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This is how most SME’s handle their debtors

In all my years consulting to small business – cashflow is king. But most small business is challenged by cashflow issues created by slow or non-payers. In fact, a recent survey undertaken by a Ki Media client, showed 62% of the small businesses did nothing to follow up on non-payers. The businesses don’t have the resources to follow up – and are concerned they might jeopardise future work.

The message came back loud and clear. They want their accountant or bookkeeper to do this work on their behalf. But following up on debtors is expensive and time-consuming. And debt collection agencies take a high premium of the sale.

Introducing – IODM (Innovative Online Debt Management). IODM who have a smart, low cost solution to the problem. Their system is a Xero Add-On, MYOB, QuickBooks and other platform agnostic. It’s an effective Accounts Receivable reminder software – the best on the market today.

And it can be white-labelled. Which is where the accountants and book-keepers step in. They can operate the system on behalf of their clients and charge a service fee. Client gets their invoices paid, at the same time the service provider earns an additional revenue stream.

I have asked Damian Arena, CEO at IODM to present how the white label system could work for service providers in a short webinar on April 15 at 12.00.

So my request to you – if you know accountants or book-keepers who would be interested in offering a value-add service to their clients – could you please send them this email for me? Registration details are here:

REGISTER HERE

Alternatively, if you want to find out more about IODM directly – register here for a free trial.

CLICK HERE

My thanks – if you have forwarded a link to this post – it’s much appreciated!

Damian and I hope to see you on the webinar next week.

What’s the Difference between a Quotation and a Tender?

We are sometimes asked what is the difference between submitting a quotation and a tender?

A tender works for businesses supplying goods or services to other businesses or the public sector.

Yes, you need to quote for the job. However just submitting, as I have seen done on a number of occasions, a standard quote, will not get you the job. Your submission will not be considered.

Formal tenders apply to bigger jobs or for supply contracts spread over time. Public-sector work in particular has specific tendering processes, such as your local government.

Those requesting a tender are not just looking at price, but also your capacity to deliver the service, your occupational health and safety management, your employment practices.

Even if you are not awarded the tender, the process can clarify your business aims, strengths and weaknesses – and clarify which documentation or insurances are missing from your business process.  It makes for a better business with clearer goals.  It raises your profile with the customer and the community.

My business online – argh – get me out of here!

Social media – where does a small business owner start?

You want everything to be simple. But how much time or knowledge do you have to deal with online marketing.  You know you have to “do social media” to be successful, but really don’t want to have to deal with it.

You know you and your clients need an online connection. Ignoring social media doesn’t mean it ceases to exist, or doesn’t affect you. You most likely need a social media game plan, and maybe a part-time social media manager who you can trust to help you create an online presence and maintain it so you don’t have to deal with it – or can have minimal input.

You worry about going online. You’ve heard a horror story about a business that got a bad review. You panic when they think about having to deal with anything internet related.

And you don’t want a junior having a big impact on your brand’s online presence.

If this is the case. Talk to Ki Media. Simple, effective solutions for small business.

My profile is horrible!

Need to set up social profiles such as:

  • Facebook Pages;
  • Twitter Accounts;
  • LinkedIn Profiles;
  • Google Accounts;
  • YouTube Channels;
  • Pinterest Boards.

You may have some profiles already and just want them “fixed” so they appear professional; or you may need completely new pages and accounts set up.

Creating an audience on each platform:

  • Likes on Facebook;
  • Followers on Twitter;
  • Connections on LinkedIn;
  • Circles on Google +;
  • Subscribers on YouTube;
  • Followers on Pinterest.

How does this assist your business? They may not all be relevant to your business. There are simple solutions to manage them.

Talk to us to establish which is the right fit for your business.

Doing social media “right”

Larger companies that are doing the social media thing “right”:

  • Ford;
  • Zappos;
  • Old Spice;
  • Burger King;
  • Pepsi;
  • Volkswagen;
  • Ikea;
  • Smirnoff;
  • Cadbury;
  • BMW.

These companies jumped on the social media train early, and have been reaping the rewards ever since, with increased brand recognition, increased sales, and increased consumer engagement.

It might be worth checking out their profiles to see what works and what doesn’t.

On-line presence lagging behind?

Want to get an edge in your industry?

The industries that have been a slower to get into social media include less “sexy” fields, like machine related industries (including large equipment manufacturers, efficiency companies and industrial operations), niches that traditionally depended on a firm owner’s personal reputation (such as executive recruiters, lawyers or consultants) and small family owned businesses that depend mainly on local custom.

According to multiple surveys and reports, most businesses with an advertising or marketing budget are planning to divert as much as half of that budget into social media over the next 3 years.

Want to claim your market share?  Talk to the team at Ki Media.

Build it – then leave it?

One of the most important duties of a social media manager is to ensure business builds and fosters good relationships with your customers on social media sites. If someone posts a complaint on your Facebook page, you need to be quick to respond. And you need to respond in a way that is appropriate to your business culture.  Don’t build it – then leave it. That’s when problems arise.