What can you do to develop loyal customers?

What can you do to develop loyal customers?
Now is the time for a complete review of your business activities to see where the improvements need to be made, with particular emphasis on these two key areas.

Happy, engaged workforce and happy loyal customers lead to bottom line success:
  • Have discussions within your organisation.
  • What are the differences between your various customers?
  • What do they complain about?
  • How can the items, that they're complaining about, be fixed?
  • Are there follow-up phone calls after a job is completed?
  • Are customers encouraged to make comment?
  • What internal goals need to be set relative to dealing with customers?
  • Create key performance indicators and measure KPIs, as appropriate, on a daily, weekly and monthly basis.
  • Encourage success by rewarding positive behaviours within the team.
  • Encourage and lead the workforce to build customer loyalty.  Read more…
As we all know, there is no secret recipe to guarantee business success
But by following these five tips you'll go a long way to ensuring your business is adequately prepared for whatever the future holds and increase the likelihood of achieving success in the future:

1. Define a clear vision
Your vision defines your business decisions and establishes the direction in which your business is heading. There is no point trying to generate business if it means sacrificing what you believe in or what you value so define it clearly. Then operate your business with that one vision in mind and make it your focal point.

2. Evaluate your existing position
It's important to know where you stand in the market i.e. having a clear understanding about how much market share you occupy and who are your most successful or emerging competitors. The more information you have, the easier it is to evaluate areas for improvement and niche markets for potential growth. If you don't have this information to hand, request our benchmarking report for your industry as a starting point.  Read more…

Ever auditioned an accountant? Find out how Jenny did

Brainstorming business options grants performing arts troupe ability to soar
Brainstorm Productions, Australia's most respected theatre in education, specialises in performance tours for schools that deliver bullying education and cyber bullying programs.

With 30 years' experience researching, developing and producing a variety of live education performances and programs, owner Jenny Johnson took her role just as rigorously when appointing a new accountant.

Jenny took particular care to audition several potential accountants and found that they varied in personality and style.

During that process Jenny met Collins Hume and Peter Fowler whom, she believed, dispensed business advice much like a good doctor; he listened, explained theory in ways she could fully understand, and who seemed to be onto things.

That was five years ago and in that time Jenny, working collaboratively with Collins Hume, has crammed in a number of key projects which have benefited her business. Read more…

Top three tips to make your cash flow forecast as accurate as possible

How to forecast unpredictable cash flow
Preparing for unpredictability when it comes to your cash flow will make your business even stronger.

Formal cash flow forecasting is common practice for conscientious business owners as it's a great way to budget each financial year.

However, developing a forecast can be more complex than simply stating your likely monthly outgoings and income. With the many internal and external variables that can contribute to the growth or decline of your enterprise, provisioning for these in your forecast can be difficult. So here are our top three tips to help make your next forecast as accurate as possible:

1. Construct or apply a proven a template
Developing a template to include your cash flow information is the first step to budgeting and managing anything unpredictable that could influence your final forecast. By separating your income and payments into each month you can then review those elements that are consistent in your statement, such as filing fees, bank charges and other fixed costs.  Read more…

Five common business marketing pitfalls, as seen by an impartial accountant

Marketing a small business can be challenging and hard to perfect
And we should know because we have to keep on top of our own marketing.

But we also have the unique position of working with a number of small and medium sized business, so can observe what works well and what doesn't when it comes to the key functions of a business, including marketing.

If things aren't working out the way you'd hoped for your marketing, try and pinpoint variances early before continuing to throw good money after bad.

We've identified five common pitfalls among business owners who are trying to market (although not all are marketing mistakes per se) that can help you make the most of your efforts:

1. Changing suppliers without preparation
If you decide that it's time to change suppliers, do the research and planning before definitely making the move. And make sure all your stakeholders (team, customers and anyone with any others invested interest) are aware of the change flagging any potential problems that may arise in advance, such as adjustments to product costs or delivery delays.  Read more…
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