GMG Accounting - Specialist accounting and financial services - Swan Hill, VIC Australia

Blog Layout

Growing your Business - Shape Up or Ship Out!

Shaun Lawry • June 9, 2017

Fact – 88% of sales is repeat business. It's at least 10 times easier to get another sale from an existing customer than a new prospect.

I have heard the talk over the past 5 years or so that online businesses are to blame for a decline in business profits. Change is here and has been for some time and will not stop. Change is now apart of everyday life. Technology, Cloud Technology, online shopping and society as a whole continually change & all business sectors need to adapt to continue to remain relevant.

Below are some brief ideas that anyone can adopt to ensure they remain relevant, competitive and profitable:

  1. Treat all your customers will the utmost respect. Greet all customers with a smile and show them that you care. 1st impressions last.
  2. Can't beat them join them. Customers will tend to look up goods & services on the internet. Your business should have a website. You can be open 24 hours a day.
  3. Websites need updating regularly as well. The more updates you do to your website the more google hits you wil receive. A stale website is a negative experience for a customer.
  4. Entice customers into your business. You need to devise sales and marketing strategies.
  5. Problem solve for your customers. If you don't have an immediate product or answer for your client assure them that you will source a result. Create relationships with business partners.
  6. Up sell. Teach your staff to up-sell. Do you want fries with that?
  7. Up sell. Package products together. 6 pack of beer & some chips.
  8. Training, training, training. You need to invest time & attention to all staff. They are a reflection on the business. Continued training, reviews and new challenges are also required.
  9. Praise. Thank customers for their support. And importantly don't forget to thank your staff as well.
  10. Listen more & talk less! 2 ears 1 mouth!
  11. Have devised systems and processes for all aspects of your business.
  12. Bean counting. Review your gross profit & overheads regularly using cloud accounting to identify issues and fix before they become a bigger problem.
  13. Always deliver on your promises. Do what you say and remember to follow up requests.

Change occurs each day and that is why it is important to review your business on a continual basis. We all know how busy owners are working in their business & that is where GMG can help. We can become your business coach to assist you working on your business and to ensure you remain relevant.

COVID-19 Stimulus Package - Coronavirus Income Support Supplement Payments
By Daniel Mangiameli March 24, 2020
A $550 fortnightly Coronavirus supplement, to commence from 27 April for an initial six month period, will be paid to eligible recipients. Eligibility Permanent employees who are stood down or lose their employment, sole traders, the self-employed, casual workers and contract workers. This payment is in addition to the JobSeeker Payment under expanded accessibility Existing and new recipients of the JobSeeker Payment, Youth Allowance JobSeeker, Youth Allowance Student, Parenting Payment, Farm Household Allowance, Special Benefit If you're already receiving one of the welfare payments listed above, you don't actually have to do anything. Services Australia will automatically pay the Coronavirus Supplement to eligible recipients each fortnight. If you're not currently receiving welfare, you'll need to apply online at MyGov using a Centrelink account or contact Services Australia by phone. If you require further information on any of the above, require assistance in working out your eligibility or h
COVID-19 Stimulus Package - Apprentices & Trainees
By Daniel Mangiameli March 24, 2020
In line with the second economic response package, the federal government is supporting small business to retain their apprentices and trainees. Wages subsidies will be paid to eligible employers equal to 50% of their apprentices/trainees wages from 1 January 2020 to 30 September 2020. Employers who are eligible will be reimbursed up to a maximum of $21,000 per apprentice/trainee. Eligibility The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee as at 1 March 2020. Has re-employed a displaced apprentice/trainee, who was employed by a small business at 1 March 2020 but who has since been released from their apprenticeship/traineeship by their employer. Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian Apprenticeship Support Network (AASN) provider. Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian
COVID-19 Stimulus Package - Boosting Cash Flow Employer Payments
By Daniel Mangiameli March 23, 2020
COVID-19 Stimulus Package – Boosting Cash Flow Employer Payments
More Posts
Share by: