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I also discovered a credit card which gives me “cashback” on all purchases. This was an instant gratification which did not require months of points accumulation. An app on my phone notifies me immediately that I have just received 3% back on every purchase, and up to 100% rebate on Netflix and Spotify.

Although called “cashback”, the CRO card does not issue dollars, but pays an equivalent amount in its own native cryptocurrency. This cryptocurrency can be held in a quasi “term deposit” account and earn up to 16% interest, it can be swapped out for other cryptocurrencies, or even sold for cash.

Many people choose to swap the CRO coins to buy bitcoins using the app, whilst some hold the CRO token, or switch out to USD or AUD.

To gain this 3% cashback level of reward, I had to buy around $300 worth of CRO, but they do not charge annual card fees, and the $300 investment can be returned in future. Considering that a 100% rebate on Netflix and Spotify saves me around $30 each month ($360pa), plus the 3% cashback on all purchases, it does not take long to see a great return on investment.

Many people are reluctant to invest their own money into higher-risk investments such as bitcoin or cryptocurrency, but if you can get it for free every time you shop, why not try it out? For those who wish to be rewarded instantly, you can use the code “pt4ng2mesa” at Crypto.com to receive an additional $25 bonus when you apply.

Full Link if HTML/URL allowed in publication — http://platinum.crypto.com/r/pt4ng2mesa

[Off the record– Full disclosure: I own less than $1000 worth of CRO, which has come back to me for free during the last six months of spending using this card. Other than as a customer I am not affiliated with the product.]

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1. What is your minimum required sales volume?

You’re probably acutely aware of what your sales are, or at least have a rough estimate. But do you know the volume of sales you require on a daily, weekly, monthly, or yearly basis in order to cover your basic expenses and pay the rent?

Covering expenses is a basic goal for every business owner. Knowing the figures behind this goal is essential to making the right decisions to achieve it. However, ask many business owners and you’ll find this information is bundled into the “I’d have to ask my accountant” category.

Efficient staffing levels, stock ordering, menu specials, even opening hours – you’ll be hard pressed to find an aspect of your business where knowing the sales volume you need to meet cash requirements wouldn’t improve your decisions.

“It might be a good guess, but you could be missing a golden opportunity to improve your business. “

Also, by breaking down your required sales by week/month/year and season, you give yourself the information you need to better manage debt servicing, fluctuations in cash flow, and any seasonal impacts that may affect your business.

2. How much do you need to take home?

The focus here is on how much you need as a personal income, versus how much you are actually receiving from your business.

If your business is doing well, and you’re happy with the income being generated you can use this information in a different way. Knowing the minimum income you need from your business means that you can work out what your buffer is, and how much of a pay cut you could take should it be necessary.

This is extremely useful information in the event your business faces a lull, you need to manage some larger than expected business expenses, or you want to fund an exciting new project.

3. What actually pays your rent?

What would say if someone asked you what the star performer of your business was? More importantly, what would you be basing your answer on?

Instead of analysing actual sales and undertaking cost analysis, many business owners answer based on the products they are proud of, or that generate the most comments from customers. Basically, they guess.

It might be a good guess, but the risk you run is that you could be missing a golden opportunity to improve your business.

You may pride yourself on your steak but is it your toasted sandwiches that are really performing? If it turns out the toasted sandwiches give you twice the profit margin and outsell the steak 3:1 then you might want to change what you’re promoting on the blackboard out the front.

4. Sales versus ordering – do they match up?

One of the earliest and easiest warning signs a business can monitor is how well sales figures match ordering quantities. A gentle creep in wastage, or discrepancy in stock levels can go unnoticed for a long period, especially where business owners are not directly involved in day to day operations.

Using basic cash flow analysis to compare ordering levels against sales is one of the quickest and easiest ways of knowing your business is running efficiently. This information can also give you an indication that there may be issues with staff giving out freebies, or actual theft.

5. Why do people choose you?

Do you really know why people choose you over your competitors or are you just guessing?

