Monthly Archives: July 2016

Choosing a Business Name

unduhan-83Some aspects of selecting a business name are subjective and reflect the personal wishes and preferences of the owner. There are, however, some mistakes that business owners make in naming their establishments that just don’t make good business sense. Avoid these and your business name can serve as a real asset that can help bring many profitable returns.

1. ABC
A business name that comes at the beginning of the alphabet can be a plus since many business listings are alphabetical; however, some businesses have taken this strategy to absurd levels. Using A, B, or C as the first letter of your business name can help, but be sure the name is something that makes sense and is something you like and are really comfortable with.

2. Use a Simple Easy-to-Pronounce Name
The idea is to get people to remember your business name and to be able to understand it, spell it and pronounce it. It should also be short enough to fit on a business card or display on a sign.

3. Allow for Growth
Choose a business name that is wide-ranging enough to give your business growing room. Geographic business names are popular e.g. Arklow Housecleaners. But what happens if your business takes off and you’d like to expand the geographic area you cover? The same goes for naming a business after one product or service. For example, the name “Joe’s Lawnmowers” would need to change if Joe decides to add other related products. Stay away from names that describe current fads or trends: If a new “Millennium Bookshop” opened in 1999, it may have sounded timely – nine years later, it would sound dated.

4. Create Your Identity

A business name should be one or more of the following:

  • Memorable
  • Descriptive
  • Imaginative
  • Distinctive

A good way to start is to write down key words that describe what your business is, what it does, and what pleases you about it. Use a dictionary and thesaurus to find different words that express these things. Also look for famous expressions that might pertain to your business.

So, let’s say Mary has a small business selling her delicious fruit tarts, and she considers herself to be the best at what she does. Mary names her business “Queen of Tarts” because: she loves the play on words, it expresses what her business is and does, and the word “queen” is perfect – she’s female and her thesaurus shows that “queen” also means “person of authority”.

5. Being an island

You’ve thought up 15 business names that are in the final running, and you think they’re all pretty good. Now is the time to get some feedback. Run those names by some close colleagues, family and friends. You might be surprised at the number of things they bring to your attention that you’ve overlooked. A little constructive objectivity goes a long way when choosing a business name.

Things You Can Control

The InterTradeIreland All-Island Quarterly Business Monitor (April-June 2016) indicated that over 95% of businesses surveyed across the island have no plan in place to deal with the consequences of the UK’s vote to leave the EU. Moreover, nearly one in five report that this uncertainty will lead to a decrease in their level or speed of investment.

Crucially, this uncertainty and degree of pessimism comes at a time when the wider economic and business back drop is very positive, with 90% of businesses reporting they are stable or growing. Encouragingly, also, is the result that almost two thirds of businesses on the island state that they have the ambition to grow in the immediate future.

In the meantime we encourage businesses to focus on the things they can control, such as:

1. Customer and Supplier Relationships

Focus on developing close value-adding partnership relationships with customers or suppliers that can endure potentially destabilising changes in pricing relationships.

2. Business Planning

Possessing a clear and concise plan for your business that identifies clear objectives, critical processes, threats and opportunities is a vital step to navigating uncertainty. Clearly this plan should be reviewed and adjusted on a regular basis.

3. Innovation

Innovation should play a key part in your business plans. Uniqueness in a product or service offering comes with a premium that can offset disadvantageous cost movement. InterTradeIreland’s Challenge Programme  shows businesses how to build innovation into their DNA.

4. Currency Hedging

A currency hedging plan reduces a business’s risk of losing out when the value of the currency you are selling in declines relative to the company’s core operating currency. As such, hedging is a risk management strategy that protects rather than creates profits. Guidance on hedging can be provided by your bank.

The AIB Start up Academy Has Impacted Martin

If you can apply to the Academy, absolutely do. It was the best thing I ever did and it completely changed our business,” he says. “If you speak to the rest of the finalists, I’m sure they would say the same. It really was an invaluable eight weeks.”

