Osborne Yuille

Facebook for business owners… Part II

osborneyuille — Fri, 30 Mar 2012 04:20:26 +0000

In my last blog I gave you a quick, real-life example of how effective Facebook can be as a promotional tool for small businesses.

Still wondering if it’s right for your enterprise? Ask yourself these two simple questions:

1) Are your customers Facebook users?

Too many small businesses fall into the trap of using Facebook simply because everyone else is doing it.

If your target audience isn’t using the network there’s little point.

Further, if your customers are Facebook users, how do they use it? An 18-year-old student and a middle-aged executive are likely to interact with Facebook in very different ways. Tailoring your Facebook strategy appropriately can pay enormous dividends.

Want to know who uses Facebook in Australia? Check out this great analysis fromSearchEveryWhere.net.

2) Do you have the time to provide fresh content?

Carving out a Facebook presence doesn’t have to be a full-time job, but it does require a degree of commitment. The last thing you want to do is create a page that’s rarely refreshed with new content.

A regular stream of activity on your wall will grow your fan base and maximise your search engine rankings (yes, even your Facebook activity influences Google rankings!)

Susan Payton from Egg Marketing & Communications likens Facebook pages to babies. She says: Nurture them and they will grow up strong and healthy. Neglect them and they’ll wither and die. Many companies create a Facebook page and think that it is enough to drive business. Nothing is further from the truth.

Susan says that you if can’t commit to updating your page at least twice a week, you have two choices:

a) Pay a marketing consultant to maintain it for you

b) Shut down your Facebook Page and forget about it [1]

If you feel like Facebook could work for your business and are ready to take the plunge, there are some easy strategies to help build your profile.

I really like these five quick tips from Kate vanderVoot of social media consultancy Social Mediology: [2]

1) Post good quality content

If you post quality, people will share your content, leading to more ‘likes’ from then on.

2) Consider advertising on Facebook

There are low cost ways to advertise on Facebook. 75% of ‘likes’ on business pages come from advertising.

3) Run a competition or give an incentive

The number one reason people ‘like’ a brand page is for competitions or discounts. Give them what they want and they will share – leading you to more fans.

4) Always respond to comments and questions on your wall.

Can you believe that 95% of questions asked on business pages go unanswered? If new people come to your page they want to see that you are active.

5) a) Integrate your social media into all aspects of your business.

Unfortunately social media doesn’t operate on a ‘build it and they will come’ philosophy. You need to integrate your social media strategy into all other online and offline activities. This is the best way to get your fans raving about you in public.

b) I was only allowed 5

I had to include this one! What other people say about you on social media is far more important than what you say about yourself. So engage your biggest fans on social media and they will do the talking for you.

As I said, there are plenty of small to medium sized business having enormous success in the Facebook space.

Check out these very creative businesses – winners of last year’s Small Business Facebook Pages Award, run by the Social Media Examiner. It will get you inspired!

Karen Lowe – OYA Marketing Manager

[1] Facebook Level 2: Marketing Your Facebook Page, http://cloud.snappages.com/3c490dd5871695a75d2b94807c32686042583c9a/Marketing_Facebook.pdf

[2] Excerpt from Nett – Better Business Advice, Issue 47 (March 2012).

Money Basics: Compound Interest

osborneyuille — Mon, 26 Mar 2012 01:50:17 +0000

We’ve received several requests recently for some good wealth creation tips – particularly for young adults (or parents of young adults) keen to get some financial savvy.

So, we’re starting a regular Money Basics blog. We’ll cover topics like basic budgeting, smart investing – and everything in between.

Financial knowledge is critical to future success and, at Osborne Yuille, we’re keen to see our young people do well. So, here is OYA’s first pearl of wisdom to help send you on the road to financial freedom and the life you deserve. Happy reading!

Compound Interest Can Change Your Life

Compounding is an investor’s best friend, and one of the most important money lessons you can learn. Einstein called it ‘the most powerful force in the universe’. He’s not far off – it can literally change your life.

Thankfully, you don’t need to be as brilliant as Einstein to understand it. Or to use it to your advantage.

Compound interest works like this:

When you invest a sum of money (called your capital), you earn interest on that money. The next year you earn interest on both your original capital AND the interest from the first year. Then, in the third year, you earn interest on your capital and the first two years’ interest. The concept of earning interest on your interest is the miracle of compounding.

Think of it like a snowball, rolling down a hill collecting more snow as it goes. As the ball rolls, it gets bigger. As it gets bigger, it rolls faster and collects even more snow at a faster rate. The longer it rolls, the bigger the ball becomes. Even a very small snowball can grow into something pretty impressive.

The key to compounding is time. A 20-year-old who starts investing just $100 per month at a return of 15% p.a. will have accumulated $2,304,667 by the time they retire at age 60. If they wait until they’re 30 to start doing this, they will only have $563,177 by age 60. That’s a whopping $1,741,490 difference!

It’s easy to see how people who start investing at a young age have a big advantage. If you can put aside just 10% of each pay (make it an automatic deduction into a separate savings account) you’ll be financially ahead of most of your peers and will really reap the benefits in years to come.

