Flying Solo

Make report and proposal writing easy with an outline

2012-05-16T07:00:00+10:00

Creating an outline for writing reports and proposals can save you time and effort. Here’s how.

Do you find it difficult to begin the writing process for your business documents, especially reports or proposals?

Have you ever found yourself in one of these situations?

You have limited time to complete your document.
You’re not absolutely clear as to what you need to produce with your document.
You have too much information and sifting through it is taking too much time.

In any or all of these scenarios, an outline can save you time and can help you to become clear on the essential components of your document.

Creating an outline

An outline is the skeleton of the document – it shows you what you should write and at what point. Follow these four steps to create an outline for your document. A good outline gives you something to follow during the writing process, breaking the task into manageable parts and ensuring no information is left out.

Step One: Key result

Write down the key result you’re aiming for. When doing this consider these questions:

What specific outcomes should this project produce?
Which outcomes are most important?
What business needs do the outcomes address?

When writing the key result it’s important to write it as a concise sentence. You don’t want to be referring to entire paragraphs in the following steps when you revisit your key result.

Step Two: Brainstorm

Brainstorm all that you know about the relevant aspects of your proposal or report, focusing on the who, why and when:

Who needs to be involved?

Why is your solution the best one to follow?

When will the project need to be completed by?

To develop a complete picture, some further questions to consider include:

How can I define the result areas?
What are the appropriate measurement indicators?
What is the cost?
What is my solution to the problem or situation?

It’s important not to order the points that you’ve brainstormed at this stage. If you do, then you’re more likely to block any further thoughts about your report or proposal.

Step Three: Group related ideas or facts

Once you’ve finished brainstorming it’s time to group related ideas or facts. Connect the relevant points to the key result that you wrote at the beginning of the brainstorming process. Expand on the ideas, becoming more specific where possible.

Step Four: Prioritise

Now is the time to prioritise. Think about your reader and what should come first from their point of view. Number the key points in order of importance.

Result

The end result is an outline for a report, the executive summary of a proposal or an outline for a complete letter proposal.

You can repeat the process for each section of your document as necessary. Depending on your document you can then focus on areas such as technical specifications, functional specifications, project plan and cost analysis.

Making this a regular part of your writing process will help you save time and energy, whilst creating a document that is easy to follow. By producing a document that is easy to understand and that covers the key areas for your reader you are more likely to have your report accepted and followed or your proposal winning you new business.

Do you use an outline for report and proposal writing? What else do you do to make the writing process easier?

Let’s get personal

2012-05-15T07:00:00+10:00

Whether you’ve put conscious thought into it or not, your business already has a brand personality – and if you’re a soloist, it’s probably closely aligned to your own.

Talking to some clients about their marketing messages recently, I realised few soloists are aware of the personalities their businesses convey. Even fewer seem to incorporate this more touchy-feely aspect of communication into their marketing decision making.

Those that do, really stand out. Off the top of my head, I can think of a web designer who relishes in his geeky reputation, a graphic designer with a quirky sense of humour, and a copywriter who’s passionate about playing an active role in her local community.

Without asking them, I’d guess that all three have deliberately decided to highlight these aspects of their own personalities in their marketing. I’d also be willing to bet that the decision has paid off for them in spades.

On the other hand, hanging out in the Flying Solo forums means I’ve also encountered umpteen people who’ve introduced us to their businesses without mentioning a single thing about themselves. I can’t tell you how that decision worked out for them because, frankly, I can’t remember a single thing about them.

The secret to adding a bit of brand personality to your marketing is to be both genuine and selective. As a soloist, if the personality traits of your business don’t align with your own, you won’t be able to carry it off, and you’ll come across as awkward at best or untrustworthy at worst.

But you don’t need to tell us everything about yourself either. Identify aspects of your brand personality that make your business a logical choice for your prospects and shine the spotlight on that.

If you need some clues, ask your satisfied clients what makes them feel good about doing business with you. You might assume it’s because of your technical skills and knowledge, as states your marketing material; but it’s more likely that they love doing business with you because you’re the bookkeeper who takes the stress out of BAS time, the business coach whose calmness is contagious, or the IT-guru who cures computers while putting clients at ease by cracking dad jokes. That’s your brand personality right there. Milk it!

Here’s a challenge: can you condense your brand personality into a single sentence? Please share it with us below.

WorkSmart: Why moving fast can equal failure

2012-05-14T07:00:00+10:00

Recently I've heard of a couple of instances where hurried behaviour very nearly resulted in the loss of a sale…and that can't be good.

This series of Work Smart articles by Robert Gerrish is proudly brought to you by Visa.

More small businesses go forward with Visa. Visit www.visagobiz.com.au

Modern business moves at great speed but at times, racing too fast can compromise the quality of the outcome. I've identified a number of places where we move fast for all the wrong reasons. See if any of these scenarios are familiar:

1. You assume you know what's needed

Even when you absolutely know the answer to a customer's problem, forging ahead to a solution without fully listening to their very specific circumstances is not a good look.

Being heard is what a customer wants and the deeper you listen, the clearer the next steps become.

2. You don't fully understand, but figure you'll work it out later

The newbie or out-of-depth soloist tends to hurry forwards even when they know there's a big gap where knowledge ought to be.

Speeding up dialogue or skipping over issues is used to cover for this, but is merely papering over the cracks. Speaking up beats stuffing up.

3. You're over-excited

The excitement of a new customer or project can result in the by-passing of sensible steps or procedures. To work more efficiently, you need to take a deep breath and get back with the program.

