Monday 17 February 2014

How to Make Yourself Work When You Just Don’t Want To

Wait, weren’t you going to try to go to the gym more often this year?

Can you imagine how much less guilt, stress, and frustration you would feel if you could somehow just make yourself do the things you don’t want to do when you are actually supposed to do them? Not to mention how much happier and more effective you would be?

The good news (and its very good news) is that you can get better about not putting things off, if you use the right strategy, says HBR. Figuring out which strategy to use depends on why you are procrastinating in the first place:

Reason #1 You are putting something off because you are afraid you will screw it up.

Solution: Adopt a “prevention focus.”

There are two ways to look at any task. You can do something because you see it as a way to end up better off than you are now – as an achievement or accomplishment. As in, if I complete this project successfully I will impress my boss, or if I work out regularly I will look amazing. Psychologists call this a promotion focus – and research shows that when you have one, you are motivated by the thought of making gains, and work best when you feel eager and optimistic. Sounds good, doesn’t it? Well, if you are afraid you will screw up on the task in question, this is not the focus for you. Anxiety and doubt undermine promotion motivation, leaving you less likely to take any action at all.

What you need is a way of looking at what you need to do that isn’t undermined by doubt – ideally, one that thrives on it. When you have a prevention focus, instead of thinking about how you can end up better off, you see the task as a way to hang on to what you’ve already got – to avoid loss. For the prevention-focused, successfully completing a project is a way to keep your boss from being angry or thinking less of you. Working out regularly is a way to not “let yourself go.” Decades of research, which I describe in my book Focus, shows that prevention motivation is actually enhanced by anxiety about what might go wrong. When you are focused on avoiding loss, it becomes clear that the only way to get out of danger is to take immediate action. The more worried you are, the faster you are out of the gate.

I know this doesn’t sound like a barrel of laughs, particularly if you are usually more the promotion-minded type, but there is probably no better way to get over your anxiety about screwing up than to give some serious thought to all the dire consequences of doing nothing at all. Go on, scare the pants off yourself. It feels awful, but it works.

Reason #2 You are putting something off because you don’t “feel” like doing it.

Solution: Make like Spock and ignore your feelings. They’re getting in your way.

In his excellent book The Antidote: Happiness for People Who Can’t Stand Positive Thinking, Oliver Burkeman points out that much of the time, when we say things like “I just can’t get out of bed early in the morning, “ or “I just can’t get myself to exercise,” what we really mean is that we can’t get ourselves to feel like doing these things. After all, no one is tying you to your bed every morning. Intimidating bouncers aren’t blocking the entrance to your gym. Physically, nothing is stopping you – you just don’t feel like it. But as Burkeman asks, “Who says you need to wait until you ‘feel like’ doing something in order to start doing it?”

Think about that for a minute, because it’s really important. Somewhere along the way, we’ve all bought into the idea – without consciously realising it – that to be motivated and effective we need to feel like we want to take action. We need to be eager to do so. I really don’t know why we believe this, because it is 100% nonsense. Yes, on some level you need to be committed to what you are doing – you need to want to see the project finished, or get healthier, or get an earlier start to your day. But you don’t need to feel like doing it.

In fact, as Burkeman points out, many of the most prolific artists, writers, and innovators have become so in part because of their reliance on work routines that forced them to put in a certain number of hours a day, no matter how uninspired (or, in many instances, hungover) they might have felt. Burkeman reminds us of renown artist Chuck Close’s observation that “Inspiration is for amateurs. The rest of us just show up and get to work.”

So if you are sitting there, putting something off because you don’t feel like it, remember that you don’t actually need to feel like it. There is nothing stopping you.

Reason #3 You are putting something off because it’s hard, boring, or otherwise unpleasant.

Solution: Use if-then planning.

Too often, we try to solve this particular problem with sheer will: Next time, I will make myself start working on this sooner. Of course, if we actually had the willpower to do that, we would never put it off in the first place. Studies show that people routinely overestimate their capacity for self-control, and rely on it too often to keep them out of hot water.

Do yourself a favor, and embrace the fact that your willpower is limited, and that it may not always be up to the challenge of getting you to do things you find difficult, tedious, or otherwise awful. Instead, use if-then planning to get the job done.

Making an if-then plan is more than just deciding what specific steps you need to take to complete a project – it’s also deciding where and when you will take them.

If it is 2pm, then I will stop what I’m doing and start work on the report Bob asked for.

If my boss doesn't mention my request for a raise at our meeting, then I will bring it up again before the meeting ends.

By deciding in advance exactly what you’re going to do, and when and where you’re going to do it, there’s no deliberating when the time comes. No do I really have to do this now?, or can this wait till later? or maybe I should do something else instead. It’s when we deliberate that willpower becomes necessary to make the tough choice. But if-then plans dramatically reduce the demands placed on your willpower, by ensuring that you’ve made the right decision way ahead of the critical moment. In fact, if-then planning has been shown in over 200 studies to increase rates of goal attainment and productivity by 200%-300% on average.

I realise that the three strategies I’m offering you – thinking about the consequences of failure, ignoring your feelings, and engaging in detailed planning – don’t sound as fun as advice like “Follow your passion!” or “Stay positive!” But they have the decided advantage of actually being effective – which, as it happens, is exactly what you’ll be if you use them.

Tuesday 11 February 2014

10 things you must do when hiring your first employee

Taking on your first employee is a big deal. Not only will you be handing over responsibility for part of your business to someone new, but you will also have to be aware of your duties and obligations as an employer.

Here are ten things you must bear in mind when taking on your first member of staff.

1. Carry out applicant checks

Once you have found a suitable candidate for the position you’ve advertised, you must make sure that your prospective employee a) has the right to work in the UK, and b) passes any further checks which may be appropriate to their new position – particularly criminal record checks (a DBS check if they’re working with children in any capacity, for example. This used to be known as a CRB check).

2. Provide a statement of employment

You must send a written statement of employment to anyone who will be working for you for a month or more. This document provides the employee with the conditions of employment, and must be provided within two months of starting work. You can download a template here (PDF).

3. All employees must have a contract of employment

You must provide all employees with an employment contract which outlines the employee’s rights, responsibilities, and working conditions. This doesn’t have to be a formal written document, and contains both explicit and implied terms of employment. You can find out more at GOV.UK.

4. Make sure your business is adequately insured

This type of cover will protect your business from claims made by employees who have been injured or fallen ill at the workplace. Unless you have no employees (e.g. you run a company to provide your own services to clients), or run a business with only close family working for you, you must take out adequate EL insurance cover due to the terms of the Employers’ Liability (Compulsory Insurance) Act 1969.

You can read a concise guide to the Act, courtesy of the HSE here (PDF)

5. Register as an employer with HMRC

In almost all cases, you must register as an employer with HMRC within four weeks of taking on your first employee. As an employer, you will be responsible for paying your staff a pre-agreed salary, and deducting any PAYE (income tax) and National Insurance Contributions from staff salaries. Find out more here.

6. Paying your employees

When you pay your staff, you have to provide each employee with a payslip which details their gross and net pay, income tax and NICs deducted, and any other deductions (such as pensions contributions). Since the implementation of the RTI (Real Time Information) regime in 2013, you must also submit payroll data to HMRC each time you pay your staff. Previously, this information needed to be provided at the end of each tax year.

You must also comply with the National Minimum Wage legislation. View the prevailing rates here.

You can find out more about paying an employee for the first time here (HMRC PDF).

7. Be area of your Health & Safety obligations

Unsurprisingly, as an employer, you will be responsible for providing your employees with a safe and secure environment to work in. You don’t need a formal written H&S policy unless you have five or more employees, however you should take time to assess the risks your staff face at work.

Find out more on the Health & Safety Executive site.

8. Pension auto-enrolment

New legislation means that employers must enrol their staff into a workplace pension scheme if they are aged 22 or over and earn more than £9,440 (2013/14 tax year). Only larger businesses are affected now, but the new rules will be phased in for all employers by 2018.

Read more about these ‘staging dates’ on the The Pension Regulator site.

Find out if your employee will be automatically enrolled via this handy GOV.UK tool.

9. Be aware of holiday, sick pay, maternity / paternity pay rules

A wide range of legislation govern employees’ rights to taking time off – either for holidays, or due to forced periods of absence.

Take some time to familiarize yourself with the rules here.

10. What happens if things don’t work out?

Perhaps the most complex area of employment legislation covers what happens when an employee is made redundant. If you don’t handle the dismissal fairly (or an employee resigns because you have breached your contract with them), an unhappy ex-staff member may decide to take your business to an employment tribunal.

Employment tribunals typically involve disagreements over pay, the circumstances behind the dismissal, or some kind of discrimination.

Read this useful ACAS guide to dismissing employees.

Click here to read the original article: "10 things you must do when hiring your first employee"

Monday 10 February 2014

BDO report reveals business confidence at highest for 22 years

Business optimism reached its highest level for 22 years in January, indicating that the economy will continue to grow rapidly over the coming six months, according to the latest Business Trends report by accountants and business advisers BDO in the north west.

The BDO Optimism Index, which predicts business performance two quarters ahead, reached 103.8 in January, up from 103.4 in December.

This is the highest reading ever recorded since readings began 22 years ago and sits well above the 100.0 mark, meaning the economy is expected to outperform its long-term historical growth trend.

In the manufacturing sector, the Optimism sub-index rose to a new all-time high of 117.1 in January, up from 115.5 in December. And for services, which accounts for roughly three quarters of the economy, confidence rose to 101.2 in January, up from 100.7 in December.

In tandem with improved confidence, recruitment expectations increased during January, as the BDO Employment Index rose to 101.3, up from 99.4 the previous month.

It now stands at its highest level since August 2008 and above the crucial 100.0 mark for the first time since March 2011.

The BDO Inflation Index read 97.9 in January, its lowest level since November 2009 and down from 98.7 at the end of last year.

Falling raw material costs helped manufacturers control overheads over the past year and, in the service sector, annual wage growth of only 0.9 per cent held down the cost of inflation for labour-intensive service firms.

Tim Entwistle, partner and head of BDO in the north west, said: "Business confidence has hit record highs as we enter 2014 and we expect the economy to grow rapidly in the first half of the year.

"Companies are raising headcounts in response to rising client demand and the data suggests that the unemployment rate is likely to fall below the Bank of England’s 7.0 per cent threshold for considering raising interest rates in the very near future.

"An interesting feature of the recovery so far has been the way in which productivity remains at levels last seen in late 2005. Looking at this optimistically, this means that the economy can continue to grow for some time by increasing productivity before wage-related inflationary pressures begin to kick in."

Friday 7 February 2014

How to market your small business – top tips

Generating leads is fundamental to the growth of any small business. Promoting the profile of your company can be a challenging process, but you don’t need to be a sales and marketing guru to run a successful marketing campaign.

Here are a few suggestions from Express Accountancy on how to market your business on a very small budget.

Know your budget

If you are planning on paying for specific services to help get your business off the ground, i.e. pay per click (PPC) advertising or website design, make sure you stick to your initial budget and don’t overspend. A good accountant will be able to help you with financial planning, and ensure that you have the cashflow to cover your outlay on marketing activities.

Free taster sessions

A lot of business owners will see the word ‘free’ and run a mile, but offering prospective customers something for free could reap rewards for your business.

If you offer a free trial, or a taster session for one of your services, you won’t generate any revenue, but attendees will be more likely to consider paying for your services in the future if you’ve made a good impression.

For example, if you are a self-employed personal trainer, you could go to a local football team and offer a free 20 minute fitness session at the beginning of their session. Having done the session, if any players in the team are looking to improve their fitness by hiring a personal trainer, they will be more likely to consider you.

Word of mouth

Word of mouth is one of the most powerful marketing tools you can have and, according to a study performed by McKinsey & Company, it is the primary factor behind almost 50% of consumer purchase decisions. The question is though, how can you get your existing clients to refer you to their friends and colleagues?

You can think about offering half price services for those who refer you to a friend, but the reality is that in most cases, if someone is going to recommend you to a friend they will do so with or without such an incentive. As a result, the best thing you can do is focus on your customers and providing them with a positive experience.

If you are just starting out and have a limited client base, word of mouth recommendations can be difficult to achieve as simply not enough people know about you yet. Just focus on providing a quality service and getting your name out there and the word of mouth recommendations will come.

Develop a great website

Whether you’re a freelancer working from home, or the owner of a local shop, a good website is essential. Even if you don’t plan to sell your products and services online, your website can act as place where people can go to find out more information about who you are and what you do.