And it’s not just about a nest egg for your retirement (yes, yes, a big yawn for many of you…). If you want to one day buy a house or start your own business, compound interest will work wonders on the money you’re regularly squirreling away.

But beware, compound interest on debt works in a similar way, growing the debt if interest is left to compound.

Still confused about compound interest? If you’re a visual processor (most of us are!) check out this great video for a diagrammatical explanation.

What do you think about Australia’s economic future?

osborneyuille — Wed, 29 Feb 2012 02:39:04 +0000

Most of us were glad to see the end of 2011 and the start of a new year. The GFC has made the last three years difficult for many.

Throughout this time, I have often been asked about the probability of another dip in the world economy and whether Australia could head in the same direction as Greece, particularly if our Government keeps spending. These are questions that require a lot of thought and objectivity – it is easy to get caught up in the whirlwind of media negativity.

In relation to a second global recession, there is some good news. The US is showing signs of recovery. The unemployment rate has dropped to 8.3% – down considerably over previous rates during the GFC – and the US housing market and corporate sectors are also showing signs of revival.

While Europe is still a basket case, in recent days Greece has agreed to tackle its economy and bring in austerity measures. The EU needs to directly confront the problem states in Europe. They rely on each other for trade, so a unified approach is required. It will probably take some time for Europe to recover, but I believe it will.

Fortunately, most of our trade is with Asia: our main trading partners are China, Japan and India. While China’s growth has dropped from 11% to 9.5%, some of this decline can be attributed to government intervention to slow the economy down and control inflation. Having recently visited India – as we do each year – we are pleased to see that it has not experienced a GFC recession. It is still powering on. So Australia is well placed for trading partners.

At present, our problem is the high Australian dollar, which is affecting our manufacturing and tourism sectors. However, I am confident we will see currency rates fall. While we are currently running on deficit in Australia, the Government seems determined to bring us back into a surplus by 2013.

A longer term problem is our ageing population. Over the next forty years, the number of people over the age of 65 will double, and by 2050 there will be 2.7 people in the work force for every person aged 65 and over (compared with the current rate of 5 people). Fewer tax payers to support this ageing population will mean significantly less government spending. Hopefully, our continued immigration and an increased birth rate will help to relieve this issue. Even though many Australians complain about the number of foreigners coming into the country, it may be our saving grace if these people are contributing tax payers.

While Australia has some issues of concern, I believe we have been fortunate to have responsible government and a competent Federal Reserve, which should keep us from becoming another Greece.

What do you think about Australia’s economic future?

Until next time,

John Osborne

CEO

Facebook for business owners: Friend or foe?

osborneyuille — Thu, 23 Feb 2012 10:17:45 +0000

Last week I took my toddler to the local library to drop off some long-overdue books. After sheepishly returning the tardy items, toddler and I settled down in the children’s area to enjoy the regular fare of Hairy Maclary and Dr Seuss.

Two young Mums, obviously friends, occupied some nearby seats.

With the toddler engrossed in Hairy’s whereabouts, I couldn’t help but overhear my neighbours’ conversation. This is how it went.

Mum One: I just love Lily’s dress. It’s gorgeous! Where did you get it?

Mum Two: This fantastic local designer called Lil’ Munchkins For Kids. She’s on Facebook. Here, let me show you.

Mum two whips out her mobile phone and within seconds has logged onto Facebook and brought up the business’s Facebook profile. The two women spend the next few minutes perusing the photos the business has uploaded of its latest kids clothing.

Mum One: These are really beautiful. I’d love to get something for Jemima. I’m going to subscribe to the page.

Mum One takes out her iPad, logs into her own Facebook account and becomes a follower of Lil’ Munchkins.

Just like that.

Within seconds, Lil’ Munchkins has a brand new prospect. And not just any old prospect. Mum One has a keen interest – she’s listening to what this business has to say and is ready to buy.

Facebook isn’t for everyone, but it is an extremely powerful tool for millions of businesses – of all sizes and types – across the globe.

But is it for you and your business?

In the next blog we’ll talk about the pros and cons of getting involved in various social media forums and, if you do decide to take the leap, how to make it really worth your while.

Karen Lowe – Marketing Manager

Why is the word discipline such an unpopular word these days?

osborneyuille — Tue, 21 Feb 2012 00:50:09 +0000

Perhaps it is because the word has become synonymous with the word punishment. In truth, punishment is not the same as discipline. The word discipline actually means to learn. It is derived from the Latin word ‘disciplinare’, which means to teach.

Discipline should begin in childhood. It is in childhood that we learn to respect ourselves and others, which enables us to become productive, responsible and fulfilled individuals. As adults, discipline helps us to achieve. In our business and personal lives we can go about setting all the goals and dreams in the world, but without discipline nothing will happen.

Discipline also brings freedom; this seems a strange statement, yet it is true. With discipline in our lives we feel a sense of achievement and satisfaction when the goal is met. We can then go on to set more challenging goals for ourselves… and so it goes. Most successful people will tell you that they love challenges and will often use the benchmark of previous success to propel them forward.