4. You're overstretched

Overwork happens to us all, but no customer enjoys being rushed because you need to be somewhere else. If you cannot be fully present you shouldn't...er, be present.

5. You have a noisy head

Clearly it's not just work pressure that messes with our mind so if you're starting to get a bit speedy and can feel the onset of some instability, seek out some new skills or get some help.

More small businesses go forward with Visa. Visit www.visagobiz.com.au

One of my favourite quotes comes from the Dalai Lama. He said words to the effect, 'I have so much to do today, I will have to meditate for twice as long'.

So have you suffered the fallout of the fast lane? Do you need to work more efficiently? Share your misdemeanors below.

Podcast: What happens when passion takes over

2012-05-13T07:30:00+10:00

In this podcast, Tim and Luke interview Hana Tolhoek, the creator of Strom, a high end spirit retailing at $110 per bottle. Hana is a true marketing go-getter.

Hana Tolhoek is building an empire one bottle of premium spirit at a time. Hana is a marketing go-getter, driven by a passion for what she does … and the fact that her parents encouraged her to drink alcohol from a very early age (for medicinal reasons, of course!). A modest budget for marketing her alcoholic beverage hasn’t stopped her from associating with the helicopter fraternity, a world snow-boarding legend, getting in front of the top 100 bar tenders in Australia and exploring export opportunities globally.

Plus in this episode of the Small Business Big Marketing podcast, Tim and Luke answer a question from Miriam at the Old Hawaii Bakery who asks how she can continue to make money from her beloved business whilst slowly pulling back from the day to day hustle. And, Marketing Professor Mike Ewing explains how the concept of simultaneous media consumption leads to attention fragmentation which eventually impacts on the way we consume marketing messages.

About these podcasts: The Small Business, Big Marketing podcasts are characterised by plenty of banter between the hosts Tim and Luke who’ll typically kick off with nuggets of advice and tell shaggy dog stories as they warm up to the episode's topic. Sit back, relax and enjoy! And share your feedback below.

Duration: 45:22 minutes

Links to resources mentioned in the show: http://smallbusinessbigmarketing.com/alcohol-marketing/

To subscribe to this show in iTunes, please head here.

How smart sourcing can help your bottom line

2012-05-12T07:00:00+10:00

Smart sourcing is the big brother of outsourcing: it’s not just about cutting costs; it’s about sourcing the optimum solution for your business, making sure that it stays agile and flexible.

Here are three key types of business costs and how you can smart source in each area to help your bottom line.

1. Overheads

These are the costs of “keeping the lights on” – the everyday expenses of running the business. They don’t change with fluctuations in revenue, unless there are significant movements in business activity, but they can be the hardest to rationalise because they are often contractual or fixed. Here are some ideas:

Take advantage of virtual services: Outsource your admin support to a virtual office service, which is shared between a few companies. This can free up your time to concentrate on generating revenue and fulfilling orders.
Specialist services: Consider outsourcing services such as technical support, accounting and marketing. How much time do you waste putting off tasks that you aren’t comfortable with? Engage someone who lives and breathes it.
Embrace the cloud: Not only can cloud technology solutions be more cost effective but they can also make your business more effective by allowing you (and your clients) to access applications and share documents online.

2. Revenue-generating costs

These costs have an impact (directly or indirectly) on the revenue that you bring into the business, so proceed with caution here when looking for ways to smart source in this area. The tricky thing is correctly identifying revenue-generating costs. Direct costs – the cost of delivering a specific project – are relatively easy to identify. Indirect costs can be harder. For example, marketing is considered an indirect, revenue-generating cost, and is often the first “go to” for some companies when it comes to cost cutting; however, this can be dangerous, or at least a missed opportunity to attract revenue. The key is making sure that your marketing is highly targeted and you have a clear strategy.

So how can you streamline revenue-generating costs without hurting your business?

Virtual teams: Think about supplementing your own efforts with a virtual team either based in Australia or overseas depending on your business needs. Your costs can then flex in line with your business activity. One of my clients uses this model very effectively. Despite being a permanent team of one they can offer 24/7 responsiveness by having virtual team members based in Australia, the UK, South Africa and India. That’s smart!
Renegotiate supplier contracts: Even if you are only part way through a contract it may be worth raising with suppliers, particularly if you have a good relationship with them and are a regular customer. Alternatively, look for new entrants into the market who may be willing to be more competitive.
Reassess your marketing strategy: Are you targeting your marketing spend where the results are most measurable? Can you use SEO (Search Engine Optimisation) more effectively to replace some of these costs?

3. Discretionary costs

These are costs that can be eliminated or postponed without disrupting operations or productivity. They are the easiest to cut but in today’s bootstrapped environment they are usually few and far between. Do they exist in your business?

Finally, these smart sourcing reviews should be a regular part of your business operations and not just something to be done in tough times. Keep an open mind on new ways to operate, regularly review existing contracts and stay agile.

How has smart sourcing helped your bottom line?

When is it time to hire an employee?

2012-05-11T07:00:00+10:00

If you are planning to bring on an employee in order to help grow or support your business, just how should you go about it?

What’s your growth plan?

Each solo business owner needs to decide whether they want their business to grow. Flying Solo’s survey suggests it’s on the cards for half of all soloists. How do you know when is the right time to bring someone on?

