Questions

Is "No Buyer's Remorse" scalable ?

Asked by:
Kenyetta Knorr
Kenyetta Knorr at Nova Remodel Group
Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
Kenyetta,I'm not exactly sure what you mean, however, I don't believe that "no buyer's remorse" even exists. But many companies please their customers, so why would I say this?Even if the customer is pleased at the time of purchase, they may not be as happy later on (and still might return whatever they bought).The customer may have been pleased during the purchase, but may have not been as happy later even if they keep the item.Many people impulse buy but never actually open and/or use the item they purchasedEven if they are totally happy with the purchase they may have wished the item didn't cost as much as did (especially big ticket items)The customer may wish they would have spent the money on something else (other product, experience or just saved it) even though they are are happy with the product.The product may break right after the warranty, this could make the customer wish they never bought the product and they may avoid said company in the futureThe customer may have been happy at the time of the sale, but when needing help is less than thrilled by the existing or lack of customer service.If the item doesn't last as long as expected, this may negatively impact how the customer views the company (poor quality, poor exchange of value, etc.)If the company does something to damage their own reputation, customers may have buyer's remorse for being associated (even in a small way) that that company.The company may go out of business shortly after the customer's purchase, making the customer wish they would have avoided making the purchase entirely.I'm sure there are more reasons that could be added to this list, however, I feel like the 10 reasons above cover the majority of cases.You and your business can do things to minimize the above cases, but you can't completely eliminate the issue because the outcomes are based on a complex blend of customer expectations, personal baggage (issues) and human nature (psychology).You set yourself else up for success by presenting customers with detailed, accurate and transparent information about your product and services prior to the purchase. You also help yourself by guiding the customer to the product and services best suited for their needs. Also by reinforcing the value they are getting for the price helps eliminate the feeling that they aren't getting a good (or the best deal). You can also do yourself a favor by having a clear return/exchange/refund policy, a detailed knowledge base or FAQ section and helpful and timely customer service.The rest is really out of your control, but that's okay. Only focus on the aspects you can positively change.
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Questions

Does anyone have recommendations for businesses who do company valuation?

We are looking to get our business valued. Has anyone done this before? Any recommendations on a... read more

Asked by:
Steven Freeman
Steven FreemanOwner at Evolved Sound
I have a very credible and indepependant contact who can assist with this. He prepares formal business valuations for any small to medium businesses. He works in association with lawyers in the divorce, commercial law, business law, areas where there is often a need to have businesses valued accurately. Contact me directly Craig and I will pass on the details.
Craig Hyland
Thank you Hitesh!
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Questions

If you have done jobs for groups like Target and Tyco, do you have a right to list them on your website as past clients?

Steven Freeman
Steven FreemanOwner at Evolved Sound
Depends on the specific agreement you have with them. Just because you served them doesn't give you the automatic right.It is generally OK to list them, however displaying their logo may be a breach, so it is best to seek their written permission first.
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Questions

What have been your biggest challenges in starting a business?

Daniel Brady
Daniel BradyOwner at Heavenly Hammocks
1. Growing sales further. Our sales are up 150% year-on-year, but higher would be better.2. Warehousing. Since recently, we've been using a fulfilment warehouse (Brisbane Logistics). It works pretty well except that their Toll delivery charges aren't cheap compared to FastWay. However, the rent charges only seem economical for our best selling products, not the slower moving products.So the less-popular products are still stored at home, while the popular products are warehoused. So we're only half-way to being a properly warehoused business.
Marketing. Was a huge learning curve. And I don't enjoy the tasks.
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Questions

How can I get a venture capitalist to pay attention to me?

Steve Osborne
Steve OsborneOwner at Smarthinking
DebraA similar question* was asked some time ago by one of the Savvy community. Ling asked:"What can I reasonably expect from venture capitalists for my new startup?"Altho' you may or may not be a startup in the traditional sense, I think the way you get VC's to pay attention to you is to give them what they want. Here is the answer I gave back then, which applies equally to your question:Without knowing what your startup is about, my comments are pretty general. Therefore, it depends. Amongst many other things, it depends on what industry you're in, what the scalability potential is like and how much skin the founders have in the game.The first and most obvious thing to say is: they expect a return. And that mighty quick. My experience preparing business plans for VC investment taught me several things – the most important being: 1. your idea is worth precisely zero until it is implemented. Investors want to see a working model. 2. investors are taking a big risk, therefore will expect a big return. After all, if your startup is not doing something that's never been done before, by definition it's just another business. And if all you need is money, go to the bank. So expect them to ask for at minimum, 30% return over 3 x years on say, $1mill. 3. investors are most interested if you can clearly show your three different customers. If you can define these three distinct groups early on, you stand a better chance of growth and a better return on exit. A wiser man than me defined them thus: Customer One is your end-user. It is to serve her needs that your business was created. Without this customer, you don't have a business. Customer Two is your bulk-buyer. This second customer is the one on whom rapid expansion will pivot, based on the idea that it's easier to sell to one who buys 1,000 than it is to sell to 1,000 who only buy one (customer 1). This customer shapes the speed and scale of growth. Customer Three is the business buyer. This is the entity that will eventually buy your business. This individual or company will ultimately make more from your assets (customers, database, products) than you can. This customer shapes your positioning, your customer information collection, your database. And this customer is the most difficult to identify. But it's this last customer the VC's are most interested in, because that's where the greatest value lies. If you can demonstrate a firm grasp of how each customer group is linked, you can argue a simple and very powerful case for investment. Everything else is just logistics. Ask Neil at Wardour Capital about this stuff. He is the expert.**Note to SavvySME Questions Admin: there is no system available within the site to refer to previously asked questions, if they were answered more than a few months ago. Perhaps a form of cross-referencing could be devised so questioners could find out whether their question already has an answer?
Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
Debra,One of the most important ways to get a venture capitalist excited about your business is by looking for the right connections.You don't want to approach just any VC. You want to approach VCs that are interested your business industry or type of business.You also need to customize information you are sending to individual VCs so they can tell there is a personal touch (don't blast out stock emails to a bunch of VCs).One of the best ways to attract investors is to have you business positioned correctly. There are key metrics that VCs find more tantalizing than others, so know them. Some questions and metrics to keep in mind:Do you have a repeatable method of monetizing your business / users?Are you cash flow positive? If you aren't, when will you be?What is your cash burn rate per month?How many Monthly Active Users (MAU) do you have? Is it increasing?Who is on the team and what are their areas of expertise?Do you currently have any mentors or advisors? What are their strengths?How much money are your trying to raise?What will you do with that amount of money specifically? How will it help the business?If you can answer more than half of those questions, you should put a slide deck together or start looking for pitching opportunities. If you can't answer even half of those questions, wait until you can before approaching a VC.
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Questions

I'm wondering if any of you have worked with influencers and if so, how did you find the experience?

It's something I'm considering and I'm keen to hear from business owners who have gone down this... read more

Rebecca Carroll-Bell
I am interested in other people's experiences too. Wathcing with interest :)
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Questions

Can anyone give me some good info about drop shipping? More specifically how they have found it?

 Who you use? Any pros/cons and perhaps any bad experiences! Please and thank you! read more

Steven Freeman
Steven FreemanOwner at Evolved Sound
It can work and it can fail like anything. You lose a lot of control compared to stocking and shipping goods directly yourself. Drop shipping adds another layer between you and your customer and the drop shipper is never going to care about your customer to the same level you will within your own business. It's all third party arrangements with mixed results. Depends on what you're selling and who you're partnered with to drop ship which will determine the viability and potential succeess.
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Questions

How do you stay connected with your network when everyone is busy?

I send an email or message through social media. I usually know what sort of commuication an individual prefers. Sometimes an SMS works best. Catching up online may not be as beneficial as catching up in person, but it sure is powerful, quick and easy.
Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
I personally do my best to make it to several meetups or networking events each month. I also send out emails or direct messages (DMs) on Twitter to specific individuals. I also set up a bit of time each week to reach back out to reconnect with those I haven't heard from lately.
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Questions

My devs don't have expertise in these areas so was wondering if anyone had any experience (good or bad) using Upwork?

We are currently rebranding and rebuilding our front-end and I am evaluating what we can do to... read more

Steve Osborne
Steve OsborneOwner at Smarthinking
Like Jef, I too have used UpWork/Elance for some time. Much less so these days, not because of any bad experiences, simply because I find it too hard to distinguish between a huge number of competing freelancers.The platform I'm currently using for outsourced dev work is PeoplePerHour. I like the recommendations they provide and find their system much easier to work with. Another I also recommend is Envato Studio. A lot of good WP designers and developers are available, each of whom is vetted before registering.And it's this lack of third party quality control that's at the heart of the UpWork problem.
Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
I've used the platform on and off for a while. I've tried to land some side gigs on there with no avail, but I do know that there are some developers and other professionals making decent money on that platform.I've had good results using Fiverr, but you really have to complete a lot of due diligence so you aren't disappointed with the results.Look for people with high ratings and positive reviews. From there connect with them in a conversation (direct message, email) to ensure they understand what you are looking for and are comfortable with your expectations and timeline.
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Questions

What is your FY New Year Resolution for your business?

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Questions

What are your goals for the new financial year?

Rebecca Carroll-Bell
Hmm, I shoudl set some. Great reminder Sophie.
Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
I have a variety of goals this year for my greeting card venture.create another 50 greeting card designslaunch the quarterly subscription serviceget more active marketing & advertising cards / online shopAnd on my children's book venturebuy the ISBNs I need (within next week or two)get first title out on Kindle buy end of July (aggressive but hopeful)work on getting first book on other platforms (ibooks, nook, etc)prepare next several titles for launch in the following months
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Questions

Anyone use a business coach for personal instruction on how to market yourself and promote yourself as a business owner?

Lisa Ormenyessy
Hi Michelle - yes - over 80% of my clients! Before studying to be come a coach over 13 years ago now I had a marketing consultancy and many of my clients see me for both. Another thing they really value (and I am sure Hitesh will concur) is that I work in partnership with an accountant. This means that all the marketing and business coaching that I do is constantly measured and monitored via the numbers. It really makes a stand out difference to our clients.
Hitesh Mohanlal
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Hi Michelle.I hope you are well.Yes i use someone who doubles up as a marketing person and coach though i do not refer to her as a coach. She deals with marketing and goes into coaching mode when i need it.Prior to her coming on board i was a good accountant, consultant and business growth strategist but it all happened through one brand (an accountancy firm). Also no one really knew what we did. We have successfully given all three parts their own brands (one of which is me) and started promoting them individually.This took time and we are still working on it - I have a lot of medical clients so we decided to specialise into this. So I have also written a published book on the subject.Although i am a business coach myself none of the above would have been achieved if i did not have someone to push me along.My advice would be for you to decide what you want. Coaches are great at showing you what needs to be done then leave it up to you to do it. Unless they have marketing experience and really know how to market the two might not go together. So you might need a business coach to advise you on what to do and then someone else to actually implement it. I am fortunate that i have someone who can do both.Hope this helps
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Questions

What is your biggest source of new business?

Jason UptonOwner at Resilient Digital
First page rankings on Google & referrals
Referrals through Facebook
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Questions

Any advice from anyone who has used post planner. Did you find it useful? Was it worth the subscription?

I'm wondering if I should invest in it or is there a better program out there. read more

CAROL JONES
CAROL JONESOwner at Interface Pty Ltd
Good morning Tracey from rural Australia.I'm not a digital native. More a Baby Boomer who's been dragged into the digital age by need. Rather than by era of birth.I live and work from my remote rural property. Where there's no mobile phone reception. With an unreliable rural mobile wireless internet connection. That drops in an out with the cadence of a wrecking ball.My main workhorse is my desktop computer. Which I turn on in the morning. And turn off in the evening. Because. I don't want to be connected to the world via my computer 24/7. For planning purposes I tend to be old fashioned and use paper. And a pencil!I write and post to my blog 5 days a week. Minimum. And find the Colplan One Month At A View Planner Diary perfect for me. It not only allows me to sketch in my blog posts. But also to sketch in the topics each day for my social media posts.Plus. By seeing the whole month at a time, I can - at a glance - determine if I've bitten off more than I can chew.I also like being able to think and plan in the peace and quiet of the non-digital world.This, I'm sure, Tracey, is not the answer you're looking for. But it does show that you can live a productive life away from your mobile apps.Best wishes,~Carol Jones, Ironing Diva❦ Purveyor of The Fitz Like A Glove™ Ironing Board Cover And Other Goodies 350,000 customers. In 29 countries.
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Questions

What are "three key success factors" to develop a successful business in Asia?

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Questions

What are your top tips/tricks/tools for performing a website audit?

Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
This is kind of a vague question which makes it a bit tricky to answer. What kind of website audit are you performing?The different types of website audits that I've done for myself and others includeContent Auditing - this can include everything for removing / purging old content to checking that the content reflects the voice and image of the brand.Usability Auditing - looking for areas of the website that lack visual hierarchy, confusing information / terminology, misleading links, navigation issues, moreCross Browser Auditing - checking the same website across a variety of popular browsers to look for any issues in a specific browser or issues that are across all browsersCross Device Auditing - similar to Cross Browser, but focused on checking how website looks across multiple devices (different sizes, different operating systems, etc.). This is also important for testing your "responsive" and/or "adaptive" web designs.Link Auditing - this is related to content auditing but focuses specifically on identifying dead links (links that no longer arrive at intended content), incorrectly linked items (pointing to the wrong destination) or items that should be links but currently aren't.Performance Auditing - this is all about how fast does your content load and looking for places of improvement such as, minifying files (CSS and/or JavaScript), condensing images (either changing image formats from JPG to PNG or GIF), reducing image load times (putting many images into one (AKA an image "sprite"), using content delivery networks (CDNs) instead of hosting all information on your own site and removing unnecessary content and plugins.Security Auditing - obviously an important one. Ensure admin passwords you use are strong and kept in secure places. Ensure content management systems (CMSs) you use are as up to date as possible. Add front-end and back-end form (input) validation to eliminate people trying to inject code that could hijack, overload or wipe out your data/system. Traffic Auditing - this is more about understanding (and having) analytics. Do you know what is driving people to your website? Do you know when people are coming to your website? Do you know where your main sources of traffic are coming from? Seeing anomalies can make you revisit your Security Auditing (such as do you see many IP addresses visiting your site from countries known for hacking?).These are the main types of website audits I know about and have conducted. Have I missed any other types of audits? I hope this information was at least a good starting point for you.
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Questions

Why should you stay as an "Anonymous" LinkedIn member?

Lets talk about a controversial setting in LinkedIn called, “Who’s Viewed My Profile?”  This... read more

Asked by:
Cassidy Poon
Cassidy Poon Head of Digital & Social Media at LogicalTech Group
Ling Lee
Ling Lee at Digital Marketing and Personal Branding
Stalking on a social networking site is a key sign that a network is user engaging, in my opinion. I have no objections to being open in my profile. It is like an online resume. After all, the ultimate aim is to extend profile reach to as many people as possible.
Cassidy Poon
Cassidy PoonHead of Digital & Social Media at LogicalTech Group
If LinkedIn was a real-life networking event, how would you react if you saw these “Anonymous” behaviours? Cyber Netiquette represents the importance of proper manners and behaviour online. In general, cyber netiquette is the set of professional and social etiquettes practiced and advocated in electronic communication over any computer network. Common guidelines include being courteous and precise, and avoiding cyber-bullying. Netiquette is a short form of Network Etiquette or Internet Etiquette. The more LinkedIn member netiquette rules there are, the more civilized LinkedIn as a professional networking social platform will be for everybody because the human mind strives for order. Rules give us order. Within LinkedIn, it is a good cyber netiquette to act as you do in reality on the internet. Ask yourself whether or not you would do it, say it, or write it to one of your real friends or associates. If you have to ask yourself this question whatever you are thinking of is not something you would do in reality. It is a proper LinkedIn member cyber netiquette to be yourself online because you are not always a LinkedIn “anonymous” and others users are real people too. Do not try to be LinkedIn “Anonymous” online that you would not do in reality because you cannot be taken seriously if you do. Your online image is important. Don’t ruin it by being someone “anonymous” you’re not. You are who you are in life. Everyone has the power to change their ways. Your ways are your own. If you don’t like who you are, then change your ways and become who you want to be. “Anonymous” LinkedIn Member – Who are you and why do you choose to be “Anonymous” on LinkedIn to some of us? 1) They could be a person on LinkedIn that simply does not know that is how they have their settings set up in the first place. 2) They could be a professional friend you used to work with that has a terrible LinkedIn profile and is just trying to see what it is like to have a better profile. 3) They could be a person afraid to have a public profile because of fear of their employer seeing it and taking measures to make their life miserable. I am sure nobody has ever heard of this happening before. 4) It could be a competitor of your managerial position just checking to see what you are up to- if that is the case take it as a compliment. 5) It could be that employer checking out your profile to see if he or she fills the types of positions that they have openings in and if they could be of assistance to them. 6) It could be someone looking for help with media & publicity interviewing or whatever your expertise & forte may be. Most could care less who this elusive LinkedIn masked crusader could be within our very own professional network but we are more interested in why they choose to keep their status as “Anonymous”. Who else this “Anonymous” LinkedIn Member could be?
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