Let’s say you’re the owner of an inner-city café. You may have spent a large amount on a new fit-out and be under the impression that the reason people come to you is for the atmosphere. But if you are relying on your atmosphere to maintain your clientele you are looking at a future of frequent, expensive re-fits to keep yourself in the game.

Now this may be a necessary evil depending on your location, but unless you have undertaken proper market analysis, you may be spending money on fit-outs when all you really need to do is hire a better barista. That’s a pretty expensive guess.

The importance of market analysis applies to every industry. It doesn’t matter if you’re talking coffee, or sheds, or widgets. Knowing your market means you can make better decisions for your business.

So how did you do? Five out of five?

Business owners who have the answers to these sort of basic analysis questions have a definite advantage when it comes to making the best business decisions for their business.

For most, the thought of crunching the numbers is probably about as attractive as pulling teeth. But for a little bit of short-term pain the reward is confidence in the decisions you make for your business.

Buy some Panadol.

The post 5 questions for more confident business decisions appeared first on Flying Solo.

This same ‘reliance on one’ mindset can be applied equally to LinkedIn, Instagram and other platforms reliance. It’s a dangerous place to sit.

Platforms can be flipped out from under the feet at any moment’s notice or change so drastically they are no longer viable.  

Social media behemoths are not charities with Mother Teresa-like intentions despite the often duplicitous feigned care exteriors. They are money-making machines and do what is right for their profit spreadsheets and world domination egos.

Before social media 

For decades now, I have championed the importance of a well-rounded marketing wheel. I come from a business time, believe it or not, when Google, Facebook, LinkedIn et al. were but imaginations in lunch boxes.  

And even in those long dark ages, the marketing mix ethos was as relevant – don’t put all your marketing and media eggs into the one-pot.  

Back in the 80s, I was a sales manager at Yellow Pages. Was it the Facebook and LinkedIn of that time? In some ways, yes, it was, as many sectors put all their marketing activity into one channel. Some such as florists were indebted to the juice of the yearly black and yellow doorstop delivery. 

I used to think I would go to my grave, bleeding yellow and black ink. Then the digital revolution and Google changed the world. More on that another time with the precept of known and unknown markets to capture.

Before mobile technology, a range of other marketing and advertising channels bolstered visibility and influence. The marketing wheel was still essential but differently in volume and spokes to 2021. 

I’m not here to debate the issues at hand on the proposed media laws and ramifications broadly. But what hasn’t changed is the need and respect for journalism and publishing. While delivery has shifted, it has always been about engaging and reaching target audiences where they congregate.

 A well-rounded wheel 

A well-rounded marketing wheel, albeit mix, is like a healthy diet comprising all necessary nutrients for optimum wellbeing. Whilst there are some clear delineated channels on social media that hold greater weight than others, mindfulness is critical.

The purpose of marketing in simple terms is to target, entice and convert. And for mature brands, there is an additional focus on holding market share.

Wherever small businesses invest time, money or resources, they must align with where their target market congregates. Gaining eyeballs (or ears) is a precise formula in theory, but not so simple in reality, as many small businesses grapple with choices, often under a cacophony of opinions and pressures. This, of course, also applies to the big end of town with high financial stakes at play.

Earned – Paid – Owned Elements

The marketing wheel comprises three elements earned – Paid – Owned. These can coincide sitting alongside each spoke. For example, there will be a mix of paid advertisements, sponsorships, journalist interviews, and content contributors on media sites. Similar to LinkedIn and other platforms.  

All aim to raise brand equity and eyeballs for client acquisition and brand management. Bigger budgets take a lion’s slice from the paid circle, with small businesses mostly playing with owned and earned spokes.   

The elements contain: 

Earned

PR, news, media interviews and mentions, guest blogs, reviews, digital backlinks, social media shares, endorsements. 

Paid

Digital media advertising, SEO, PPC, traditional advertising, influencer marketing, events, sponsorships.