Spotting the symptoms of growing pains

One of the main issues with being a soloist is deciding when it’s time to relinquish control of your "baby". Many solo business owners can't get past this point and struggle to continue providing their services by themselves.

What do you gain from doing this? In my view, nothing. You become worn out, your service level drops, customers leave, and you start feeling unmotivated.

You need to recognise these symptoms early and look for solutions. This is the time when you know you need to look for help.

Outsource or hire?

Initially your solution could be to outsource some tasks or responsibilities. But outsourcing can be expensive and will only relieve you of some duties. To really get the help you need, you’ll probably eventually need to hire an employee.

How do I find an employee?

Do I look to family? Do I advertise in the local paper? Do I advertise on a jobs board or use a recruitment consultant?

For a soloist, using a recruitment consultant can be too expensive, advertising on a jobs board or in the local paper can be like a lucky dip, and using family can end in disaster.

I normally suggest you try hiring someone you know (but who isn’t related to you) or have worked with in the past. You could also take a referral from a friend or friend of a friend that knows someone looking for work.

Regardless of where you find your new employee, make sure you interview them thoroughly, implement a strong employee contract, and always, always have a probationary period.

Have you bitten the bullet and hired a helper? What’s the experience been like, and how has it affected your business?

Manage your cash flow and get paid on time

2012-05-10T07:00:00+10:00

Getting paid on time is essential to minimising cash flow problems, especially for new businesses. Here are seven simple techniques to help you avoid cash flow roadblocks.

Customers that don’t pay on time usually have an excuse. By far the most common complaint our business receives from late-paying customers is that their invoice is incorrect. The second most common? That businesses don’t communicate effectively with their customers when there is a problem.

Disputes about invoices and overdue payments cost both parties time and money, which can erode into business cash flow. As a business, you can combat the above (and a few other common “pay delay” excuses) by implementing the following procedures into your day-to-day operations.

1. Be paid in advance

Requesting payments in advance of delivery eliminates the need to chase up overdue payments. It also secures the work before you invest in its delivery and maximises the cash flow available to your business. If your industry doesn’t traditionally allow for this payment structure, offer your product or service in a unique way. Consider establishing package deals or bulk-buy deals that offer a discount for upfront payment.

2. Only send correct invoices

Errors in invoices cause delays. It is common for inaccurate invoices to be set aside by customers until time is available to investigate the correct payment amount. This investigation usually occurs after the business chases the overdue payment.

3. Communicate with both customer and the person who pays

It’s often worthwhile sending two invoices (with the same invoice number, so there is no confusion) – one to the person who has placed the order and another to the person who pays the accounts. Reference the person who placed the order on the invoice so that the two people involved in paying know who to talk to within the business if confirmation is needed.

4. Snail mail your invoices

Posting invoices ensures they aren’t accidently left read-but-not-actioned in someone’s inbox. Most businesses need to print hard copies of invoices in order to stamp, date, sign off and file them, so by sending a hard copy, you make it easier for it to go through the correct channels quickly.

5. Make paying easy

By accepting payments via various methods, your customers have fewer excuses for not paying on time. The most popular payment methods are direct debit, credit card, BPAY, PayPal and cheque. Direct debit is a very popular method, so ensure you offer it as an option.

6. Receive and check payments vigilantly

Ensure your invoice has a clearly visible due date (bold it!) and have a process enforcing this date. Always check that you’ve received the payment by the due date and follow up on the next business day, preferably via telephone, if the payment hasn’t arrived. Don’t delay in contacting your customer as this will set a precedent and encourage future late payments. Ensure that a revised payment date is set in your follow-up communication, and send written communication (an email is fine) to confirm that extension agreement and payment date.

7. Get tough on repeat offenders

If you have a repeat late payer on your hands, then it’s perfectly acceptable for you to send them an email or make a phone call to them a week before their next payment is due to check that it will be made. Only do this for your repeat offenders, not if a customer is paying on time. You can also consider putting late payers on a warning system. Once the customer has exceeded the warnings you have set, make your business profits a priority and send notification that you can no longer do business with them.

These seven techniques will help you communicate effectively with customers and avoid falling into common traps affecting the cash flow of many businesses. Great cash flow management will alleviate most causes of financial stress, leaving you to focus on more important matters – like great customer service and growing your business.

Have you encountered cash flow dramas in your business? How did you resolve them?

Media pitch writing tips

2012-05-09T07:00:00+10:00

Ready to start contacting media so you can harness the power of PR? Here’s how to write perfect pitches that will get a busy journo’s attention.

Get straight to the point

How long do you think you have to catch someone’s attention during a phone pitch?

I make a lot of phone calls to media - quite often to people who don’t know me – and honestly, I think I have less than 30 seconds to make an impression.

It doesn’t matter if you’re contacting media or making cold calls to prospects. People don’t have much time for chitchat before you get to the pitch, and they don’t have time to wait while you get to the point.

Ask yourself every time: how can I be as persuasive as possible in the least amount of time?

Hint: Think about how many times you’ve gone over your elevator speech, and treat your phone pitches to media the same way.

Use headlines to grab attention

How can you catch and hold attention when you’re emailing rather than on the phone?

Because I want recipients to click on my email, I always turn my subject line into a catchy headline. Surprisingly, journalists tell me they often receive emails with the subject line “Media release attached” or even with the subject line left blank. Use the email subject line to sell your idea in the same way that the headline of an article, news report or blog catches your attention.

And again, keep it short. Next time you’re drafting an email, challenge yourself to create an irresistible subject line that will lead everybody to click.

