Management Tip Of The Day

Mind the 3 Cs of Simplicity

Complexity is one of the largest problems plaguing organizations, and most leaders yearn for more simplicity. But don't confuse simple with easy. Ridding your organization, department, or process of unnecessary complexity requires careful attention. Remember these three Cs when trying to restore simplicity:

1.Collaboration. Silos are the enemy of simplicity. Work across the organization to identify where the complexity is and together improve the way business is done.

2.Coordination. Smooth coordination is critical to finding simple solutions to the problems you're trying to solve.

3.Communication. Once you've gotten rid of complexity, you can be sure it will try to find its way back in. Open and regular communication will allow you to identify it before it takes hold.

Read the full article at - http://blogs.hardvardbusiness.org/

Financial Help For The New Year

Access support schemes that could aid your business

In order to make it easy for local businesses to access support, the Department of Enterprise, Trade and Investment (DETI) has compiled a list of financial support schemes that have been made available to small and medium-sized enterprises in Northern Ireland.

The list of business support schemes provides a snapshot of the main European, UK and Northern Ireland schemes recently introduced as a direct response to the economic downturn. A list of these business support schemes can be viewed below:

Working Capital Scheme

Government provides Bank Guarantees covering 50 per cent of risk on new and existing working capital portfolios up to £20 billion total scheme. Businesses within the portfolio must have an annual turnover of less than £500 million.

Enterprise Finance Guarantee Scheme


Government will provide 75 per cent guarantee on individual loans made by participating banks to viable small and medium-sized enterprises (SMEs). The scheme is available to SMEs with an annual turnover of up to £25 million.

Capital for Enterprise Fund


A fund allowing companies to undertake business development by selling debt in exchange for an equity stake in the business. The fund provides equity and/or mezzanine finance of between £250,000 and £2 million for companies with viable business models and growth potential in need of long term capital. The fund is open to SMEs with a turnover of up to €50 million.

Accelerated Support Fund


Open to Invest NI clients only, this scheme enables client companies to avail of three to five days free diagnostic support delivered by specialist advisers. The fund is available for client companies to undertake projects up to the value of £100,000. Invest NI will contribute 50 per cent of the costs.

Short Term Aid Scheme


Provides eligible businesses with financial assistance to enable the retention of key staff and restructure for the future so they are ready to take advantage of the financial upturn.

Trade Credit Insurance Top-Up Scheme


Enables businesses with a trade credit insurance whole-turnover policy, that have seen a reduction in the value of their cover to a specific buyer, to purchase additional insurance. The scheme is open to businesses of all sizes and in all sectors trading in the UK, with a trade credit insurance whole-turnover policy.

European Investment Bank Loan Fund


This fund aims to help SMEs to secure funding. The fund can supply venture capital, in the form of equity investments, and also provide guarantees, to help financial institutions cover credit for SMEs.

Business Payment Support Service


This HM Revenue & Customs scheme offers help to businesses facing financial difficulties to spread tax payments over a timetable they can afford.

Ulster Bank Regional Fund for SMEs


These funds offer the opportunity to access options to help manage capital and cashflow through the current economic downturn. The fund offers unsecured small business loans up to £25,000. The funds are available to businesses with a turnover of less than £25 million. Businesses do not have to be a customer of Ulster Bank.

Download a list of available schemes from - http://www.detini.gov.uk/assistance_to_business_table_-_at_20_august_2009.pdf

The Ten Worst Customer Care Errors

Customers' expectations are higher than ever. With instant, worldwide communication now a part of our everyday lives, research suggests that over 50 percent of customers expect complaints made over the phone to be resolved in a single day, despite an industry average turnaround of ten days. But turnaround time is not the only area of inconsistency. Here are ten more customer services mistakes SME's regularly make:-

1. No response - Research shows that 90% of consumers who have a complaint satisfactorily resolved go on to actively endorse the company. So why do many businesses not even acknowledge complaints or feedback.
2. Expensive robotic phone lines - You should make the communications between your customers and your company as personal as possible.
3. Telling Lies - Make sure staff have access to accurate, real-tiem information and are aware of the pitfalls of over-promising and under-delivering.
4. Rudeness and Insensitivity - From market stall traders to high street shops, rudeness is one of the most common complaints from customers. Look out for your customers by training staff to be courteous and polite.
5. Passing the buck - Empower all your customer representatives to deal with problems themselves. This will give the customer instant confidence that you are actually going to do something about their complaint.
6. No empathy - One thing that continually frustrates consumers is dealing with poorly trained staff who show a lack of empathy.
7. Inconsistency - Inaccurate or inconsistent advice is a major annoyance. Ensure you treat all customers the same by logging each complaint and the action taken as you go.
8. Hidden charges - Overcharging is a real bugbear. Handling fees, booking fees and credit card charges are all hidden costs to the customer and a source of great irritation.
9. Insincerity - Have a nice day, how's it going and is there anything else I can do to help? These are all throwaway comments that only aggravate when combined with an underwhelming service experience.
10. No complaint log - Customers hate having to repeat themselves, especially if they have something to complain about. It is essential that you record all the steps you have taken to fix the root causes of a problem.

Taken from the IOD "The Ten Worst Customer Care Errors" article at http://www.iod.com/

How To Win Sales In A Recession Event - Lisburn City Council

Lisburn Entrepreneurs Network - Free Business Networking Event

Topic - "How to win sales in a recession" with guest speakers David Raymond (Kiang) and Terry Simpson (Arcatech)

Date - Thursday 17th December 2009 from 8:00AM to 9:30AM.

Location - Cherry Room, Lagan Valley Island, Lisburn.

Times are hard for small businesses, especially now when a lot of local businesses are losing customers and sales bases are shrinking due to the recession. Using practical techniques this networking event will help your business to explore various methods which can be used to generate new sales and help to grow your business in a recession. Come along and meet with other business owners in an informal setting for networking, information and advice.

About the guest speakers:-

David Raymond has many years experience helping and leading companies to grow their businesses to create wealth and value. Covering a wide range of business sectors, he is well placed to have a clear view on delivering opportunity in these difficult times.

Hear first hand from local business owner Terry Simpson how he has managed to grow his telecommunications software business, Arcatech through the current business.

Please contact Hazel King or Nathan Langtry on 028-92509484 for further information or to register your attendance at the event on 17th December, 2009.