Networking- Whats In It For Me?

When we launched our promotion yesterday of a free website and free advertising in exchange for membership for or our flagship business network, the promotion elicited a lot of response. We had people calling and emailing asking us what is networking. Some were direct asking what is in it for them and their business. Others wondered if networking only benefits businesses. So I sat down this morning to address all of those questions.

In computing terms networking is the linking of computers to share some resources i.e. networked computers can share a printer, processing power..etc. On the same token Business Networking in its purest sense is linking of likeminded businesses which is an essential skill for most business people, but especially for entrepreneurs.  There is a strong association between the entrepreneur as a person and his or her business, that association demands that entrepreneurs get out into the world and create and maintain business relationships. Crosby Abbott Business Network was started for purposes of expanding business opportunities for small to medium scale businesses and as a marketing tool as well as a social vehicle.  Crosby Abbott Business Network (CABuNet) events are a source of ;

1. Opportunities of new business
2. Opportunities to meet new business contacts, leads, clients, customers
3. Help get rid of the need to cold call
4. Provide opportunities to promote your services/products
5. Enable you to meet owners or decision makers from many other businesses
6. Allow you to share and gain knowledge, expertise and contacts
7. Give an opportunity to exchange ideas and experiences with others
8. Meet potential service providers
9. Form strategic alliances

Let us examine each in turn.

1)    Opportunities for new business Opportunity to meet new business contacts – Some of our members have found new opportunities during some of our network events. We have had businesses forming strategic alliances with each other. One of our members Karina Hair & Beauty recently agreed to stock hair products in their three saloons in South East made by Maureen’s Hair Products. This opportunity could not avail had these two businesses not met at a CABuNet event.

2)    A lot of our members act as referral agents for other members. If they know a member providing a service, when asked by their own customers or friends they have gladly passed on the details of that member.  We have had people that were looking for contacts in the NHS to bolster their staff supply business and they were put in touch with that person.

3)    The most dreaded moment is starring at the phone to call someone completely out of the cold and ask for their business. That is eliminated with networking because people at networking events pass out gladly their contact details, it will not be a cold call to call them the following week after a network event and say you met them at CABuNet event and you were calling to see if you can be of any service to them. They are very unlikely to slam the phone down on you. You might actually find that there is a service or product which they can supply to you at discount or they will say they were about to call you to see if they can get samples of your product as it is something their business was looking for.

4)    The 5 minute pitch when you introduce yourself and your company at our events enables you to sell your product or service to a roomful of between 25 to 100 people depending on the event. If you take the ‘The Law of 250’ into consideration; that an average person knows 250 people. You will be effectively be selling to 6 250 and 25 000 respectively. It’s a market you do not want to ignore.

5)    Network events allow you to meet other business owners and decision makers even though they might not be from the same industry as you. The experience and knowledge they will share with you is invaluable.

6)    Our mastermind group has business mentors with over 30 years of experience in running businesses,  and there is a lot you can learn from these people in terms of strategy, where to get funding, they also open doors to vast number of contacts they have developed over the years

7)    Running a business is not easy and the tips, guidance and informal advice will encourage you and help you if you are starting out even when you are established.

8)    Meet potential service providers – – At CABuNet we encourage inter-member trade so most of our members use each other’s businesses instead of looking for an outside supplier. We also encourage members to offer discounts to other members which makes it more attractive. A lot of our clients for our other ancillary services at Crosby Abbott are from Networking events and the referrals from the members of CABuNet. Our members have had new business take Springwell Investments an Accounting firm has gained 10 new customers in the last week. Most of our members used to buy stationery from Staples, but now since D Stationers joined us every member is saving money by switching their stationery suppliers. It’s the same for Linkpin Ltd a courier company which gained over 1600.00 worth of new business when they attended their first breakfast meeting when they joined. CABuNet has a varied membership and this has resulted in an increase of inter-trade between members by 40% in the last month. We have every type of businesses represented from home based businesses, online businesses and other traditional businesses like limited companies, retailers, manufacturers, restaurants make it difficult for any member not to have some benefit of new business.