Hint: Almost all my email headlines are six words or fewer.

Be clear about your message

When drafting your email message or phone script, be clear with yourself on what you’re trying to say. Respect the recipient’s time and get to the point.

Stick to bold, assertive statements. Explaining too much at this early stage can give an impression of uncertainty and you need to sound stronger than that. I believe explaining belongs in the media release or later on when the journalist has questions for you.

Hint: If you find yourself explaining ideas early in your phone or email pitch, your message probably needs more work.

Keep it concise – but creative

Challenge yourself to be more efficient with language by using powerful words and efficient sentences. I can write or speak using long-winded sentences that take you all the way around the garden or I can walk you directly to the rose bush. For this purpose, we’re going straight for the roses.

But we’d still like the path to be scenic. So if writing is not your forte (or even if it is) have a word storm before you begin. Spend ten minutes writing down every word you can think of that will help you describe and sell this idea. Get excited and have fun - now you have your own thesaurus to use for the pitch writing.

Hint: To really get your creative juices flowing, try making up words and phrases that convey your meaning.

Be your own barometer

The more you enjoy what you’ve written, the more your recipients will engage with you and your ideas. Would this pitch really catch your attention? Are you getting someone excited or just listing things?

Hint: Don’t try to rush the process of writing media pitches. Take time with your words and get them working hard for you.

Can you offer any other tips or hints for perfecting media pitches? Please share them below.

Do I have to do everything?

2012-05-08T07:00:00+10:00

Whether or not you like Madonna’s music, with over 200 million album sales under her belt, there’s no denying she’s a master chef of the music industry. Ask her about her cooking prowess, though, and it’s a different story.

Madonna doesn’t do cooking, so when a US ABC journo asked incredulously if she could prepare any meals at all, she fired back, “No, but I do everything else. Do I have to do everything?”

Go girl! Frankly, I think Madonna can definitely be excused cooking duties if that’s what she chooses, and the same goes for us when making similar choices in our own lives and businesses.

In our solo businesses we have a tendency to do absolutely everything and it undermines our ability to succeed. Can Madonna actually cook? Of course she can. I’ve seen children doing it on TV for goodness sake. She just chooses not to, which enables her to focus on what’s more important to her.

In the past few days I have had the wonderful task of reading through the draft summary of our recent Understanding Micro Business survey and while (happily) happiness prevails in the small end of town, things could be a damn sight better if we’d only attempt less and focus more.

In one question we asked what you’d like to understand better, and the “M” word shone through. That’s Marketing, not Madonna.

I’ve worked in and around the marketing industry for most of my adult life and I can tell you it’s far easier than cooking. The world is full of wonderful books on marketing - covering all industries and budgets, all facets and strategies; and for the price of a quick supermarket shop you can have the best marketing brain syncing nicely with your own. All you need is to put some time aside; turn off your gadgets and be prepared to have Vegemite sandwiches and fresh fruit for a couple of days.

We don’t have to do everything; we just need to do the things that make the biggest difference.

What tasks do you choose to forgo and focus on in your business? And what’s been your best marketing book investment? I’ll kick things off by adding a couple of personal favourites. Please add yours or dive in with a comment.

Tips for staying calm under pressure

2012-05-07T07:00:00+10:00

Being a soloist is sometimes stressful, and high stress levels can impact on your communication style, which may ultimately damage your relationships. Here are some tips for staying calm under pressure.

I recommend the acronym CALM to help you stay cool as a cucumber in stressful situations. It stands for:

C: Courage to step back
A: Analyse your options
L: Logic instead of emotion
M: Master of actions versus reactions

Here’s my step-by-step approach to staying calm under pressure in your business and your life.

Courage to step back

Stressful situations can become quite emotional, so gather your thoughts before responding. If you're communicating via email, it's particularly easy to hit Send before calming down from an angry state.

Remember that replying to an email that causes you stress doesn't have to be done immediately. Take control of the situation by allowing yourself some time out.

C could also stand for “Change your perspective.” Step into the shoes of the person that you're having difficulty communicating with, and see, hear and feel the situation through their eyes, ears and emotions.

Analyse your options

Depending on your situation, consider these questions:

What’s the most appropriate response to the situation given what you know about the other person's communication style?
Do you have enough facts to make an informed decision?
Have you heard what the other person has to say without becoming defensive or shifting into win-lose thinking?

Logic instead of emotion

Look at the facts and detach them from the emotional component of the situation.

To be able to do this, it's important to look after yourself so that when a difficult situation arises you're less likely to be affected by the emotional component.

Some strategies include:

Breathing deeply from the diaphragm: This helps relax the muscles and allows oxygen to flow to the brain so that you can think more rationally.
Regular exercise: Something as simple as taking a walk can clear the head while using nervous energy in a constructive way.
Become an objective observer: Stand back from the situation and experience it as if you were a detached observer.

Master of actions versus reactions

You can control how you feel and react to any situation. You cannot control how others feel or react. So, to quote Stephen Covey, it's important that you do what you can within 'your circle of influence'.

By recognising and checking your reactions, intentions and assumptions you're able to be the master of your own actions.

What are your tips for staying calm under pressure? Please share below.

Podcast: Those 11 forgotten marketing concepts explained

2012-05-06T07:30:00+10:00

Tim Reid, after having spoken with thousands of small business owners over the past few years, has identified 11 marketing concepts that many small business owners either never knew about or have forgotten.

