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A strong strategy is the heart of your successful business

Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions.Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with a clear purpose. Few businesses have a strategic plan or a robust planning process. Changing this situation should be a top priority! Here are two top tips for business owners.1. Process Creates the PlanGetting s...

Understanding Your Statement of Cash Flows

The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period.For each of the reporting categories, receipts and payments are listed (money in and money out), and this is reported as a net increase or decrease in cash held for that category.The net change in all categories is added to the amount of cash on hand at the start of the reporting period to arrive at the current cash on hand...

How staff training expands the skill-set of your business

Spending time and money on staff training is a must. When your employees can see that you're invested in their future, they feel valued, empowered and engaged with your company vision. That's excellent news for your employee satisfaction scores and your team spirit – not to mention the overall productivity of the workforce.Investing in the future of your teamIf you want great things from your people, you’ve got to give them the very best support. A job is not a static thing. It’s a role th...

10 ways to improve business performance

Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business.1. Eliminate distractions: Time is the scarcest resource and biggest killer for most businesses. When we get busy we can also get distracted and focus too much time and energy on the wrong things. Be brave - slash standard meeting times, reduce unnecessary admin and delegate roles and responsibilities.2. Say goodbye to bad customers: ...

How to say no if you’re a yes person!

Are you a yes person?Even when you’re snowed under with work, family, and life admin, do you find yourself saying yes to things you don’t really have time or headspace for?The downside of being a yes person:You can enable others to develop a dependency on youYou may be susceptible to people taking advantageStress and burnout can zap you and your energy levelsYour time can evaporate, leaving you to drop the ball on your own prioritiesYou can be distracted from your own tasks and not meet your...

Networking for business growth

Referrals are the easiest way to generate new business, and they don’t cost you anything - although rewarding them will encourage more. Referrals are best sought from existing customers or those you regularly do business with - in other words, your network of potential advocates.Seven ways to build a strong network and maximise referrals:1. Value the lifetime value of a new client.The lifetime value of a client = (Average transaction value x average purchase cycle) x customer lifespan.Calculat...

How to start small with small business marketing

Big isn’t always best when it comes to marketing, and this rings true when it comes to small businesses.Support for small businesses is going through a renaissance, with customers turning their backs on giant corporations in favour of the smiling faces of owner-operators, and a more personal approach (that isn’t the result of AI collecting your data). This is good news for small businesses and it provides an opportunity to get your name out there in an authentic way without a hefty marketing...

Amplify your business with social media

Social media is an amplifier. It's also an extremely cost-effective method of marketing.Social media is an extension of your voice, personality, values, and aligned connections. It enables you to grow your reach and entertain your existing customers and their connections.It’s common for customers and prospective customers to use social media to source products and services. Platforms vary, so consider the most appropriate social platforms for your business and target audience.The benefits...

Is your business attracting the right talent?

When people talk about ‘brand’ they often think solely from a customer perspective. However, a strong 'employer brand' is also critical, in order to attract the right talent to your business. With a shift in skill-set requirements across most industries, it’s more important than ever to attract the right potential employees.So how do you go about attracting great talent to your business?Give prospects the full pictureWhen you have a role to fill, make sure you:Describe the great working en...

Business tips: Writing a mission statement

You've had your initial business idea and written a plan. But do you know WHY you're creating this business, or HOW you’ll deliver your end product/service? What will the company's underlying purpose be and how will your core values drive the business?To get these crucial elements ironed out, it’s a good idea to write a ‘mission statement’ for your startup – a short summary of the aims and values of your business.WHAT does your business do?The first thing to pin down is what the busine...

Business sustainability in uncertain times

“Focus on becoming sustainable through a period of uncertain weakness, and building flexibility to respond quickly when your particular sustained upturn comes along.” - Tony Alexander, Economist.For business owners, it is hard to predict the marketplace swings and roundabouts at the best of times. But these are times of huge personal and professional uncertainty and the anxiety caused is very real. Businesses that can adapt, businesses with strong team culture and strong customer focus ...

Getting the most out of your Organisation Chart

Your Organisation Chart forms the spine of your business; it holds the business upright and provides the link between the shareholders and business activities.The purpose of an Organisation Chart is to:Show how the business works to serve the needs of its shareholders.Ensure the business is adequately resourced by people.Provide clear accountability - who is responsible for what.Show how the departments and positions interact.Ensure the business can deliver on its Strategic Plan.A clear Organisa...

What is team engagement and why does it matter?

An engaged team member is fully absorbed by and enthusiastic about their work, and takes positive action to further a company’s reputation and interests and achieve their goals.More importantly, what does a disengaged team member look like?The symptoms range from a negative attitude, poor communication, absenteeism, lack of initiative, laziness, lateness, lack of participation, and doing the bare minimum at work… all the way to actively damaging the company's work output, culture, and reputa...