Owned    

Websites, Blogs, direct mail, email, SMS, apps. Social media, e-commerce sites,

NB: whilst you own your profiles on social media and LinkedIn, you don’t own the platform, and so social media fits around the spoke 

Summing Up

It is essential to have a diverse marketing plan, including a mix of elements. Decisions start from understanding who your ideal prospects are and the nuances of their channel and consumption preferences.  

A mistake many make is to blanket apportion their preferences onto their target markets. Research and analysis are critical. Don’t assume anything.

Develop a house insurance policy and self-reliance mindset. Expect change and have a marketing plan to protect against loss and accidents. Build strong confidence in assets you can control and drive engagement and visibility within a broader range.

The sledgehammer actions of Facebook has opened the eyes of many small businesses. And from that, a broader lesson in the reckoning to not rely on any single channel. The lesson learnt was challenging for some, but Australian small businesses are a resilient bunch. They will get on with doing things differently.  

Again, thanks to Zuckerberg and Facebook. Truly!

The post Thanks, Zuckerberg – truly! Proof that relying on one marketing channel is dangerous appeared first on Flying Solo.

Pages to be restored in coming days

The social media giant’s vice president of global new media partnerships, Campbell Brown, said they “have come to an agreement that will allow us to support the publishers we choose to, including small and local publishers”.

“We’re restoring news on Facebook in Australia in the coming days. Going forward, the government has clarified we will retain the ability to decide if news appears on Facebook so that we won’t automatically be subject to a forced negotiation,” he said.

Brown said the company will invest in news globally but “resist efforts by media conglomerates to advance regulatory frameworks that do not take account of the true value exchange between publishers and platforms like Facebook”.

Facebook satisfied with government changes

Facebook Australia MD Will Easton, who last week said they instituted the media ban with a “heavy heart”, said the company is “satisfied that the Australian government has agreed to a number of changes and guarantees that address our core concerns”.

“As a result of these changes, we can now work to further our investment in public interest journalism, and restore news on Facebook for Australians in the coming days,” he said.

Treasurer Josh Frydenberg, who spoke twice with the $1 trillion company’s founder Mark Zuckerberg following last week’s media ban, issued a statement with Communications minister Paul Fletcher saying Morrison Government will today introduce further amendments to the code to “provide further clarity to digital platforms and news media businesses about the way the Code is intended to operate and strengthen the framework for ensuring news media businesses are fairly remunerated”.

Media to negotiate outside the code

The Treasurer said the amendments will “add further impetus for parties to engage in commercial negotiations outside the Code” and improve the clarity around the definition of news on the platform.

“The amendments will strengthen the hand of regional and small publishers in obtaining appropriate remuneration for the use of their content by the digital platforms,” he said.

Facebook’s actions since last Thursday became global news amid suggestions that laws similar to the Australian plan should be rolled out globally, forcing tech giants such as Facebook and Google to pay media companies.

In recent weeks Google has been striking deals with a range of leading Australian media companies, including a global deal with Rupert Murdoch’s New Corp.

The legislation was being debated in the Australian Senate last night having already been approved by lower house.

This post was written by Simon Thomsen of Start Up Daily and is republished here with permission.

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For example, as we put our passion into action, the process can feel more personal, like we are exposing parts of ourselves to the world. We may believe that we have more to lose if our business doesn’t work out. 

This is how beliefs and behaviours like the fear of failure, perfection, or judgement arise prior to, and throughout the business development process. 

To ensure we give our new venture the best possible chance of survival, we must make our “inner game” (self-development) a   full-time gig alongside our “outer game” (business).  

For those looking to make the move, here is my advice – both as an executive developmental coach, and someone that made the move from a decade long career in the corporate world to follow their true passion; 

Clarity on Intention  

“Why do I want to do this?” 

The question to ask yourself is, what is my intention here? 

Is this decision purpose-led or does it just seem like a pretty good idea?  Really challenge your beliefs and motivations to get clarity on whether you are doing this for the right reasons and not out of distraction or escape from your current situation e.g. a difficult boss or needing more money. 