Timbo gave a talk recently in which he revealed 11 marketing concepts that many small business owners either never knew about or have forgotten. From the importance of getting your message right first before worrying about where to place it through to the fact that we’re all a very judgemental lot … and everything in between.

Whilst there are many more, it’s the understanding and implementation of these marketing concepts that will help propel your marketing returns forward in leaps and bound. Listen in, take some notes and then put in to action some of these valuable learnings. It may just change your marketing world forever!

Plus Professor Mike Ewing explains what the difference is between sales and marketing.

Duration: 51:06 minutes

Links to resources mentioned in the show: http://smallbusinessbigmarketing.com/forgotten-concepts/

To subscribe to this show in iTunes, please head here.

Is cloud computing best for my business?

2012-05-05T07:00:00+10:00

There’s been a lot of talk recently about how the cloud will revolutionise business computing. But how is it different to what you’re doing now, and what’s the benefit?

Where’s my data?

In the traditional model your files are somewhere you have control of them - on your computer, your own server, flash drives or external hard disks. While there’s some comfort in knowing you have absolute control, most of us understand that sometimes events outside of our control can lead to lost data.

The cloud, intangible as it is, is not subject to the same "acts of God" that our own equipment is.

Being so intangible, it is difficult to make a blanket statement about whether it’s better or worse than your local solutions, as individual services differ greatly. However, it provides alternatives - and using a combination of on-site and off-site storage gives you redundancy.

Hosted services, although sometimes thrown under the cloud umbrella, are subtly different, in that the services are being delivered from a fixed set of locations. (Things like hosted email and MYOB's Approved Hosting program are delivered in this way). If you're looking to move your business data off-site, a hosted arrangement can be a happy medium between the tight control of on-site storage and the untethered freedom of your data moving through the cloud.

Trust

Data loss is a catastrophic disaster for business, and while it can happen to your locally stored data despite the best love and attention, you want to put your off-site data in hands that will care about it as much as you do.

The professionals may have the knowledge and tools to do the job better, but it's a big step to trust somebody else with your data. The first sign that you're not looking at the right provider is a sales pitch that doesn't address that fact.

Convenience

Anytime, anywhere access is a huge bonus if you keep a soloist’s schedule. Making your on-site solutions available outside your office is possible, but requires time and knowledge that you may not have. Hosted and cloud options are much more flexible, and may include ongoing support to get you connected and working.

A soloist I have worked with for many years uses his laptop to connect to all of his programs and data via hosted services. More than a couple of his laptops haven’t survived his frequent international travel, leaving him overseas with a broken computer. After buying a replacement notebook, he can log into his email, grab all his access details, and start entering invoices as though nothing had happened.

Safety and security

If your computer is turned off, nobody has access to your data until it's turned back on again, and with anti-virus protection, a standard modem and regular security updates for your operating system, you can expect your on-site data to be reasonably safe. If you add to the openings in a network, for example by allowing remote access and enabling wireless, you create additional points of weakness.

Cloud services need to have a lot of additional security that you don't have on your local network, because delivering unlimited access means opening up a lot of holes that need to be controlled to keep your data safe.

Regardless of all the security, secure socket layers (SSL), 256-bit encryption and virtual private networks are not going to stop somebody guessing a weak password, so make sure yours is a tough one to crack.

The best way to decide if cloud services are for you is to hear from other people who’ve used them, so please share your questions and experiences below.

Pricing for wimps: your minimum hourly rate

2012-05-04T07:00:00+10:00

As a soloist, how do you determine what your hourly rate should be? Use this simple three-step formula to help you work out the minimum you should be charging.

Why focus on your minimum rate?

Focusing on your minimum rate – your floor - sounds woefully pessimistic, but it really isn’t. Most soloists who calculate their hourly rate quickly realise they’re currently charging less than the minimum they should be and raise their prices quick smart.

In fact, one of the top reasons soloists don’t make a decent profit is because they are, unknowingly, charging less than their floor. Here’s how to calculate yours.

1. How many billable hours can you expect to work in a year?

This sounds pretty simple and the quick answer is 1920 hours, based on 48 working weeks, each 40-hours long.

But that misses the point. The average soloist spends about 50 percent of their time marketing, selling, administering, learning, re-doing client work, doing client work that can’t be billed, and the list goes on. All of those are hours that don’t earn dollars.

On average, if you’re a soloist working 1920 hours a year, it’s likely you’re working around 1000 billable hours. If you’d like to get scientific about tracking your billable time, set up a time sheet and record the number of hours you work and where the time is going.

2. How much do you want to earn this year?

This is just about being honest with yourself. How much would you really like to earn?

I encourage you to be bold with this because once you pop a figure into your head, it’s unlikely you’re going to exceed it. To that end you might like to up your target by a sneaky 10 percent.

3. Do the maths

All that’s left to be done is to divide your desired earnings (from point 2 above) by your billable hours (from point 1). The number you arrive at is your floor, your minimum hourly rate.

So if you want to earn $150,000 a year, and you have 1000 hours in which to do it, you know that you simply can’t charge less than $150 per hour.

Of course you probably don’t want to set your rate as the floor, but it gives you a good base on which to build your pricing strategy.

What else do you need to consider?

If you’d like to get more sophisticated and factor in the impact of the costs of running your business and your other commitments, have a play with Flying Solo’s pricing calculator before you set your fees.

Have you gone through the process of calculating your minimum hourly rate? What did you learn?

