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

Expanding a Business (Practice) TopicDuration Business Strategy 15 minutes Marketing Strategy 20 minutes Professional Networking Steps 5 minutes Lessons in Professional Services Contracting 5 minutes Adds up to better business powering 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…NOWFUTURE 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 Adds up to better business powering better business online

Debs 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 GPsPsychiatristsHospitalsMedicare 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

Professional Networking Steps Adds up to better business powering better business online

What goes around, comes around! Source: The Schmooze Guide to Effective Professional Networking Networking stepsConsider... Know your goalsGathering industry intelligence, promoting your business, accessing people with influence? Conduct a network auditWho do you know? Who do you want to know? Who knows things you dont? 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/ 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 Adds up to better business powering better business online

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