At the outset, it’s easy to fantasise and visualise how we ‘think’ the process is going to be. However the realities of running a business come with their challenges so when the going gets tough, stress symptoms can strike and the passion can quickly turn into pressure. 

Being truly aligned with our ‘why’ is one way can remain committed and consistent through the ups and downs of being a business owner.   

You could start by following this three-step process :  

1. Move into a quiet uninterrupted space, and start by following simple breathwork or meditation to optimise the process 
2. Shift your awareness from the rational thinking mind (which is where self-doubt, judgement, and fear live) to your heart center – you can place your hands over your heart if it helps. Take a few deep slow breaths, and ask yourself the following questions, keeping your awareness in your heart center 
3. What is meaningful and important to me about <insert passion>? What genuinely moves me to make <passion> into a business? Is this what I truly want? Write down what arises without judgement. 

Research shows that when we activate the heart through breath and awareness, we bring our mental, emotional and physical system into alignment, shifting our inner guidance towards compassion, clarity, and higher ‘positive’ emotional states, for example.   

Identify your blind spots  

“How am I getting myself in the way?” 

They are called blind spots for a reason because we can’t see them on our own. Working with a coach is a great way to identify and clear unconscious and unuseful beliefs, patterns, or habits that we are not aware of, that can trip us up along the way. 

This may be the first time you have had any real feedback about your passion project and so, it can bring up beliefs around rejection, failure, self-worth, or safety and security for example.  

If you can start your entrepreneurial journey with greater self-awareness along with tools and techniques to support you along the way, you’ll be better equipped to deal with mental and emotional challenges as they arise. 

Imperfect Action

“How is my perfection limiting me?”  

Perfectionism is common when running your own gig. This can show up in our performance and in how we approach the operations and outcomes of the business. We can forget why it was a passion in the first place. We can also forget to have fun in the process because we’re trying to maintain perfection to future-proof any possibility of failure – which of course is impossible and unsustainable!  

Perfection can be useful in certain contexts, such as reviewing contract negotiations, but mostly it slows productivity, stifles creativity, and creates procrastination. If you can embrace imperfect action along the way, not only can you experience more momentum with your business, there’s the opportunity for fearlessness and freedom to unfold in how you create and operate.  

Examples of imperfect action to practice: 

• Focus on enjoying the process rather than waiting to celebrate the outcome
• New belief, “I’ve done the best I can, (it’s) good enough as it is”  
• Knowing when you’ve done the best you could, with the time and resources available
• Acknowledge the smaller steps/wins along the way 

This post was written by Frances Fey, founder of Think Maven.

The post How to turn your passion into a full-time gig appeared first on Flying Solo.

Just the idea of working this way fills me with dread. 

My most productive working spaces are my desk, the kitchen table, the podcast recording room at Auzbiz, and very occasionally the window table of my local cafe. Am I missing something? 

Just to be sure I checked in with Time Management expert, Kate Christie.

“My bed is for rest and reading and pleasure…my desk is not really for any of these things – although I do love working with my clients,” she said. 

Science supports this idea – in fact all evidence suggests from a productivity and health point of view doing this is a very bad idea. 

Research from a myriad of studies show working from bed wreaks havoc with everything from sleep quality (because bed is then equated with wakefulness), posture, relationship problems, neck issues, shoulder problems and perhaps most revolting of all –  personal hygiene. 

According to dermatologist Dr. Alok Vij we shed enough dead skin cells per day to feed one million dust mites and upwards of 15 million of these cells are shed at night.

And we used to think a dirty laptop was bad. 

The post Do you work from bed? Please don’t. appeared first on Flying Solo.

What is your name?

Scott Maynard

What is your business name?

Excite Media

In a sentence or two, tell us: What do you do? Who for? And how does it benefit them?

We create strategic websites and digital marketing systems to help small-to-medium businesses generate more leads.

Where can we find out more?

www.excitemedia.com.au

The curly questions:

You’ve got a free half hour during your work day. What do you do?

