The key to social media success

Social media is playing an increasingly important role for many small businesses. But it’s a confusing world out there! Web specialist CHLOE WILSON via Barnett & Turner offers five top tips for making the most of the new technology. Many companies plunge into the world of social media because they know it’s something they should be doing. But how many of them stop to reflect and plan? By observing these five simple rules, you can make sure that your online presence is stronger and more visible than ever before:

1. ESTABLISH GOALS

Ask yourself what each of your social media accounts is actually for. If you’re on, say, Twitter, Facebook and LinkedIn, what are your objectives for each individual platform? You may intend to drive traffic to your website, for instance, or network with others in your industry. So what does your content actually say? And are you saying it to the right people?

2. THINK VISUALLY

Always add images to your posts, as the more visual your content, the more engagement you’ll get. As people scroll through their feeds, you’ll get noticed rather than ignored. If you’re not a dab hand with a camera, there are various apps available than can help you make your pictures look sharper and more professional.

3. BE TOPICAL

Being current and having something to say on topical issues actually involves planning ahead! If you struggle for what to post on Twitter, why not pick out key dates such as Valentine’s, International Women’s Day and so on as an opportunity to engage with your target audience? Of course, you may want to choose dates or events that are very particular to your industry or market segment.

4. INCLUDE A CLEAR CALL TO ACTION

With important posts, a clear call to action is vital.  Don’t waste the opportunity for engagement. Make it clear what you hope your reader will do as a result of your post or tweet. You might choose to use imperatives, for instance, such as ‘watch this video’ or ‘click here’. If you don’t give people directions, there’s a danger they’ll keep scrolling past.

5. ENGAGE WITH YOUR FOLLOWERS

Treat your friends and followers as peers. Sometimes we seem to forget that this is social media. Try to interact within your community – sharing ideas, thoughts and opinions. Even if you only spend a few minutes a day over a cup of tea, it shows respect and encouragement for the people who have taken the time to engage with you.

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

Three marketing challenges for the year ahead

We still have a lot of opportunities in front of us in 2016, writes Jonathan Wilson of Barnett & Turner, but you’ll only take advantage of them if you adopt the right approach to your marketing. With the economy still in difficulty and the age-old mantra of ‘the marketing budget being under pressure’, businesses need to make their spending work as hard as ever. It’s only possible to make that money go further if you’re prepared to revisit and challenge existing strategies and develop creative and cost-effective new ones. Here are three approaches to consider during the remainder of 2016:

ADVOCATE MARKETING

Whether your business is online or offline, business-to-business or business-to-consumer, you want to ensure your customers have a smooth journey to their purchase. Unfortunately, research suggests that 50% of the time, this isn’t the case. You want to move from being a supplier to a partner and, in that way, secure repeat orders and recommendations. Ultimately, you hope your customers may choose to use one of the social media megaphones to share their experience.

It’s a question of identifying your advocates and marketing through them. Find the influencers, with whom you have built relationships, to endorse and bring out the key benefits of your business or products. You’re looking effectively for credible customer testimonials.

CUSTOMER-CENTRIC MARKETING Remember, your core brand values should always be delivered. You can make any promises, but it is the customer who experiences the reality. A mismatch between the two can spell the end of that relationship. And technological change can exacerbate any negativity through the way in which experiences are shared instantly.

Develop a customer-centric marketing approach, in which individual customers are at the centre of your marketing design and delivery. Your audience is becoming more and more sophisticated, which means you need to move on from ‘one size fits all’ approach. Instead of old-style marketing campaigns which bombard your customers with emails and offers, why not tailor your messages and promotions to different segments through different channels? The ultimate aim is to nurture one-to-one customer relationships, but results may not be achieved overnight.

FORWARD-THINKING MARKETING

Keep up with trends; the pace of change in marketing tools and technology is very fast often presenting quite a challenge for small business owners.

The fundamentals of marketing haven’t changed at all, in that you still need to understand your target audience, their needs and the problems they have to solve. You also need to understand what it is that makes your company different and why a customer should do business with you, finding a compelling message to drive people to action.

It’s the ways of delivering that message which have changed at a staggering pace. Ensure that you are aware of new ways to reach audiences and only use them if they are truly relevant to your business. Some Chambers run E-business Club events which are well worth looking into if you wish to learn more about the latest marketing technological tools.

Consider User Generated Content (UGC), for example – where people are creating and sharing material on your behalf via social media. This is especially important for the ‘millennial’ generation, which mostly communicates via a smartphone.

Look for ways to encourage people to act as your brand ambassadors and get them to carry the marketing message using various social media channels. Peer recommendation is increasingly important to consumers in the digital world.

But do be careful and think it through. Modern marketing is truly dynamic, accessible and direct, but can be damaging if it is not carefully considered and planned.

