Category Archives: Finance

3 Top Tips For Running A Successful Business

3 Top Tips For Running A Successful Business

Nail The Sales

Your business won’t last very long if you don’t have regular sales coming in. So, the first thing you want to do is build up a strong client base that want to buy from you again and again.

You then need to take it a step further and examine your finances as a whole. It is great to have money coming in, but what is then going out and when is it happening?

Have an understanding of your cashflow so that you have the right amount of money in your account at the right time of the month… every month. To help you do this, it can be really helpful to have both a budget of your earnings and expenses, as well as a forecast of what you expect to happen each month.

Both of these documents (and the sound advice of your business advisor or accountant) will help to make sure you nail the sales in the right way.

Effective Marketing

Marketing is going to be an essential component of generating those consistent sales and strong cashflow. Without it, people may not even know who your business is or what you offer. So, it is important to get the word out there.

In saying that, not all marketing is created equally. You want to use the channels that you can measure and show a good return for your business. For example, there is no point paying to advertise in the newspaper if your clients are all on Facebook. They wouldn’t see the advertisement and it would just be a waste of your heard earned dollars. Instead, select the channels that will connect with your ideal client.

Remember that marketing does not only include paid advertising. It also includes encouraging word of mouth referrals, building strategic partnerships with complementary businesses, offering special deals like free shipping or a gift with purchase, and staying in touch with your past, present and prospective clients via email.

All marketing really encompasses is creating brand awareness and generating leads for your business. You can then convert those leads into paying customers.

Customer Loyalty

One of the most effective techniques for building consistent sales and delivering successful marketing is generating customer loyalty.

Loyal customers return to your business time after time as they know they will get great service and a quality end product. That means they deliver consistent cash into your business and prevent the need for you to constantly source new customers – cutting down on your marketing spend.

The most basic ingredient for customer loyalty is great customer service. Remember that every interaction with your clients and prospects is a chance to impress them. Always be friendly and helpful and ensure that you deliver on your promises.

You can then build on that loyalty by offering great incentives. Customer loyalty cards, referral bonuses, VIP specials, and a customer guarantee will all help to build further loyalty and turn your customers into your biggest raving fans.

A Success Story

Here at Insight CA, we have a wide range of clients that we offer business advisory and accounting services to. We recently helped one of our clients boost his business with some strategic marketing techniques.

Being a franchise owner, they had simply relied on the franchisor to do all of their marketing for them in the past. This was producing inconsistent results as none of the marketing was targeted.

They have now brought their marketing in house. With a few simple tweaks, our advice has already started generating results and it has only been a couple of weeks.

Stocking a luxury hire product, they needed to ensure they were engaging in the right circles. So, they are now utilising in person networking events, expos, email, and targeted Facebook advertising to reach their ideal clients. Now, they are intentionally drawing clients to their business.

They have also attended a course to get back to the basic fundamentals of selling and have implemented a CRM database that allows them to track everything in their business.

These simple changes have increased their sales and visibility in the marketplace. All by focusing on the right areas of sales, marketing and building customer loyalty.

If you would like to boost your business too, then get in touch with us here at Insight CA. We have a wonderful book that will help you with the basics,
‘Start a Business, Growing a Business’, plus an expert team of Chartered Accountants and Business Advisors to take your business to the next level.

10 things to consider for Year End

10 things to consider for Year End

It’s the financial year end for a lot of people and businesses, so here’s a few pointers to think about as you finalise your accounts and tax position for 2015/16.

First and foremost – get your documentation organised so that it’s easy to refer to should you have any queries. By that I mean bank statements, invoices, receipts, insurance documents, employee records and the like.

Some key areas to consider as you approach the end of year:

Contracts. Have you invoiced retentions that are not payable till the next tax year? If they are payable in the current year they are taxable as income.

Credit notes. Look out for any credit notes issued to customers after balance date. You may be able to apply them to this tax year

Debtors. Review your debtors. Did you take reasonable steps to recover all debtors?

Bad Debts. If you write off bad debts before 31 March, you should be able to claim it as a deduction.

Employee expenses. Amounts owing to employees for holiday pay, bonuses etc. can be claimed in this financial year if you pay them within 63 days of balance date.

Repairs and maintenance. Undertake planned maintenance or repairs before year end to ensure a tax deduction.   (more…)

10 Tips to improve your cash flow

10 Tips to improve your cash flow

Cash Flow Management

Cash flow is one of the main concerns impacting businesses in NZ today. With the global financial crisis now thankfully behind us, there is still a more reserved confidence in the market to that that existed prior to 2007.

Even organisations experiencing significant and sustainable growth are finding they are faced with a range of difficult challenges. None more so than cash flow management.


Challenges faced by NZ business owners today

Challenges faced by NZ business owners today

It’s no surprise that in a country renowned for just getting things done, that the number one reason why people want to own their own business is a desire to be independent. That independence comes with a number of challenges that can test the emotions of even the most successful owners.

Business owners are faced with a wide range of challenges, each day often different ones rise to the surface. Most of the more pressing challenges are financial
related. Whether it be funding or getting access to capital, cash flow
problems or challenges to do with profitability, the size of the debt linked to them or their business, they can all consume some businesses and owners.