Building Professionals: Could Market ‘Positioning’ Make Your Company More Profitable?

This week RIBA’s 2012-2013 Business Benchmarking Survey revealed a combined turnover of £1.58 billion for RIBA Chartered Practices.

Whilst this would appear to be promising news for the construction industry as a whole, it must be pointed out that 50% of this declared annual turnover was achieved by a mere 3% of large practices surveyed. Indeed, almost 40% of respondents in this category make less than 10% profit a year.

Following publication of the report, RIBA President Angela Brady commented on the “acute split in business management, profitability and specialisms between large and small practices on how to make the most of their own position in the marketplace.”

Certainly the survey produced some interesting insights. For example, 62% of practices do not have any form of business plan, and of those who do, only 13% plan beyond a single year at a time. Another interesting (and perhaps surprising) statistic is that 50% of the industry’s work won is through a “direct approach with no competitive process.”

This would appear to give the green light to the more proactive practices that use direct marketing in their armoury. Angela Brady also made mention that the survey results would indicate that great design skills alone would not be enough to ensure a thriving practice. She said: “Practices must identify a clear proposition to its target audiences with client-focused leadership and efficient business management – as well as great design.”

Incidentally, if you want to know which sectors account for the majority of the profession’s fees, the figures are:

One-off house projects – 9%

Residential market – 25%

Education – 15%

Mixed use – 13%

Offices - 11%

Those listed above were the only sectors to contribute more than 10%.

If you run an architects’ practice, construction company, or building machinery hire firm , then ‘positioning’ your offering could help you narrow your focus, as well as market your business more effectively. It’s becoming increasingly harder to ‘sell’ businesses which view themselves as ‘Jacks of all trades’, whereas focusing on a particular area or specialism within the business, could mean you will attract greater recognition within your particular niche market.

By the same token, building machinery hire companies could also increase demand for their services by focusing on a niche: for example telehandler hire.

By focusing on a single area of expertise and promoting your offering vigorously and consistently, you could establish yourself as the ‘go to’ company in your sector, whether you are promoting architects’ services, construction services or telehandler hire.

Avoiding trouble at the office party

Mixing business and pleasure is always going to be a difficult balancing act to get right. This is certainly true when the office party rolls around each year. Here we go again, another excruciating evening of forced laughter at the boss' lame jokes and watching the clock on the wall.

So, how can office parties be made more bearable? First of all there is one rule that must be strictly adhered to, if you want to be certain to leave the party with your career intact.

Do not get drunk. Drinking in moderation is OK, but by far the safest route to take is total abstinence. That punch bowl could contain a vicious cocktail of alcohol that could spell disaster for your promotion prospects, if you have one too many. Alcohol loosens inhibitions and tongues and this can be dangerous when you are in the company of work colleagues. You might just tell the really annoying git in HR what you think of them. Equally, you may tell the office manager you are in love with them. You may start dancing on the tables, abusing the senior executives, crying in your drink, snogging the post boy....the potential for alcohol induced mayhem at the office party is huge. Remember, many offices these days have close circuit cameras for security and everybody has camera phones these days – you are being watched at all times, so beware.

A really good tip is to book a cab home in advance. Once your lift home arrives, it will be easy to take your leave without too much trouble. If the cab has arrived, you won't be tempted to go on somewhere else and keep on partying. If you live in Sandhurst and the surrounding areas, reserve a car with Sandhurst Taxis for an efficient, professional service.

Don't talk about work. Yeah, I know this is going to be difficult. The only thing that links you with the other people in the room is the fact that you work together. Keep talking shop to a minimum and don't get into deep conversations about office politics or procedures. Be friendly to work colleagues, but keep things on the vague side. You don't want to bump into them in the lift on Monday and feel embarrassed about anything you said. Avoid gossip and discussing colleagues behind their back -this usually comes back to haunt at some point. The safest topic to discuss is holiday plans, usually something everybody is happy to talk about at length.

