Challenges and Strategies in 2018

Across sectors, small businesses continue to face challenges in 2018; namely increased competition from global chains, and technology-driven commoditisation of products/services and consumer comfort with online sales. For some, trying to compete against this changing world and its economies of scale seems unsustainable. But challenges are also opportunities and in 2018 the winners will be those who differentiate themselves in the market, by delivering highest quality personalised service and products…  Read more

CRANKWORX 2018 World Tour kicks off in our back yard … and we’re right behind it!

For the fourth year running BDO Rotorua are proud to sponsor one of the most epic Mountain biking festivals in the world “Crankworx Rotorua” which descends on Rotorua March 17 -25, bringing to town the world’s downhill, slopestyle and enduro legends as well as some up and coming superstars for an action packed week of competition and mountain bike culture.  Read more

Encouraging word of mouth

If you have any doubt that word of mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small…  Read more

The Festive Business

For all businesses, Christmas is a time for careful planning as work rosters need to be juggled, sufficient stock (and the right stock) needs to be carried to ensure you have a good Christmas turnover, staff Christmas functions need organising … cash flow remains king. The earlier you start to plan, the better prepared you will be.  Following are some of the key elements you should be looking at. Break…  Read more

How Much is my Business Worth

What is the value of my business? … This is a very common question we are asked as Business Advisers and one that requires a high level of skill and experience to answer. You can value a house based on its condition, its location, the number of rooms and the amount comparable properties have sold for. You can value a painting on the reputation of the artist, the quality of…  Read more

One Size Does Not Fit All

As business trends and tax laws change so too do suitable business structures; a topic we are often asked about as accountants and business advisors. And with an election looming as well as increased health and safety and environmental regulation, these questions will continue to be asked. Traditional sole traders and simple partnerships have given way to companies, family trusts and equity partnerships.  So when clients ask which one is…  Read more

What does success look like to you!

When it comes to businesses between 50 – 75% of small to medium sized businesses fail within the first three years, an unfortunate statistic that could be reduced significantly if more business owners were to ask themselves one critical question – what does success look like for me?  And – take some steps in planning to achieve that. While success in business means something different for each individual, identifying what…  Read more

Tips for setting up a small business

There is no question that starting up a business is a bold move that requires everything from vision and passion to plain hard slog. And perhaps most importantly knowledge, which as we know, is power. This month, we offer some tips to help people thinking about setting up their own business. Knowledge. Thorough research before starting ensures you’re making the best informed decisions possible and reducing the risk of failure.…  Read more

Don’t Bankroll your Customers’ Businesses

One of the most pertinent lessons for small business owners is that you can’t afford to let your clients use you as their bank because your bank may not be as supportive as they once were. Not that getting a loan has ever been easy, but it suddenly got tougher a couple of years ago and it is likely to remain that way. A common reason SME owners need short-term…  Read more

A Practical Approach to Systems and Processes

Quite often we can feel as though we are juggling all parts of the business that we own. Trying to be everything to everybody. You neglect to take time out for yourself; there is little or no time for family, friends and holidays. Let’s take a steps back from the business we own, and take a good hard look at things. Think about your role in the business objectively and…  Read more

To be, or not to be in Business. Have You Got What it Takes?

One of the most important questions to ask before going into business on your own is “am I cut out for it?” A question which many small business owners find themselves asking at a much later stage, as they don’t truly understand what’s involved at the beginning. I remember the case of a client who, after three years in business, was suffering major setbacks and unsure whether to cut his…  Read more

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