How to create a transformational strategy for 2019

How to create a transformational strategy for 2019

How was 2018 for your business? Did you have a great year and achieve all your goals? Or did you just stay afloat? If you would like a more successful year in 2019, now is the time to think about implementing a transformational change strategy.

In the business world, transformational change requires a business making radical changes in their business model, often requiring changes in company structure, culture and management. Companies may undergo transformational change in response to crisis, or in order to re-position themselves in the market. Transformational change also occurs in response to changes in technology, or as companies adapt to take advantage of new business models.

Truth is, when a dramatic shift in consumer behaviour or a new competitor enters the market, transformational change becomes a matter of survival if a business is going to be able to keep up with competition and move forward. As we all know, many business transformations fail. In a recent McKinsey Quarterly survey, only 38% of leaders believed their transformation had a “completely” or “mostly successful” impact on business performance.

There are 3 core parts to achieving a successful, effective transformational strategy. They are:

1. Content of Change
The business focus of the change (structure, strategy, business process, systems, technology, product, or service).

2. People in Change
People’s mind-set, emotional reactions, behaviour, degree of engagement, acceptance, commitment, and cultural dynamics.

3. Process of Change
The way in which change is planned, designed, and implemented, how it unfolds, its road map, governance, and course corrections.

So you want transformational change for your business, where do you start? Here are a few things to consider and think about when creating the business you want:

  1. Magic wand time – If you were to achieve the business or personal goals of your dreams, what would that outcome look like? Your business should be able to provide you with the lifestyle and business you desire. Be very specific as you imagine exactly what your outcome would look like in terms of work, health, family, love life, finances, and also in fun.
  2. Entry points – These are the means of moving away from the “find it, fix it” modes of solving problems and moving towards the first steps that would advance you towards a new goal. For example, saying “I’ll get fit when my business is thriving and profitable” is a “find it and fix it” approach. But what about finding a way to begin steps in the right direction towards greater health and fitness right away, beginning today?
  3. The driving force of your values – What are the values that define you most heavily when you run into a stumbling point or a roadblock? Which ones represent your finest and highest priorities and goals? It is important to use these values as a roadmap for your desired destination, the author maintains.
  4. Speedbumps, detours and roadblocks – Many times on the path to dramatic achievements we feel stopped or entirely stuck. These are chances to cast our occurrences into a broader light for further reflection on what these experiences are meant to teach us, and how we can use these obstacles to help us instead of slowing down or preventing our ability to achieve remarkable goals.
  5. The power of your vision – The expression “If you can’t see it, you can’t be it” holds strong weight. It is vital to understand exactly what your outcome will look like. Using a Vision Board can be a useful exercise for this. Have you ever sat down and thought about what you really want your business to look like? What do you desire?
  6. Acknowledging where the gap is – What is out of alignment that is standing between you and your goal? How could you reconcile this chasm? Instead of fearing or resenting the space between you and your desired achievement, learn to “lean in” to that empty space and take steps, knowing that you will require time and help and even without the exact knowledge of how you are going to get to the goal. Now it becomes achievable. What are your gaps and what can you do to fill them?
  7. Software and tools that add value – This one is an important one to consider. There are always ways to be more efficient and effective with your business by having the right software and processes in place. Take your accounts for example – are you able to get the right data and information from them? Are your accounting processes seamless or are they causing you stress? According to Xero, there was a 24.9% growth in New Zealanders getting onto Xero. Image how well your business could do with the right tools in place.

Tip: Use a hybrid model – During a transformational change effort, acceptance hinges on hybrid methods that tailor the tactics and solutions to the people, processes, tools and infrastructure components.

To find out more about how GoFi8ure can help with your internal accounting processes, systems and software requirements, send us a message or call us on 0800 463 488.

Creating More Effectiveness in your Business

Effectiveness in Business

 

 

 

 

 

Do you consider yourself to be effective at work? Although many of us like to think that we are 100% effective, the truth is that most of us have unrecognised weaknesses that impact our effectiveness.

Some businesses seem to barely keep afloat, fumbling from one day’s challenges to the next, whereas other businesses seem to crackle with energy, efficiency and vision. This is no accident – effective businesses use and rely on organisation, oversight and planning to minimise minor disruptions which reduce a company’s ability to grow and prosper.