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

Financial data that’s right up to date

More and more accountancy professionals are encouraging their clients to use the cloud-based platform Xero. Peter Woodward of Barnett & Turner outlines exactly what it is the technology can offer. Xero’s cloud-based accounting software not only allows for multi-user access from anywhere, but it also creates the opportunity for banks to provide direct daily feeds.

Alongside the intuitive reconciliation process, businesses really do have a tool which can now produce up-to-date financial data at the touch of a button. No wonder that Xero is increasingly recommended by so many accountants.

An added advantage to the platform is that it’s led to much greater co-operation between business owners, their employees and professional advisers. Because data is both live and visible, your accountant can add value throughout the year – monitoring how your business is performing, spotting book-keeping errors and providing support when you need it.

What about when you’re on the move? The Xero app allows you to reconcile your banking, create invoices and submit expense claims from a smartphone or tablet, which means that you’re always in touch with your financial information wherever you go.

How does it work in practice?

The more sophisticated you get, the more you can achieve. You can send a quote to a customer and the software allows them to accept, reject or amend it online. It’s then easy to convert this data into a sales invoice which can be paid at the touch of a button. The same is true when it comes to raising purchase orders.

What about cash collection? Well, the Xero dashboard allows you to see at a glance which customers’ invoices are outstanding. And there’s no need to hang on to paper copies of purchase invoices, as Xero will store an electronic record for you.

If you choose to give your accountant access, they’ll be able to review your VAT records alongside your invoices and check everything before filing the return via Xero to HMRC.

To understand the full potential of Xero, it’s worth talking to your accountant. They may even be able to suggest add-ons which integrate with the platform. WorkflowMax, for example, allows employees to input and allocate material costs, as well as their hours worked on specific jobs. A great way of managing business performance.

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

Ten tips for keeping your business safe online

The government has identified ‘Ten Steps to Cyber Security’, which are essential for any business looking to protect itself online. Jono Wilson of Barnett & Turner Chartered Accountants talks us through the suggestions. There are plenty of simple and straightforward steps that companies can take to keep themselves safe in the digital world. As accompaniment to the support offered in their Cyber Essentials programme, the Government advises you to take action in the following key areas:

1. Network Security

It’s important to be aware of what’s on your network and to see that your hardware and software are properly configured. Make sure you act upon notices and warnings.

2. User Education and Awareness

Make sure you have a proper policy in place for using IT and that your staff members are told about it at induction. It’s also important to remind employees of good security practices on a regular basis.

3. Management of User Privileges

It’s critical to manage access to IT through a combination of user names and good, strong passwords. Remember not to write them down or share them and only give users access to what they need.

4. Security Configuration

This is about keeping your IT updated with relevant firmware and patches. Make sure to document your IT assets.

5. Removable Media Controls

This refers to devices such as USB sticks, SD cards and CDs. Make sure it’s safe to bring them on to your network. It may well be that using the cloud is preferable.

6. Home and Mobile Working

With more people working at home, you need to have a proper policy in place and install relevant passwords and authentication software. People are likely to be using mobile devices too, so make sure they’re not walking around with unsecured corporate emails.

7. Malware Protection

Make sure that you keep your anti-malware software up to date through one of the mainstream suppliers. It will scan and sweep on a regular basis, helping to protect you from threats.

8. Risk Management

Create a board of people who are responsible for risk within your business and ensure that they oversee the development of effective policies.

9. Monitoring

Keep track of your hardware and software and look out for unusual activities.

10. Incident Management and Business Continuity

It’s important to have an incident management team which is capable of dealing with any attack and acting upon it.

For more information, please visit https://www.gov.uk/government/publications/cyber-risk-management-a-board-level-responsibility/10-steps-summary

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

The green way to cost savings

If you thought recycling was just about saving the planet, you may be in for a surprise. It also has the potential to influence the bottom line writes Jonathan Wilson of Barnett & Turner Accountants Ltd. Most of us are used to doing our bit for the environment at home. We’ll happily separate recycling from other rubbish and increasingly take our own bags to the supermarket.  Small steps, but ones that make us feel we’re achieving something positive at a time when climate change and the environment have a higher profile than ever.

It’s easy to overlook environmental initiatives in the workplace, but even small and medium-sized enterprises can generate potentially large amounts of waste.  Many companies see the advantage of demonstrating their environmental credentials to potential customers from a public relations point of view. Others may have a very strong conviction that they should do something positive for the planet. But how many actually think about the cost savings?

If you recycle effectively, you can often keep the price of waste collection down, but it requires some real discipline. Here are some tips worth bearing in mind:

1. GET THE INFRASTRUCTURE RIGHT

Take advice from your waste collector about the different bins that you’ll need within your office or premises and make sure that they’re easily accessible.

