More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode.

Revenue, profit and your bottom line all deserve your attention. But keeping everything running is the baseline.

Regular cashflow forecasts help you keep that in focus. Here’s why:

• • • Cost control – If you can’t reach your targets for income, reining in your costs may give you a little extra head room to manage cashflow while you plan your next move.
    • Visibility on outgoings – Cost control can be a challenge when it’s hard to pinpoint hidden costs or where established ways of doing things cost more money than they should. You may also have been coping with unexpected expenses, as you’ve adapted your business for unplanned circumstances or increased costs.
    • Improving business practice – It’s more than only keeping an eye on outgoings (though that’s important). It’s about looking at each aspect of your business and business systems (or the gaps where there should be business systems) to see if poor practice is driving costs up unnecessarily.
    • It can be useful to break it down – You can look at cost centers such as office supplies or freight. Or you can look at what those costs do for your business. It can help to analyze costs in terms of cost of sale and overheads.

Cost of sale and overheads

Cost of sale (also known as Cost of Goods Sold or CoGS) is how much it costs you to make a sale.

In a business that sells products, CoGS is based on the price paid for the product, plus any costs necessary to put the merchandise into inventory and make it ready for sale, including shipping and handling. You can even break it down to calculate the cost of sale of individual units.

Overheads are general business expenses. They can’t be tracked directly to sales. Overheads are what it costs you to open your doors (whether online or actual) every morning.

What’s your plan?

• • • Reduce unnecessary expenses – Trim expenses that aren’t related to your core product or service.
    • Suppliers – Are you able to work with your providers to ask for discounts or more favorable payment terms on either cost of sale or overhead expenses?
    • Talk to your team – Analyse your costs and involve your team, including frontline sales staff.
    • Efficiencies – Are there efficiencies that could save you money, this can be anything from reducing shipments from suppliers or between stores, to taking advantage of AI to save you time, money or both.
    • Advertising – It might be a false economy to cut back on advertising, as customers are always looking for bargains and price-checking alternatives. But would targeted campaigns work better?
    • Prioritize – Can you pinpoint products most likely to bring the fastest or best return and hold back on products that are a slower sell?
    • Promote or discount – If you have old or slow-moving stock, can you discount it and convert old stock to cash? If you attract customers now, you may be able to use it to spotlight other products.

Every dollar you pull back from your costs can go straight into cash flow. Talk to us if you’d like to review your costs and your systems to keep costs under control. Whether your sales are boom or bust, make sure your costs aren’t holding you back.

The following content was originally published by BOMA. We have updated some of this article for our readers.

Your end users are the life and blood of your business.

They’re the drivers of your relationships, sales, income and end profit. So, having a good user experience (UX) isn’t just a ‘nice to have’, it’s actually a critical requirement for any ambitious business to aspire to.

Understanding what your ‘UX’ is, and how it can be improved, is vital business knowledge. So, let’s dive in and find the important UX areas you should be focusing on.

4 ways to enhance your UX

Your ‘user experience’, or UX for short, refers to the ways your customers and prospects interact with your products and services. It’s about how they engage with your website. How easy it is to order an item and navigate your online store. And it’s the ways your end users interact and communicate with your people during post-sales support stages too.

In short, a business with a good UX will design its interface, processes and support teams to make the buying process as simple as possible. Your end users want to be able to find your products and/or services easily, understand the value they offer and buy these goods, hassle-free.

In the spirit of improving your UX, it’s vital to constantly review and assess the way your business works. This helps you meet new customer needs and keep your UX fresh.

Areas of your UX to focus on can include:

1. Researching your users’ needs – think about conducting detailed user research to help you understand your target audience’s needs and preferences. With plenty of information and data about your users’ needs, you can make sure your UX design aligns as closely as possible with their expectations.
2. Streamlining your navigation – if you streamline your online navigation and minimize the complexity, you make your end user’s life easier. By using intuitive interface design, clear information architecture and logical user flows you help to simplify the user’s journey. This gets them to the products and services they’re interested in, and does it fast, with minimal user interface (UI) frustrations, hassle and time-wasting
3. Optimizing your digital performance – getting the optimum performance from your website, solutions and apps is vital. Users want fast loading times and responsive interactions when browsing and using your digital services. By making loading times and responses as fast as possible, you create a frustration-free user experience – and that makes it far more likely that customers will buy your goods and services.
4. Gathering constant user feedback – it’s important to know what your end users think about your current UX. Good practice means continuously gathering user feedback and analyzing metrics for user performance and satisfaction levels. Armed with this goldmine of user data, you can upgrade your existing UX design and bring about a process of continual improvement. It also helps you to tailor your UX precisely to the needs of your audience, creating upgrades and new functionality that keeps customers happy.