How perfection prevents action

2012-05-03T06:30:00+10:00

Do you let perfectionism hold you back from marketing yourself? If you wait for that perfect moment, if you wait until you’ve learnt it all, if you hesitate for any reason, then you lose. The perfect time to market yourself is today.

For a long time now, I’ve noticed some of my clients refrain from marketing themselves because they believe they still need to learn more about their profession – to become perfect or an expert. They may have already obtained their training certificates and completed their practical, but still they believed they were not qualified or professional enough to market themselves in a big way and get new clients. They were fearful of someone finding out that they didn’t know what they were talking about.

Here are some of the statements I’ve heard from clients over the last year:

I’m not as good as the professionals.
I’m not as good as my competitors, so I need to do more.
I need to be more of an expert to attract clients to work with me.
I need to learn more to be credible.
I don’t have enough experience; they will know I’m a fake.
I need to practise more so that clients keep coming back.

Where was all this self-doubt coming from? Was it a case of, “If I’m not perfect then I’m not good enough”?

Whatever it was I knew that, if left unaddressed, it would spiral out of control. They would never feel complete; they would just continue to learn and observe instead of taking action. Here’s what I recommended to help motivate them and build their confidence.

You know more than you think: Stop anybody on the street and ask them something technical about what you do, and you’ll likely find they won’t have any idea what you’re talking about. You know your profession; you know your theory; hell, you could probably do what you do in your sleep. You are an expert compared with the average person and you do know enough.

Your unique experiences are what make you an expert: It’s your knowledge, your own experiences, your style, your personality, your methods, and your energy combined that makes you stand out in the marketplace. Clients will be attracted to you because of all of these things and more. Clients will be attracted to you because they know, like and trust you.

He who hesitates, loses: From my experience I know that if you continue to wait until you know it all before you get out there and market, you will never actually get out there. The world continues to change; what was the norm last year is now completely different. If you wait until you become “perfect” to market yourself, you will be waiting for a very long time. There is no more perfect time than NOW. Perfection comes from doing something and improving on it rather than simply building on your knowledge. You can’t improve if you’ve done nothing.

It’s a matter of getting out there and attracting clients today. Forget perfection; it will all work itself out. Remember: you know more than the majority of people about what you offer and these same people need you. So market yourself today!

Has perfectionism stopped you in your marketing tracks?

Five easily avoidable marketing mistakes

2012-05-02T07:30:00+10:00

Marketing is not an exact science, so it’s easy to make mistakes. Here are a handful of common errors that you’ll want to steer clear of.

Looking for instant rewards

Returns from marketing are not always immediate. Every time I see a new customer I ask them about their previous marketing activity, and I’m astounded by how many reply by saying something like “Oh, we ran an advert in the local paper last year – but it didn’t generate any business”.

That first advert is only one step on the road to attracting new business. Customers generally won’t spring into action after seeing your first advert. There are many reasons for their delayed response: they may not require your offering at that time, might not have the funds, or may simply have other priorities. It may not be until the third, tenth or even twentieth viewing that circumstances change and they decide to get in touch. Repetitive, consistent advertisements will help you remain top of mind and increase the chance of obtaining new business.

Aiming at everyone

You’ll never be everything to everyone. By targeting specific customers, you may be turning some people away, but you’ll also be talking directly to your preferred customers – that is, the profitable ones.

I’ve observed that many natural therapists I’ve worked with fall into the trap of talking to everyone. They believe everyone has a requirement for their services, so they talk about general medical conditions. The problem with general messages is that potential customers don’t hear the marketing messages, as they’re not speaking directly to them. When therapists begin to include specific medical conditions in their marketing, they find people who suffer from these conditions start to respond, and other people start referring patients to them too. Your targeted message could become your point of difference.

Not differentiating your USP

When you’re establishing your unique selling proposition (USP), don’t use a generic statement like “We offer superior service,” which is something that anyone could say, and doesn’t differentiate you. Add detail to offer a point of difference from your competition: “Our commitment to service means we turn up on time”.

Once you’ve established your USP, you need to promote it like crazy. Use it in every piece of communication your customers see: your website, business card, letterhead, advertisements, brochures, invoices – everything!

Abandoning what works

I’ve often seen small business owners who have a successful product or service become overly confident or get bored with their marketing and decide to change it, or introduce something new. Instead, I advise you to stick with what works. Don’t forget that what’s old hat to you is still new to the majority of your market.

It’s always great to try new things, but never swap a current promotion or product with a new one that hasn't been tested. No matter how good you are, thorough testing should always be undertaken before altering an existing product or offering a new one.

Not loving the ones you’re with

Want to dramatically reduce your promotions budget while increasing profitability? Simple. Look after the customers you already have. It costs around five times as much to attract a new customer as it does to keep an existing one. Treat your existing customers like gods, and the benefits are multi-layered.

A finished sale does not mean the end of your relationship. Keep in contact with newsletters and promotions, and ask them regularly about what else they might be interested in. You might also like to implement the 50-cent marketing plan and give them a phone call on a regular basis.

Develop a cycle, and contact customers at pre-determined times. Keeping loyal customers also increases the chance of turning them into advocates for your business who will start referring you to their peers. This is marketing gold!

Any other marketing pitfalls that you’d recommend we steer clear of? Please share them below.

Armageddon in the dojo

2012-05-01T07:30:00+10:00

Is your home office equipment letting you down? Mine did, and on my first day on the job with Flying Solo, no less.

