Tips to Gain Small Business Customer Loyalty

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Many small businesses in Australia are still up to their neck in paperwork. A recent global survey of 2,000 small businesses by Intuit found that Aussie business owners consume 25% of their time on admin tasks and only 22% are actually working to expand their business. The item that was listed as the “biggest barrier to business goals” was admin.

Can trusted advisors help you? In what way?

Trusted advisors are your life raft

Trusted advisors should come in when a small business lack the time or funds to perform manual bookkeeping, or internal capability to search for a digital solution for admin tasks.

Four out of ten business owners haven’t got a clue who to call for help on how to strengthen their business, specifically for financial dealings and strategic planning. Experienced accountants or bookkeepers have the know-how to provide advice and guidance on these matters to small businesses.

Technology advisors

The people you go to if you want to go digital as they can advise you on software and solutions. An Intuit research found that one in five small businesses are not yet using cloud technology. Of those who have adopted cloud, 80% revealed that it saved them money. With cloud technology, small businesses can use a “single ledger” for universal access and real-time collaboration.

Business consultants

A business’ entire operations can potentially be transformed by business accounting software. Accountants and bookkeepers can teach their clients how to automate invoicing, billing and other business processes.

According to research, small businesses that have adopted mobile technology are saving as much as nine weeks annually, in time, and boosting their revenue by an average of 8%. Automating processes and adopting mobile technology will boost a business’ operations exponentially and allow their advisors to advise them on where to focus business and sales activities.

Strategic partners

Many small businesses prioritise growing their business. This is where accountants and bookkeepers can expand their services by offering more strategic, high-level business insights to their clients. They have the opportunity to become a strategic partner to businesses, with data showing that only 6 out of 10 owners have a trusted advisor and businesses are open to turn to an advisor with the expertise to value and benchmark their business.

Find your pain points

Small businesses must turn to experienced and cutting-edge accountants and bookkeepers, who can find their pain points and devise a reactive business plan, moving forward. The essential job of a strategic advisor is to win customer loyalty and take the initiative in identifying parts of the business where there are problems, such as invoicing, account reconciliation or payroll.

There are small businesses that overlook the help and advice that their accountant or bookkeeper can provide in financial matters. It is the task of trusted advisors to make the business world become aware about the new roles they can play for small businesses.

By finding unresolved customer issues and attending to their unmet needs, trusted advisors can establish trust with small-business clients. This will help build business relationships and, in the long run, ensure customer loyalty.

If you or your business is in need of bookkeeping, accounting and other business-related processes, contact PJS Accountants. We have over 30 years’ experience with local Redlands businesses. Call us for enquiries on how PJS Accountants can assist you.

Lessons to Learn from a Business Losing Money

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“Don’t waste a good mistake, learn from it” – a piece of wisdom from popular money guru Robert Kiyosaki.

But not only should you learn from your mistakes, it is also wise to learn from the mistakes of others. Here are some important lessons that business owners have learned from the terrible experience of losing money.

1. Get a mentor – and be careful when making your choice

Having an experienced adviser is not optional. It is one of the most vital decisions you have to make as a business owner or investor.

Experience is the best teacher. If you can have at least one adviser and add their experience to your own, you significantly boost your lessons and speed up your learning process.

Learn from all the questions you can think of to ask, especially in the areas that you consider your weakness.

2. It is okay to commit mistakes

Though mistakes can be distressing, they are not lasting. Some people can be so scared of committing mistakes that they avoid taking any risk at all. It is okay to take your chances on calculated risks because, as you know, the higher the risk, the higher the return. This is particularly correct in investing.

Many entrepreneurs will tell you that they wish they have committed mistakes earlier. You can learn early from your mistakes and make the most of the lessons from those mistakes.

It is a fact that the people who committed the biggest mistakes, turned out to be the most successful, because they learned essential life and business lessons from those mistakes.

3. Be accountable for the consequences of your actions

The common reaction when losing a significant amount of money is to look for something or someone to blame. You point the finger at anyone other than yourself.

Other factors may be the culprit for the loss, but take on the main responsibility for it. It may not feel good for your self-esteem, but moving past it means that you’d taken on the task of how to offset it. By doing this, you will mature quickly.

4. Watch out for opportunities

Losing money does not only include the loss of cash on hand. It could also include the failure to take advantage of opportunities.

New trends are always surfacing, so you have to be aware of these. Have funds ready so you can invest when a good opportunity arises.

It is also worth considering hiring a full-time broker who can advise you on which risks and investments to take and which ones to not.

5. There is no quick way to make money

You will be disappointed if you think that there is a magic formula when it comes to making money. You know that get-rich-quick schemes are out to scam you.

Don’t be obsessed with the idea of getting rich but it becomes your life’s goal. Don’t forget that money can’t buy the most important things in life, like family friends, health, honour, personal values, and so on.

6. Work hard and work smart

It is nice to have money to buy the things we want. But remember that it doesn’t mean that you have to forget about your business dreams if you lose it.

Meet the challenges that come your way. If you fail at some, press on. Learn from your mistakes and those of others and try again, this time as a wiser and more motivated individual.

One of the best mentors that you can have is financial experts like experienced accountants. If you are in need of one, contact PJS Accountants. We offer accounting and other bookkeeping services to individuals and companies, big and small. We have the experience and expertise to provide intelligent financial advice to grow your business.