Podcast Summary
Hiring an executive assistant: Focusing on hiring an executive assistant during leaner months can help business owners increase revenue and reduce financial stress by enabling them to focus solely on sales and generating future projects
Business owners like Mark, who run a project management company and experience inconsistent cash flow, should focus on hiring an executive assistant to manage day-to-day operations. This will enable the business owner to focus solely on generating sales and building a pipeline of future projects, potentially increasing revenue and reducing the financial stress caused by the feast-or-famine business model. While this may seem like a significant investment during leaner months, it could ultimately lead to increased profits and a more stable financial situation for the business.
Business Innovation and Adaptation: Companies must continuously innovate and adapt to stay relevant and successful, as demonstrated by Woolworths' demise and McDonald's early adaptation. Project management plays a crucial role in bringing in temporary help and delivering projects, allowing businesses to innovate and grow.
Innovation and adaptation are crucial for businesses to thrive and avoid becoming obsolete. Woolworths, a once beloved store, serves as an example of this. Despite rumors of its return, the online rights to its name have been bought by another company, leaving customers feeling deceived. In the business world, if you don't innovate, you evaporate. This concept was further emphasized by the fact that Warner Music owns the copyrights to "Happy Birthday," which means the song generates royalties indefinitely. Similarly, McDonald's, a successful business, started with hot dogs instead of hamburgers, demonstrating the importance of adaptation. In the conversation with Mark from Project Partners, a project management consultancy, the importance of project management and innovation was reiterated. Companies, regardless of their size, rely on project management to bring in temporary help and deliver projects within their business. Mark's company, Project Partners, has delivered projects ranging from technology and people projects for various industries, including Tesco Bank's data lake project. This project took nearly five years to complete and is an example of the larger projects they handle. Smaller projects are also part of their scope, highlighting their versatility. The key message is that businesses must continuously innovate and adapt to stay relevant and successful.
Business process documentation intermediary: We help clients document their business processes and connect them with suitable consultants, generating leads for both parties through various channels
Our company specializes in documenting business processes and acts as an intermediary between clients and consultants. We generate clients through outreach, networking, and a growing reputation on LinkedIn. Our website is a marketplace where clients can find and hire consultants directly, and we split the deals with the consultants. We help clients who don't have a clear understanding of their project needs and write down their business cases, and we advise them on the type of resources they need. We generate leads for consultants by putting job ads on our platform and encouraging them to create profiles, even if they're not successful in the current job application. Our clients come to us because they don't have the time or skills to write down their project requirements properly, and we help them specify their project needs and find the right consultants for the job.
Public sector tenders: Expanding outreach efforts to public sector tenders can help increase sales, improve cash flow, and mitigate risk of being in arrears with contractors. Hiring additional staff and navigating tax legislation are necessary steps.
To grow the business and overcome the challenges of limited tender opportunities and cash flow issues, the company should expand its outreach efforts to include applying for public sector tenders directly. This could involve hiring additional staff to handle the application process and navigating tax legislation like IR 35. Another strategy is to target academy CEOs and other large educational institutions, as they often have significant budgets and a need for project management services. Ultimately, the key to success is to increase sales and bring in more projects to improve cash flow and mitigate the risk of being in arrears with contractors. The company should also consider factoring invoices to help manage cash flow in the meantime.
Creative Pricing Strategies: Businesses can enhance profitability by employing innovative pricing tactics like upfront discounts, exceptional work fees, direct mail campaigns, and personalized outreach to key decision-makers.
Businesses can improve their profitability by implementing creative pricing strategies and exploring alternative revenue streams. One such strategy is offering discounts for upfront payments or "delight fees" for exceptional work. Another approach is direct mail campaigns, particularly to key decision-makers in larger organizations, offering audits and potential cost savings. These strategies can help businesses stand out in crowded inboxes and increase revenue. Additionally, the speaker suggests that while automated outreach can be effective, more personalized and targeted approaches, such as lumpy mail, can also be highly successful.
Direct Mail and Customer Relationships: Direct mail campaigns, especially 'lumpy mail' approach, can strengthen customer relationships and lead to new business opportunities by targeting key decision-makers and offering valuable services.
Focusing on existing customers and building strong relationships with them can lead to significant business growth. This can be achieved through direct mail campaigns, particularly the "lumpy mail" approach, which involves sending physical, attention-grabbing packages. By identifying and targeting key decision-makers within these organizations, even in hybrid or remote scenarios, businesses can land successful direct mail campaigns. Additionally, offering an audit service to existing clients, particularly those in industries like banking and retail, can lead to repeat business and a substantial pipeline of new opportunities. The success of these efforts can be attributed to the credibility and trust that comes with having well-known brands as clients. Overall, the key is to understand the value of your services and articulate it in a way that resonates with business owners, rather than just focusing on project managers or those within your industry.
Value Proposition, Marketing Strategies: Effectively communicating the value of project management services through marketing strategies like podcasts and well-designed websites can help businesses reach their target audience and grow their client base.
For businesses looking to outsource project management services, effectively communicating the value proposition is crucial. This was a key point of discussion during a podcast interview with Mark from Project Partners. Mark, who runs a business providing project management services, shared that he hadn't employed external project management services before and wasn't entirely clear on the concept. However, he acknowledged the importance of project management for larger companies and entrepreneurs managing other people's money. A potential marketing strategy suggested during the conversation was starting a podcast where Mark could share insights on running successful projects and have clients serve as testimonials. This approach could help clarify the concept of project management to potential clients and establish trust. Additionally, having a well-designed website was emphasized as essential for building trust and generating leads. Another interesting point raised was the idea that entrepreneurs and business owners might be more inclined to outsource project management services when managing other people's money. This could lead to a domino effect of new clients and growth for Project Partners. In summary, effectively articulating the value of project management services and utilizing marketing strategies like a podcast and a well-designed website can help businesses like Project Partners reach their target audience and grow their client base.
Effective marketing communication: Craft thoughtful messages and engage authentically with audience for effective marketing communication, encouraging feedback and reviews to spread the word and reach more people.
Effective communication in marketing, whether through podcasts or direct mail, requires a personalized approach to reach the right audience and yield a significant return on investment. The speakers emphasized the importance of thoughtfully crafted messages and authentic engagement with listeners or recipients. They also encouraged listeners to provide feedback and reviews to help spread the word and reach more people. While the idea of recording a podcast at a pumpkin patch was suggested as a unique experience, the logistics of making it happen were left to be figured out. Ultimately, the goal is to create content that resonates with listeners and helps them grow their businesses. So, if you've enjoyed this podcast, please consider leaving a five-star review and sharing it with others to help us reach a wider audience.