10X Auckland East

Local business expert, John Schell, warns Auckland business owners that failing to take a break from their business over the Christmas period can have damaging effects on both their health and their business. While not taking holiday leave can cause exhaustion, anxiety and stress,[John Schell says that it can also lead to reduced levels of productivity and result in a lacklustre start for the business in the New Year.

“It’s hard for business owners to separate themselves from their business, as so much of the business’s performance is dependent on their management,” says John Schell, director of business development company 10X Auckland East. “Many of them are concerned that the business won’t run without them, or that they will miss out on important opportunities while they are away. This is especially the case for small business owners, who are less likely to take holidays because they are often alone in the business.”

John Schell says that the recent economic climate has put pressure on local business owners to commit longer hours to running their business and achieving their KPIs. “Business owners are increasingly finding that they have to work late into the night, or on weekends, or on their days off,” he says. “Dedicating more hours to your business will inevitably impact on the amount of time you have to spend with your family, and even the quality of that time, as many business owners are likely to be drained in those precious few hours outside of work.”

According to John Schell, taking a holiday, even for just a few days, is important for gaining perspective. “Stepping outside of the business will give you a more objective view of what needs to be done when you come back to it. Not only that, but a short break can refresh and re-motivate you, enable you to make better business decisions, and allow you to derive greater satisfaction from your work.”

How business owners can take a break this Christmas:

John Schell says the key to not worrying while away is for business owners to be well-prepared. Closing the business for a short period is possible if customers are informed in advance and appointments are made around the closing period. Planning ahead and anticipating what customers may need during this time will ensure that there are customers to come back to. If closing is out of the question, leaving your business in the hands of a trusted, prepared and capable manager or team is the best way to give a business owner peace of mind. Further, John Schell cautions business owners against bringing their work on holiday, as this is likely to cause even more stress for them.

Mr Schell’s warning to Auckland business owners follows the release of a new study from the Australia Institute, which reveals that New Zealander’s work the longest hours in the Western world –  working 6 hours longer per week than the standard working week of 38 hours.

John Schell, director of local business development division, 10X Auckland East, says that business owners who expect to sit back and rely on the usual boost in Christmas sales to pick up their revenue will be severely disappointed, with recent findings from the Westpac-Melbourne Institute showing that one in three consumers intend to spend less on presents than they did last year.

The past year has been a turbulent one for many business owners, with 39% of Australian businesses experiencing a decrease in revenue over the last 12 months. According to John Schell, the anticipated drop in Christmas spending has the potential to severely impact those businesses hoping to turn their situation around. “Many business owners are hoping for the Christmas period to deliver some relief, but the recent survey found that only 14% of consumers are willing to spend more than they did last year. This news will certainly be a blow to the business owners that have been expecting the regular high levels of Christmas spending, especially those that rely heavily on the holiday season for their yearly revenue.”

Mr Schell warns that businesses cannot afford to be idle in the intensified competitive environment, and offers the following simple strategies for staying on top of the Christmas sales slump:

• Advertise – According to John Schell, Christmas is often a stressful time for customers, and they are more likely turn to businesses and brands they know and trust. Making your offering known to customers at such a time is crucial. 
• Add value – “The little things will make a difference,” he says. “Anything that can save customers a bit of time or money or creates a higher perceived value – eg. Free gift-wrapping, free delivery or ready-to-go bundled products – is sure to be appealing.”
• Go online – “Online shopping is fast becoming the convenient option for customers, and increases the number of customers your business can reach. Depending on your target market, social media marketing can also be an easy, cost-effective way to connect with online consumers.”
• Prepare your staff – Business owners will need to ensure that their employees are trained-up on products and familiar with up-selling, cross-selling, and other techniques for increasing average dollar sales. Longer opening hours and greater foot-traffic may also make it necessary for businesses to hire extra staff.
• Take advantage of Christmas leads – Use any enquiries to capture customer details and start a relationship that extends beyond the Christmas period.