2. AVOID COSTLY MISTAKES

You may not realise it, but you’ll soon be penalised if inappropriate items end up in the recycling. If your bins are full of chewing gum and paper clips, you could end up paying more. Even coffee cups that still have coffee inside or the remnants of a pre-packed sandwich can mean that your waste will be rejected. You’ll have to ask your employees to take simple steps, such as rinsing out tin cans.

3. MAKE SURE TO COMMUNICATE

It’s vital to have all your staff on board. They need to understand what you’re aiming to achieve. It may also be worth holding a face-to-face briefing meeting to demonstrate exactly what can – and what can’t – go into the recycling bins.

If you get the approach right, you may soon be demonstrating your support for the environment to staff and customers, while also making significant savings.

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

The importance of keeping in touch

If you want to build a stronger business, your relationship with existing clients is absolutely critical argues Jono Wilson  of Barnett & Turner. There’s an old adage in business which is still true today. It’s much easier to sell your latest product or service to your existing client base than it is to go out and find new customers. So keeping a good relationship going is clearly in your financial interest. But it’s worth focusing on some of the other advantages too.

In many market places, you may find your competitors are becoming more and more aggressive in targeting your client base. A strong partnership is far and away your best defence, as clients are much more likely to tell you of any approach or meetings that might have taken place. You then have the opportunity to set out your own stall.

When a relationship is well cultivated, the chances are that many of your clients might also be prepared to refer you to others.  This word-of-mouth recommendation is an excellent way of growing your business organically.

Of course, I’m not talking about a relentless sales pitch. Your clients won’t want that at all. It’s about keeping in touch with them so they know you care about the relationship you have build and letting them know about what you’re able to offer to help them achieve their goals. Ultimately, they have the choice over whether to listen and act.

It’s important you’re aware of what other people in your business are doing at any one time. There’s nothing more frustrating for a client than having a conversation with you in which you’re oblivious to a meeting which took place with a colleague just days before. This is where Customer Relationship Management (CRM) tools can play a very positive role. They allow you to record all your contact on a regular basis, so you can see at a glance all the meetings and phone conversations that have already taken place.

The more you speak to your clients, the more you’ll understand their business. These regular conversations will allow you to make intelligent interventions and seize appropriate opportunities when they come up. But balance is important. Plan the calls or meetings in your diary and make sure that they are neither too seldom nor too frequent.

The long-term benefits of keeping in touch are mutual. You gain opportunities for new business and your client knows they have a reliable partner they can turn to at any point.

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

Why back-ups should be front of mind

It may be the end of a long day, but the inconvenience of backing up your files is nothing compared to the problems that can result from lost or corrupted data, says Debbie Birkett, office manager at Barnett & Turner. How often do you back up your Sage data? What if I said you really ought to be doing it every time you use the package?

It may sound like overkill but, in the business world, your accounts information is just too important for you to sit back and cross your fingers. Once you get into a routine, you’ll probably find that the back-up process isn’t really that arduous at all.

A common issue is that data can become corrupted over time. Errors creep in. At some point, you’re likely to recognise the problem, but you then need to be able to return to the last ‘clean’ files. Although Sage has a special department which can try to resolve corrupted data, there are no guarantees and the process could cost you significant sums of money.

If you’ve been backing data up, you just need to keep reverting until you reach the point where the files are without errors. At least you then have a starting point for reconstructing your figures and don’t need to begin again from scratch.

Another thing worth bearing in mind is that Sage will prompt you to conduct a data check when you back up. I strongly recommend that you do this, as you get a snapshot of the data integrity and the system will highlight any potential problems. There’s not much point, after all, in backing up data which is already problematic.

So what role should accountants play in all this? It’s certainly true that when there’s a crisis, clients will often go to their professional advisers and ask whether they have kept their own back-up. You may be lucky, but the reality is there’s no obligation for the firm you retain to be doing this kind of work on your behalf.

My advice is therefore to back up to a memory stick, external hard drive or to a server. And once you’ve completed your back up, it’s always worth browsing to the destination and checking the files really are there! You can even try restoring them if you want absolute peace of mind, just to make sure that nothing would go wrong in the event that you needed to re-import them in an emergency.

Increasingly, of course, there are more options to back up in the cloud, via services such as Google Drive and Dropbox. While this is undoubtedly useful, it may be that you’ll feel most comfortable having the data copied locally too. In the world of IT, a belt and braces approach is almost certainly best.

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

Building for the future with bricks and mortar

Property investment can undoubtedly bring rewards, but it’s important to recognise the potential pitfalls too, writes Jonathan Wilson of Barnett & Turner. Although there are all kinds of possibilities when it comes to investing for your future, property understandably seems an attractive option for both individuals and businesses. It’s worth bearing a number of factors in mind though before taking the plunge with bricks and mortar.