For the first minute I’d be surprised how I found a free half-hour! The next 29 minutes I’d spend looking through my long-term “issues list” about what the next exciting business project to tackle might be. It could be a marketing project, or tightening some internal processes.

Who, or what, is your biggest inspiration?

The amazing people who choose to be part of the Excite Media team. The camaraderie and care they show each other is an inspiration, and really does motivate us as business owners to continue to do our best for the team.

When did you know you wanted to start your own business?

My business partner (Nathanael) and I became friends in high-school, and looking back, we’d always had some sort of entrepreneurial venture happening. In high-school this was mainly through our musical interests – forming bands and competing in band competitions. There were also a few attempts at selling random gadgets “door to door” around the neighbourhood!

During university, the music adventures continued, but we also launched our first “real business” by starting a tuition agency. We built a database of tutors through our contacts at UQ, and we advertised for high-school students needing tutoring through the local newspapers. I still remember a very nervous meeting at the Commonwealth Bank business banking headquarters in the city when applying for our BPAY facility!

After we both graduated from university, it was time to decide if we’d go our separate ways and find jobs in the fields we’d studied (myself in Electrical Engineering, and Nathanael in Music & IT). We decided “not yet”, and that we’d instead experiment with some business ideas, at least for a few months! We landed our first project developing some database software for a medical research organisation (I’m still confused, but grateful, that they had faith in us!). A few other web development projects came up, and before we knew it we were hiring our first full-time employee, which was a huge commitment at the time. From here we grew the business, learning lots of lessons along the way.

What’s the biggest thing you’ve learnt this year?

The depth of character of our team, and how lucky we are! 

“The COVID Year” was uncharted territory for everyone (not just those in business), and it’s the people around you who give you strength. The way our team rallied and supported each other was truly inspirational.

Business-wise, there were very nervous times when COVID hit. Even though there were obvious economic impacts of doing business during COVID, we were fortunate to be in an industry that could still “do business” to some degree. And most of all, we are so fortunate to be in Australia where the health situation was very well contained, and where government support is available for people and businesses in times of crisis. Plus, if you had to be “stuck” in any country in the world – Australia would have to be the best place to be.

What’s your proudest moment?

From a business perspective, any time the business helps one of our team achieve something amazing in their personal life. This could be flexibility to spend time with family, financial security to purchase a home, the ability to work abroad, or the freedom and support to start a side-hustle.

A few years ago, we employed someone who was immigrating to Australia. It was a large investment of time (with lots of paperwork!), but it was a fantastic moment when her VISA was approved and she could continue her life in Australia. We were later able to help with her permanent residency application, meaning her dream of becoming a permanent Australian was secure!

These are fantastic moments to be a part of – to be able to play even a small part and to celebrate these moments with our team is extremely rewarding.

What’s your number one way to wind down?

Any kind of physical activity is great – soccer, basketball, swimming in the ocean, having a hit on the drums (sorry neighbours!). I’m also quite partial to a Jack Daniels infused Cherry Yoghurt (they don’t make these – you’ll need to make them yourself!).

What’s your favourite film and album?

There is a text document on my computer called “top albums of all time.txt”. There’s too many to list, but a few to mention:

Something for Kate – Beautiful Sharks
Nirvana – Unplugged in New York
Sarah Blasko – What the sea wants the sea will have
Pearl Jam – Yield

What’s the smartest bit of marketing you’ve ever done?

Consistently delivering outstanding service to clients over a long period of time (Word of Mouth is very powerful!)

What’s the one resource you’d never be without?

An internet-connected laptop!

What’s the most obscure business request you’ve ever had?

We are privileged to be in a position to help many new businesses with marketing their business ventures. As part of this, we often come across some “interesting” business ideas along the way. I think the most creative idea I’ve heard for a new product is “an emergency ‘pant and blouse’ set for the sophisticated female traveller”.

What or who has the most grounding influence on you?

