Your leadership style matters more than you think

Your leadership style matters more than you think 

Your leadership style is made up of strengths and traits. Understanding your style and that of others can be incredibly helpful, not to mention strategic. Doing so gives you an edge and it enables you to work in a complementary manner with those around you in order to achieve your goals.

Research conducted by Gallup® summarises Four Domains of Leadership. People from one domain may have some of the strengths in another too, but Gallup found that these four distinct areas of strengths existed amongst leaders. Your leadership style is defined by how concentrated your strengths are in one of the four domains:

1. Executing: People with dominant executing themes know how to make things happen. They are consistently hard working and focussed. People with these traits are disciplined and responsible.

TIP: Working with an Executor? Talk to them about timelines and who will do what, how, and by when.

2. Influencing: These people are self assured and good communicators. People with dominant influencing themes know how to take charge, speak up, and make sure the team is heard. This is helpful when you need to reach a wider audience.

TIP: If you need to influence an Influencer, discuss your concerns with them so they can share them with the wider team.

3. Relationship Building: This group are all about connectedness, empathy, positivity and inclusiveness. They have the ability to build strong relationships that can hold a team together and make the team greater than the sum of its parts.

TIP: If you are working with Relationship Builders, then be sure to focus on establishing a strong relationship first, before you try to get anything else from them.

4. Strategic Thinking: People with dominant strategic thinking themes help teams consider what could be. They absorb and analyse information that can inform better decisions.They can take an idea and come up with the best way to take it forward. They are analytical, strategic and think outside the box.

TIP: If you work with someone who’s domain is a Strategic Thinker, make sure you present data or research to help present your business case.

The Gallup Research is useful for understanding work dynamics. Think about the leadership domain you fall into. Being aware of your own style may help you in your work with others. And you can aim for a mix of qualities within leadership teams, or when you’re hiring new leaders in your business.


Profit vs cash

Profit vs cash  

Do you understand the difference between profit and cash? Are you improving your profits but not seeing an improvement in your bank balance?

There is a massive difference between profit and cash. Let’s explore the differences to make a better plan to increase both.

1. Sales.
Profit increases when you increase sales; cash increases when you collect the money from customers. To increase both your profit and cash from sales:

  • Delight your customers
  • Generate more leads and referrals
  • Convert a higher number of quotes or proposals
  • Increase transaction frequency
  • Increase transaction value

2. Invoicing.
Profit increases when you send an invoice to a customer; cash increases when you collect the invoiced amount. To increase both your profit and cash:

  • Set clear Terms of Trade
  • Offer a small discount for early payment
  • Agree the price in advance
  • Stick to your payment terms
  • Don’t do work for people who have overdue payments

3. Margins.
Increasing your margins will increase your profit; collecting the increased margin will increase your cash. To increase both your profit and cash:

  • Increase your prices
  • Invoice faster
  • Negotiate better payment terms with suppliers
  • Reduce errors and rework
  • Train and empower your team
  • Increase your efficiency

4. Financing.
Reduce your finance costs to increase your profit; borrow money for assets to increase your cash. To increase your profit and cash through financing:

  • Spread the costs of assets over 3-5 years instead of buying them outright (e.g. vehicles)
  • Borrow from a bank instead of a finance company
  • Secure the asset purchases over ‘bricks and mortar’ (if possible)

5. Overheads.
Reducing your overheads will increase both your profit and cash. To reduce your overheads:

  • Negotiate with suppliers
  • Measure your return on your spend (e.g. advertising, accounting fees, etc.)
  • Review your subscriptions
  • Go paperless

This is not an exhaustive list of ways to increase your profit and cash. We can help you identify specific areas of improvement in your business to increase both profit and cash.

“Never take your eyes off the cashflow because it’s the lifeblood of the business.” – Sir Richard Branson

Forecasting cash flow

Forecasting cash flow

Why you need to forecast your cash flow

Cash flow is the lifeblood of your business. And when it comes to cash flow management, preventing cash issues is far easier than trying to solve these issues after the event.

Positive cash flow comes from balancing your income (the cash inflows) against your expenditure (the cash outflows). If you are in control of this then the business will always have the liquid cash needed to cover your liabilities.

Forecasting your cash inflows and outflows

Forecasting works by taking your cash data from prior periods and projecting it forward in time, giving you a ‘crystal ball’ that reveals the future health of your cash flow.

By running detailed cash flow forecasts, it is possible to:

Understand your future operational cash flow – helping you to see the seasonal dips, or the projected drops in income, and get the early warning you need to take action.

  • Understand your future operational cash flow – helping you to see the seasonal dips, or the projected drops in income, and get the early warning you need to take action.
  • Plan your costs and expenditure effectively – by working to strict budgets, looking at cost management and reining in expenses – so your future outflows are reduced.
  • Avoid the cash flow issues before they happen – giving you the information you need to plan ahead, take clear action and stay in tight control of your cash status.

