"Surprising Your Customers" Article by Tina Zawila

At Sothertons Gladstone we talk to business owners everyday about how to improve their businesses, everything from managing their cashflow, to improving customer service.  So maybe, as customers ourselves, we notice things that others might not notice.  Sometimes, these are nice surprises, other times, not-so-nice surprises.

In light of a recent experience, I wanted to remind business owners that they need to be upfront with their customers about the price of their products and services.  Now if you are in retail, that’s usually pretty obvious, the prices are generally marked pretty clearly on your products.  However, if you are a service business, it’s more difficult to display a price tag on a service offering, but no less important to your customers.

Before undertaking a project for your customer, make sure you have had a conversation around the investment they will make for this service.  It is extremely embarrassing, and financially difficult, if your customer can’t afford to pay when the service is complete.  Even if you are doing work for a regular customer, make sure you have discussed any changes in your service or pricing.  For example, arriving to pick up your car after it’s been serviced, to find out the price is over $1,300 when you were expecting it to be around $500 (like every other service before it) can cause everyone a lot of angst.

The most important rule of customer service, in my opinion, is communication.  Understanding what it is your customer needs/wants, and having an open conversation around the investment needed to achieve the outcomes required, is vital to a successful transaction and an ongoing positive customer relationship.

Similarly, asking your customer if they are happy with the outcome, and for feedback on your service, after the project has been delivered will also provide you with invaluable information on how to improve your service delivery and enhance your customer relationship.

 

For other tips on improving customer service in your business, contact the professional team at Sothertons Gladstone on 07 4972 1300.

“Time for a change?” Article by Tina Zawila

At Sothertons Gladstone we believe in lifelong learning and those that know me will know I’m an avid reader.  I’ve just finished reading “Living Your Passion” by Keith Abraham.  I had the privilege to meet Keith at a recent conference and he really prompted me to stop, think and move forward with purpose and passion. 

In this brief article, I just wanted to share with you some questions Keith posed regarding making a change, and of course I chose the “Personal Finances” section!  With our annual tax and property seminar on this week, we want to make sure you are thinking about your own financial position, taxation matters and what is possible for you in the future. 

So let’s start with assessing where we are at present and identify what might need to change. Consider the following questions:

• What financial circumstances do you need to change?
• Who can you talk to that can assist you in mastering your financial circumstances? (the professionals at Sothertons Gladstone of course!)
• What books do you need to read or seminars do you need to attend to gain more knowledge about creating wealth for yourself? (Start with the Sothertons Gladstone 2014 Tax and Property Seminar!)
• What attitudes are holding you back from becoming financially independent?
• What is your greatest roadblock to mastering your money and creating a fabulous financial future?
• What financial steps do you need to take this week to start your journey towards long-term financial freedom?  (Seems obvious that your really should attend the seminar this week!)
• What financial plans do you have for the next 12 months, five years, ten years and 20 years?  (Again, that’s exactly how we can help you...develop your own financial plan!

At Sothertons Gladstone we are passionate about making a difference to you in business, and in life, by providing you with options, solutions, education and instilling confidence.  Let us help you make your dreams a reality.  Call us today on 4972 1300 to secure a seat at our seminar at 6pm on Wednesday 21^st May 2014.  See you there!

"Follow the National Example...." Article by Steve Marsten

Welcome to Federal budget week. We don’t like to touch on politics too much however we are conscious that Treasurer Joe Hockey is talking tough. He seems to be sending the message that Australians have been living beyond their means for too long and an adjustment is needed now to avoid a more painful economic squeeze in future years. “Business as usual,” is no longer an option.

To capture the urgency of the budget repair task, the government has released the findings of its commission of audit charting a pathway back to a surplus of 1 per cent of GDP by 2023-24. It sets out sweeping cuts to health, education, family payments and the pension. 

Now clearly the government was never going to adopt all of the commission’s 64 recommendations. But it will introduce measures in this week’s budget that begin to trim excess fat and ensure expenditure does not continue to outpace revenue.

