Young Entrepreneurs Workshop Sydney!

We have many people asking us when they can come along to one of our workshops and learn about starting up their own business – well we are excited to announce another Young Entrepreneurs Workshop that we are running that any young people can come along to!

The SSHED - Sutherland Shire Economic Hub for Development is a world class business incubator helping out biz's in the Sutherland area and they're hosting another Young Entrepreneurs Workshop on the 21^st June from 10am-2pm.

This is a great opportunity for skills training, facilitated networking, and self promotion! It’s run by young people, for young people.

We have a great line up of speakers and guests at this year’s workshop, with Stewart Nicholls, Co-Director & Founder, Ecowash Mobile as our key note speaker! And throughout day you will also hear from:
Lachlan Mansell - Chequered Flag Media
Tahlia Taylor Jones - Rare Indigo
Steve Orenstein - SMO Technology
Lara Solomon - LaRoo
Jessica Kiely – The FRANK Team

Plus you:
- attend a skills workshop, either:
Effective and fun biz planning for those just starting out!
OR
10 top tips for marketing on a shoestring budget!
- get feedback on your business ideas from a panel of successful young entrepreneurs
- and there's lots of opportunity for you to make new contacts.

Getting involved again fourth time round are Sutherland Shire Council, the SSHED, GROW Sydney, University of Wollongong and the workshop is being run by The FRANK Team.

If you would like more info about the event, or you'd like to register please email me @ anna@frankteam.com.au

Hope to see you there!

Cheers,
Anna

Keeping an Eye on Australia

A recent study - the 2008 Eye on Australia report (compiled by Grey & Sweeney research) has found the following things that we thought were pretty interesting:

- 67% of people say their job gives them a sense of identity (but is it the sense of identity they really want?)
- Australians are working longer hours than ever before (39% work more than 40 hours each week on average)
- 24% of people are "very satisfied" with what they do for a job
- 54% are "somewhat satisfied" with what they do for a job
- only 54% of Australians rate themselves as innovative

In regards to the environment:
- most Australians are concerned about the environment - 53% of respondents said that it is one of the biggest issues Australia will need to face within five years
- 87% of people surveyed think companies should tell people what they're doing to help the environment
- 68% of respondents said they're more likely to trust a company that looks after the environment

Yet only 49% would be willing to pay more for a good/service that is seen to be environmentally friendly.

Some other findings we found interesting:
- those surveyed trust Google as much as the police force
- those surveyed trust Google more than the ABC
- 91% of people are more likely than not to trust a company that's willing to admit it's mistakes

So, all you young entrepreneurs out there, what can you be doing to better serve your customers, create trust, and improve your business model?

Check out http://www.eyeonaustralia.com.au/summary/home.aspx for more info

The Importance of Mentoring

A recent report issued by Deloitte found that chief execs of companies rate mentoring as the second most useful method of improving staff skills. It's also one of the cheapest.

And yet, it's only the fourth most used method. So why isn't it being used more? Particularly considering the skills shortages affecting many businesses of all sizes. Why not take advantage of the expert knowledge, experince and different perspective of those more experienced to increase your skills? You don't need to be mentored by someone within the business - external mentors with relevant skills can be just as, if not more, useful and valuable.

Rated first is in-house training.

Source: BRW May 1-7, 2008, pg. 12.

Cashflow!

There’s no denying that cashflow is absolutely vital to a business, particularly one just starting out.

We’ve come up with a few tips for cashflow management, from our own experience over the past 6 1/2 years:

1. Clearly state on your invoices when the money is due. Give a date – not just a number of days. Then no one can make the excuse ‘I didn’t know.’
2. Make sure your customers understand your payment terms. If you expect payment within 7 days, let them know. That’s part of the condition of them working with you.
3. Don’t be afraid to chase up outstanding money. It may not be the most fun job, but it is really important, and often the accounts payable person of the company you’re dealing with may have overlooked the invoice (or will say they have) and will be happy to pay up pretty quickly.
4. Keep track of when money is due to you, so that you know when it’s overdue. If your customers know you expect prompt payment terms, they’re more likely to pay up on time.
5. Understand other people’s cashflow issues – if they’re an established customer and they’re having a little bit of trouble paying right now, let them know you understand and give them a little longer. That way you won’t damage the relationship, and next time you need help, they’re going to be more likely to help you out.
6. Make it easy for your customers to pay you. Make sure you clearly state your bank account details, or link to a paypal payment option, or whatever it is that you use.
7. If money is a bit tight, plan your cashflow. Know what’s going to who and when, so that you can prioritise.

What are some cashflow tips and tricks that you use?