9)    See no.1

So there is a lot for everyone in networking, the benefits are staggering. Join us today and who knows your phone might be ringing off the hook with customers waiting to place an order. Other than that we have numerous other benefits, we help our clients open business bank accounts, get them an affordable accountant, help them register for VAT, get them discounted business insurance, discounted merchant service, discounted legal cover, discounted car hire and hotel accommodation, a permanent online directory listing, once a year printed directory, a quarterly magazine for members, bulk purchasing and the master mind groups as well as our golf clinics.

For more details about membership and to take advantage of our current offers of a free fully functional website and free banner advert on a leading online newspaper please visit our website http://www.crosbyabbott.com or you can email us on cabunet@crosbyabbott.com

Israel Mutanhaurwa

MD Crosby Abbott

07815490248 or 01604634345

i.mutanhaurwa@crosbyabbott.com

Myth Number 4: Entrepreneurs Are Loners and Introverts

Initially, entrepreneurs might work alone on a business idea by tinkering in the solitude of their bedroom or garage or wine cellar. At that stage they will need little or no distraction from other people and those times when they are alone are important to think through a lot of issues without outside interference.

However, the astute entrepreneur knows that he or she must draw on the experience and ideas of others in order to succeed. Entrepreneurs will actively seek the advice of others and will make many business contacts to validate their business ideas. The entrepreneur who is a loner and will not talk to anybody will never start a successful business.

At Crosby Abbott we have realised that in order to succeed when starting up a business, you will need a lot of support from other business owners. Thats why we set up a Crosby Abbott Business Network, a network of small to medium scale enterprises, whose sole aim is to foster and nurture any business that joins us. We have monthly network meetings as well a repository of online resources and business guides. We have also set up a impressive array of successful business people whom as a member of the network you will be a able to pick their brains on a particular issue or simply talk to them as a soundboard for your ideas. Or if its social networking you are after why don’t you try our golf clinics available first sunday of every month.

To learn more about Crosby Abbott Business Network please click here

Record Unemployment Should Spur You Into Entrepreneurship

The guardian today reported that unemployment jumped by 220,000 in the three months to June to 2.435 million, official data showed today, the highest level since 1995. Depressing numbers, however there is a misconception amongst people that there is a thing called job security. A lot of people put off starting their own business because they think that there is a security offered by a monthly wages. The numbers as they say do not lie, if this recession can teach people it is that there is nothing called job security, the only place that you can be secure is running your own business.

What people forget is that today’s biggest employers where once entrepreneurs, take Charles Dunston the founder of Carphonewarehouse he started his business in flat in Marylebone, London. Today his company is worth £5 billion and is a member of 250 leading shares on London Stock Exchange the FTSE250, the company employs over 25 000 people and has over 1000 shops in Europe.

If you are stuck where you need help on how you can start a business you can attend our Start-Up-Like-You-Mean-To Business Start-Up Workshop the next one is on the 4^th of September 2009 in Crawley visit our website for more details call me on 07815490248 or email: i.mutanhaurwa@crosbyabbott.com

Good Business Practices That Will Help Small Businesses Survive Recession

Britain is facing its worst financial crisis for more than a century, surpassing even the Great Depression of the 1930s. John Norquay, a renowned American Registered Investment Adviser analysed data from 1930 to present. He noted that recession is a 15 years cycle. The market goes up for 15 years and then goes sideways the following 15 years.  In February 2009, Ed Balls, one of Gordon Brown’s most senior ministers and confidants admitted that the current recession will be ferocious and the impact will last up to 15 years.

Given that we will be in for a 15 years haul, how can small to medium scale businesses best survive this crisis? Some survival strategies for business and individuals are the same. In a series of articles I will articulating tips and practices that best help businesses survive.

Good management practices are essential to the smooth running of a business and survival in this tough economy.  At Crosby Abbott we are working with clients to demonstrate why it is so important to keep control of their finances. Crosby Abbott, through its ever growing network, Crosby Abbott Business Network (CABuNet) has linked with top class teams of bookkeepers and accountants who are dealing with the increasing demand for their support.