Building resilience in your people

Having a healthy workplace is a win-win situation for employers and employees, but it can be a challenge to create an environment that truly supports mental health and builds resilience.Research proves that investing in your people’s wellbeing is beneficial to both them and the business, overall, so let's look at ways leaders and managers can build resilience in the wider workplace, support employee wellbeing, and build an open and supportive company culture.Benefits of a resilient workforceTh...

Managing change in your business

Successfully implement change in your businessResearch by Kotter International found that more than 70% of change projects within a business fail. Why is this?The research findings show that employee engagement is the biggest factor. Whether it is a small change to one or two processes, or a company-wide change, it's common for staff to feel intimidated by it.So what can you do for successful implementation of change? Here are the principals from Kotter’s 8-Step Program:1. Get the team onboard...

How to get employee remuneration right in NZ

For most people, earning money is a principal reason to go to work. It’s also one of the easiest ways for them to measure themselves and their achievements.Remuneration (how you pay and reward your people) can get left on the shelf, due to financial reasons or because constructing competitive pay packages can take a lot of effort. But there are risks to getting pay wrong, from potential legal issues to the damage it can do to employee motivation and retention, and the company’s reputation.Wh...

Minimise team turnover and time spent recruiting

How to minimise team turnover and time spent recruiting.Recruiting is a hard and often frustrating journey. It takes you away from other important, and productive, business activities. It leads you down dead-ends; that awesome applicant who’d accepted a new position before you offered them yours!Not to mention those awkward interviews, where you realise within twenty seconds that the person is not suitable, but you still have to go through the motions. Ultimately, all roads lead you to you tak...

Why employee onboarding is so important

Even before you start recruiting for a position, you should be prepared to make a new employee’s introduction to the business as smooth and comprehensive as possible.Onboarding (also known as induction) is a broad, structured process to provide a new team member with all the tools, information, and insight they need to quickly become an effective contributor, while at the same time integrating them with the company and its culture.Sure, you could set the person up with tools they need, give th...

The 'No frills' 2023 budget - What does it mean for you?

How will the latest Budget affect your business and your household?Here are some of the changes most likely to have an impact on Kiwi business owners.Extended free childcare hoursIf you have young children, or your team members do, the extension of the ECE subsidy to include two-year-olds will be welcome news. This should make it easier for some parents or grandparents to re-enter the work force. Businesses in this sector will also feel the benefits.Higher trustee tax rateThe trustee tax rate is...

Is your team as diverse as it could be?

Having a focus on diversity, equity and inclusion (DEI) is a vital part of being a forward-thinking, 21st century business. Having a diverse and inclusive team is not just a 'box-ticking exercise’ to impress your shareholders or investors. It's a proven strategy for making your business more flexible and attuned to a modern way of doing business.Recent research by Gartner found that inclusive teams unlock diversity benefits by improving team performance by up to 30% in high diversity envi...

Five steps to better cash flow

Need a hand managing cash flow? You’re not alone. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools like Xero’s invoice reminders to move payments along.That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices paid even faster:Keep your books accurate and up to date - so you can see your financial state at a glance.Don’t be too lenient with your customers - you can be direct and st...

Business tips: Finding the best routes to finance

Every business needs finance to get the initial enterprise off the ground. You may well have entered into finance arrangements to fund the initial stages of the business, taking out loans to purchase equipment, lease premises or take on staff.But when was the last time you reviewed the arrangements or looked at the options for accessing other routes to funding? Are your finance facilities still offering the best interest rates and repayment terms, or are there better deals out there?Other financ...

Don’t trip! GST mistakes to avoid

GST can be a thorn in your side but if you understand when it’s due, what to pay, and you make the most of your accounting software, you’ll escape unscathed. Here are four of the most common mistakes we see business owners make with their GST.Not putting aside money to pay GST - For better cashflow, keep 15% of your taxable supplies in a separate account. If you’re registered for GST on a quarterly basis, you’ll be expected to pay the GST collected minus the GST you paid for that qu...

Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position and business performance.So what’s involved? - The balance sheet has three sections: assets, liabilities and equity.What are Assets...

Slow payers cost you real money

Like any relationship, timely communication between creditors and debtors goes a long way to avoiding trouble. One of those tools for small businesses is the financial web.The financial web describes the electronic connectivity between small business, accountants and financial institutions, particularly when coupled with cloud computing.The continued expansion of the financial web helps small businesses make smarter decisions, improve cash flow, get paid faster and access capital quickly.At the ...