To improve effectiveness in a company, a business needs to conduct regular performance reviews of both their employees and managers to determine if their methods and techniques are effective and producing results. Ineffective results could easily impact the quality of a company’s services or products, so it is important for any business to make sure that all of their employees and managers are filling their roles effectively.

So, what can you do to help your business run more effectively?

1. Use your time more effectively
In a nutshell, time is money – or the potential to make money. The more time you waste on inefficient activities, the less free time you have to spend doing productive activities that will help your business grow.

Michael Gerber, in his world-famous book ‘The E-myth revisited – Why most small businesses fail and what to do about it’, stresses that one of the reasons businesses fail is that the owners spend too much time on day to day tasks. So if you are a business owner, it is vitally important to spend enough time steering your ship in the right direction.

2. Consolidate tasks and remain focused
It is scientifically proven that you are more productive when you focus for an extended period on completing one task instead of multiple activities and tasks, as the “white noise” of a large number of tasks overlapping and interrupting each other is distracting. An easy way for business owners to accomplish this strategy is by consolidating, or batching, tasks that require similar processes and invest all their focus on this one consolidated task.

3. Automate processes and workflows
Small businesses often get bogged down with repetitive tasks. Did you know that you can likely automate many of your frequent tasks? Many small businesses fear automation because of the upfront expense or its possible effect on employee jobs. However, automating repetitive steps in your sales, production or distribution process can increase your bottom line and free up your employees to work on other, more critical areas.

Successfully running a business requires a great deal of time, energy, money, and other resources. If you want to increase your chances for success, focus on being as efficient as possible. If you would like to find out how GoFi8ure can help your business run more effectively, send us a message today.

 

 

Tips for Efficiency in your Business

Efficiency in Business

 

 

 

 

 

 

Efficiency in a business refers to how long it takes for a task to get completed. An employee may be effective at completing a task to a high level, but may take way longer than needed to complete the task, which is inefficient. 

Check out these top tips and techniques to make your business more efficient.

1. Set shorter time limits
The shorter the amount of time you allow yourself, the more you will get done. This is because when we know we do not have time to pause, wander around the office or stare into space and must use every second of the time we have, we do so because we do not want to fail. So, make sure the first 90 minutes of your day is focused on growing your business. Turn off your email and phones and concentrate only on that. Also, divide your working day into 45- or 30-minute chunks (use a timer to ensure you stick to this time limit!) and during that time think of doing (and do!) only that task.

2. Figure out how much money you are throwing away, then find a way to reduce it
How often do you lose money because of simple mistakes, like missing a job or sending out an invoice with incorrect details? How often are your invoices delayed or forgotten, and how often do you spend hours searching for information to answer a complaint from a customer?

Even if you accept that a certain amount of waste is inevitable, the fact is that lots of small costs can add up over the year, potentially taking a large chunk out of your profits. Take time out each month to analyse your business; look at your accounts to see what money is being spent and what costs could be reduced. Also, keep a note of mistakes you notice being made and jot down ideas on how to stop or limit these mistakes being made. Review these notes monthly also, and if the mistakes are still occurring at the same or similar rate, reevaluate your ideas on how to stop and/or limit these. With perseverance comes success, and with frequent review you will see your systems becoming more effective and your profit level rising. 

3. Use technology to speed up workflow
Technology plays an essential role in the efficiency and effectiveness of a company nowadays. Make use of computers, tablets or smartphones to improve the efficiency of the company, by using software or sharing tools for things like keeping different members of a team up-to-date with client and project information accessible anywhere, anytime. Look at areas of your business that are still being done manually (which is time consuming), and contact a professional who can help provide you with technology solutions to solve your day-to-day inconveniences.

Accounting software can be a business owner’s smartest investment. Software lets you easily manage your business data. One software example is Xero, which looks after your accounts receivable, expenses and taxes, and allows access to these anytime, anywhere, stored together all in one place – and with easy access to reporting tools for this data. Because most  business owners are not qualified accountants, finding the right tool that ensures your accounting is done effectively can save you valuable time, while also improving your financial visibility. It also alleviates a lot of headaches when it comes to looking at financial information to help identify areas in your business that needs assessing with features such as in-built reports which are easy to generate, understand and use.
 
As the great Bill Gates once said, “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is the automation applied to an inefficient operation will magnify the inefficiency”. 

Making consistent improvements to make your business better is a conscious choice. Not only must you balance your time, but you must also choose the right area of business, the one which will make the biggest impact, to spend this time working on. If you would like GoFi8ure to help your business run more efficiently, send us an email or call us on 0800 463 488.