Our discipline can also motivate and inspire our loved ones, friends and acquaintances to achieve for themselves. What greater legacy to leave behind than a legacy of seeing others reach their potential in life and sharing in their success?

Discipline should be embraced as a friend, not an enemy. Without it we would be a sorry mess.

Could a lack of discipline be the root of all the problems society faces today?

Claire Osborne

Sticks and Stones

osborneyuille — Fri, 10 Feb 2012 09:27:57 +0000

Sticks and stones may break my bones, but words can never hurt me.” That statement has been repeated by masses of children through the years and not a word of it is true. The truth is words can hurt and words can heal.

The spoken word is more powerful than we can imagine. The words we speak to our children, or partners and friends can damage or restore. Something that was said to us as a child can resonate in our hearts and minds till the day we die. What we say can have ramifications that we may never see, but can remain in our hearts forever. Words can soothe the soul or sear it for life. Wisdom tells us to choose our words carefully and not to open our mouths in haste.

We cannot take back our words once they have been uttered. They linger forever and no matter what we do we cannot steal them back. What words have you spoken today that may have hurt or damaged someone you love? The only remedy is to consider our words before we speak them. Our words can be a soothing ointment or a sharp, stinging blade.

What do you want your words to be?

You’ll never know if you never ask…

osborneyuille — Tue, 07 Feb 2012 09:26:44 +0000

It sounds like the most obvious thing in the world, but you’d be surprised by how many small to medium business owners don’t really know where their customers are coming from. Or if they do keep track of this information, they do it pretty poorly.

Understanding where your customers are coming from (or tracking your leads in marketing speak) is one of the pillars of effective business marketing. Why? Because it gives you an insight into which marketing strategies are working for you and helps you to spend your marketing dollars wisely. It also tells you who your customers are – helping you to target & engage the right audience, and in turn convert more customers.

Tracking your leads can be as simple as asking prospective clients how they found you. 99% of people will not mind you inquiring: “If you don’t mind me asking, where did you hear about us?”

However, there is no point in asking the question if you don’t keep a good record of the answers.

Your head is no place to store and organise vital client information and a drawer full of business cards won’t contribute to the growth of your business either. Excel spreadsheets, while perhaps adequate for very small enterprises, are cumbersome and labor-intensive. Instead, look into a good quality customer relationship management (CRM) program or lead tracking software to help automate and streamline the process.There are plenty of these excellent database tools available, at all price points – including several good free options (found online) for very budget conscious, small businesses. Not only will they keep a record of where each client came from, but they can help you to manage the process of turning leads into customers and continue building the relationship into the future.

Want to know how many people have come to you through your website and what they thought of it? Your online activity can be easily tracked with Google Analytics, a free tool which shows you how people found your website, how they explored it and how you can enhance their visitor experience.

At the end of the day, you won’t know unless you ask. And you won’t have a good idea of the big customer picture unless you keep a good record of this information. So get asking and get organised!

Wise Up

osborneyuille — Tue, 31 Jan 2012 11:56:04 +0000

In our business and personal lives we are called on to make decisions many times, just in one day. I really think what is missing today in our decision making is wisdom to know the right way to go. Wisdom is downplayed so much in our society and yet we need it so badly. Our politicians are greatly lacking in wisdom and that is why so many bad decisions are coming out of Canberra. King Solomon thought a lot about wisdom, because he said that it is more valuable than gold and we would be wise to seek after it. I know that I need it more and more in my personal life and my business life. Maybe if we took time to search for wisdom our decisions would be more focused and better thought out than they are.

What areas do you need wisdom most? Is it your financial life, family or some other aspect in need of it?

Merry Christmas!

osborneyuille — Sun, 25 Dec 2011 09:23:11 +0000

Wishing all our clients and friends a Merry Christmas and a happy and prosperous New year.

We can’t wait to see you all in 2012. It’s going to be a great year!

- From the Team at Osborne Yuille

This Christmas… A note from Claire Osborne

osborneyuille — Wed, 21 Dec 2011 02:20:26 +0000

We have just returned from a visit to our schools and orphanage in India. As we travelled around the slums in the quarry districts of Bangalore – where Mum and Dad work in the quarries breaking up the rock and granite, earning a dollar a day; Dad planting explosives to break up the rock, with his babies and children next to him – it made us very grateful that we live in a country of such prosperity.

While in India we were privileged to open another school for kindergarten children, taking in 100 children from the quarry district. Our current school for primary and high school children has 600 pupils. The children attending our schools are all underprivileged, quarry children from the slums of Bangalore. We currently have 19 children now ready to go into university and college.

It costs around A$1000 per annum to put a child through university in India.

At this time of Christmas and in the spirit of giving, you may be moved to sponsor a child. In doing so you will be providing them with the opportunity of an education through school or university. Visit www.oya.com.au for more information. All donations are tax deductible.

We would like to wish all of our clients a very happy Christmas and a prosperous new year.