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.

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. 

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.

 

 

Do you have a strategy for your business?

Do you have a strategy for your business?

When it comes to Business Strategy there are two rules:

Rule #1: Have a strategy.

Rule #2: Make sure everyone is literally on the same page in understanding the components of the strategy, and how to implement it.

All too often strategies contain words or concepts that take on as many meanings and interpretations as the number of people who read them. Having a clear and focused strategy is critically important to the success of your business. Without a well-defined strategy, your business may stall – or even fail.

You need to have a plan for day-to-day business, and you also need to spend time looking at and listening to the changes that are happening in your industry. To ensure you make progress towards your long-term goals, it is a matter of having a daily plan to get things done, in conjunction with an overarching strategy to guide those daily plans.

Success is about planning, and planning is about success; if you plan to succeed, you will succeed. Here are some questions to ask yourself to help you plan your success:

  1. Do you have a current Business Plan?
  2. Have you set realistic and measurable goals?
  3. Do you have clear strategies to achieve your goals?
  4. Can you identify what you will need to achieve your goals?
  5. Do you regularly review your goals with regards to changing circumstances?
  6. Have you set up a platform to develop Financial Forecasts?
  7. Do you have the right systems and tools in place to help you achieve your strategy?

The key aspect of strategic planning is aligning all members of the team with the purpose and vision of the company; both in the short- and long-term. Strategy challenges are indicated by a slowing in top-line revenue growth. If revenue is not growing as quickly as you like, then it is time to re-examine your strategy.

Any time is a good time to make a Business Plan if you do not have one; however, it is particularly relevant at the start of a New Financial Year.  If you are contemplating a major change in your existing business, or starting a new venture, a Business Plan is crucial.  You will also require a Business Plan to support any financial applications.

Do you have a GST return due this month? Worried about not getting it done in time? Remember, you have until the 7th of May to submit your return. For all current GoFi8ure clients, your GoFi8urine will be in touch shortly to ask for your paperwork – aka “source documents”.

Do you need a hand getting your GST completed and ready to file? Never fear, GoFi8ure are here to help. Please send us an email, or call us on 0800 463 488, and we will help get you sorted.

 

 

 

 

How having cloud accounting software can help your business

How having cloud accounting software can help your business

For those who are not very familiar with the concept, the cloud might seem like a scary, ambiguous place where information disappears. In reality, it is anything but that. Cloud computing has a massive array of benefits when it comes to the business world.

With the new Financial Year just around the corner, now is the time to start looking into how your current accounting system or software fits into your 2018 goals and business growth strategy. Getting organised now will help you manage the books faster and more efficiently than ever before.

To sum it up: cloud computing is a way for people and companies to access digital resources (files, music, photos, software, social media, etc.) over the internet. These resources are not stored on your personal or company hard drive. Instead, they are stored on the premises of a cloud computing company.

When it comes to how cloud computing can impact your business, the benefits are abundant. Here are some reasons why you may want to jump on board.  

• Multiple user access: Financial data is available to anyone with login credentials. The company accountant can access the books from their home or office and play a bigger role in the financials of the business.

• Data entry: Cloud accounting software connects to your bank account and other cloud based software. This allows data to automatically flow between the systems, removing the need for as much manual entry.

• Transferring data: You almost never need to transfer data out of the cloud since it is housed in a single location and can be accessed directly through the internet.

• Protecting data: Because the information is not stored locally, there is no risk of losing data in the event of a computer failure.

• Software update: The great thing about the cloud is the updates take place automatically. You always have the most recent version of the software, without being forced to pay extra or go through another installation process.

• Insights: Cloud computing gives business owners’ access to real-time data. This big data can help inform business decisions with real time information which will help you to grow your company in a more productive manner.

 

So what do you think? Do you have a better understanding of all the ins and outs of the cloud? And are you ready to use it for your business? If you are ready to move to the cloud get in touch – we are cloud integration specialists that can help make your transition to the cloud smooth and stress free.

 

Is operating more efficiently and having more time to focus on your business one of your 2018 goals?

Is operating more efficiently and having more time to focus on your business one of your 2018 goals?

Trying to run your business using inefficient accounting software is like trying to build a brick wall with inefficient mortar; if there is not enough holding the wall together, bricks will start to loosen and soon, the whole wall will crumble.

Therefore, it is essential to understand how efficient accounting and financial management software will not only hold your business together, but also become the foundation for greater success and profitability.

Keeping “the books” for a business was literally a paper-based process involving a ledger, lots of columns, and a pencil to record the business’ essential financial data. However, times have changed.

In this digital age, even the smallest business can benefit from using accounting software.

Accounting software can not only help you reduce human errors in calculations, but it can help you gain insights into your business that are not always easy to see in paper form. This includes generating sales forecasts for the next 12-months, or using the extensive report range the software provides to determine what are your highest expenses, pinpoint your least profitable service and identify budget blowouts.

What else can accounting software do for your business? Accounting software offers the business owner mobility, flexibility and a better lifestyle, as often the software in the digital age is “Cloud” based.

Cloud based software allows you to see your business account balances, outstanding invoices, overall cash position, and much more – 24 hours a day, 7 days a week and from anywhere, provided you can access an internet connection.

These days, you can run your business from your traditional desktop, an iPad or similar tablet device and even your mobile phone. Most cloud based accounting systems have apps you can download to the device.

This translates into allowing you to run your business without sacrificing a flexible, balanced lifestyle. Gone are the days where you must be at the office to run your business. You can have visibility and certainty over your business’s finances with the flexibility to access your business’s financial information even when you are not physically present. Who ever thought accounting software could be so good and provide some much freedom? So, what are you waiting for? We make flying through the cloud easy.

If you would like to learn more about cloud based accounting, integrating software, or customisation of your accounting software, contact the experts at GoFi8ure on 0800 463 488 or email us to find out more.

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.

 

Lisa Martin – Member of the Accountants + Tax Agents Institute of NZ (ATAINZ)

GoFi8ure ATAINZ MemberAt GoFi8ure we pride ourselves on being Members with Accounting Associations. A big congratulations to Lisa who become an official Member of the Accountants + Tax Agents Institute of NZ (ATAINZ) this week.

The Accountants and Tax Agents Institute of New Zealand (ATAINZ) exists to promote the welfare and professional development of its members and to represent members’ interests in New Zealand. It is unique in the New Zealand tax and accounting market because of its grassroots contact with members.

Being a Member of ATAINZ means each Member must comply with our Code of Ethics, which covers four main areas: integrity; trust and confidence; standards of service; and professional conduct. If you are looking to worth with a professional accounting firm come and talk to us. We take our our services and the quality of our work seriously. Email us to find out more.

 

 

 

 

 

 

GoFi8ure – Excited to be part of Xero’s new Advisors Directory

Trusting who you work with is important, along with knowing that the company you are dealing with is professional and knows what they are doing. That is why we are so excited to be on the Xero Advisors Directory as your go-to professional bookkeeping advisor. Visit our profile by clicking here.