Talk to us about setting up cash flow forecasts

If you want to get a grip on cash flow, we will help your tailor your accounting set-up and will provide the cash flow forecasting tools you need to reveal your future cash position.

Get in touch and lets start forecasting.


Set your business up for success with the right structure

Set your business up for success with the right structure


The structure of your new business has repercussions in terms of tax, costs and the protection of your assets. When you decide on what structure you’ll use, keep in mind your future plans, because this may impact your decision.

There are three main structures you could consider.

Sole trader:

If you’re operating on your own, this may seem an obvious choice. It’s a quick one to set up and incurs minimal costs. Bear in mind that a sole trading business can be trickier to sell, and you are taking on greater personal risk in establishing the business. It may be worth looking into how you can protect your personal assets, should anything go wrong.


If you’re working with a partner, you could consider this option. It lets you share the load, along with the costs of getting a business established. You’re also sharing the risk and potential liabilities.


Setting up a company means more admin and higher costs to get going. You’ll become a ‘director’ as the person who runs the company, and a ‘shareholder’ as a part-owner. Companies have additional reporting duties, but you assume less personal risk. Also, the clear structure and reporting involved, may set you up for an easier sale when the time comes.

You could also consider setting up a trust, but as this is a relatively expensive and complex undertaking, it’s less likely you’ll go this way initially. You can change the structure as your business develops, but it’s important to consult with your accountant, lawyer or advisor as you go.

Before deciding, think ahead to the future you want for your business.

Ask yourself:

How am I hoping to grow the business? If you plan to bring on additional people to run the business alongside you, a company or partnership arrangement may suit.

When do I want to sell the business? Again, while selling any kind of business is possible, the clarity provided by a company may be an advantage and make your business more attractive to a buyer.

How sure am I that this business will succeed? It may be that you are setting out to prove a concept or explore a business idea. If this is the case, you may not look to incur too many costs up-front, and a sole-trader or partnership model may appeal.

Whatever you decide, make sure you understand the tax implications. Talk to us before setting out on your new venture.


The difference between directing and leading…

The difference between directing and leading…   

Are you being a Director or a Leader? Director is a strategic role; Leadership is an operational role.

There are 10 departments in every business, no matter how small. These are:

  1. Shareholder.
  2. Director.
  3. Leadership.
  4. Product / Service Development.
  5. Operations.
  6. Marketing.
  7. Sales.
  8. Finance.
  9. Admin / IT.
  10. HR.

Many business owners control multiple departments. Now imagine each department has a hat – worn by the single leader of each department. Many business owners wear multiple hats. The secret to the success of your organisation structure is to understand the key differences between the departments (and their responsibilities), to understand which hats you’re wearing, and most importantly, to make sure none of your hats are being neglected.

So, what’s the difference between wearing the Director hat and the Leadership hat? In a nutshell, Director is a strategic role and Leadership is an operational role.

Eight key differences between Directors and Leaders:

  1. Directors maximise shareholder value; the Leader maximises business efficiency.
  2. Directors set the plan; the Leader implements the plan.
  3. Directors have governance responsibilities; the Leader has leadership and management responsibilities.
  4. Directors work ON the business; the Leader works IN the business.
  5. Directors mitigate risks and set policy; the Leader implements the policy.
  6. Directors have a strategic focus (big picture); the Leader has an operational focus (makes it happen).
  7. Directors establish the business model and structure; the Leader implements the model and manages performance.
  8. Directors have no accountability line to the team, except to the Leader; the Leader holds the team to account.

Getting your structure right and developing your strategy are critical foundations for achieving business success.

Understanding the difference between the Director hat and the Leadership hat is fundamental. The Directors set the plan and the Leader engages and empowers the team to deliver on that plan. After all, it’s your team who must be engaged in your plan for it to become a reality.

Now, ask yourself how well you are living into the Director hat. And, what three things could you do better as a Leader? Finally, what support do you need to lift your business performance to the next level?

We can help you build a sustainable, scalable, and ultimately, saleable business. This distinction is key to the success of your business – need help? Get in touch

‘If there’s a way to do it better… find it.’ – Thomas A. Edison

New Year, New Accountant: Improve your Financial Year with GoFi8ure

New Year, New Accountant: Improve your Financial Year with GoFi8ure

With the New Year coming around, people are thinking about resolutions. ‘Getting the books in order’ might not be most people’s first thought, but it’s something many business owners should seriously consider. The beginning of the year is the perfect time to hire an accountant for mapping out the company’s finances for the upcoming year.  

Going into the new year, it’s best to think about creating a steady stream of finances and having someone to do proper tax return calculation for you – it can make the difference between a good year or a bad one.