 

 

GoFi8ure listed as Top 25 Most Popular Accounting and Tax Services for 2017

GoFi8ure listed as Top 25 Most Popular Accounting and Tax Services for 2017. 

Recently GoFi8ure were advised that we made the Top 25 Most Popular Accounting and Tax Services for 2017 through Search4Accountants. How cool is that!

If you are looking for an accounting firm that you can trust, check out our profile by clicking here.

GoFi8ure – in the business of helping you work smarter with better tools, information and advice when you need it.

 

 

 

Learn how to use Xero to run your business

Learn how to use Xero to run your business

There are various stages of what we call the “Xero journey”. The Xero journey is a pathway of learning about how to use Xero and the Add-On software products available so businesses can streamline their processes.

So, where are you on your Xero journey? What do you need to learn now?

1. You have never heard about Xero and currently spend hours entering data into a spreadsheet or other accounting software.

2. Heard of Xero but not confident about how “the Cloud” works but you do not want to be left behind.

3. You have recently started using Xero & are loving it! You are telling all your friends & feeling confident you can do this!

4. You have been using Xero for a while and have started looking at reports regularly, but things just do not look right and the numbers are not making sense. You need someone to help you understand the numbers and check your Xero to make sure it is accurate and up to date.

5. You have found an Add-On solution that you believe meets your business needs but you do not know how to implement it or use it.

6. You are telling all your friends about how Xero and the Xero Add-On’s have changed your life!

Getting the absolute best from your accounting software helps to make everything else in the business run like clockwork. Learning the best tips and tricks for using your Xero account to its true potential is a great way to improve your accounting, cut out a big chunk of admin and get a better view of your business health.

If you would like to talk about booking in some Xero training get in touch by emailing us on enquiries@gofi8ure.co.nz or call us on 0800 463 488 today.

 

A beginner’s guide to cashflow management – Featuring GoFi8ure

It’s the stuff of nightmares for business beginners: customers not paying on time; never enough cash in the bank; unexpected tax bills. Where does it end?

To help you sleep easier, NZBusiness, GoFi8ure, Ontrack Bookkeeping and Lock Finance presents a short guide on cash-flow management.

Read this valuable article by clicking here.

Happy Financial Year from the Perfect Bookkeeper

When Xero asked our Executive Director Lisa Martin to participate in their new Happy Financial Year campaign we leaped at the chance. We love working with Xero so it was pretty exciting to see this show up on billboards, bus stops and in the paper! To chat to us about how we can help with your bookkeeping send us a message – we would love to hear from you.

Fraud

As an employer you can’t always prevent fraud but you can minimise the chance of such incidents occurring – similar to malaria tablets, they won’t stop you getting it, but reduce the symptoms considerably if you do! Get on top of your business, don’t bury your head in the sand, watch the cash controls and internal checks and balance system, vigilantly follow through on procedures, lead by example and when you feel that something is not quite right, trust your gut instincts and investigate immediately.

At GoFi8ure our proven methodology of best practice bookkeeping, where checks and balances are tested weekly, gives business owners peace of mind that systems are adhered to and their investment is being reconciled by a third party professional organisation.

If you want to find out more about how your accounts are really doing; our Warrant of Finance (WOF) service will help you find out what areas need improvement and to be more efficient. To book your WOF contact us: enquiries@gofi8ure.co.nz.

Fresh Start for Your Financials

Fresh start for your financials

The best way to get your financials into shape is to bring in a financial fitness trainer, says Lisa Martin, Executive Director of specialist small-business accounting firm, GoFi8ure

Every January we set ambitious resolutions to eat healthier food, hit the gym or spend more time with our family. But what about your business? Like your personal life, making one small tweak to your business habits in 2018 could deliver tremendous results and set you on course for your most successful year yet.

We all put off things, particularly if we do not consider them ‘fun’. A 6.00am start at a spinning class, easing off the booze and opting for a salad instead of a steak sandwich and a portion of steaming hot chips may not epitomise ‘fun’ at first. But, once you have made a start towards the new you, or the old (younger and trimmer) you from a few years ago, you will soon feel the benefits of choosing a healthier, fitter lifestyle and you’ll quickly find the fun factor.

The same goes for your business. Who doesn’t want their company to leap over the hurdles nimbly and effortlessly without being slowed down by too much excess and a lack of energy? And just think how elated you’ll feel if your business is running on more lean muscle than fat. How much fun would that be?