I’m no stranger to working from home as a freelance writer and editor, but I haven’t done so regularly for a while and I was shocked to realise that - on day one, when I sat down at my computer all excited to begin work - my home office was severely lacking in fundamental areas.

I have recently relocated from Sydney to the Blue Mountains with the very soloist ambition of doing what I love and reclaiming the lifestyle I want - which has long been buried beneath the rubble of full-time work, commuting, traffic and constant urban pressure.

So there I am, sitting in my new, Blue Mountains office (which I have dubbed the “dojo” - it’s very Zen), and I log in for my first Skype session with former editor Sam Leader. All I want is to make a great first impression, and that’s where it starts to go wrong: my internet is dropping out every 10 minutes, my landline is dead and my first-generation iPhone - complete with cracked power button - won’t wake from its digital slumber.

Sam and I push through our online meeting, doing our best to pick up where we left off after each internet outage. We joke that it’s like the scene out of Armageddon where the video message from Bruce Willis’s character to Liv Tyler’s cuts out, leaving his daughter in despair; meanwhile I’m despairing every modem meltdown is draining life from my Good First Impression tank.

Thankfully, Sam is an understanding person and no such consequences were incurred, but not everyone will be lucky to have a “Sam” on the other end of the line.

When dealing with clients, potential clients, colleagues and industry professionals - dysfunctional technology (dysfunctional anything!) is not a good look. Nor is it very motivating. They say that in order to get motivated at the gym it’s a good idea to buy clothes that help you look the part and feel good about yourself. The same mentality could be applied to your home office equipment: if you “get by” using damaged goods, you’ll probably end up feeling like damaged goods yourself and, in effect, limit your own success. By equipping yourself with the technology and gear you need to succeed you will not only give off an impression of success - you will be more likely to achieve it.

My experience led me to make a list of equipment I need to get sorted asap (high-functioning internet, a new smartphone, an operational landline…) to set me up for success in my new role and which will hopefully help me avoid Armageddon in the dojo.

Does this experience sound familiar to you? What’s on your “equipped for success” wish list?

WorkSmart: Are you sabotaging your success?

2012-04-30T07:30:00+10:00

Diligence and attention to detail are great qualities in a small business owner. But a preoccupation with perfecting process and too much fine tuning can sabotage our success.

This series of Work Smart articles by Robert Gerrish is proudly brought to you by Visa.

More small businesses go forward with Visa. Visit www.visagobiz.com.au

As small business owners, it makes good, practical sense to need to keep our feet on the ground and be sensible about how we operate and grow our businesses. I believe we need to be efficient in our responses and realistic in our offerings, expectations and plans.

However I've observed many cases where this ‘feet on the ground’ behavourial style is accompanied by an altogether unhelpful pattern I refer to as ‘feet buried in the ground’. Let me explain.

Sometimes in our bid to make everything as near ideal as possible - whether it be something major like preparation for a new business or product launch, or relatively minor like the introduction of a new strategy or process - we can become consumed in the pursuit for perfection and end up getting stuck in a spiral of ineffectiveness and navel gazing.

This behaviour is particularly prevalent in the group of soloists we may term ‘corporate escapees’.

These are the people who are used to having high levels of structure and teams of support people all working together to research and develop their respective part of the jigsaw. Take that structure away and the result can be a virtual freezing (or at the very least an undue delay) of meaningful activity.

Aside from this explanation, other contributors to the ‘feet in the ground’ behaviour are fear and doubt. It’s inevitable that we find ourselves in positions where we are unsure or fearful of an action - just try evolving a business without confronting unsettling change to some degree!

More small businesses go forward with Visa. Visit www.visagobiz.com.au

Here again a common response is to get buried in perfecting, fine tuning, endless testing and pontificating, when what’s really needed is action.

Let’s look at some simple steps to avoid this trap:

1. Be reasonable at the outset

Whenever we’re about to plan and develop a new project or action, it can be a good strategy to look at what might be a ‘reasonable’ timeline. Set a date at the beginning and plan milestones along the way. At each milestone look again at the end date and do not allow it to slip without really good reason.

2. Look beyond the planning to the actions

When we’re buried in the development stage it’s easy to overlook the importance of actions – the actions that will actually bring about the change we’re looking for.

Throughout the development phase keep the ‘end actions’ in mind.

3. Stay loose

Whenever your feet are buried (or you can see it happening to someone around you) loosen up and just remind yourself what’s really happening here. Certainly if you’re pioneering a new form of brain surgery you can be forgiven for wanting to get things 100% right; for the rest of us, let’s get out from under the desk and get to market!

I’m not advocating that near enough is good enough; rather that good enough is good enough.

Stop with the fussing, get into action and keep the spark of love alive in your work.

Podcast: How To be innovative in your business

2012-04-29T07:30:00+10:00

In this mind-opening interview, Phil McKinney, an innovation expert based in Silicon Valley, explains clearly and simply how any small business can introduce and benefit from an innovations culture.

Phil McKinney is an innovation expert based in Silicon Valley. Recently retired as the VP and Chief Technology Officer at Hewlett Packard, Phil hosts the Killer Innovations podcast and has just released the book ‘Beyond The Obvious’. In this mind-opening interview Phil explains clearly and simply how any small business can introduce and benefit from an innovations culture.

Specifically, in this interview you’ll discover:

A process for coming up with new ideas for your marketing and product / service development
Why brainstorms don’t work
How to become innovative (even if you think you’re not)
Why innovation in small business is so important
The concept behind Phil’s own innovation process called Killer Questions
How to run an innovations session.