Getting a new accountant has a number of benefits you may not be aware of, such as access to cutting-edge accounting apps and systems. Keeping your accounting updated is the best way to stay ahead of the curve, and an accountant well trained in handling cloud-based systems or new apps is a big asset.

The new year is also a new time to review expenses and refine cash flow. Hiring an accounting firm to do the books for the business allows for a thorough breakdown of where the company can improve—what expenses to forego, which paths to divert the cash flow to, and how to generally keep the business afloat by allocating resources to areas with the opportunity for more profit.

It’s the best time for taking your company to even greater heights. With solid bookkeeping, an updated forecast, and clear-cut goals, your company can achieve greater success than you ever thought possible.

Interested in improving your company’s financial year? Get the help of GoFi8ure’s expert accountants! Benefit from their sound advice and make the most out of your company’s profits! Visit now for more information.

Avoid A Year’s Worth of Accounting Regrets by Working with GoFi8ure

Avoid A Year’s Worth of Accounting Regrets by Working with GoFi8ure 

Running a business requires the right mix of innovation and common sense. However, having these skills doesn’t necessarily mean you’re adept with numbers.  

Most business owners don’t have the luxury of spare time for Xero training, in order to understand how the financing of their business works. With this in mind, small to medium businesses can do much better if they work with accounting firms.

Businesses might think they can get away by not hiring such firms, but most often they eventually reach a point of realising they should’ve started working with bookkeeping companies from the start. For one, these firms give businesses the luxury of more time by working efficiently than a small company would have been able to on their own. They are more focused on understanding the financial side of the business, something a busy CEO or multi-titled staff worker wouldn’t be able to do.

Some people build businesses because they want to have more money to provide for their families. A bookkeeping firm would be able to help them get the work-life balance they are looking for by eliminating accounting from a list of their things to do.

Calculating taxes can be tricky, and having a bookkeeping firm handle them helps small or medium companies avoid penalties. Tax penalties can cost enough to pose a problem to even the biggest companies.

With all these benefits, overlooking the efficiency of a bookkeeping firm can be a costly mistake. Let Gofi8ure help set up your cloud accounting or do your bookkeeping before the year ends! Get in touch with us by calling us today on 0800 463 488.


Adaptable small firms focus on value – GoFi8ure

Smaller accounting firms are part of the fabric of many New Zealand towns and cities but they, like the large firms, have to adapt to a rapidly changing market.  

Hear from GoFi8ure’s Executive Director Lisa Martin about what she believes SME business owners need from their Accountant.

Check out this great article write up by clicking here.

GoFi8ure proud to be ATAINZ members

When choosing an Accountant, it is important to check if they belong to an industry association. GoFi8ure are proud to be a member with ATAINZ. All members of the Accountants and Tax Agents Institute of New Zealand promise to professionally, ethically, and willingly look after the taxation needs of their clients.

You can find out more about ATAINZ here.

#values #bestpractice #awardwinning #industrystandards #brandequity

GoFi8ure announced as New Zealand’s first Bookkeeping company to become a Xero Platinum Partner

GoFi8ure announced as New Zealand’s first Bookkeeping company to become a Xero Platinum Partner

What an amazing month September has turned out to be! Not only did we win the prestigious award for Xero’s NZ Bookkeeper of the Year, just earlier this week we became New Zealand’s first Bookkeeping practice to become a Platinum Xero Partner. How amazing is that!

We started our journey and partnership with Xero over 7 years ago and it was the best decision for our business. It opened up doors to provide more opportunities and solutions for our clients. Fast forward 7 years and we did it! We made it to our goal – which was reaching the PLATINUM Partner status.

Gone are the days of Accounting practices only talking to their clients once a year, and gone are the days of Accountants being reactive vs proactive. Business owners need an Accountant who will take the time to understand you and your business. GoFi8ure is changing the way Accountants work with their clients for the better. We call this change the LEAR approach. LEAR stands for Listen, Educate, Advise, and Resolve.

Listen – We actively listen to you. We listen to your concerns, frustrations and worries. We also listen to your ideas, your goals and your dreams.

Educate – Not everyone went into business because they were great at numbers or with money. We educate and provide information, tips and tools for our clients so they are enabled in their business.

Ask– We ask questions. They may not always be the questions you want to answer but we ask the questions that need to be asked. We want to know everything about our clients and their businesses and the best way we can do this is to ask.

Resolve – Our team of experienced Accountants and Bookkeepers work together to provide you with a solution specifically designed for your situation. You are not in this alone and you should not feel like you are. The right Accountant will work alongside you and support you each step of the way.

If you would like to improve your business performance and financial results but do not currently feel supported by your current Accountant to achieve this, please get in touch.

Why put off until tomorrow what you can achieve today!

Interested in knowing more about our advisory services? You can check out our Xero Advisor profile by clicking here.