Talk to us about improving your current UX

An external pair of eyes is helpful to improve your user experience. We can help you look for the opportunities to review, analyze and enhance your UX for future success.

The following content was originally published by BOMA. We have updated some of this article for our readers.

People buy from people. It’s an obvious observation beloved of salespeople, but it’s also why networking is such a powerful tool for creating business development opportunities.

Networking helps build relationships with other professionals, share ideas and learn from each other. By connecting and partnering with the right people, you can create meaningful business relationships – relationships that may lead to new and innovative business opportunities.

Networking as your blueprint for success

Building a successful business network is essential. But how do you start developing these relationships with customers, suppliers and other business owners? And how does connecting with your peers help you broaden the scope of your opportunities?

Building up your network and connecting with people helps you:

• • • Find potential customers and expand the reach of your brand – attending trade conferences and industry workshops gets you in front of your target audience. It’s a chance to chat, find out customer pain points and understand your audience.
    • Meet new business partners – networking at the right trade events also helps you meet other business owners in your sector, and in other complimentary industries. It’s an opportunity to forge new partnerships and create co-branded opportunities
    • Get referrals from trusted members of your network – when you have trusted relationships in your network, these people are far more likely to recommend your business to their own network. Word-of-mouth promotion is the best kind, after all.
    • Locate the perfect mentor – we all have something to learn from more experienced members of our network. This is a golden opportunity to seek out a mentor who can give you advice, share their experience and improve your management skills.

By taking the time to nurture your network and build relationships with the right people, you can open up a world of possibilities for your business. As a business adviser working across multiple sectors, we can introduce you to new people, connections and opportunities.

If you’re looking for an introduction to a new network, come and talk to us.

The following content was originally published by BOMA. We have updated some of this article for our readers.

For many years, Google My Business (GMB) was one of the most under-used tools for businesses.

Perhaps it’s because a Google business listing used to be like adding your phone number to the Yellow Pages – a set-and-forget scenario.

But over the last couple of years, Google has invested heavily in the platform (now just Google Business), and many trade businesses are discovering that the tool can do so much more. Now a part of Google Maps, creating a Business Profile is essential if you want people to find your business on Google, and crucial for driving new potential customers your way.

Below we explore how you can make the most of Google’s features to help you win more business online.

1. Getting started with Google Business

Follow this step-by-step guide to set up your Business Profile:

Step 1: Create a Google account

• • If you already have a Google account, sign in. 
  • Don’t have one? You’ll need to create one.

Step 2: Create your listing

• • Go to business.google.com/create and follow the set-up prompts.
    • Even if you’ve never created a listing before, your business may already exist in Google Search with your details ready to be checked. If the business already exists you’ll need to Request Ownership.
  • Click ‘Finish’ and choose an option to verify your business.
    • Postcard is the most popular option, but can take weeks to show up. Other options may be available but unfortunately, none are 100% reliable. It may take a few goes for one to stick.

Step 3: Download the Google Business App

Everything’s better when you can do it on the go. Download the app to your Apple or Android device. Keep an eye on the metrics to see how you’re reaching your audience. Respond to questions and learn how to get regular 5-star reviews.

2. TEN tips for optimising your Google Business profile 

Now that you’re all set up and ready to go, here are a few tips for optimising your listing:

1. Your business name should be the same as your website. Don’t add in keywords thinking it’ll help you rank higher. Doing this goes against Google’s guidelines.
2. Business categories are key to reaching the right audience Review this regularly as Google can change its categories.
3. Business location – is important if you service a certain area, and it’s a good idea to specify the areas or suburbs your business operates in.
4. Opening hours must be accurate, so when customers call, they don’t reach you out of hours. Make sure to add public holidays and seasonal holiday hours as well. The app will also prompt you to do this.
5. Adding photos brings your profile to life while showing potential customers the level of workmanship they can expect from you. Load your best photos for each service category, photos of your business vehicle, your team, and completed jobs (with permission).
6. Create a short link that sends visitors to your Google listing on Maps. This makes it easy to share your profile with potential customers. You can add this link to your email signature or send it to customers to ask for a review.
7. Add messaging to help generate more leads. This functionality allows visitors to message you from your Google Business Profile.
8. Use Google Posts to stand out from the competition and extend the size of your listing. This lets you show news, events or offers with a short post and image. This will also appear in your local search and Google Maps listings. Google says 70% of local searchers look at multiple businesses before choosing which one to deal with – and these posts can help tip the balance in your favour.
9. Answer questions before they’ve been asked. Take note of the questions you’re asked most by new leads, and load them, along with the answers, to the Q&A section of your listing. But make sure you monitor them regularly – other people can ask and also answer questions about your business.
10. Publish reviews: Google Business is one of the many ways you can generate customer reviews. Make sure you respond to every review, good or bad – it’ll go a long way to giving your business credibility. Learn how to get regular 5-star reviews.

3. Five ways your business benefits from Google Business

Google Business is a free tool that helps small businesses create and manage their Google listings. These listings appear when customers search for businesses using Google platforms like Search and Maps. Not only does it help customers find you, but it’s also a great way to share basic information about your business to attract, engage and convert new customers. 

Even if you get most of your new leads through word of mouth, setting yourself up on Google Business is important – after all, those leads probably looked you up on Google before contacting you.

1. Make it easy for customers to reach you: As a customer, there’s nothing more frustrating than being recommended a great business, and not being able to track them down. Google Business removes that hassle. Add your website and phone number to your listing so it’s super-simple to reach you. If your contact details do change, it’s easy to edit your listing – you can just log in to your Google Business account to make changes at any time.
   Get discovered by local customers: In an emergency, people often find local tradespeople on Google Maps. Say someone is urgently looking for a plumber to fix a burst pipe. If you’re a plumber, and you have your business listed on Google Business, Google will pull your business profile through to Maps when the potential customer searches ‘plumber’ or ‘plumber near me’. If your business location is listed in the customer’s immediate area, there’s a good chance you’ll be one of the first results to appear.
2. Generate new leads: If you’re experiencing a shortage of enquiries, Google Business is another channel to help fill your job pipeline. Add a link to your website enquiries form so you can keep track of new leads.
3. Give prospective customers a reason to hire you: Use the platform to tell new visitors what your business is all about and add a list of your services. This won’t affect your Google ranking, but it will help with customer experience. 
4. Charge what you’re worth: Lastly, having a Google Business listing gives your business a certain level of credibility. You can use its many features to prove you provide a quality service – and are well worth the rate you charge. Not sure what you should be charging? Check out our Free Charge-Out Rate Calculator. 

4. More quick ways to up your marketing game 

Even if your business runs well on word of mouth recommendations, you may still be missing out on new leads. Google Business costs you nothing but your time. Stay active to keep it up to date, add information and photos, and remember to ask for and respond to customer reviews. 

Ready for more digital marketing? Download our free marketing toolkit and checklist, designed specifically for busy people on the go, with step-by-step instructions, tips, tricks and case studies, to help you market your business and drive more enquiries.

The following content was originally published by Tradify. We have updated some of this article for our readers.

Are you undercharging for your services? It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been rising, so it may be time to rethink your own pricing.

Here are five signs that you might be undercharging:

1. Nobody ever questions your quotes – Do all your new clients accept your quotes or charges without asking any questions, requesting a breakdown or wanting a discount? It’s possible they’re delighted to be getting such a great deal.
2. You run off your feet but you can’t afford to get help – When you’re working yourself to the bone, but there’s not enough money left over to employ someone to help you, your prices are too low – or something else needs to change.
3. Your prices have been the same for two years or more – In most industries, prices increase just slightly each year. Leave your prices flat for too long and you’re not keeping up with the market; make sure you review your fees annually.
4. You’re overbooked – When business is booming and there’s no room for new clients, it’s time to raise your prices.
5. Clients don’t treat you as well as they should – When clients think they’re paying peanuts, they’ll often take you for granted. They don’t see your time as valuable, so they feel free to mess you around.

What should you be charging?

Finding your pricing sweet spot could take a little time. You’ll need to do some research, maybe ask around a little, and find out where your competitors are pitching their rates.

We can help too – if we have clients in similar industries we might be able to give you some indication of typical fees, so give us a call or drop us a note. We’d love to hear from you.

The following content was originally published by BOMA. We have updated some of this article for our readers.