more questions but still a useful way out of a cashflow hole and yesterday a bank said to a client "we are going to help you through this"!
Wednesday, 4 February 2009
They're coming to get me
Our house (and part of the village) was cordoned off due to a rumoured cache of explosives being found up the road. Unfortunately they neglected to check the house first so Gill dragged out a couple of bemused teenagers and a sleepy dog leaving the security experts to blow things up. That excitement over back to business.
Interesting offer from a bank at 0.5% over base on what is admittedly an excellent covenant but there are some deals out there.
Also looked at a couple of good business performances - their secret? - Good management, good basic product, a good share of their market and a history of aggressively paying off debt.
Gordon Brown (by accident?) called it a global depression today. Avoid depression - keep talking to your peers and look after each other when things are tough, sometimes we need someone else to remind us to keep going for it.
Interesting offer from a bank at 0.5% over base on what is admittedly an excellent covenant but there are some deals out there.
Also looked at a couple of good business performances - their secret? - Good management, good basic product, a good share of their market and a history of aggressively paying off debt.
Gordon Brown (by accident?) called it a global depression today. Avoid depression - keep talking to your peers and look after each other when things are tough, sometimes we need someone else to remind us to keep going for it.
Monday, 2 February 2009
End of January
Back from Christmas and a broken laptop - realised how much I use the laptop out of the office.
Still getting patchy stories out there - one company had their best month ever in January, another has this year's target turnover 70% booked already, another won 4 straight pitches as clients move from larger suppliers. However also heard of orders drying up in the space of a week and of course everyone is hanging on to their cash. Still no movement on the Government's secured lending to business which is not due until end of February but one bank I spoke to said it still did not mean that money would come easy, they would still want to see financials and a plan.
Key things to concentrate on - Cash of course - offer discounts for quick settlement, get people on standing orders where they pay regular fees. Look at your cashflow and budgets regularly and now of all times know your pipeline of business and set costs accordingly. re-do your business plan it needs to be a working tool.
Can you make your costs more flexible? - I have heard of companies reducing working hours and therefore pro-rata salaries, others changing to production linked pay - make sure you get good HR advice first. Above all keep your staff involved and let them know how things are, they might have some good ideas for you.
....and finally - look after those customers, call the ones you haven't spoken to in a while and don't forget to ask for more work.
Still getting patchy stories out there - one company had their best month ever in January, another has this year's target turnover 70% booked already, another won 4 straight pitches as clients move from larger suppliers. However also heard of orders drying up in the space of a week and of course everyone is hanging on to their cash. Still no movement on the Government's secured lending to business which is not due until end of February but one bank I spoke to said it still did not mean that money would come easy, they would still want to see financials and a plan.
Key things to concentrate on - Cash of course - offer discounts for quick settlement, get people on standing orders where they pay regular fees. Look at your cashflow and budgets regularly and now of all times know your pipeline of business and set costs accordingly. re-do your business plan it needs to be a working tool.
Can you make your costs more flexible? - I have heard of companies reducing working hours and therefore pro-rata salaries, others changing to production linked pay - make sure you get good HR advice first. Above all keep your staff involved and let them know how things are, they might have some good ideas for you.
....and finally - look after those customers, call the ones you haven't spoken to in a while and don't forget to ask for more work.
Wednesday, 21 January 2009
MDHUB Seminar - February
MDHUB Seminar – 11th February 2009
Marketing your company during a recession
The seminars are monthly informative sessions delivered by MDs and based on their practical experience of their subject. We are pleased to announce that on the 11th February, Kate Burgess from KBC Public Relations & Marketing Ltd will be our guest speaker. She will be bringing her associate Neil Edwards of The Marketing Eye.
In addition, experts will be able to answer individual questions, develop open discussions, followed by valuable speed networking opportunities.
The seminar will take place at the Royal York Hotel, Brighton, 3pm. If you have not already confirmed your attendance to this event please reply to this email: editor@mdhub.co.uk or call 01273 311220.
Seminars come free with MDHUB 100 & 250 membership but cost £30 for non-members.
Marketing your company during a recession
The seminars are monthly informative sessions delivered by MDs and based on their practical experience of their subject. We are pleased to announce that on the 11th February, Kate Burgess from KBC Public Relations & Marketing Ltd will be our guest speaker. She will be bringing her associate Neil Edwards of The Marketing Eye.