First of all, there’s no guarantee of a quick profit. You may well see a good return in the long run, but it’s important to be patient. It’s also not particularly wise to see property as a way of releasing easy cash. Although it’s always possible to remortgage, it’s difficult to predict fluctuations in property prices and the ratio between loans and value. And who can forecast all the political and economic changes that might influence the price over a particular period of time or in a specific region?

Think about your objectives

One of the attractive features of property investment is the possibility of seeing an increase in capital value over time, while also receiving a rental income. You’ll need to be clear, however, over which your priority is.

If rent is your primary focus, are you confident you can attract reliable tenants in the area you’ve chosen to invest? With your mortgage and tax commitments, you’ll need to generate enough regular income to cover your outgoings and make some profit on top.

If you’re aiming for an increase in the value of the property, how well are you able to read the market? Can you be sure that demand is likely to increase in a particular geographical area?

Factors you can’t ignore

It’s sometimes easy to forget the inconvenient, yet essential, costs associated with property purchases. Surveys, solicitors’ fees and stamp duty are just the start. You also have to factor in the time involved in management and maintenance. And don’t forget that mortgage rates will inevitably fluctuate over time.

The best advice is to go into any new property venture with your eyes open. If you’re patient and prepared to invest for the long-term, then the potential for good returns is definitely there. But don’t underestimate the challenges and remember to seek some guidance from your professional advisers along with way!

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

Finding the accountant that’s right for you and your business values

How can you tell whether an accountancy firm is matched to the needs of your business? According to Jono Wilson of Barnett & Turner, it’s worth looking at the way in which they’re organised and whether they have a clear sense of the values of their business. Core values are very important in any business, but when you’re working in a professional capacity with a client’s finances, they take on a particular significance. If you’re considering which accountancy practice to partner with, it’s worth asking whether the firm has given serious consideration to the principles that guide their own business.

On a basic level each practice will deliver very similar services, but how they deliver them will define a client’s relationship with their accountant.

Of course, every firm will have its own emphasis and language. But the kinds of things I would personally look out for are trustworthiness, openness and honesty. The very nature of the profession means that these values have to be explicit. And then you will look for assurances about their day-to-day operation and the way in which they will interact with you. I would expect to hear reference to teamwork, excellence and service.

When you drill down further, we come to some very practical issues. How exactly is the level of service maintained? Compartmentalisation in a professional firm can be important when dealing with larger clients, but for an SME, it’s often confusing and counter-productive.

If there’s a danger of being passed from pillar to post and finding that you never seem to get the same person dealing with your affairs, you might legitimately ask the question as to whether this is in your own best interests.

At Barnett & Turner, one key figure (often me as managing partner) takes responsibility for managing each of our client relationships. That key figure can then get to understand our client’s business better and see the bigger picture.

Values are of course at the heart of any good relationship - after that, it’s down to service. If you don’t want to get lost in a confusing relationship, it’s best to ask a few pertinent questions up front!

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk

Time to invest for the future

If you want your business to operate efficiently in the modern age, you need to embrace change argues Jono Wilson of Barnett & Turner. But how can you plan for the investment needed? Business life changes constantly and new competitive challenges come along all the time.

Take communications, for example. If you’ve been trading for a number of years, you probably have a range of well-established channels with your customers. Often, in the past, we were used to face-to-face meetings, phone calls and so-called ‘snail’ mail. To the millennial generation, however, the world’s a very different place. Chat rooms and social networks tend to be a lot more familiar than postage stamps.

So what if you decide that it’s time to upgrade your infrastructure and move with the times? What exactly are the implications? To be honest, you face many of the same issues whether you’re thinking of upgrading your IT infrastructure, investing in new equipment for a farm or expanding your manufacturing facility.

You’ll obviously need to think about funding, but it’s also essential to have an implementation and training plan in place. There may be a process of change management involved. How exactly do you intend to position your business moving forward? How will this impact on your work and on staff morale? It’s essential to sell any changes internally before communicating them externally.

Your professional advisers can get involved at a variety of levels. There’s number-crunching to be done on the investment figures, of course, but your accountants may also be able to help you with the establishment of KPIs and project management.

Fundamentally, it’s good to get an objective viewpoint on the essential questions. Can we actually afford to do this? What downtime will be involved? And how can we continue to provide the service that clients expect while we make the investment required?

Although change can sometimes seem daunting, the costs of failing to act can often be huge. If a competitor is able to provide a product or service more efficiently and less labour intensively, it stands to reason that you may be left behind. So it’s a question of adapting in order to compete.

If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk