Mike Bailey, CAVA Finance 0161 222 9599
Hints & Tips, News

I’ve been lucky enough to be able to work from home since 1997. Yes, you read that correctly! For over 20 years I’ve been perfecting productivity from my home office and now that we are all in the same boat, I wanted to share my advice for getting your head down staying motivated during these difficult times.

When I first started to work from home it was initially part time, with some office-based days and the flexibility to work from home for the remaining days of the week.

Systems back then were unsophisticated by today’s standards, we’re lucky that today there are plenty of tools available now which can make remote working as effective as being in the office. Here’s some of the systems and tools that myself and my team use regularly.

 

CRM System

Investing in a decent CRM system took time but about 5 years ago I migrated from an out-dated system and moved to ActiveCampaign. It combines email marketing, automation and a sales pipeline all under one roof.

One thing I’d advise you to research whilst we’re in lockdown is to perform a data cleanse. Look at your LinkedIn contacts, your email contacts and get organised. If you’re still using a spreadsheet then now may be a good time to look into options for making the most of your data.

Another useful and free (up to a point) CRM tool is Capsule. There’s no time like the present to perfect your customer relationships and a decent CRM tool will help.

Social Media & Marketing

You might have noticed a few companies going quiet on social media at the minute. It can be difficult to know how to effectively market yourself at a time when business may have in fact stopped altogether. However, right now, it’s important to stay in front of your existing customers and maintain those relationships. It’s also a good time to position yourself as an expert in front of your target market.

Perhaps in the past you’ve not had time to focus on social media? Now is a great time to learn more and try some scheduling tools such as Buffer or Hootsuite to automate posting and get yourself ahead.

Communication


If you know me then you’ll know how much I value getting to know my clients, customers and referrers. I pride myself on building long standing relationships and that’s only too evident in the brilliant testimonials which CAVA receives.

Despite always trying to meet face to face where possible, there are some clients that I’ve worked with for a long time but have never had the chance to meet in person. One tool which I find useful as an alternative to a phone call or a face to face meeting is Zoom. It’s similar to Skype and very easy to use to hold virtual meetings.


Research


With some companies needing to cease trading for the time being, usual day to day tasks are off the to do list. But this time can be utilised to research and understand your target market. If you have visited our website before, you’ll be aware that I regularly receive testimonials and have a client of the month feature. Finding out what your audience thinks about your company is very valuable. Perform a ‘net promoter score’ or a customer satisfaction survey to arm yourself with some statistics and areas to focus on for improvement for the future. I’ve used Survey Planet or Typeform in the past.

Working from home doesn’t have to be difficult or unproductive. Use this opportunity to plan for the future and look forward to a brighter time. In the meantime, learn some new skills, become more organised and your business will be in an even better position than it was before we entered this situation when we come out the other side.

If you’ve got any queries on the systems and tools mentioned please give me a call on 0161 222 9599 or get in touch here.

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Assets, Coach, Commercial, Hints & Tips, Minibus/Coach Finance, News

One of the questions I’ve been asked a lot by clients over the last few weeks has been surrounding payment options for the vehicle or asset they have on finance.


With many businesses impacted, from coach companies who can longer operate the school run to maintenance companies whose equipment cannot be used until restrictions are lifted, keeping up monthly payments is an area of concern.

If we’ve already spoken, then you will be aware that the finance companies are treating this situation with sympathy and have been very accommodating to those who are looking for a solution.

What are the options around my payments?

Many finance companies are offering our customers the option to either defer or reduce payments. You may have seen the defer option referred to as a ‘payment holiday’.

How does this work?

As an example, if you have a 24-month contract in place that had just started this month and were offered 3 months of deferred payments from now, you would be left with 21 months.

Rather than your contract ending in April 2022, it would end in July 2022. The ‘holiday’ means the unpaid months are added to the end of your agreement.

What do I need to be aware of?

You need to be aware that finance companies are treating every case on an individual basis and will be assessing business disruption based upon your own circumstances. Incremental interest may also be added.

The main thing to consider right now is the future of your company. Taking a holiday from payments may seem like a good idea now but if you can continue to pay, perhaps at a reduced rate, would that be more appropriate? Again, this is entirely dependent on individual circumstances and cashflow.

Another factor to consider is to diversify your market. Now you may have more time to be able to focus on planning for the future, are there other avenues you could consider, or industries you could service to help you spread the risk and avoid focusing on one sole source of income?

It is great to have a niche but in when we’re faced with a situation like the one we find ourselves in, it is safer to have a range of customers and suppliers rather than rely on one for all your revenue, because if something happens to them, it impacts you much more.

With many clients contacting their finance provider at this time, be aware that you will face delays and that on average they’re taking around 10 days to look at individual cases with such a high volume of enquiries to assess.

If you need to discuss payment options, please don’t hesitate to contact me initially for some further advice on the above if this would be useful for you and then you may be in a better position to discuss with the finance provider.

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