In addition, experts will be able to answer individual questions, develop open discussions, followed by valuable speed networking opportunities.
The seminar will take place at the Royal York Hotel, Brighton, 3pm. If you have not already confirmed your attendance to this event please reply to this email: editor@mdhub.co.uk or call 01273 311220.
Seminars come free with MDHUB 100 & 250 membership but cost £30 for non-members.
Thursday, 11 December 2008
Finance and things
A good session yesterday on raising finance - one thing that came through clear and strong is that at the sub £500k level Angel investors are the best option, and don't be afraid to approach people you think might be interested in your business.
If you are aiming to raise finance make sure you have your business plan ready and updated so that you can react quickly - it will be the first thing you are asked for.
On things in general - still the same mixed messages - a few companies tightening belts but others actively looking at opportunities to expand at home and abroad. But we are firmly in the "Decision in January" time where nothing will happen this side of Christmas on bids/tenders.
Remember to check your clients and potential clients - look at where the money is and position yourselves to get your share - the government has apparantly shortened it's payment terms and there are projects with committed funds to be spent, look out for those opportunities.
Keep talking to your existing clients, let them know that you are around and want to do business - in fact ask them how you can do more business with them - it's already worked for one Hub company in the last month.
If you are aiming to raise finance make sure you have your business plan ready and updated so that you can react quickly - it will be the first thing you are asked for.
On things in general - still the same mixed messages - a few companies tightening belts but others actively looking at opportunities to expand at home and abroad. But we are firmly in the "Decision in January" time where nothing will happen this side of Christmas on bids/tenders.
Remember to check your clients and potential clients - look at where the money is and position yourselves to get your share - the government has apparantly shortened it's payment terms and there are projects with committed funds to be spent, look out for those opportunities.
Keep talking to your existing clients, let them know that you are around and want to do business - in fact ask them how you can do more business with them - it's already worked for one Hub company in the last month.
Sunday, 7 December 2008
The Banks - again
Another couple of meetings with banks this week.
For rock solid asset backed (60% of value) loan they are generally looking for a minimum of 2% margin and typically now on LIBOR not base - so with LIBOR only falling to 3.38% on Friday after the base rate cut you're looking at 5.58%. For unsecured money (still needs a minimum directors' guarantee) rates quoted are anything from BASE + 5% - Base + 12%.
The shift to LIBOR is not too suprising, remember this is the rate at which banks lend to each other (when they do) and also the government money into the bank is reported to be lent at 12% so they are being squeezed.
Best news is if you are a vet - the banks will probably lend you 100% of your cost for a new surgery at probably a margin of 1.5% over LIBOR or even base. The banks have always loved the white coat professions and things haven't changed there.
News from Hub members still mixed - some reporting strong sales, others getting through pitches but implementation not until the new year, others finding things tighter. The main message is people are holding onto cash so get tight on your debtors and remember historically January is the worst month for insolvencies so review your clients carefully.
On a final positive note - the best thing to do at the moment is remind your customers you exist and are still around foir business - make that phone call that you have been meaning to do, they'll appreciate it.
For rock solid asset backed (60% of value) loan they are generally looking for a minimum of 2% margin and typically now on LIBOR not base - so with LIBOR only falling to 3.38% on Friday after the base rate cut you're looking at 5.58%. For unsecured money (still needs a minimum directors' guarantee) rates quoted are anything from BASE + 5% - Base + 12%.
The shift to LIBOR is not too suprising, remember this is the rate at which banks lend to each other (when they do) and also the government money into the bank is reported to be lent at 12% so they are being squeezed.
Best news is if you are a vet - the banks will probably lend you 100% of your cost for a new surgery at probably a margin of 1.5% over LIBOR or even base. The banks have always loved the white coat professions and things haven't changed there.
News from Hub members still mixed - some reporting strong sales, others getting through pitches but implementation not until the new year, others finding things tighter. The main message is people are holding onto cash so get tight on your debtors and remember historically January is the worst month for insolvencies so review your clients carefully.
On a final positive note - the best thing to do at the moment is remind your customers you exist and are still around foir business - make that phone call that you have been meaning to do, they'll appreciate it.
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