The immediate impact of the win

Martin’s company is Nasal Medical, which produces a range of nasal filters and dilators that help with various breathing issues, from allergies to sleep apnea. The effect of the Academy win on the nascent company was instantaneous.

“The minute we won, things went crazy,” Martin explains. “I think the advertising from The Irish Timesreally helped. Online sales became extremely busy and have continued to increase on a daily basis.”

Despite the challenges of scaling up the business, Martin has already achieved some impressive sales figures: “We’ve sold a substantial amount of the discreet snoring aids in 500 pharmacies and we’ll be in 1000 before the end of the year,” he says. And he’s already set his sights on some big targets at home and abroad: “We’re in McCabe’s pharmacy, Health Express, Pure Pharmacy group, Horgan Group, O’Sullivan Group, McLoughlin-McSharry Group, and McCauleys, and we’re in discussions with Boots and Lloyd’s and a number of other big chains. We also hope to be selling in the UK by January or February of next year and Germany in mid-2017.”

Expanding the business

The initial success of the business has also allowed Martin to expand his workforce. “At the moment there are two of us in the company but we have two sales and marketing staff joining in October,” he says. He hopes the new hires will lighten his workload, which remains prodigious. “I don’t have any time at all,” he explains. “We have a ten-month-old baby and even getting time to see her is difficult at the moment. I often work until midnight and am up again at six. Thankfully, my wife, Marie-Louise, is very understanding and supportive. Once we take on the new employees, hopefully the pressure will be reduced.”

Martin has also seen the benefits of the prize package, with his first meeting with creative agency Rothco already bearing fruit. “We’re rebranding the filter product, which I’m delighted with, and we’re working on a new brand for people travelling on aeroplanes to block the germs carried in the recirculated air. We have a pharmacy at Dublin Airport who are going to trial it,” he says. “As a normal start-up, we’d never have access to something like that. It’s gold, because it could potentially decide whether the customer buys the product or not.”

How Do The Effective Meetings

Effective business meetings are an exercise in communication: we speak, we listen, we discuss, we decide. Meeting rules may vary from one situation to another, but holding effective meetings is essential to getting things done. If you want to learn how to conduct a meeting, here are nine simple ways to help you through the process.

1. Call only necessary meetings

Before you begin the whole process of calling and holding a business meeting, ask yourself if it is really necessary. Do certain people actually have to gather in the same room to accomplish your purpose, or could a series of phone calls or an email serve the same purpose? Develop a reputation for calling meetings only when necessary, and people will be more willing to devote their time to them.

2. Invite the right people

Invite people who have something to contribute or who need to be involved in the discussion. If you have to consult someone for information or authorisation about an agenda item and that person is not there, it’s frustrating for everyone. Consider inviting them just for a specific agenda item. On the other hand, don’t invite people just because they are at a certain level in the organisation. Busy people appreciate your consideration of their time.

3. Create an effective agenda and distribute it well before the meeting

An effective agenda is much more than a list of topics. It can function as a meeting announcement, as well as a tool to help the meeting organiser  control the discussion. Sending it out in advance lets people know what will be discussed and gives them an opportunity to gather information they will need and prepare their input. Effective meetings begin with effective agendas.

4. Start and finish on time

Don’t wait for latecomers – start on time without them. You should also avoid the temptation to bring latecomers up to date on what has taken place before they arrived, a practice that penalises those who came on time. People shouldn’t be rewarded for upsetting everyone else’s schedule. Allot time to each subject on the agenda and stick to it. Effective business meetings start and finish on time.

5. State the objective at the start of the meeting

State an objective that is results-oriented rather than discussion-based. e.g. “We are meeting this morning to approve the final budget for next quarter.” This is a measurable objective, toward which you can work during the discussion. Don’t say, “We are meeting to discuss…” After all, you could discuss for hours and technically you would have met your objective, but you could hardly describe it as an effective meeting.

6. Keep the meeting moving toward its objective

Don’t let people drag the discussion off track. Keep reminding them of the objective and redirect the discussion back when they stray. Your communication skills come to the fore as you lead a business meeting.