Always make sure you read the invitation properly and dress appropriately for the occasion. If it is a casual, laid back event, you will feel rather silly turning up in ball gown and tiara! Equally, nothing effects your career as badly as arriving at a posh do in jeans.

The residents of Sandhurst love a party just like any other, and if you have an office event to be at, make sure Sandhurst Taxis are reserved to get you home safely afterwards. Whether returning from a large event in London, or a local party, ensure that travel arrangements for after the party are in place beforehand. At busy times of year such as Christmas, finding a cab can be a nightmare. Do not allow yourself to be stranded after a late night revelling – prepare in advance then you can relax and have a great evening.

Music to get married to

Getting married is (hopefully) a once in a lifetime event, and it is important to get it just right. A wedding day should be full of special memories that can be looked back on with fondness and real happiness. There are so many details a bride and groom have to think about, it really can be quite a pressured time.

The wedding dress, the cake, the wedding venue, the guest list, the honeymoon, the bridesmaids, the wedding breakfast, the hair and make up, the photographer, the speeches, the flowers, the accommodation and so much more. No wonder wedding planners are becoming more and more popular. The logistics of organising a wedding rival that of producing a Hollywood Blockbuster!

With so many wedding details to attend to, sometimes the entertainment at the wedding reception can get overlooked. This can be unfortunate because once a wedding date is set, the race to book the best entertainment available is on. It is natural that the best entertainers get booked up well in advance. Take residents of Hertfordshire, for example. Brides getting hitched in this county know they need to book early to secure the services of a live wedding band Hertfordshire. Dancing the night away to the favourite tunes of the bride and groom is the perfect end to a perfect day and for those who prefer their music live, as opposed to spun by a Disc Jockey, then for a live wedding band Hertfordshire is a great place to start the search for top musical entertainment.

The trend for music and entertainment at weddings seems to change year on year. Jazz bands were very popular a few years ago, now circus performers and wandering minstrels have become all the rage. Good pop and soul bands, big brass bands, quality string quartets and even orchestras have an enduring appeal, however they come with a bigger price tag. But if you can't spend big on your wedding day, when can you?

Often the best way to secure good wedding entertainment is to go by personal recommendation or word of mouth. If you are lucky enough to see a band performing that you think would work really well at the reception, be pro-active and get their contact details. Many bands will also be able to send out promotional CDs or MP3s of their music, detailing a selection of their repertoire. This is an efficient way of assessing whether or not the music will suit what you have in mind for your wedding.

So what are the future trends for entertainment at weddings? Harp players are apparently reporting increased bookings, and a fondness for the more classical end of the musical spectrum is indicated. Light opera singers and concert-style pianists are being seen more frequently, as are vintage bands with a retro 1940s flavour and Andrews Sisters style singers.

The music you choose for your wedding will be woven in to the memories of your special day forever, so it is important that you select wisely.

How To Inspire Confidence In Your Customers

Whether you work the general public or other businesses, inspiring trust in your customers is an essential part of establishing a successful, lucrative business. Before they part with their hard earned capital, individuals and trade need to have confidence in your company to deliver quality products or services on time and at reasonable price.

Often, inspiring such confidence is one of the most difficult tasks new businesses face. SMEs without an established brand face a mammoth task in persuading new potential customers to trust in them and trade. Thankfully, there are a number of steps an SME can take to improve their chances of doing just that.

1. Customer Service

Customer service is an absolutely key ingredient in inspiring confidence in potential and existing customers. Making a customer feel valued and appreciated is an essential part of building up a portfolio of clients who will continually use your company in the future.

Moreover, complaints should be easy to lodge and dealt with fairly and efficiently instead of being ignored or brushed under the carpet.

2. Reasonable Guarantees

By providing money back guarantees on your products, customers can rest assured that if your goods do not meet the high standards they expect, they’ll be entitled to their money back.

