How is it that some organisations are exceptional? In a crowded marketplace; with access to the same people, technology and customers; why is it that some businesses stand out above the rest? Simon Sinek tells us it is because they know ‘Why’ they do what they do, and more importantly can communicate this powerful message.
This short video offers many readily implementable ideas and is a powerful insight into the ways individuals and businesses can inspire action. Each of us can communicate what we do, but not many can articulate ‘why’ we do it. Herein lies the opportunity to be different.
We encourage you to take a moment and hear from a world-renowned expert. Watch this once, twice and more. Challenge your current thinking. If you already know ‘why’, then consider if you are communicating this effectively to your clients and customers.
There is always room to improve or even better; be inspired.
A good business understands the ‘touch points’ for their clients or customers. A touch point is the various times that a customers is engaged with the business. It might be entering a store, finalising a transaction, phoning to make an appointment or receiving a letter in the mail.
A great business builds on this foundation to understand the experience the customer has. The culmination of all the touch points and the emotions they stir in your customer. The goal is to provide a positive experience.
Consider this light-hearted clip from Coke. They have turned a ‘touch point’ (buying their product from a vending machine) and transformed it into an exceptional experience. The power of the web allows them to share the experience. Consider the current “Share a Coke with…” campaign and how once again Coke are transforming a touch point of buying their product into an experience for their customers.
What experience do your customers have with your business? How can you make that an exceptional experience?
This annual list is often more highly anticipated than any of the BRW Rich Lists and there is little reward in being featured. Each year the ATO announce occupations, industries or areas that they intend to focus their resources. This year in their sights are small business benchmarks, wealthy individuals, sham contracting, work-related expenses and employer obligations for SMEs. Occupations and industries as diverse as as diverse as real estate, hospitality, carpentry, medicine, football and aviation will be in focus for the year to June 30, 2012.
The ATO don’t limit themselves to these industries and always highlight their interest in work related deductions and of course the cash economy and individuals and businesses operating in industries that a known to operate in cash.
ATO Highlight Business Benchmarking Again
For businesses, benchmarking is becoming an important consideration and the ATO have once again highlighted this area.
Knowing how your business performs in relation to similar businesses (by way of size, geography and industry) is valuable for two reasons:
this information can assist when considering your own strategies and evaluating your own performance. Benchmarks can be adopted as Key Performance Indicators (KPI’s) or budget targets.
more importantly, the ATO are using benchmarks as a method for identifying non-complying businesses. You may have a reason for performing outside the ‘benchmarked average’ but the ATO may still target your business for further investigation. This is often a time consuming and costly distraction for businesses.
Negotiis have responded to the ATO’s increasing interest in business benchmarking by developing our business services to include the option for benchmarking to be undertaken for our clients. We have partnered with a leading benchmark provider to ensure we have access to the latest data and statistics for a large number of industries. Our team are able to tailor these benchmarks to your business to compare against a consolidated average of similar operating businesses to a significant level of detail.
We encourage our businesses to be proactive and undertake a benchmark of their businesses to identify areas of strength and particularly highlight areas for improvement. A benefit of readily identifying areas not performing within the benchmark is that a strategy can be put in place to combat this before the ATO express interest.
More Information
Interested in learning more about Business Benchmarks? Contact Amanda Newton, Director – Client Services on 9394 7024 or via email amanda.newton@negotiis.com.au
Negotiis are once again delighted to be Official Sponsors of the Wyndham Business Awards for 2011.
Entries have just opened for businesses operating throughout Wyndham. There are numerous categories of which businesses can apply. From Agriculture to Tourism, Manufacturing to Retail, businesses big, small, home based and multinational are being encouraged to enter the 2011 Wyndham Business Awards.
The Awards, which are free to enter, are open to all Wyndham based businesses and Categories include Retail, Tourism, Manufacture, Franchise, Service and Arts and Entertainment.
In their 17th year, The Awards are an annual real highlight on the Wyndham Business Calendar. They provide an opportunity for the business community to connect, develop new, lasting and rewarding relationships.
Past winners of our awards have gone on to win prestigious awards such as Premiers Export Award, Victorian Business of the Year, Australian Manufacturer of the Year and the Hong Kong Bank Export Awards along with numerous industry accolades.
Interested in entering? An Expressions of Interest form along with further information can be found on the Wyndham Council website.
The end of the financial year is fast approaching. Now is the time to consider the performance of your business over the year and in particular look for strategies that may be beneficial in reducing your tax burden.
Tax Planning is an essential discipline for investment and business entities. There exists only a narrow window in which strategies can be developed and actioned based on the review of your current position. This window closes with the financial year on 30th June.
Our team of Accountants are proactively working with our clients to forecast their end of year financial position and assess what opportunities exist to develop strategies inline with our clients goals.
Don’t miss this important time of the year. Be proactive and seek out strategies that will add value to your position.
Contact our team at Negotiis today for a no-obligation consultation to discuss your financial circumstances. Remember the window closes 30 June!
Management Reporting (e.g. understanding a Profit & Loss and/or Balance Sheet)
Basic Ratio Analysis (e.g. Payments Terms and working out Receivable Days)
Industry Benchmarking
Understanding Business Cash Flow
This event is open to anyone who is interested in gaining knowledge and learning tips to aid in the management and operation of any business.
Booking Details:
For more information or to register please contact Business Development Officer, Catherine Johnston at business@wyndham.vic.gov.au or on 0459 069 162. Places are limited.
Research conducted by Huggies found that over 70% of Mums had considered starting their own business. They have responded by establishing a Grant Awards program offering initial seed funding of $20,000 to original and new ideas.
Seed funding for a new idea is often difficult to find. If you have been contemplating then now is the time to take action. Submissions close May 1. Follow this link for further entry details.
Are you interested in promoting your products and services to a potential target market of more than 147,000 local residents and more than 8,500 local businesses?
Wyndham City’s website now features a NEW Wyndham Business Directory and it is FREE for businesses located in Wyndham City to register.
Every business that registers before the end of April 2011 will be entered into a prize draw with a chance to win 1 of 5 $200 gift cards.
Experience from natural disasters in the United States suggests that up to 40% of businesses in disasters areas will not reopen. This has a tremendous impact on the surrounding economy with jobs lost, real estate impact and spending decreased.
The CPA have produced a thorough guide for small businesses to assist with management through these times of significant stress.
The Disaster Recovery Toolkit covers areas including:
Getting Back to Business
Evaluating Your Financial Position
Checklist for Reopening Your Business After Disaster
Checklists for Potential Sources to Reconstruct Your Financial Records
Tools to use to Analyse Financial Health after a Disaster
Checklist for Managing in Times of Financial Difficulty
There is also a section cover aspects to consider when Exiting Your Business.
Our team of Accountants at Negotiis are available to discuss any aspect of this report further or assist in implementing a plan to build businesses back after the recent floods. Contact Us to arrange a suitable time for a meeting or phone call with one of our experienced team members.
The Victorian State Government have announced the availability of financial assistance for individuals & households, small business & primary producers and community groups.
These grants are for emergency accommodation, temporary living, clean up and re-establishment expenses.
For more information about who qualifies for assistance and how to apply follow our link to the Victorian Government website.
