Business Insight with Norman Younger - Sharing 25 Years Experience: Recent Episodes
Norman
Practical advice and insight for small business and the self employed, fortnightly. Norman Younger BA(Hons) FCCA MCIArb shares 25 years experience with you - from disruptor to professional investor - bringing you thought provoking and incisive commentary. Learn from Norman's ups and downs, mistakes and successes, as an accountant, businessman, mediator and negotiator, blended with the experiences of the thousands of businessmen and women that Norman interacted with as clients, customers or to whom he was a mentor and adviser through his charity work helping people support themselves with dignity. Satisfaction guaranteed!
When faced with the onslaught of messages thrust in our faces most of us hardly give a second thought as to whether we're looking at a branding opportunity or an advert - in fact we just call them adverts. "To advertise ehre call this number" shouts out an empty billboard.
Once we're in business and need to start getting our own message out it takes on a whole new relevance. Listen and learn how and why to distingish between branding and advertising.
Industrial espionage. A grand and exciting expression that has you imagining massive all sorts of cloak and dagger scenarios. In truth it is about keeping your business to yourself, to be precise making sure nobody is going to spoil your plans because they knwo what they don't need to know. It matters not the size nro the location nor the sector in which you operate. You need to understand the importance of that old adage "need to know basis".
Very few things in business canmatch the frisson of a start-up as it shifts into the next gear. But it's so easy to miss the point and get bogged down in useless activity. Listen how to do it and what to beware of, with simple lessons learnt from fledgling republics who declare independence.
The tragedy in Ukraine needs to introduction nor any more column inches. When you face a bully who has parked his or her tanks on your lawn ( literally in this case) how should you respond? The bravery and determination of the people of Ukraine under a steadfast leader shouts volumes for us all.
Peloton. A stockmarket darling throughout Covid, but now a poster child for the wrong reasons. Listen and learn how errors made by multinational corporations should focus YOUR mind on how to handle problems affecting your product or service when clients are directly affected, and why you shouldn't simply kick a known problem into the long grass.
A new year, a new start? Maybe, or perhaps simply the year you will give serious thought to how you can implement changes for the better and get out of the business rut that has plagued you for so long. But it's important to ensure that there isn't just change for change's sake but that it is properly thought through and meaningful. Listen and start thinking how YOU can change YOUR business.
In the last podcast we looked at what might be driving your employee's request for an increase in wages. Now we look at your considered and measured response. As if often the case in business getting it wrong can be catastrophic but with the right approach it is not difficult to get to right. All it takes is a listening ear and an open mind.
It's all over the headlines and cannot be ignored. It's what employers fear the most, as does the Bank of England! But how to respond, especially if you've only ever known a benign wage environment? Listen and learn how to manage demands from employees so that it's a win-win and both sides come out satisfied.
The French Foreign Legion is the stuff of legend, often shrouded in mystique and myth. There is one aspect of it that it is best known for that can be applied to your business - the ability to "forget the past" and take on a new identity. This isn't about going bust or changing the firm's name - it's far more subtle than that but the general principle is the same. It's about reimagining and realigning your business. Listen and be inspired!
Making mistakes is part and parcel of business life, it's just a matter of how serious they are and what the consequences are. When blue chip companies or household names make them the financial press likes to crow about it but once we strip out the screaming headlines what is the real story? What went wrong and why? And most importantly are there any lessons for us?
Zombie. The very term conjours up images of something not right at best and fearful at worst. In the world of business it's exactly the same, which is why the term has been coined for companies inhabiting a troublesome place financially. The consequences of being a Zombie company are debilitating for business owners and effectively dooms them to years in the financial wilderness with consequences reaching far into the distance under a long shadow.
Who isn't familiar with the term "red flag"? But who really grasps the meaning of why they are so named and what constitutes a red flag? Furthermore, how should you react to a red flag? Listen to this episode and it might just save your business from some serious problems - there's nothing like awareness of an issue even if you're not an expert, because you can go and seek advice.
Business pundits are never short of opinions on why firms have failed or markets have behaved in an unforeseen way, nor are they short of opinions about where markets will head in the coming weeks, months or years. So what about forecasting and planning for the future in YOUR business? Given the vicissitudes and uncertainties that the world faces on a daily basis, whether it is a natural disaster, pandemic or supply chain problem - usually unforeseen and unplanned for - what value is there in making plans for YOUR business?
It's a hackneyed expression but what lies behind it and are there exceptions in today's business climate? We read daily in the financial press and websites about the likes of Uber, Deliveroo and others burning through their shareholders' funds to make land grabs where it is winner takes all, but what about YOUR business and the market in which YOU operate?