Mr Schell says that by taking these steps, Auckland business owners should be able to enjoy a successful holiday period, and more importantly, pave the way for growth in the year ahead. “Business owners should not be disheartened this Christmas. The focus of their efforts should be on creating and maintaining relationships and capitalising on the lifetime value of Christmas customers. Business owners should be thinking ahead and preparing their Christmas follow-up campaigns now.”

Mr Schell has helped many local businesses prepare for Christmas via his 10X Coaching Club – teaching vital income-generating and expense-reducing strategies to ensure continued business success.

Top 10 New Year’s Resolutions for Business Owners in 2010

January is the most critical time for adopting a winning approach for success in the New Year.

2010 is set to be a stellar year for Auckland business owners, according to business expert, John Schell.  “This new decade presents exciting opportunities for businesses that want to really step up to the plate and supercharge their results. But what many business owners may not realise is that adopting the right mindset for 2010 will be criticial to taking things to the next level.”

 John Schell says that the focus of the New Year should be on working smarter, not harder, and offers his Top 10 New Year’s resolutions for every business owner:

1. Leverage your time – John says that business owners need to prioritise their time to work on their business, rather than it, to focus on achieving their big-picture goals. He suggests delegating tasks, steering clear of less important jobs, giving more responsibility to employees and implementing efficient systems.

2. Look after your lifetime customers – “Your most loyal customers are your most profitable – they spend more each time and they purchase more regularly,” John says. “Do whatever you can to create and maintain these long-term relationships; the value they will offer in return is worth the effort.”

3. Make marketing a priority – John says that spending money to market to customers is the best way to boost your revenue, and the only way to let them know that you exist. Creative, cost-effective ways of marketing are becoming increasingly accessible – take the time to research them, or hire a marketing expert to help.

4. Take advantage of social media –“Using social media sites such as Twitter, Facebook, LinkedIn, and blogs can be a virtually free way of positioning yourself as the expert, creating meaningful networks and collecting valuable feedback,” John says.

5. Manage your cashflow – 92% of business owners frequently stress about cashflow, but this doesn’t have to be the case. John says that there are countless methods of ensuring that you are never short on cash, and that each business needs to implement effective cashflow management policies and practices.

6. Spend time on your self-education – The business environment is evolving so rapidly that it’s hard to be an expert in every area of business. John suggests reading, attending seminars and workshops, and following the market to sharpen your skills and keep your business moving. “A business will never outperform its leadership,” he says.

7. Empower your team – “Business owners are responsible for creating a company culture where employees are encouraged to go above and beyond their duties to create a fantastic customer experience,” says John “In allowing them to use their initiative, this actually increases employee satisfaction at work, and so is beneficial for your customers, your staff, and your business all around.”

8. Ask for help – “It often takes an outsider to see your business objectively and to know what needs to be done. Seeking the help of a business coach or mentor can both help you identify and achieve your goals, and build your accountability. Hiring professionals to help you in the areas of your business that you struggle with will also be beneficial.”

9. Cut your losses – John stresses the importance of testing and measuring the effectiveness of certain management policies, marketing strategies, and working styles. “If something you’ve always done isn’t working, drop it – the sooner you do, the sooner can move onto something bigger and better.”

10. Make time for yourself – In line with the recent debate surrounding the work/life balance, John says that the key to achieving this resolution is to make it measurable and specific – aim to spend 10 nights a month with your family, or 5 hours a week on a hobby.

John Schell says that “Now is the perfect time to start the new decade off on a positive note. Working on your mindset is an incredibly important but often overlooked factor in achieving business success, so setting and working towards New Year’s resolutions is a great way of kick-starting the year.”

It is much easier to keep your Business New Year’s Resolutions when you have someone to hold you accountable. John provides tailored advice and support for Auckland business owners who want to fast-track their results in 2010. Contact 10X Auckland East on (09) 366 7025 for a complimentary Discovery Consultation in January.