Ed’s Top Tips – Tip 11: A sale is not a sale until you’ve been paid

Tip 11: A sale is not a sale until you’ve been paid

Ed Goodman, business mentor, author, and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business. This week: a sale is not a sale until you’ve been paid.

Don’t let the topic of money become the elephant in the room.

It’s a wonderful feeling when you make a connection with a client who loves your work and wants to work with you, but when the topic of being paid comes up it’s something many of us feel uncomfortable talking about.

You’re amazing at understanding the customer’s brief and you’ve kept them in the loop all the way through the process of the work you’ve done but near the end of the process, you’re talking about being paid. Why didn’t you bring this subject up right at the beginning? Good business practice suggests that you have clear communication about all aspects of your business and being paid is a highly important topic to bring up right at the beginning of a new relationship.

It’s important because you are being clear and concise about the way you work and this will enable you to manage the client’s expectations better, whilst also making them aware of when you expect to be paid and at what stage your output will come to an end. Being upfront about what the client should be expected to pay and your terms and conditions will make your life a lot easier in the long run and will negate unnecessary problems when do send them an invoice.

Watch Ed’s video about being up front when talking about being paid:

Action Point:

Write down your sales process and identify when the question of making payment comes up. Now you’ve watched Ed’s video do you think that you could rearrange when you talk about payment in your process?

We’d love to hear how you begin the conversation about being paid? Do you have any methods to make it more comfortable, or do you avoid it altogether?  Tweet us and tell us using the hashtag #Edstoptips.

 

 

Ed’s Top Tips: Tip 10 – Anytime is the right time to start a business

Tip 10- Anytime is the right time to start a business

Ed Goodman, business mentor, author, and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business. This week: Anytime is the right time to start a business.

In 2016 80 companies per hour were started. That’s a lot of companies. It’s a really good illustration that prospective business owners aren’t letting outside factors like the economy or politics get in the way of making their dream become a reality.  Research from StartUp Britain, a Government-backed national enterprise campaign, shows 342,927 new businesses were registered with Companies House between January and June, compared with 608,110 for the whole of 2015, itself a record year.

Watch the video where Ed explains right now is the best time to start your business:


Action Point:
What are you going to do to start your business? Here are a couple of suggestions which could help you on your way.
  1. Come and visit us! We love meeting new businesses and making new connections. We’ll even make you a cup of tea or coffee. If you’re not in the local area you can always reach out to us via email or social media.
  2. Get out there and meet people. You can use websites like Meetup or Eventbrite to see what’s going on in your local area. Find an event which looks like your thing and go to it.
  3. Seek advice. Talk your ideas over with a business mentor or someone who runs their own business. Try to avoid speaking to friends and family who can be biased in their views.

We’d love to know what thing tipped you into starting your own business. Tweet us and tell us using the hashtag #Edstoptips.

Ed’s Top Tips – Tip 6: Answer your phone!

Tip 6: Answer your phone!

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business.

We all own a smartphone, but are more likely to use it’s smart functions such as email and social media than it’s original function of making and receiving calls. Some new business owners are reluctant to put their personal number out there but all of these things could stop potential business coming your way.

Watch this video where Ed focuses on the reasons why you should answer your phone.

As a business you need to consider what form of communication is going to be most effective for the task you have in hand. A phone call can be more direct and productive than an email conversation.

Action Point:

What solutions have you found to help you answer your phone? Comment below or send us a Tweet including the hashtag #EdsTopTips.

Ed’s Top Tips – Tip 5: Using Social Media for your Business

Tip 5: Using Social Media for your Business

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business.

Many fall into the trap that social media is a tool to sell more of your product or service, but the key is in the name. Be sociable and treat it as a communication tool to enable interactions between you and your customers.

Watch this video where Ed goes into detail on the right way to use social media for your business.

Action Points:

Now you’ve watched the video, have a look at your social media channels and see how much of your content fits into the following categories:

  • Enthuse
  • Empower
  • Entertain

Do you have any questions on how to improve your social media efforts? Share them below or send us a Tweet including the hashtag #EdsTopTips

Ed’s Top Tips – Tip 4: Network your way to success

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business.

Tip 4 – Network your way to success

Building a successful business is fundamentally creating and maintaining mutually beneficial relationships. One way of creating those relationships is attending networking events and understanding how they can contribute to your success.

Watch this video where Ed explains why networking is an invaluable benefit for your business.

We challenge you to avoid using the opener ‘what do you do?’, instead try something like: ‘what brings you here today?’ or ‘tell me the one thing about your job you love the most’. This creates the start of an interesting conversation which is different to the standard openers and will flow more naturally.

We’d love to know what the best and worst networking experiences you’ve had. Comment below or send us a Tweet including the hashtag #EdsTopTips.

Ed’s Top Tips – Tip 3 – Managing your cash flow

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business.

Tip 3 – Managing your cash flow. It’s all about the money, money money…

One of the main reasons why a business fails is its mismanagement of its cash flow. In fact, according to a U.S. Bank study, as many as 82% of business failures are due to poor cash management.

Watch this video where Ed talks about the importance of managing your cash flow.

How do you track your finances? What lessons have you learnt in ensure your cash flow is managed effectively?

Let us know in the comments or Tweet us using the hashtag #EdsTopTips.

Ed’s Top Tips: Tip 2 – Backing Up Your Business Files

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business.

In tip 2, Ed focuses on the importance of backing up your business files.

What’s the most effective way you use to backup your files? Do you use an external hard drive or cloud based storage like Google Drive or Onedrive?

Let us know your experiences with backing up your data in the comments below, or tweet us including the hashtag #EdsTopTips

Ed’s Top Tips: Tip 1 – The Sweet Spot of a Successful Business

Ed Goodman, business mentor, author and co-founder of Cambridge Business Lounge, presents Ed’s Top Tips – a series of short and useful guides for starting and running a business.

In this first video, Ed gives you an understanding of the sweet spot to running a business and why it’s so important.

How did you find the sweet spot for your business? Are you still struggling to find yours – if so why not leave us a comment below or Tweet us using the hashtag #EdsTopTips