Now is the time for change
But, I am jumping the gun a bit. Let’s back track a little. I always think that the hardest part of decision-making is actually deciding what you want to do. Only you know what you want for yourself personally but when it comes to your business’ finances

I’m sure everyone wants a smooth running operation that utilises good accounting software to save time and cost as well as track how the company is going.

Most small business owners I talk to definitely understand the importance of good book-keeping for their company. They can see the value of best practice records, logs and filing – and they know that they are legally obliged to make sure they are accountable for every cent that flows through the business.

Yet, while so many small businesses agree that book-keeping is the backbone of healthy accounts, and a healthy business plan, some get stuck on implementing change. This sticking point seems to come down to human nature but I can see that there are three main reasons that hold people back.

The first is that most of us need a ‘defining moment’ to start something new. That is why New Year resolutions are so popular – and why diets always start on Mondays. There is nothing wrong with this, in fact the idea of creating change with a clean slate; a new beginning is fantastic. And that is why I am talking to you about implementing change just before the start of the new financial year. This is the perfect time to start afresh and set new financial systems in place so that from 1st April everything is ready to roll just how you want it to.

If you need a benchmark to get you going then that benchmark is now; before the end of the tax year. If you’re lucky enough not to need a calendar marker then ‘there’s no time like the present’.

Out with the old in with the new
The second reason why many small business owners stall over the thought of changing an aspect of their business – particularly when it involves number-crunching – is a lack of knowledge. And I do not mean this disparagingly.

Just think back to when you started your business. You knew then that you needed a system that could capture all your financial information. So, you may well have signed up for the first package that you came across. And, it probably works just fine. But since Xero entered our world accounting technology has moved on tremendously. Xero’s commitment to cloud computing has revolutionised book-keeping and the gap between older financial software and what Xero can offer is huge. If you’re using an older programme it’s likely you won’t be getting as much financial information as you need to help grow your business. This might be OK for you, for now, just as long as you are aware that a system like Xero will illuminate your business. Tailored to your company, it will show you where your business is at (in real time), what your projections are, how your cash-flow is tracking, your profits on any date and, importantly, it will flag any inconsistencies.

Nearly all of GoFi8ure’s clients now use Xero. Some have jumped at the chance of switching, others have been reluctant to change, and that’s understandable, but all have been blown away by the difference between the ‘old’ and the ‘new’ and none have looked back.

Call in the professionals
The third reason why, I think, people stumble when it comes to changing the way they manage their books is because figures just aren’t their forte. One of my mantras is ‘you didn’t go into business to be a Bookkeeper, but I did’. And it is true. You started your business because you had a great idea and the drive and ambition to make it happen. You did not do it because you love working out your tax credits, your GST and your payroll – unlike me.

Unfortunately, in New Zealand, many small business owners work by an unwritten rule that says ‘You Must Do Everything Youself’. I think this is in our Kiwi make-up but we really need to shake ourselves out of it and recognise that each of us have different strengths and weaknesses. Very rarely is someone extremely good at everything. If you accept this, then you may just have to accept that if you’re doing your own figures, then you’re probably doing them averagely – and you might not be doing them correctly.

Wouldn’t you rather bring in someone who can sort our your finances professionally and accurately? This is actually the smart thing to do since it will save you time and money. Think of the hours you spend battling with your accounts – wouldn’t you rather spend that time doing what you love in your business?

If we zip back to our fitness analogy this is similar to finding that new resolve to be healthy, heading to the gym and jumping on all the equipment for hours on end. But, oops, you haven’t attend the intro session to find out how the cross-trainer works and how to change the setting on the treadmill. You’ve put the hours in, but, I’m afraid, you’re not getting any thinner. It’s time to call in a personal trainer.

In a nutshell, my new year message is – take a good look at your finances, assess the system you’re using and if it is not giving you the information you need then it is time for change. Do it now and do it properly. Do not do it yourself if you do not know what you are doing. Be smart, bring in a financial fitness trainer and reap the financial rewards.

To read the PDF article click here

 

 

 

GoFi8ure – Superheroes of the accounting world – Fishhead Magazine 2013

GoFi8ure gets in and takes care of the grunty number-crunching, enabling businesses to earn more money doing what they do best. With 25 years of financial and accounting experience behind her, Lisa Martin and her Cuba Street company could be just what you are looking for. To keep reading click here.