If your business is doing well and you’re looking to expand, that can be a sign of success. However, moving to the next stage of business development can be a risky endeavour.
Conducting business is no longer as simple, and dare we say primitive, as being present in the store at the point of sale, making said sale, recording said sale and replenishing inventory stock – all in a very hands-on manner.
So, you’re doing your homework on employee onboarding and preparing new starter kits infused with your company’s values. You also want to mastermind an onboarding process that even the tech giants would be proud of.
You’re never too old to write to the dude in the big red suit and the BUSINESS buddies have scribed their wish list for something special they would like to find under the tree.
Of course, they are trying very hard to be good right up until Christmas Eve, which is more of a challenge for some buddies than others.
Loot, dosh, cash, dollars, money, moola, coin… call it what you will but when there’s none in your pocket and none in the bank, it means one word – trouble.
The holiday season is a time when many businesses find cashflow diminishes to a trickle and it is the perfect occasion for BUSINESS buddy to advise entrepreneurs on how to unblock the dam.
If there were no customers, there would be no business. And with no business, there is no income. So, it would be safe to summarise that customers should be the point of business, would it not?
Having reliable rostering software, like goRoster, means that you know who is working in your business at any given time. It’s a great tool to help you manage your staff without having to be on site 24/7.
Promotions are almost always part of a retailer’s sales and marketing mix, and for good reason — they can drive sales and help you move inventory.
Managing your business’s impact on the environment is not only good for the environment but it can also help to improve your business’s reputation and reduce business costs.
Have you ever stopped to think where would your family and next-of-kin start if the worst happens?
For more than a year, BUSINESS buddy has operated a mobile office system on Fridays and with some experience of this initiative – we have tips to help it work in your workplace.
On Fridays, the Allens Road office doors are locked tight and our team works from where it best suits their needs, which could be at a client’s workplace, at home, in a hotel – virtually anywhere.
It’s the Holy Grail of business: increasing the number of profitable hours in a day.
To be successful in business, you need to be organised, have a clear plan for where you’re headed and be confident with the processes you have in place.
At a certain point, every growing business needs to take a leap and invest in new technology. It can be daunting and expensive, but the rewards can greatly outweigh the costs and stress.
When I designed the first Spotlight Reports, I usually included an Action Plan to close the circle between great data analysis and goal-setting.
Brewery inventory management can be done in a variety of ways. Often, companies will rely on a combination of methods, including web apps, written notes and spreadsheets.
Let’s get straight to the point: ecommerce is NOT killing brick-and-mortar retail.
BUSINESS buddy knows that in any business, cash flow is king.
When clients fail to pay on time it makes things toe-curlingly awkward for all involved.
Business owners struggle with chasing clients for money, and it requires awkward conversations and wastes a lot of precious time.
Forecasting is the process of estimating the effects trends, costs and external factors will have on your business in order to give yourself time to prepare.
Whether you’re trying to bridge a cash gap or secure funding to grow your business, the Xero marketplace offers a suite of apps that can help
Dennis Yarrow began Yarrow Plumbing back in 2003. Before that, he cut his teeth in the plumbing industry working in Papua New Guinea where he learned how to manage a team of 50 (and some other life skills he hadn’t bargained for).
Learn how to scale your business online at an exciting new BUSINESS buddy workshop on 12-1pm Tuesday, October 31 2017.
In any business, large or small, good teamwork is essential for morale, productivity and efficiency.
Many businesses use trade discounts to simplify variable pricing, protect a market recognised price point, stimulate sales or reward customer loyalty.
What is cashflow management? In its simplest form, cashflow management is doing everything possible to ensure that money flows into your business as quickly as possible, and leaves the business as slowly as possible.
The idea of renting your accommodation through Airbnb seems like the perfect way to turn empty holiday homes or spare bedrooms into income earning assets.
Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly.
We have spoken to hundreds of business owners and thousands of their employees over the last twelve years.
The role of a tax accountant has continuously changed over the course of the last 50 years, and it is currently undergoing yet another transition period with the growing popularity of cloud accounting.
It was great to see so many SME operators play truant from the office Monday morning and head along to our Business buddy business-building sponsored event at the Howick Club, and what an event it was.
