Martin Wakefield Ltd, Accountants, Auditors, Auditing, Audit, Body Corporate Services, Financial Services, Christchurchm, Timaru
Book an Appointment
Blog Layout

How Well Do You Know Your Business

Web Manager • January 4, 2016

The start of a new financial year is an appropriate time to take stock of the position your business is in at present. This month you could ask yourself "How well do I know my business? To start this process, why not ask your employees what business you're in. Then compare their answers to yours. As part of the review of "How well do you know your business?" we have prepared a check list which we are happy to send you. Some of the questions are:

Customers

  • Who are your customers?
  • How well do you know their preferences?
  • Do you know your 'A' grade customers?
  • Do you have special policies for your 'A' grade customers?
  • What are your policies to convert 'B' grade customers to 'A' grade customers?
  • Does your business exceed your customers' expectations?
  • If you believe your business exceeds your customers' expectations, how do you know that?
  • Do your clients refer business to you?
KPI (Key Performance Indicators)
  • Have you identified key performance indicators for your business?
  • Are they appropriate?
  • Do you share the key performance indicator information with your team?
  • Debtors' Days Outstanding;
  • Stockturn;
  • Work in Progress;
  • Gross Profit Percentage by individual products or departments;
  • Sales/fees per team member.
Team Members
  • Have you identified team members' strengths and weaknesses?
  • Have you identified special training or development individual team members may need?
  • Are you conducting staff training and development activities for your team members?
Marketing
  • Is your website user-friendly?
  • Have you asked customers/clients whether they get the information they are looking for from your website?
  • Do your team members know what your customers/clients think about your website?
  • Are your team members using the website to fully supply information to customers/clients?
  • Have you got a growth strategy for the business?
Cashflow
  • Have you analysed your cashflow position?
  • Are improvements needed to cashflow?
  • Are credit terms clearly explained in writing to customers/clients?
  • Are tax invoices accurately prepared and sent promptly?
  • Are statements prepared and mailed?
  • Is follow-up action started as soon as the debtor exceeds your stated terms of trade?

So ask yourself, how well do you know your business?

Check

Employee Surveys to Boost Customer Satisfaction

By Web Manager • March 8, 2015
It is almost always best to start by focusing on your employees first. Highly satisfied and engaged employees are essential for achieving high levels of customer satisfaction, retention and long-term loyalty. Start by listening to your employees and taking action based on their ongoing feedback.
Like

Getting Started With Facebook Advertising

By Web Manager • June 12, 2014
Facebook's advertising feature allows you to place small display ads in the right sidebar of the social network's pages and profiles. The advertising platform works somewhat like Google AdWords. You simply bid for keywords based on Facebook users' profiles and compete to get your ads placed. You can target your ad using a range of variables, including keywords, location, age, gender, education, relationship status and interests. You can also choose between a cost-per-click (CPC) pricing model, where you pay only for clicks, and a cost-per-thousand (CPM) model, where you pay per 1,000 ad views. To start a Facebook ad campaign, you simply select the pricing model you prefer and then determine a bid per click and set a daily budget. You can choose whether you want people to be directed to your web page or to a page, aplication, group or event on Facebook. Facebook puts a "Like" or "RSVP to This Event" button right in the ad so people don't have to visit your page to take action, although you can track them better if they do. There's not much real estate on a Facebook ad. To be effective, the headline, which can be up to 25 characters, must grab attention immediately, and the body copy, which can be up to 135 characters, should describe and entice in succinct language. Select an image to accompany your ad for maximum impact. With some 500 million active users, Facebook is a key platform for marketing businesses, brands, services, products and events. Facebook ads offer a great oportunity to attract more visitors to your website and to increase sales, membership, subscriptions and inquiries.

Balancing Business Life With Your Personal Life

By Web Manager • June 7, 2013
Okay, so you have a business plan - but do you have a life balance plan? After all, making your business a success is a marathon, not a sprint. So it's important to pace yourself by recharging your internal batteries on a regular basis. This can really help your business thrive! Stay focused It's easy to lose sight of personal needs when you're caught up in the excitement of building your business. That's why you have to approach your personal life just as you do your business life. Decide what your priorities and values are. After all, spending time with your children or enjoying a vacation aren't just indulgences; they're activities that provide you with a fresh perspective on life. Be organized Sometimes it takes real organisation skills to find time for relaxation. So set up a schedule for your personal time if you have to - commit to a set number of personal hours every week, and be strict with yourself. You'll be more likely to stick to the schedule and once you've made personal time part of your weekly routine, you'll find the benefits will help you keep going. Don't cross the line If you're a home-based business, try to set a distinct line between work and home time. Leave work at the office, even when the office is only steps away. Commit to having dinner with the family every night, or not working on weekends.
Share by: