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UK Bank Feeds into Xero – a week after the release

Last week saw the arrival of the eagerly awaited UK automated bank feeds into Xero.

It is important to remember that Xero are phasing in automated bank feeds and this is the second step in the UK. The first was the bank feed from HSBC in May 2009. Although there have been a few disappointments from clients whose banks are not available in this stage, including my own bank, I personally feel that staging the process is the best way forward. Little hiccups that are bound to occur can be dealt with and solved much more efficiently.

It’s been over a week since the bank feeds were released and, as far as I know, the response has been very positive. Certainly my clients have been very excited about it and love the feeds.

I no longer have to keep asking the clients, who have banks feeds, to upload their online bank statements, something they often only want to do once a month. The feed comes through daily and I can reconcile as often as I want to, usually more often than monthly, because the transactions are then fresher in the client’s mind if I have any queries. This saves time for both of us.

Typically, I’m now impatiently waiting for the next phase so that I can offer this improved service to even more of my clients.

For Xero’s own blog on the bank feed release click here.

Business Forums – Good or Bad Use of Time?

I’ve been meaning to get involved in business forums for many months now but it’s something that keeps dropping down my to-do list. So when @TweetsBySkeet posted a tweet asking who would be interested in reading a blog about business forums, I immediately replied “yes”! I asked him five questions:

1. Do you recommend joining several forums then concentrating on 2 or 3 favourites as best use of time?

In my experience it takes a long time to learnt to trust other people’s judgments.  This process takes even longer online and it usually ends in you thinking the other person is a twit.  Adding a comment, then waiting for a reply, then replying again, leads to a long-term approach to building up a rapport.

I would say, join with friends, avoid the bouncers and people who post regularly and go as a small groups of friends together.  I would also say, perhaps “credit check” the companies on the forum, to make sure you’re happy with who you are talking to and what their commercial interests are before you start taking part.    I have seen people being all nice about one thing, to refer you to someone else who does their other thing.

It always seems much better to be able to carry on a conversation online, with someone you already know, than it does to develop new relationships online.  I’d also go so far as to say, phone up some of the people who use the forum and ask them what they get out of it before you join.  This is your time and you are about to spend it on a very time-consuming activity when you should be “earning a crust” instead.

It would seem some of these people, almost feed of these forums and never actually do anything other than press F5 – “screen refresh” and are very happy for you to improve the ‘post count’ all day long to make the forum look positive and buzzing.  Remember that, you run a business, it can be very costly in terms of time using these forums and this is time that needs to be invested carefully.

However, you need to join the most suitable places for your requirements.

This might be:

• Where your ideal customers hang out
• Where more experienced people hang out
• Where your peers hang out
• Where your suppliers hang out
• Where the end users of your product hang out
• Where your local contacts hang out

2. As with face to face networking, do you build relationships and trust (no selling)?

Listen, you’re in business.  If you are joining to sell, then yes, you want sales.  Achieving a sale direct from someone who hasn’t the first clue who you are, you will struggle.  Would you trust some bird on the Internet?   No.  Neither would I.

The alternative is to have a very clear product for them to buy.

Ask yourself:   for what purpose are you joining?  To make friends?  To find new routes to market?  To understand the market?   Perhaps to recruit advocates?

Before you do any  networking by these “business forums”, you do need to be clear about your own intent.  Sadly, like most things, you only learn how to use them, once you’ve used them.

Most people will get pretty disappointed if they join primarily for sales.  Networking is not selling and it is not marketing either, it is “breaking the ice” and getting to know people for a later day – you’ve still got to be there at the right time, with the right product in the right place.

A forum is a poor place to hang around for an order.  If you join as a group of established friends, it is different, you can all bounce off each other mainly because you are already an established network.

Whatever you do, be clear before you do it.  Joining alone is what everyone does – I’d say, join together, as a group, if you’re new to it.  At least you get a second perspective on everything.

3. How often and how much time would you recommend investing in online forums?

You get out less than you put in to start with, then it grows and about 12 months after, you get out far more.  In that way I would say, it is a very costly thing to do.  Worst still, is all the silly people who started using it before you, will say, “yeah, but you’re not doing it right” and you’ll feel all mixed up about why it is not working.

Fact is, it is an ice breaker.  The quicker you break the ice, speak to people, meet them, the quicker the value you will get out of the activity.  It does all come down to people and naturally, you will have to weed out all the time wasters amongst the ones who are there for reasons that fit with your own.

The good ones you find will be complete gems.!!

On this subject about time, just remember, this is a computer system and you have to come back and read the reply, after the other person has written it.  It could be a 15min cycle.  Four of those and a whole hour has gone.

4. Do online networking forums work better for certain types of businesses than others?

Networking as an activity is something everyone has to do.  For me it is not really a formalized process, but more of a natural way to keep up to date with market changes.   Ultimately, everyone within the market place needs to increase their sphere of contacts within their market place until they hit an optimum level.

You have to ask yourself, once you’ve broken the ice with someone, where you take it.

What is the purpose of the connection?

Some people seem to live on these networks.  In fact, I’d say they feed of them, literally.  If you upset the apple cart, don’t expect these people to pat you on the back, they’ve been there for a long time and will be there long after you have gone.

If you upset the apple cart, they will also, quite happily kick you out of the door as well.

5. What are your top tips for online networking forums?

• Understand the forum you are joining.
• Understand the role it plays for the creator
• Understand who the people are who control and manage the forum
• Decide why you are joining
• Also make a decision as to which parts of your identity you wish to disclose.
• Read about baiting and how to avoid flame wars
• Be aware of the hidden roles people maybe playing out on the forums
• Join each forum with trusted friends at the same time, where possible
• Consider why you are joining and what role it plays for you
• Recognise that you do not need to answer anything, even when you are asked a direct question

Above all, remember that your business comes first and the network is either helping or hindering your development, if it is hindering, try to solve the problems you have elsewhere.  You can always add value, by taking the answer back to the forum later on, which naturally is a great relationship builder.

Final thoughts from @TweetsBySkeet…

Join with friends, decide what you are going to disclose, then build rapport with the people you’d like to develop the stronger relationships with, then take it offline.

What are your thoughts and experiences with business forums? Both of us would love to know.