Being in Business Seminars Australian College of Mental Health Nurses ACT Conference Canberra, 19 March 2010 Adds up to better business powering better

Being in Business Seminars

Australian College of Mental Health Nurses

ACT Conference

Canberra, 19 March 2010

Adds up to better businesspowering better business online

Expanding a Business (Practice)

Topic Duration

Business Strategy 15 minutes

Marketing Strategy 20 minutes

Professional Networking Steps 5 minutes

Lessons in Professional Services Contracting 5 minutes

Adds up to better businesspowering better business online

This discussion will contain…

– Strategic thinking;– Marketing speak;– Abstract concepts; &– ‘Touchy feely’ stuff!

– AND LOTS of personal opinion.

Business Strategy

Adds up to better business

powering better business online

Your Business Strategy

Your

business

strategy

should drive

all your key

decisions

Be clear about the intent of the business?

Business Strategy questions… NOW FUTURE

What do you stand for?

Why do you do it?

Who do you do it for?

Why does it matter – to you and others?

What do you want to achieve?

How do you operate?

What capability do you need?

Whose support do you need?

Business Strategy on a Page

Build a better business

Your need to clarify:

•Why you want to grow?

•When you should grow?

•How you want to grow?

•What you need to grow?

Growth Adds Complexity

Marketing Strategy



Deb’s Top 10 Strategic Marketing Tips

1. Understand your marketplace

2. Get inside the skin of your customers

3. Continually refine or reaffirm your business strategy

4. Dare to offer a different customer experience

5. Make sure your pricing is ‘right’

6. Look in the corners of the room

7. Prioritise opportunities

8. Mitigate competitor strategies

9. Focus and align all areas of the business on your goals

10.Value your brand reputation as a key asset of the business

Understand your marketplace

Situation Analysis.

• Understand the characteristics and drivers of your…

• External Environment

• Internal Business Environment

Market Analysis

• Profile your suppliers & partners/ alliances

• And your competitors.

Get inside the skin of your customers

What is in it for them? (WIIFT)

Who is the customer?

Who are your partners

GPs Psychiatrists

Hospitals Medicare

• What are they like?• What are they seeking

from you?• What do they believe

about you now?• What do we want them to

believe about you?• How do they decide to use

you?• Who do they listen to?• What do we want them to

do?• What will keep them with

you?

Put yourself in the other persons shoes…

Dare to offer a different customer experience

Think about what creates value for your customer?

Functional Benefits (e.g. what it is used for )

e.g. BMW – ‘efficient, safe and comfortable transport’.

Emotional Benefits (e.g. how it should makes them feel)

e.g. BMW - ‘the exhilaration of superior engineering.’

Aspirational Benefits (e.g. why they should think its a smart choice)

e.g. BMW – ‘Reward and recognition for personal success.

Look in the Corners of the Room

Growth strategies...

1. Give more of the same to the same type of customer

2. Offer something new to current customers

3. Offer current products in new markets

4. Take new products into new markets

Prioritise Opportunities

Firm’s capability to meet market needs

Mar

ket A

ttra

ctiv

enes

s

Low

High

High

Market AttractivenessConsider strategic importance, market accessibility as well as market size and growth rate.

CapabilityCurrent and achievable profile, physical presence, relationships, knowledge and overall capacity to meet market needs .

Potential Competitive Strength

Mar

ket A

ttrac

tiven

ess

Low

High

Aust Govt. (FMA Depts.)

Other High Growth SMEs (ACT region /

Vic)

VIC Govt.(MSP

agencies)

Aust. Govt(CAC Act)

Strategic

ACT Govt.

VIC Govt.(NON MSP agencies)

Recommended Market Development Stance

NSW Govt.

Proactive

Not for Profit

(Private – Canberra

)

Technology Businesses

Opportunistic

High

Professional Networking Steps



What goes around, comes around!

Source: The Schmooze Guide to Effective Professional Networking

Networking steps Consider...

Know your goals Gathering industry intelligence, promoting your business, accessing people with influence?

Conduct a network audit Who do you know? Who do you want to know? Who knows things you don’t?

Identify other networks and contacts

Ask around – remember six degrees of separation (it only two in the ACT!)

Identify how to access these networks

Subscribe to newsletters/email lists/ online networks/ join associations & clubs / go to business & social events

Focus and plan how to invest the time and effort

Turn up at events, set a specific time in your week, informal coffee chat, etc.

Review and value your networks against your goals

Give it time to pay off, be sincere, be nice, pay it forward.

Lessons in Professional Services Contracting



Are contracts worth more than the paper?

•Scope of work

•Schedule of work

•Performance standards

•Key personnel

•Roles and responsibilities

•Risks and liabilities

•Termination and variation

•Included costs and pricing

•Payment terms

A word to the wise...

•Define your ideal client

•Assume this is the first of many dealings the client

•Trust your gut

•Know when to walk away

•GET ADVICE.

Sources of Advice and Support

• Your professional association (ACMHN)

• Capital Region Business Enterprise Centre

• www.business.gov.au

• www.ato.gov.au

• www.asic.gov.au

• Commercial business advisers (accountants, lawyers, banks, consultants, etc.)

Documents

Being in Business Seminars Australian College of Mental Health Nurses ACT Conference Canberra, 19 March 2010 Adds up to better business powering better