To receive ideas and inspiration from one of the world’s leading entrepreneurs, mentors and public speakers was truly special.
You’ve done the hard work by setting up your business and establishing solid foundations with a good client base – congrats! So how do you expand, and do so profitably?
If the thought of business networking gives you sweaty palms and a pounding chest then you are not alone.
Often people imagine it involves public speaking or standing in a room making toe-curling small talk with strangers…. cringe…but this fear is usually unfounded.
Have you shown your support for BUSINESS buddy?
The people’s choice for the David Awards 2017 closes on Friday September 15 and we would love you to vote for our team.
BUSINESS buddy has pulled off a HUGE coup and have arranged for one of the world’s leading business thinkers and speakers — Paul Dunn — to present a stunning business-building event right here in our region.
We're bursting with excitement and we want to share that excitement with you.
Not that we like blowing our own trumpet too loudly…. But BUSINESS buddy has made the finals for another award and we need you to exercise your voting fingers, again.
Even if a business has some other, high value, assets such as factory plant, inventory is likely to essential to the business’ ability to trade profitably.
BUSINESS buddy loves technology. However, let’s throw it out into cyberspace that to really get the most out of apps, notifications and those bings and bongs – every now and then you should turn off your smart device.
The homeware and furniture industry has been doing well for the past couple of years, and we expect this trend to continue. The annual expenditure on furniture per US consumer was $502 in 2015 (up from $386). Meanwhile, a report by Furniture Insights found that furniture orders for February 2017 were up 4% from last year.
As business owners, we can all get so busy focusing on the day-to-day running of our businesses that it can feel impossible to find time to analyse what we’re doing and planning for the future.
BUSINESS buddy realises that there is always something on the to-do list that just can’t wait, however exercising your business skills you will improve your entrepreneurial fitness.
BUSINESS buddy has entered The People’s Choice category of The David Awards 2017. With just one click, you can vote for us.
The BUSINESS buddy team is small and determined. They are relentless about delivering their promise to their clients, recognising success comes from its clients' success and their key principle is “Growing your business is our business.”
If you’re in business, making decent money is important. Sometimes, though, it doesn’t always work out the way you’d planned...
In a bold move, BUSINESS buddy has opened a bitcoin account and now we can accept and make payments with the digital currency.
We have done some homework and discovered the background of bitcoin and how businesses can use it.
It is, to say the least, confusing. Here, BUSINESS buddy has a go at explaining and simplifying the futuristic currency.
Look at a company with a reputation for strong employee engagement and you’ll find a high performing business. We’re not making this up.
How do you know which Xero Accounting Add Ons to use?
It’s an election year and immigration is a hot topic. Migration to New Zealand is at a record high and while it has significantly boosted the economy, some say it has contributed to Auckland’s housing crisis and pushed infrastructure to breaking point.
In April 2017, the Government announced changes in criteria for people applying for residency under the skilled migrant category (SMC), to stabilise immigration numbers.
Knowing what your payroll costs are – daily, weekly, monthly and yearly – is an important part of running a successful business. It allows you to forecast future wage costs, ensures you don’t have any surprises come pay day, and gives you confidence in the stability of the business.
But do you know the TRUE cost of your roster?
Remember the old (and slightly misogynistic) phrase Happy Wife, Happy Life! ? Well, it turns out there is a workplace equivalent: Happy workers, productive business! (and no – we couldn’t make it rhyme).
When Number Nurses won the marketing innovation award at the New Zealand Bookkeepers Association conference we nearly needed some CPR to control our racing heartbeats.
That’s the Jammie Army done and dusted for another year. Thanks to the generous people who sent snuggly pyjamas into BUSINESS buddy headquarters.
With the recent spate of cyberattacks causing havoc to businesses and individuals around the world, it has become evident that hackers are more threatening than ever before.
The Isle of Skye Candle Company’s first batch of candles was made in a converted croft on the Isle of Skye in 2006, and since then the company has been lighting up across Scotland and the UK.
