Meeting Topic
Introduction
‘In the age of social media, why do I still need a website?’ If you’re asking that question, read the article below and get back in touch with the vital importance of actually owning your own bit of ‘real estate’ on the web. Is it time for a website refresh?
Why Your Website is Your Number-One Marketing Tool By Kellie Annesley-Smith
In today’s hyperconnected world, a business’s online presence is no longer just an option; it’s a necessity. Among the myriad of digital marketing tools available, the website stands tall as the cornerstone of a successful marketing strategy. It serves as the virtual front door to your business, wielding immense power in attracting, engaging, and retaining customers. Here are eight reasons why a website is super important and is your number one marketing tool for your business.
Global Visibility and Accessibility
A website functions as a 24/7 storefront, accessible to anyone, anywhere, at any time. It erases geographical boundaries, enabling businesses to reach a global audience. In an era where consumers turn to the internet for solutions, read reviews, and shop, a well-designed website acts as a 24/7 sales representative, showcasing products, services, and brand identity without limitations.
First Impressions Matter
In this digital world, first impressions are formed within 2.4 seconds. A website is the initial touchpoint between a business and its potential customers. A professionally designed, user-friendly interface with compelling content and seamless navigation creates a lasting positive impression. Consider it like a virtual handshake that can convert a casual visitor into a loyal customer.
Credibility and Trust Building
A robust online presence fosters credibility. A well-maintained website communicates trustworthiness and reliability, essential factors in today’s competitive market. Testimonials, case studies, and a transparent display of products or services elevate trust, encouraging visitors to engage further and make informed decisions.
Data-Driven Insights
Websites provide a goldmine of data analytics. Tracking user behaviour, demographics, and preferences helps businesses understand their audience better. Utilising these insights allows for targeted marketing strategies, personalised content, and product/service improvements tailored to meet customer needs effectively.
Cost-Effectiveness and Scalability
Compared to traditional marketing channels, websites offer cost-effective solutions. They provide a platform for various marketing tactics such as content marketing, SEO, social media integration, and email campaigns, all within a manageable budget. Moreover, website platforms such as Squarespace, are scalable, allowing businesses to adapt, expand, and update their offerings effortlessly.
Enhanced Customer Engagement
Interactive features like chatbots, contact forms, blogs, and newsletters facilitate direct communication with customers. These elements create a dialogue, fostering relationships beyond mere transactions. Engaging content keeps visitors coming back, establishing a community around your brand.
Adaptability in an Ever-Changing Landscape
The digital landscape evolves rapidly. A website offers the flexibility to adapt to these changes swiftly. Whether optimising for mobile devices, implementing new technologies, or staying updated with search engine algorithms, a website serves as the adaptable hub of a business’s online presence.
Competitive Edge and Differentiation
In a crowded marketplace, a well-crafted website sets a business apart. Unique branding, compelling storytelling, and a distinctive user experience contribute to carving a niche and standing out amidst competitors.
In essence, a website is more than a digital placeholder; it’s a dynamic marketing tool. Its ability to attract, engage, convert, and retain customers makes it indispensable in today’s business landscape. By harnessing the potential of a well-designed website, businesses can elevate their brand, expand their reach, and thrive in the digital realm. As the primary hub of online activities, the website remains unparalleled as the number one marketing tool for any business.
If you’d like to reach out to Kellie, simply go to her website: designaglow.studio
Next Meeting Topic
Introduction
When small business owners think about growth, they often think about getting more customers through the door. They don’t think about acquiring a complimentary business; however, this option could be ideal for some! Read on and think about how ‘merging’ or ‘acquiring’ the right business could launch you to the next level.
Mergers & Acquisitions – Some Legal considerations Contributed by Helen Wallace
You’re a small business that’s doing well. You’ve got a great team, more work than you can handle and the business is making a tidy profit. You’re ready to grow your business. How are you going to do this? You’re thinking you could bring in another product line or extend wider into the market or hire more staff so you can take on even more work. What about growing your business by way of merger or acquisition?
Merger vs acquisition?
Mergers and acquisitions occur when two companies come together. However, the two are different. A merger is when two separate companies combine to become one company to benefit both. An acquisition is a transaction where one company purchases and gains control of another.
Any merger or acquisition will need expert advice, including accounting and legal, to help mitigate risk and to make sure the transaction goes smoothly.
Some Legal considerations
Structuring the transaction
- Are you acquiring another business’ assets or shares? (A purchase of shares carries greater risk and more detailed due diligence)
- Are you merging your business with another? How will shares be allocated? Will this be based on an independent valuation? Are you going from a sole trader to a limited liability company? (Control and decision making mechanisms are important to consider)
Due diligence checks
- What exactly are you buying? Who are you merging with?
- It’s critical to do your “DD” first!
- Due diligence is the process of carrying out an investigation and review of the important aspects of your target business before being committed to completing the transaction.
- Examples of matters to check include:
Financial – obtain copies of financial statements and accounts
Assets and Stock
Goodwill
Permits & compliance – does the company hold all consents and permits necessary to carry on its business and can these be transferred
Contractual obligations
Liabilities
Leases – are these assignable, what are the terms
Intellectual property rights – it may be crucial to obtain the rights to IP assets
Employment – existing employment agreements and staff obligations
Information Technology – what programmes and software are important
Tax – is everything up to date, any issues, tax implications of transaction
Insurance
Industry specific checks
Culture and values alignment
Claims against the business
Agreement for Sale and Purchase
- A contract is necessary to document the terms and conditions of your merger or acquisition. Important terms to include:
The parties, subject matter of the sale, purchase price and settlement date
Agreed business structure and operation
Defined assets
Conditions eg, obtaining any consents and approvals, being satisfied with due diligence checks and obtaining finance
Warranties & indemnities from the vendor regarding the state of the business
Restraints of trade
Dispute resolution provisions
Employment matters
- Existing employment agreements, key employees, obligations and liabilities
- Effect of transaction on employment and consultation with employees
- The Employment Relations Act 2000 gives employees certain protections if a business is sold
Regulatory requirements
- The Companies Act 1993 governs NZ company law (eg, is the approval of the company’s shareholders required?)
- The Commerce Act 1986 prohibits acquisition of shares or business assets that lessens competition in a market. Is Commerce Commission clearance required to avoid penalties for breach of the rules? The Act also prohibits restrictive trade practices and includes cartel provisions such as price fixing or where competitors allocate a market between them eg, based on geographical area.
- Industry specific regulations that need to be complied with
- Health and Safety at Work Act 2015
- Resource Management Act 1991
In summary, acquiring or merging with another business can bring great advantages and extend your business opportunities, but requires careful consideration of a number of matters. Input from specialist advisors (legal and accounting are essential) and can help and mitigate the risk of taking on the next big step of growing your business.
To learn more about how Helen and Corcoran French assist their clients, visit their website: https://cflaw.co.nz/
Print This Post