Of course as a business owner, I know hard times often require tough decisions that can impact on staff and management. The painful truth is that sometimes downsizes do occur, staff need to be let go, bonuses need to be scrapped and expenses examined closely.

It’s tough medicine, but the success of your business often depends on it. Economic realities mean you can’t always please everyone.

But it’s not all doom and gloom. Managing your finances properly during the tougher years can lay the foundations for future growth and the creation of more jobs in the longer term.

I know cutting costs when business is booming can be hard. And most business owners wait until the tougher times to make these decisions. But that only makes it more important to make the necessary adjustments when the good times end. The waste you can discover can be amazing.

So when the budget knife falls next week, ask yourself: “what changes can I make to my business? How can I curb my expenses?” For one moment, forget about how unpopular your decisions might be, and look at what actually needs to be done and whether cuts need to be made. Can you afford to continue putting them off and for how long?

"Slow payments cause worry for businesses" Article by Steve Marsten

I recently read that businesses are taking longer to pay each other. It’s nearing two months according to Dun & Bradstreet. We have seen plenty of examples of this in Gladstone. As a small business owner, how do you juggle your personal debts when it takes nearly two months before you can pay yourself? How do you kick the debt football out of the park?

It’s all about planning. I know we bang on about “cashflow is king” here but it’s not always possible from day one. As everyone knows here in Gladstone, it’s not a smooth run in business. There are some quiet months.

Our experience is that small business owners have a home loan and credit cards that they use to juggle their personal finances. Managing these situations comes down to improving business cashflow and making sure you have the best possible finance deals available. There are plenty of strategies that can help improve your situation.

1. Be prepared to face the fact that your personal finances are in trouble! Too many business owners stick their heads in the sand and hope things will magically sort themselves out.
2. Consolidate loans when the opportunities arise.  Look at what finance options are better value.  Talk to your business adviser – even if you may not think you can afford them.  You need them in these situations more than ever. Talk to your bank managers - keep them in the loop. Talk to your key suppliers and creditors - ring them before they ring you!
3. Prioritise your debt payments. Tackle the debts with the highest interest rates or similar strategies.
4. Ask your banker if you are getting the best rates on your loans. Ask for a debt review.
5. And finally – know your numbers. Use a software program that is not a burden to you but instead is a vital tool to keep you up to date. 

At Sothertons we are about helping small business owners and Mums and Dads become financially well organised and ready to overcome the immediate challenges. It’s times like these you do count the cents and remember why you originally went into business. Take stock and strategically look ahead and prepare for the next economic phase.

"Slow payments cause worry for businesses" Article by Steve Marsten

I recently read that businesses are taking longer to pay each other. It’s nearing two months according to Dun & Bradstreet. We have seen plenty of examples of this in Gladstone. As a small business owner, how do you juggle your personal debts when it takes nearly two months before you can pay yourself? How do you kick the debt football out of the park?

It’s all about planning. I know we bang on about “cashflow is king” here but it’s not always possible from day one. As everyone knows here in Gladstone, it’s not a smooth run in business. There are some quiet months.

Our experience is that small business owners have a home loan and credit cards that they use to juggle their personal finances. Managing these situations comes down to improving business cashflow and making sure you have the best possible finance deals available. There are plenty of strategies that can help improve your situation.

1. Be prepared to face the fact that your personal finances are in trouble! Too many business owners stick their heads in the sand and hope things will magically sort themselves out.
2. Consolidate loans when the opportunities arise.  Look at what finance options are better value.  Talk to your business adviser – even if you may not think you can afford them.  You need them in these situations more than ever. Talk to your bank managers - keep them in the loop. Talk to your key suppliers and creditors - ring them before they ring you!
3. Prioritise your debt payments. Tackle the debts with the highest interest rates or similar strategies.
4. Ask your banker if you are getting the best rates on your loans. Ask for a debt review.
5. And finally – know your numbers. Use a software program that is not a burden to you but instead is a vital tool to keep you up to date.

At Sothertons we are about helping small business owners and Mums and Dads become financially well organised and ready to overcome the immediate challenges. It’s times like these you do count the cents and remember why you originally went into business. Take stock and strategically look ahead and prepare for the next economic phase.