Collaboration is the key to success for every business—that’s what 75% of CEOs believe. It’s a way of bringing together diverse minds and ideas and sharing resources to create something bigger and better than individuals could achieve alone, and it’s gradually becoming the status quo for modern businesses in all sectors, including retail.
Winter is here and BUSINESS buddy needs you to help battle childhood illnesses that no tiny tot should have to endure.
Snuggling up at home in a warm pyjamas can be all it takes to keep little ones out of Kidz First Children’s Hospital, at Middlemore in South Auckland.
Phenomenal leaps in technology often polarise people, with some loving the new developments whereas others prefer a more tried and true approach.
The America’s Cup yacht racing is a great example of bold innovation that people either embrace or reject – even if they couldn’t care less about sailing.
It’s no debate that the world is becoming increasingly globalized. Despite some barriers to entry into international business, geographical expansion and the use of imports and exports has become easier and more prevalent. Regardless of the size of a business or where it chooses to operate, one necessity remains constant, and that’s the need for accurate costing.
It can be unwelcome news that the success of your business is, in part, out of your control. If your business involves importing or exporting inventory, it pays to be aware of and be prepared to mitigate potential impacts of trade policy on your business.
Another New Zealand Budget has come and gone and there was not much to excite tax payers or small and growing business owners.
The Minister for Small Business, Jacqui Dean is reported as saying there are plenty of stimulants that will put more money in people’s pockets – hence increasing their expenditure, which may help the retail sector.
Many small business owners start out with a good business idea but little concept of what it takes to manage and grow a business.
The good news is that you can definitely learn and improve your management skills as your business grows.
And while there isn’t a definitive list of skills, the ones we’ve listed below could help you to build your initial vision and develop your business to its full potential.
You almost certainly started your business for one of two reasons: you can do something better than anyone else, or you have a burning passion so deep you cannot focus on anything else. And if you’re lucky, it’s both. You didn’t start your business because you wanted to track cash moving in and out of your bank account. Nor to complete complicated forms for the government. You hadn’t even contemplated how business software could help you do these tasks, mostly because you didn’t know you need to do them.
China-watching is mandatory for many people in business.
The world’s most-populous nation looms large on the global stage in politics, commerce and sport. Its 300 million aspiring middle class citizens – still a small part of the total population - are increasingly sophisticated in their consumer activities, travelling a lot more and further, and pursuing business interests on all continents and the South Pacific region.
BUSINESS buddy is proud as punch to have provided 3,385 doses of vitamin C injections, 25 days of bookkeeping, with another 10 days pending, and supplied 2,310 medical items for less fortunate four-legged friends.
In June 2016, our head honcho, Kirsten Hawke signed BUSINESS buddy up to B1G1 – a global philanthropic programme businesses can join to support people in developing countries.
Working at home has its advantages. The commute is negligible, it’s much cheaper, you can bring in the washing if it looks like rain and work around children schedules and nap times.
On the other hand, there are negatives. Client meetings may require a tidy up and a vacuum, taking on employees means having them in your private home, isolation from the rest of the world, no handy coffee shop next door for your caffeine fix.
Your digital presence as a business is absolutely crucial. If you want consistent work, to build trust in your brand, and the opportunity for growth, you have to know how to gather feedback, and how to embrace it.
Here, we’ve laid out the most important things you need to know about doing just that.
Struggling to keep on top of employee timesheets? Want to offer employees a simpler way to clock in and out? Keen to track remote workers’ location throughout the day? Eager to make payroll easier? TSheets, a mobile employee tracking software, is here to help.
The construction industry is a boom or bust business sector and many innocent people are left financially stung when a company goes under.
At the moment, Auckland construction companies can’t keep up with demand and staff members are being poached every day, which is pushing pay scales up.
The cost of materials is also rising and some companies that provide fixed-priced quotes with little room for cost increases are going under or abandoning contracts that are running at a loss.
It’s time to crack open the bubbly and pull the party poppers because according to some political beings – New Zealand celebrated Tax Freedom Day on May 8 this year.
Did you even know such a thing as Tax Freedom Day existed? And, what the heck does it even mean?
The BUSINESS buddies were quite intrigued by the concept of Tax Freedom Day and did some digging to find out more.
There are now over 500 time saving Xero apps that are designed to help your business work more efficiently. But which are the best Xero apps for your business?
From advanced reporting and time tracking tools, through to tools that make managing inventory and orders in real-time easy, there are a vast number to choose from.
The craft beer revolution has sparked a unique production for breweries both small and large. Beer drinkers everywhere are seeing an emergence of eccentric flavors and quirky names fill the taps at their local pub. Not only are beer drinkers seeing this emergence, they are demanding it and as a result craft beer has become increasingly popular over the past few years. This popularity has sculpted the way breweries are operating. Craft beer may be infused with peculiar hues, notes and suggestions of ingredients we never would have thought to be vaguely compatible with beer, yet a few staples remain intact in the beer brewing process.
With loyal customers being worth up to 10 times as much as their first purchase, it pays to keep in touch even after you’ve made the sale. After all, they’re not easy to replace—new customers are in limited supply, significantly less likely to buy, and up to six times more expensive to sell to than your existing customer base. So it’s important for retailers to retain their customers by building authentic relationships that benefit both parties.
When you’re the boss it can be challenging to let go of the reins and make someone else responsible for managing a role.
But, if you want your business to grow you have to share the load, and if you do it well, there will be business advantages that you may not have anticipated.
Cloud software is fast becoming the way to do business. The reason for this? Everything becomes easier, more accurate and more accessible – which, at the end of the day, is the direction a company should be going in. Cloud-based software is basically where everything to do with the program is online. We will look at a few ways that cloud software can help you achieve good inventory management and manufacturing control.
An efficient, hard-working and friendly team is often the making of a successful hospitality business. So it can be quite disruptive when employees need to take leave.
We recently joined the thousands of businesses headed to the Xero Roadshow, an annual exploration of what’s happening in the world of cloud accounting. Much more than just a showcase of Xero’s features, the Roadshow is one of the best ways to learn about the ecosystem.
Keeping productivity levels buzzing is proving problematic for a lot of small to medium Kiwi businesses and the nation lags behind other countries for getting lots of stuff done, efficiently.
Several different factors improve productivity including keeping up-to-date with technology, investing in research and development and connecting with other businesses.
Whether you’ve just opened up shop or you’re expanding your ecommerce empire, one of the biggest ongoing challenges you’ll face is finding a way to increase traffic to your online store. Your high-quality products and stellar customer experiences are a good start, but if you want customers to find you, you’ll need to find a way to stand out in the crowd of competing businesses vying for their attention. In this post, we’ll take you through a collection of digital marketing strategies that will help you attract and retain a customer base that’s both engaged and loyal, so you can get ahead of the competition.
Manufacturers and inventory obviously go hand in hand, it’s not like you can manufacture anything without the necessary parts. However, even with simpler manufacturing jobs, there are a lot of moving parts, and managing the supply chain can become a complex business. It’s one big juggling act, and if you drop one of the balls it can send it all spiraling out of control. However, with inventory management and modern software a lot of the worries of old can be controlled.
Here’s how inventory management can help a manufacturers business performance.
The 2016 budget had a few changes to tax laws that come in effect April 1, 2017. Yes, it is April Fool’s Day.
The BUSINESS buddy team has looked at the nuts and bolts and come up with a few pointers.
Being young and aspirational has established a great career pathway for BUSINESS buddy’s youngest accountant, Amy Posthuma.
Following her internship at BUSINESS buddy’s East Tamaki office, Amy was offered a fulltime position as their junior accountant.
Grow your business through marketing and advertising!
Whether you’re a personal trainer or a large computer repair shop, if you want to grow and build your business, you’ll need to attract new customers and keep them coming back for more.
Effectively marketing your business is one way to grow your brand and your business.
It’s often how you say something that determines whether you get the result you want. This applies in financial services, marketing and even tax collecting.
In one experiment by the Nudge Unit they improved the payment of vehicle taxes by using simple plain language, “pay your tax or lose your car”. In fact HM Revenue & Customs attributes the recovery of an extra £210 million a year from taxpayers by using behavioural insights in its letters i.e. changing the words to influence behaviour.