Family and friends - just the people to support you when you need to get your new business off the ground or take an existing one to new heights with an injection of capital. Regrettably, once the euphoria and bonhomie settle down reality sets in and tensions rise as the business charts its way through the difficult and choppy waters. Make sure that you don't risk important relationships by mixing business with pleasure without understanding the dynamics.
Networking - something widely misunderstood but so crucial to build a business. It's never been easier to do these days, through social media and similar technologies - even for the faint hearted or shy amongst us. It's one of the few things in business I regret not knowing enough about or fully appreciating in my early years. I embraced it more recently and the massive move to online networking since Covid has been a real boon for me. I guarantee you'll not only be smiling after listening to Will, you'll be thinking deeply too about how to fast-track your networking.
Everybody loves a success story, all the more so when it inspires them to go on to achieve big things themselves. This special end of season edition is an interview with Alex Smilanksy, founder of Mayku and a "Forbes 30 under 30" star. Alex took a relatively straightforward idea and democratised it in a phenomonally successful manner to disrupt manufacturing and drive down costs for small businesses. Listen to his story and I guarantee you'll come away smiling....and inspired by the art of the possible.
Each business owner thinks they know best in their business, especially if the business appears to be successful. Unfortunately this can have disastrous effects if workers have ideas and observations to contribute, however simple or insignificant they may appear. Too many business owners, especially at the smaller end of the SME spectrum and in particular at the micro level, are simply unwilling to give their employees the respect they should when it comes to what they have to say about the business at an operational level. Learn how a small dose of humility can go a long way.
There are times in your business life when radical and often brave decisions are required. It can require courage of conviction and perhaps a need to jump in, maybe in the face of conventional wisdom. In some ways this is not unlike the hackneyed midlife crisis that happens to "others", so if you've not experienced one this podcast will give you an insight into what you can learn from it and apply to your business when the chips are down.
Do you have a valuable brand in your business without even realising it? Once you understand what a brand actually is and what it means for you and your customers, you'll appreciate the importance of respecting it because it is so easy to abuse it, even passively.
Brands aren't just for big names, they are for everybody and can be an exciting and lucrative tool in your marketing toolbox.
If you think you are in full control of your business think again! Things are going well...until they aren't. So how can you avoid these nasty surprises?
Getting used to watching your business performance dashboard is a fundamental, just like driving a car. There is so much accounting software that can produce the data that most of the heavy lifting is done for you, all you need to do is look at it and make use of it to your advantage.
Time is money in the business world.
People who waste your time are an unnecessary distraction and too many of them can seriously dent your bottom line, especially if you charge for your time. If you're selling products they tie up you and your staff when the time could have been spent on more profitable activities such as real customers or business development.
In this episode you discover the various types of timewaster, how to spot them and crucially how to manage them to YOUR advantage.
Nobody wants to turn down business but you certainly want to avoid waking up one morning and asking yourself why you took on a particular customer, contract or assignment. Kicking yourself because you were greedy is one thing but asking yourself what would have been "if only" you HAD been bold and accepted the offer. This episode will cover a number of scenarios and give you food for thought when faced with the decision.
Contracts are part of everyday business life but also the source of untold grief for the unwary. Some firms thrive on issuing unfair or dodgy paperwork to small businesses like yours. So what can you do to protect yourself? Plenty! Listen and find out which simple but often overlooked measures can be taken to avoid the pitfalls of signing a bad contract, which could potentially ruin you.
Everybody wants to stand out from the crowd and get noticed above all the online noise that our customers and clients are bombarded with.
But in business crowds serve a purpose, it's also called the marketplace, so getting it right is important as you don't want to be selling in the wrong place.
Find out in this podcast how to balance being in the crowd with getting noticed and heard above all the noise.
The business world is tough and it's getting tougher. Sometimes you have to face the harsh and maybe grim reality that you're beaten or heading that way. In this episode I'll look at 3 common scenarios and possible responses.
Business plans - you can almost hear people sigh when they are told they need to draw one up. But business plans really do serve a purpose, however unlikely they are to work out in practice, and maybe it's not only lenders and investors who should be instigating them. Listen to my insight - it might change your thinking, especially as we (hopefully) move into the post-Covid phase.
Hiring is easier than firing in the eyes of many employers. In reality hiring is the bit you really need to get right to lessen the chance of firing!
Getting it wrong can have catastrophic results.
Listen to top tips on how to read a CV properly, especially between the lines, and learn from my experience what to look out for and how to avoid hiring the wrong people.
The phrase that haunted Theresa May is familiar to many entrepreneurs under pressure to get the deal done, many doing so at all costs. How sensible is it to deal instead of walk?
Who doesn't seek business growth? But where do you start? This simple tip will get you into first gear so you can find the right direction and hit the open road to greater things, quickly and cost-effectively.