There are countless free tools available that can help you to get your website online in a matter of minutes, or if you would rather have something a bit more professional, a quick Google of cheap web design will bring up an array of low cost fixed fee agencies.

Below are a few things you should consider when setting up your website:

What domain name will you choose – A domain name is the URL that people will type into their web browser to be taken directly to your website. When thinking about the URL, if your company name isn’t available think of some short snappy words that describe your service. Be aware that many free web design tools don’t include a domain name and your URL could look like this: yoursite.websitebuilder.com.

Think usability over flash – When it comes to the design of your website, at the forefront of your mind should be usability. What’s the sense in having flash animations shooting around the page if they do nothing but distract visitors and damage the user experience?
Content is king – Google loves new and relevant content, so make sure you regularly update your site with new pages, posts and guides.
For more information, read our guide to getting your small business online.

Social media

Social media sites like Facebook and Twitter are far more than just tools for keeping up to date with friends; in fact many businesses now have entire divisions that focus solely on targeting customers through social media.

Sign up to these sites and think about a clear strategy that will provide value to your business. Don’t just sit behind your computer tweeting all day for nothing. Some companies choose to use social media as a customer service platform, but it’s entirely up to you to determine how best to utilise these services.

Interact on forums and networking sites

One of the most popular ways of building a profile as a small business or freelancer is via posting on forums and networking sites. If you are a freelance web designer, for example, getting involved with discussions on small business forums is a great way of generating awareness within the community and when someone from those forums wants a website designed, hopefully they will think of you.

If you are offering professional services, then LinkedIn is also a ‘must’ for networking with colleagues and potential clients.

Click here to read the original article: "How to market your small business – top tips"

Wednesday 5 February 2014

5 Ways to Outsmart Your Competitors

It’s a dog eat dog world out there and to make sure you're one step ahead of the competition, we've come up with five ways to be the smartest business around.
Sir Richard Branson once said, “We're big believers in healthy competition as a means to improve quality, choice and service. The competition Virgin has been able to inject into markets as diverse as aviation and fitness has helped to reinvigorate the industries and, most importantly, provide better experiences for our customers.”
Ultimately, competition is everywhere, but you've got to make sure you’re ahead of them every step of the way. Here’s five ways to outsmart the competitors knocking on your door:
Don’t be afraid to take risks
Don't be put off taking risks, let it be the driving force for success. Be innovative and outsmart your competition with a strategy that will leave them wishing they were as unique as your business. For example, if there’s a gap in the market for the service you deliver in a new location, go and promote your business. Get there before anyone else does!
Find the cheapest supplier
We’re not saying manufacture your products abroad, as we know there’s some great British suppliers out there, but make sure you do your research, put the effort in to go out and find the cheapest option. But don’t risk the quality of your product or service either, so make sure you test the supplier and ensure they’re the perfect fit for you. Cutting costs down will allow you to put money into other areas of the business.
Aim high and solve challenges
There’s no harm in aiming high and solving something that many think is impossible. Here at Smarta, we’ve come across some inspiring entrepreneurs with unique ideas that leave us scratching our heads, but in a good way. If it isn’t a business that helps shoppers give to charity everytime they purchase online, thanks to GiveAsYouLive, then it’s businesses revolutionising competitive markets with fresh approaches. The world is your oyster so be unique and solve something that others haven't.  
Market your brand differently
Marketing your brand efficiently is the key to securing new customers and promoting your business. Utilise marketing opportunities by outsmarting your competitors and make sure you’re shouting out to potential customers before your rivals do. Our Smarta 100 winner Mr Cake created a media frenzy after he piped his resignation letter on a cake, posted a picture on Twitter, moments later his new business had gone viral and was recognised by millions. Pour your heart and soul into marketing your business and don’t be afraid to do something that hasn’t been tried before.

Be the perfect location
You want to make sure your business is the one stop shop in the industry you’re competing in. If your product doesn’t appeal to customers, no one will buy it, it’s a simple as that. It's like opening a burger restaurant  next door to McDonalds, we doubt you'd have much success. But don't let anything put you off, get out to new places that others haven't considered. If your business is online, you want to get in front of your competitors. Whether this is offering products that aren’t on the market or recognised ones at a lower cost, be the number one at what you do.

“It’s kind of fun to do the impossible,” said Walt Disney... Look at where that got him, eh?