At Crosby Abbott, we believe that bookkeeping is the glue that keeps a business together you might be raking millions in sales but if you do not keep an eye on the ins and outs of your revenues through a systematic way of record keeping, it will be reflected in your business performance.  A good record keeping system also provides you with the information you need to evaluate the financial consequences of your financial decisions. As a small business owner, you probably rely on an outside accountant to do your taxes and prepare financial statements.  However, it is best that you or someone in your organisation take on the responsibility of keeping an accurate set of financial records. Below are some good record keeping practices from Crosby Abbott that can help you weather these tough times:

Avoid the ‘paper bag’ scenario

Keep your company records up to date. Don’t collect a bag of unorganised paperwork. Get into a habit of summarising your records regularly. Doing the routing bookkeeping chores yourself, however unpleasant it may seem will minimize your costs of paying an accountant and allow you more control of your financial information and operations. Check that there is an audit trail by numbering your sales and purchase invoices. Summary of receipts of gross income – totalled daily, weekly or monthly. Keep track of where your money comes from, putting notes explaining the origin of all money received.

Consider using a bookkeeper

As a small business you must have to think about your budget if you want to hire a professional accountant or bookkeeper for your business accounting and bookkeeping. Hiring such bookkeepers will cost you some extra money and nowadays, it is very hard to find expert bookkeepers within your budget. In such scenario, appointing outsourced bookkeeping service provider (CABuNet Registered Bookkeepers are available) is the best way available to fulfill all your accounting and bookkeeping requirements and that too within your budget.

Well maintained records will allow your accountant to concentrate on the invaluable tax and business advice, rather than data processing. Within our business network Crosby Abbott Business Network (CABuNet) we have bookkeepers that charge competitive rates.

Reconcile you bank account

Most of your business transactions should flow through your business bank account. If your bank account statements agree with your accounting records for the year, your accountant’s work will be easier, take less time and obviously be cheaper for your company.

Credit Control

Put an effective credit control system. You should know exactly who owes your business money. Your sales invoices should clearly state your credit period and these needs to be enforced by chasing up customers as soon as their payments are overdue.

Deadline

Beware of deadlines such as annual payroll submissions and tax returns filing dates. Where necessary ensure the information is provided to your accountant well in advance of these deadlines. This will avoid significant penalties or interest as a result of missing deadlines.

VAT

Review your VAT position and scheme that you use. If your business needs support in setting up these systems, Crosby Abbott has tailor-made solution for every size of business. You should think about your situation and ask yourself, should you be applying the cash accounting scheme or perhaps the flat rate scheme in order to give your business a bonus during this downturn?

Support

These tips should help you improve your accounting function; find out more about our customised business solutions for your company. Ensure your bookkeeper or accountant offers support. Crosby Abbott’s CABuNet registered bookkeepers and accountants are always ready to offer advice. We have a system that suits every type of business, ranging from fixed fee quotes to pay as you use for any additional work.

Article by Godfrey Mushandu, CEO of Crosby Abbott Ltd: Email: gmushandu@crosbyabbott.com or call 07812559731 / 01293613028.

We Are Here Now

Practice what you preach is a good mantra as it demands the same standards that you demand of others.  We offer marketing services for small businesses and one of the areas we are encouraging our customers to explore is the new technology such as blogging, twittering and the use of social sites as a marketing tool. So its only right and proper to have a company blog hence we have started this one.

About Us

Crosby Abbott’s mission is to help small to medium scale businesses grow by provision of streamlined efficient business services. At Crosby Abbott we believe in providing excellent customer service without compromising the quality of service at affordable prices.

Crosby Abbott believes that our success can only be measured with how successful your business will be after you have engaged us. That is the reason we go an extra mile to ensure that we deliver on what we promise and that by so doing we are assured of our success.  Our strategy is to offer streamlined services that blends the expertise of Crosby Abbott team which comprises of business managers, marketing and IT professionals, fundraising experts, business trainers and event managers.

Please visit our website http://www.crosbyabbott.com for more ifomation.