In the Telegraph today it was reported that there is now the largest number of insolvencies in at least half a century.  A record 35,000 people were declared insolvent during the three months to the end of September, the largest number in at least half a century. Small businesses are particularly at risk during this continued recession, so what can be done about it?  Everyone has heard about marketing your way through and out a recession but what can you do if you've only really thought about this now?

Some of the main causes for going insolvent are:

• Keeping too much stock and a lack of cash
• Not responding to what competitors are offering
• Not researching the area of business in enough detail
• Low investment or being under capitalised

So don't hang around, see what you can do about any of these problems before they arise.  If you have too much store and / or a lack of cash, think about creating a promotion to release some of the equity you are holding in your stock room.  Be aware of what your competitors are doing, not only must you make sure you are more visible than they are but you've got to keep up with the competition.  Also, your competitors’ businesses may be failing - make sure you are the company standing out incase their clients are looking for a new supplier. Offer special incentives as early as you can for them to try your services before they go hunting for alternatives.

Make sure you are investing in the right areas of your business - don't cut back in vital functions or those that will get you through the hard times.  Some companies make the mistake of cutting marketing budgets at a time when you should be taking advantage or lower marketing costs and making your company the one of choice.  Save money by managing your business well and making your processes more efficient. 

See the Promotr Marketing in a Recession page for more tips.

In the UK almost one person in three aged between 50 and state pension age is workless. Of these less than 10 per cent are retired on adequate incomes. The remaining 90 per cent are on incapacity benefit, registered unemployed, caring, made redundant or retired with an inadequate pension.  So we all know that the over-50s face huge problems of unemployment and age discrimination in the conventional job market.  And that's why if you are over 50, it could be worth you setting up your own business. After all, enterprise isn't all about youth and the experience and skills which people build up over a lifetime are an invaluable resource.

But starting up a business is not necessarily the right decision for everyone. Here's a few things to think about:

Be prepared to get stuck in - Once you've left the corporate ladder it's all up to you. There's no one to call when the plumbing backs up or your computer system crashes. If you're an energetic jack-of-all-trades type, terrific - but line up a reliable local techie who makes house calls, just in case.

Have some finance - Most businesses take three years to break even (if they last that long), so you need to have plenty of cash on hand. Of course, it is possible to finance a start-up by taking out a second or third mortgage and maxing out the credit cards, but... wouldn't you rather be able to sleep at night?

Be prepared to sell - You've got to be prepared to sell your product.  Many experts say the most-overlooked cause of new-business failure is that fledgling entrepreneurs are reluctant to get out there and sell what they've got.

Be prepared to bounce back - When things don't go as smoothly as expected do you have trouble dealing with unpleasant surprises?  If so your first year or two as an entrepreneur may send you running back to the corporate fold.

Get the family onboard - All entrepreneurs and the folks who advise them say that opposition from a spouse or life partner can strain a new business to the breaking point.

PRIME provides free information, events and training to help the over 50's start their own business or become self-employed.  Over 50s considering self-employment, or wanting to start their own business, can go along to PRIME’s Olderpreneur Roadshow which kicks off in Bristol on 23 September. PRIME’s Olderpreneur Roadshow is part of a practical package of support the charity offers over 50s including a Business Club, Olderpreneur Loans Scheme and Mentoring.

At the FREE roadshow anyone over 50 who wants to find out whether self-employment or setting up their own business might be for them, can come along. They will hear from local ‘olderpreneurs’ about their experiences, and inspirational business speaker Tom Edge author of Age Is No Barrier. They will also be able to quiz local business support organisations and network with other 50s wanting to start up on their own.

After Bristol, the roadshow will be moving onto Leeds on the 14th October, Birmingham on the 4th November, and Manchester on 9th December. A London date is soon to be confirmed.  For more information on the roadshows, visit this site.

 

Yesterday a German researchers found that those sports teams who wear red tops, jackets or clothing score 10 per cent more in any competition than if they were in another colour. But why?  Well, experts believe that red could make individuals and teams feel more confident as well as being perceived by others as more aggressive and dominant.  Mostly being Chelsea fans at Promotr, we're fans of blue, but there is little disputing Arsenal, Manchester United and Liverpool have been pretty successful in the past and as reported in the Telegraph, even England's victorious World Cup team in 1966, led by Bobby Moore wore red, instead of their usual white, and have not won a World Cup or European Championship since.

It's the same for business and what your potential customers perceive through your branding and marketing materials. But it's your company so ultimately, the colour reflects on you and should be something you are happy with.  Here are a few things to think about.  

'But all environmental companies have green'  — colours are not industry specific necessarily but some may be better suited for some services/products than others. You should aim to pick a color that will represent your brand’s personality best as it's not necessarily about what you do, but who you are.  Is your company energy important to you - then yellow is a more energetic colour that also makes you think of the outside.  On the other hand, there are colours certain industries should avoid.  If you in the restaurant trade it is worth noting that blue and black suppress appetites whereas our topical red makes food more appealing and influences people to eat more.

'Our printer says we should have one color' - long gone are the days of just single colour printing.  Some brands like Google and Windows go with several colors to represent variety.  Just try to choose one's that actually go well together and don't strain your eyes.  The most legible of all color combinations are black on yellow and green on white followed by red on white so it is no surprise that you find these on traffic lights and signs.

'We've changed our minds' - setting a new brand is not something to be done lightly and certainly not abandoned lightly either. If you are not sure about the colour anymore then you probably did not choose well int he first place, but beware, changing your brand, often or quickly will hinder building your brand and confuse existing customers.

 

 

It can seem like members of the press are only interested in bad news, we've all heard, 'bad news sells papers'.  But it's simply not true. Take for example, The Optimist.   OptimistWorld.com provides a definitive source for all positive news across a wide range of topics from sport and travel to corporate responsibility and small charity activity. The site celebrates and promotes all the good aspects of life, people and the world, publishing daily stories that inspire positivity.   If you are small business doing something good - get in touch with them!

And if you are a small Charity, then there is an extra bonus!  OptimistWorld.com has today launched its Charity Awards to honour the amazing work undertaken by UK fundraisers and small to medium sized UK-registered charities.  With over 150,000 small to medium sized charities registered in the UK alone, the Optimist Charity Awards is offering all charities with a turnover of up to £1million, the opportunity to compete for the ‘Optimist Charity of the Year Award’ winning a substantial cash donation and global recognition for the great work that they do. 

All entrants can register online at: http://optimistworld.com/Charities.aspx. The deadline for application is November 1st, 2009, however spaces are limited and will be filled on a first come first served basis. Each week at least five charities will be featured on the site, with one voted into the finals by the public until the ultimate event which takes place on January 18th 2010.

As the country faces difficult economic times, many companies have been forced to tighten their purse strings, with charity donations often the first budget to be cut.  But green shoots are appearing and OptmistWorld.com is delighted to find that large corporations such as HSBC Amanah are providing their much-needed support, by being the first sponsors of the awards.

You may have seen the MI6 disaster this week.  The new head of MI6, Sir John Sawers, is at the centre of a security breach after his wife published family holiday photographs and other personal details on the Facebook website.  A classic example of not using social media wisely.  As a small business using social media can be a quick win for boosting and maintaining business.  Sites such as Facebook and Twitter mean you can display everything from photos, videos, discussion forums, personal and professional profiles and links to other online materials or news. And these can all promote your company and your brand.   But be careful not to get it wrong, here are a few simple rules to help:

• Make sure your social media is still targeting your audience - some social media sites are geared toward teens and young adults, while others cater to business professionals 
• Consider your demographics and tailor your marketing messages to appeal to different demographics, the same as your would for your traditional marketing materials
• Think about mixing business and pleasure - anyone can be found online these days, make sure you have made a decision about what you are happy being online
• And finally, be professional at all times - it can be easy to get sucked into the less formal arena of social media

 

 

Today a couple from East Yokshire was featured in the press after being given 24 toasters for their wedding gifts! Imagine coming back from honeymoon and having your wedding gifts arrive only to discover 24 identical looking boxes each containing a Tesco's 2 slice toaster?  It turned out to be a bit of a joke - the groom had been asked on his stag night by a friend what he'd like for a wedding present, and he said he'd like money or vouchers as he didn't want to end up with a whole load of toasters.  His 'friend' then took it n himself to spread the word that the toaster was the key gift and voilia!  Weddings are always a hard one though - especially nowadays when so many people who are getting married have been together for years or at least been living away from home.  It seems that gifts to actually help set up your first home is something a bit of the past.  I didn't get married late but still by the time we'd decided to get married, we already bought a house and most of the things to go in it.  We asked for no gifts or gifts to charity instead.  However, we found that some people ended up still wanting to buy us proper things and ended up having to create a wedding list anyway because people wanted or expected to buy one for you.  And people want to get you something you want and something useful.  But as the bride and Groom, my hubby and I thought it was saying about who we are to ask only for charitable gifts.  It can be the same thing with gifts in business.  Corporate gifts, charitable giving, promotional items.  Got to get something useful, but at the same time if you want a gift to work it has to be part of your brand.  If it is really going to enhance a customer base or make a potential customer think of you - but it's also got to be suitable. There is no point sending a data stick to a builder who doesn't use IT or branded pens to a paperless office.  So next time your doing gifts - have a think about it.  Better to get fewer gifts that work and bring back business or enhance your brand, than many that don't.  And for those of you who are interested, here's a quick snap shot of my wedding. ;-)

Ever heard an editor say, 'thanks for calling but it's not really news'.  The media are busy people, and their audiences are busy people, so to get yourself into the press you've got to have something interesting and here's the word 'newsworthy'.  Well that's all fine and good except what if you don't have anything new?  Well what has your business done lately, it need not be a new product.  Take the British Library for example.  They've just digitised pages from 19th century newspapers and put them online.   Two million documents are available for everyone to see.  The documents have to be paid for but the Library made their work newsworthy just by talking about what they have done and it was covered in the national media.  So what has your business done recently?

Isn't it amazing how a celebrity can create a brand? Yesterday David Beckham launched his new range of designer underwear to hundreds of screaming fans that gathered outside Selfridges in London.  Getting a glamourous star on board is one way of boosting a product but David Beckham is a brand in himself. For many small businesses marketing the owner is as important as marketing the small business. Personal branding maybe something that happens naturally for some people, but others really have to think about it.  For those of you who what to catch a glimpse of the David Beckham brand he's on the BBC here.

It can be difficult to look at the economy with a 'the glass in half full' attitude and even the most optimistic of us can feel it's all doom and gloom for small businesses marketing themselves at the moment. But things look like they are on the upturn in recession-hit Britain.  I think small businesses are one of this country’s little-known success stories. The Happy Small Business Report we collated shows the positive impact they have right across the country. Small businesses make up a substantial proportion of the UK economy and they can play a major role in steering us all back to better times. And acting positively in a recession is the key to surviving - and even thriving – through the recession. Did you know that most small firms not only expect to make a profit but are looking to grow their businesses and invest in training staff in 2009?