Don’t get stuck in your own Groundhog Day: 4 easy changes to re-energise your business
While most of us have alarm bells ringing when we receive phone calls from people claiming to be from Microsoft, there are also scammers who target businesses.
There are thousands of people sitting at the other end of a computer screen, actively trying to trick the unwary into sharing their bank account details or send sums of money offshore.
And the winner is…. Oh sorry, no it’s not.
What a clanger the big announcement was at the 2017 Academy Awards, when the wrong envelope was handed to Warren Beatty and he incorrectly announced La La Land as the supreme winner.
I was catching up with a friend over the holidays who was telling me about one of his friends getting made redundant from a small family business just before Christmas. The basic premise of the story was that the bank had told them they needed to make cutbacks, and as part of this they had to reduce staff numbers. They didn’t want to do this, but they had no choice…
As an SMB, you’ll never have a shortage of sources for tips and insights. From retail websites (such as this one) to mentors and fellow retailers, there’s always somewhere to turn to for business advice and best practices.
Effective job scheduling is one of the most important but least understood disciplines of business management. Assigning the correct employee to the right job at the right time is crucial for business success, especially for companies with a mobile workforce. So why don’t some managers give it more of their attention?
Getting out of the cashflow trap for good: The first step is to admit your clients have a problem (with debtors)
This is the first article in a series of posts about Debtor Radar, a new debtor analysis and cash flow advisory tool for accountants from Debtor Daddy. If you’re an accountant you’ll be able to learn more here.
Our goal with Debtor Radar is simple: Help more small businesses solve the cash flow troubles caused by debtors.
We know what it’s like to be a startup; we were one. That’s why we’re excited to launch the 2017 Xero Entrepreneur Scholarship, designed to help UK students afford the rising cost of education and help them along the road to success on their entrepreneurial journey.
It’s no secret that smaller retailers face the challenge of their lives against ecommerce giants such as Amazon — and in Britain, this fight has recently been compounded by Brexit and its potential effects on the retail and trade industries.
But there’s hope yet. A recently launched organization called SaveTheHighStreet.org aims to give the power back to high street retailers and local shopkeepers by endowing them with the tools, skills, and digital capabilities they need to compete in the modern age.
Let’s face it, concepts like paperless office and cloud computing are not ‘new’ concepts anymore. It still surprises me when I encounter businesses that are not paperless and in the cloud. It just makes sense. I’ve been running businesses as ‘paperless offices’ since I co-founded Business Fitness back in 2001. My current business, PARADOX, has been ‘paperless’ and had 100% cloud-based IT and business systems from day one, almost 8 years ago now.
You’ve put yourself out of your comfort zone and tried something new with your business, with less than spectacular results.
Now’s the time to brush yourself off and try again.
Marketing. *Cringe*. You can think of a million things you’d rather be doing. The ice bucket challenge in the middle of winter. A half marathon with your ridiculously fit niece, a Toastmasters table topics competition in front of 100 unknown people.
Having worked with several trade contracting businesses, I’ve observed a very common, but inefficient, behaviour: going after big contracts before thinking about the fit.
Often, companies will spend months preparing a proposal only to see it rejected.
Peer-2-peer lending is a form of debt financing that allows businesses to borrow money without going through traditional lending routes such as a bank. P2P lending platforms connect individuals looking to lend their money with businesses looking to borrow.
These days, cultural fit is an important part of the recruiting process. The prevailing wisdom is that you train for skills, and hire for attitude and fit.
We spend most of our lives working rather than with the ones we love, so it seems only sensible to ensure the relationships we have at work with our colleagues or employees are healthy and happy, as well as professional.
Well that’s the holidays done and now there is an arbitrary line drawn on the calendar that demands we contemplate, plan and decide the future of many things – including work.
This quandary is most pressing for many baby boomers contemplating retirement as well as businesses in industry sectors that are rapidly changing with a rush of innovations.
Take a moment to put yourself in your target customer’s shoes. Now, pretend you’re someone who’s walking into your store for the first time.
Do you take regular cash drawings from your business profits to meet personal living costs? You need to be aware of how your personal drawings sit with your tax position.