Naturally, the guarantees must be feasible and discourage customers from exploiting your company. A well structured guarantee policy, however, has been shown to greatly encourage customers to try new products and services.

3. Approved Business Directories

By signing up to a business trading directory, your company not only receives the benefits of extra advertising, customers are also far more likely to trust you. Most charge a monthly subscription, but put you at the fingertips of hundreds of thousands of new individuals and companies.

Moreover, a business trading directory often allows customers to write reviews and testimonials, linking nicely to the next tip on this list.

4. Client Testimonials

Never underestimate the power of a testimonial. Your website should include a handful of the best you have received, alongside examples of your products in action. Allowing potential customers to see the work you have done with or for previous clients and businesses.

Without testimonials and reviews, it can be very difficult for potential customers to trust in a new business at all.

5. Blogging

Finally, blogging has been around for some time now but continues to deliver results. My regularly posting into a company blog, you can reach out to clients and businesses that otherwise may never hear from you.

The blog should be informative, relevant and well written and might include interesting stories within your company’s industry sector, client testimonials or good news that involves your business.

Business Money Saving Tips

If you are a new business or have just started out, one of the most important things you can do is keep costs down. Rising costs will eat into your profit and also prevent you from investing more in your business and helping it grow. For most people business growth year-on-year is one of the main reasons that they are in business. And if you want your business to grow, find out how to keep costs down and invest money back into your venture.

Develop a Budget: The number one rule for monitoring and keeping costs low is having a budget. If you don’t have a budget it’s impossible to make the best financial decisions in the interest of the business. You need to have a solid idea of how much money is coming into the business, how much is going out, upcoming expenditures and any other costs. With this information you can manage a business cost effectively.

Be Clever In The Way You Use Technology: Used smartly, technology should work for you and your business, not against you or against your business. Often people find that technological services such as mobile phones, broadband, as well as apps and other things, cost money. If you find this is the case for you then examine what you are doing and find ways of solving problems. For example, you can use teleconferencing services instead of traveling to meetings. Online payment systems save money and time. Don’t be tempted to always pay for the latest software. There are often open source applications and software options that you can use which are just as good as the paid-for versions.

Cut Back On Software And Apps: Don’t be tempted to buy the latest software or app. Audits often find that businesses have purchased many things that they don’t use. Think carefully about all the software that you purchase and only get things that you use. Closely examine upgrades. If they do have useful additional features then go for it.

Get Alternative Suppliers for Some Services: Many essential services that businesses perform, such as accounting, IT management, marketing and other things, can be performed by suppliers. Cheap Outsourced Payroll Services can save your business a significant amount of money over time. Using Cheap Outsourced Payroll Services means that you do not have to do a higher a bookkeeper or financial officer and can use this service in order to save costs.

Use Mobile: For some businesses it can work well to get rid of costly land line and just use mobile. Of course, this will depend on your type of business. Mobile contracts and packages have fallen in costs and the prices are very competitive so you should be able to get a good deal from one of the many suppliers available. Another alternative is to consider using a VIOP service as an alternative to a landline.

Reduce Debt: You can cut immediate costs by charging some items to a credit card. However, this is only going to be beneficial if you are able to pay the credit card off immediately. Do not allow yourself to get into debt and have to contend with interest charges. If you already have high credit card bills and are playing interest and fees, you should focus on reducing these costs first. You will not save money in the short term but the long-term goal will enable you to have a business that is financially healthy.

Reduce Marketing Costs: The cost of marketing can be expensive. And if you are not tracking what works for you then you are essentially throwing away money. You must monitor where new business comes from and focus on those marketing channels only. Also, explore the idea of online marketing. Done well, this can produce great results and reduce costs. Look at using Twitter or having an online blog. If you only have a website and your business product or service lends itself to images consider using Pinterest. It is great for making contacts and getting deep links back to your website, which will help your SEO.