Two things often put things into perspective for me. Quality time with my kids, and any kind of loss. Both things are a reminder that life is bigger than work/business.

What’s the biggest challenge you face at work?

The ruthless prioritisation of the “important” items instead of the “urgent” items.

What’s the best piece of business advice you’ve ever been given?

Be “relational”, not “transactional”. Meaning to look beyond the “cost/benefit” of short-term “transactions”, and instead understanding that business (and life!) is about long-term relationships which provide a much greater reward in the end. Another way of putting it is to “give without expectation of return”.

Where and when do you have your best ideas?

Definitely the shower – just standing there kicking the water around and thinking. Sorry if that’s TMI!

What would be your advice to aspiring soloists?

Find someone to talk to about both “big picture stuff”, and someone to be accountable to in the day-to-day.

What talent do you most wish you possessed?

There’s so many talented people in our business who I would love to combine and channel at any given moment. Whether it be people skills, design skills, or quick decision-making skills.

What would your mum say is your greatest strength? And weakness?

Hmmmmmm… I think Mum would say I’m “a lovely boy and if anyone says anything different they can answer to me”. In reality, I think she would say a strength is “patience”, and weaknesses are “messiness” and being “fashion challenged”.

What’s one thing about you few people know?

I have a talent for catching items that fall out of the fridge (I once knocked a jam jar off the top shelf and kicked it safely into the bottom shelf on the way down).

What is the one regret you do not want to have in this lifetime?

Not spending enough quality time with my kids while they’re young.

What inspires you most about your work?

The amazing group of people on the team who all care for each other like family.

What do you wear to work?

I have several identical blue t-shirts and black jeans ready to roll at any moment. I might also throw on an old “flanny” if the aircon is particularly cold that day. Fashion is not my thing, and I like not having to think about it!

What do you love most about running your own business?

I love the freedom and “control of your own destiny” that it allows (even if this might be an illusion!). It feels quite liberating knowing that any issues are your own doing, so this helps you to get in the habit of moving forward positively.

The post Meet the business: Excite Media appeared first on Flying Solo.

While cash flow is always king, it’s even more critical now if your business has been significantly affected by the pandemic. So, to make informed decisions about the future of your business, you need to ensure they are based directly on your current financial position. 

Your ability to continue trading so you can cover all outstanding debts and continue paying your employees will ultimately be determined by how much money you currently have coming in, and how much capital you can access in a pinch. 

Get in touch with your accountants so that they can give you accurate figures and discuss all of your available options. That way, you can make a plan that minimises the negative impacts on your ability to stay in business.

Reduce overheads

Once you know your financial situation, you’ll need an accurate assessment of all your current liabilities, including accounts payable. This will allow you to see if there are any ways you can manage shortages in your cash flow, such as cutting back on sales and marketing costs, and using freelancers rather than part-time hires until things start improving. 

You should also get in touch with all of your vendors so that you can discuss the possibility of a temporary extension to your payment terms, or if they’d be able to offer a reduced payment schedule or temporary grace period. If you’re leasing your business premises, it’s also a good idea to ask your landlord for a temporary discount on rent.

Downsize if needed

While downsizing is a tough decision that feels like a huge step backward, survival is the most important thing for any business struggling with the impact of this crisis. So companies need to pare everything back to the bare essentials, which includes cutting back on anything that doesn’t directly make you money. 

Informal restructuring is actually one of the more effective things you can do when things are looking bad, as it can really help change the whole situation for your business. Remember that deciding to downsize today can have an enduring impact on the future of your business.

Take more risks

Most small business owners think that when things are looking bad during a crisis, their safest option would be to play it as safe as possible. This is actually the least effective option in reality because taking bold and calculated risks is quite often one of the best ways of saving a business in financial trouble. 

There’s not much left to lose when your business is up against the wall. You’re always going to be much better off trying something new than the same thing you’ve been doing. So the best thing you can do for your business right now is make a good plan, be super positive and kick some ass.

The post How to strengthen your business in 2021 appeared first on Flying Solo.