Plus Timbo and Luke answer a question about why someone would pay for your face-to-face services when they can access your content online.

Duration: 54:33 minutes

Links to resources mentioned in the show: http://smallbusinessbigmarketing.com/business-innovation/

To subscribe to this show in iTunes, please head here.

Are you undervaluing what you offer?

2012-04-28T07:30:00+10:00

Undervaluing what you offer could be costing you both clients and money. Here’s how to spot the tell-tale signs and start turning things around.

What’s holding you back?

One way to get to the bottom of what’s going on in your business is to ask yourself tough questions, like “What’s stopping you from moving forward?”

Recently a client answered that question by admitting "Sometimes, the little voice inside me asks, 'Who needs my services and programs anyway?’ The information I offer is basic. People already know this stuff!”

This feeling is quite common among soloists, but in my experience, is rarely true.

It happens to all of us

I have to confess, in the past, I too have questioned the value of what I know and teach everyday. For example, when I was teaching about branding, the information I was conveying was a no-brainer to me. But to a person who knew nothing about it at all, it was crucial that I explain it to them in detail, and then show them how to quickly and effectively apply the principles to their own brand.

In every meeting, the little voice in my head would question the value of the practical marketing tips I was sharing, simply because they were second nature to me and seemed like basic common sense.

But you know what? My clients kept on asking me questions and referring other people to me. Go figure!

Don’t over-estimate what everyone else knows

Because you’re immersed in your information all day long, sometimes for years on end, it’s natural to start taking what you know for granted. If you're in this position, you’re probably over-estimating what everybody else knows, and the more you do, the more you tend to undervalue your own knowledge.

But what's common knowledge for you is actually a secret that many others would do anything and everything to discover. It becomes the answer to their most pressing problem. It becomes the solution they’ve been praying for. And that's when they call you.

I've discovered that the more we teach things to our clients in simple terms, the happier they are, the more referrals we get and the more money we make. It's not the elaborate teachings that people are looking for. It's the practical and simple solutions.

Sometimes, your clients really do know some of what you know, but they need you anyway. They may not have the discipline, accountability, resources or structure to implement the information on their own. They might not have the systems in place, or they may simply prefer to spend their time on other things.

Undervaluing leads to under-charging

In my opinion, this undervaluing of knowledge is one of the major reasons many soloists don't have enough clients. Because they don’t see value in what they offer they either don’t charge enough or offer discounts, and therefore create a low perception of value from their prospective clients’ points of view. Those same prospects then go somewhere else to obtain the exact same information – and pay more money to do it. Talk about a self-fulfilling prophecy!

Your clients see you as their problem solver. So charge accordingly and never, ever discount your services. Better still, raise your rates!

If you need a confidence boost before you do, get out your testimonials, and read them over and over until you’re clear about how highly your clients really do value your services. (If you don’t have any testimonials, this great video from Dale Beaumont will help you ask your happy clients for some in a way that is seriously effective).

And if you're not sure how much to charge or how to position your value in the marketplace, then it's time to take action and either learn about marketing or invest getting someone to help you with it.

Have you learned to quiet the little voice that questions the value of your services? Please share your tips for doing so with the rest of us.

How technology has put a dent in the universe

2012-04-27T07:30:00+10:00

I recently watched my son, who’s almost 2 years old, pick up my iPhone, unlock it, get on to YouTube, navigate through the recent videos and start watching The Wiggles' Big Red Car video.

If you have an iPhone or one of the many smartphones that followed it, this experience won't seem remarkable to you. But if you’d told me the day before the iPhone was released a few years ago that it would happen, I’d have looked at my existing 'smart' phone and told you that it was impossible, and that all my son would be doing with a stylus would be poking himself in the eye.

When people think about the legacy of the iPhone's creator Steve Jobs, they usually recall that he created great products. But Jobs didn't set out to create great products for the sake of it. His favourite phrase was 'putting a dent in the universe’. He wanted to create amazing products because he wanted to change the world.

On face value, creating better electronic devices doesn't seem so noble. But some of the consequences of Jobs’ innovations are literally life changing, and too mind boggling in scale to get your head around.

Steve Jobs pulled an enormous and entirely new market for tablet PCs out of thin air. No one was asking for a tablet PC when Apple released the iPad. Two years on, tablets are transforming the web, business and education like no other device in recent history, and the flow on effects are massive.

For example, people in India can now buy a tablet computer (obviously not an Apple one) for $35. As a result, millions of people will be able to access the web and connect with the rest of the world, consume content, educate themselves. What kind of impact might they have on the human race that would otherwise have been untapped?

You and I have had probably around 15 years of access to a decent internet, and maybe five years with mobile access to it. That’s opened up some remarkable opportunities for us. But compare that with what will be achieved by a generation of people who were educating themselves via phones when they were toddlers. I can't even begin to imagine what they’ll come up with.

Like a lot of other small business owners I like the idea of carving out a future for myself that doesn't tie me to working for someone else. But for me there’s a broader purpose that rises above convenience and control.

I like the idea of challenging myself to create new things. In my case websites and applications that solve problems in different ways. I like to think deep down that if I can move things forward even in my own little area then when I leave there will have been some impact. And I also believe that even something that seems small at the time could mean a big leap forward for the human race down the track.

This underlying feeling drives me to do more, create new things, help others, take risks and challenge the status quo. I hope that when I leave I will have put a dent in the universe.

How about you? How are you putting a dent in the universe?