Customers are kings, so it's important to do everything possible to retain them. Some people say it costs five times as much to earn a new customer than it does to retain an existing one. Others say that retaining customers is seven times more valuable. And finally: “Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.”
There are a lot of ways to increase your customer retention rate. From interacting on social media, email marketing, and setting realistic expectations, here are the best practices for increasing your customer retention.
#1. Set Realistic Expectations
Setting realistic expectations is so important if you’re trying to improve your customer retention rate – it can have a huge impact on your business’ ability to keep customers. Think about things like shipping times, for example. Most online stores can’t compete with Amazon when it comes to shipping times. But, what you can do instead is work hard to keep your customers informed.
You can have transparent shipping information on your website. You can send emails to customers telling them that their order was received; that their order was processed; and that their item has shipped. You can customize the updates you send to your customers with a few clicks in the Shopify backend:
#2. Create a Loyalty Program
A customer loyalty program is a great way to increase customer retention. These programs reward your customers by giving them incentives to come back and shop with you.
Once your customers opt into your loyalty program, make them feel special by hooking them up with offers: Give them a sneak peek at new products, and offer exclusive deals. This royal treatment will help your customers to feel valued, and is the crux of this customer retention strategy.
#3. Pay Attention to Questions
You know how you sometimes need an extra set of eyes to edit because it’s impossible to spot your own typos?
The same thing can happen with your business: You designed the customer journey, you built the product pages, you set the prices. In short, you understand everything about your store because you’re the one who invented it.
Which is exactly why we can’t always see what we did wrong. At least not as well as our customers can. Paying attention to questions about your business is a great way to keep your customers, and a simple customer retention technique.
A whole array of technologies are being shouted from the rooftops as the key to unlocking the potential of your company. Artificial intelligence, social media, big data and cloud computing… the list goes on and on. But you can’t forget those that hold these keys—your people! You need to hire the right people.
People are the most important aspect of your company, responsible for how you operate, how you present yourself to clients and customers, and ultimately how successful you are. When it comes to hiring the right people in your company, look for those with similar values and work ethics while diversifying the workplace in terms of gender, ethnicity, and skill sets.
You need to create a cohesive workplace but also identify what every employee can bring on an individual level. And it can be a tricky balancing act. In this post, we’ll explore some tips to help you hire the right team for your business.
#1. Know What You Are Looking For
What kind of team do you need? What will your company culture be like? How much will you be willing to pay? You must answer all these questions so that you know what to look for in interviews.
#2. Write a Good Job Description
The more specific your job description, the better. Applicants should know precisely what your company is looking for. Make sure to detail how many hours employees must work, the skills and experience they need to apply, and how much they will get paid.
#3. Reach Out
Establish a presence on LinkedIn, Monster, Craigslist, AngelList, and other websites. Know where your talent resides so you can go out and find them. You can also utilize your network and reach out to partners for referrals.
#4. Call Their References
Ask their references about the candidate's work style. Find out how much they have contributed to their past employers and ask if they believe the candidate would be right for your company. Prepare a refined list of interview questions beforehand so that you can weed out the good applicants from the bad ones.
#5. Consider Alternatives
Can an applicant's job be outsourced or replaced with a robot? Can you do it yourself? Perhaps you should hire them part-time instead of full-time. Or maybe one worker can wear multiple hats. Think carefully about all the options you have.
You may have a fantastic product, but if your customer service is unhelpful, unreliable, or just plain hard to get in touch with, folks will hear about it, and you’ll lose customers over it. That’s one big reason why investing in customer service is key to long-term business success.
So, how do you offer excellent customer service to your clients? Read on to find out
How To Provide Excellent Customer Service
#1. Know your product/service
46% of all consumers will abandon a brand if the employees are not knowledgeable. And this is almost a half! Just imagine: one day a half of your customers may abandon you in favor of your competitors. It doesn’t sound fun, right?
In order to prevent any negative consequences, spend some time organizing training or coaching for your employees. Make them learn everything about the product, and they will not fall flat on their face in front of the customer.
Another thing to do is create a knowledge base for the employees with the main concepts, ideas, and FAQ. Such a guide will not only help them learn all the necessary data but assist in responding to clients as well.
#2. Know your customers
Here, we can mention two elements to consider: the marketing aspect and providing excellent customer service.
As for marketing, it’s all clear. You have to know your clients well to target the right audience, conduct re-marketing campaigns, and improve customer retention. But why is it so important for customer experience?
The thing is, in most of the cases, clients have to deal with multiple customer support representatives. Unfortunately, not all of them know the customer’s history well and can provide instant help.
#3. Remain human
Our human nature is a great advantage, which you should never underestimate when it comes to customer service.
No matter how fast the technologies advance, human interaction will remain the most valuable feature of customer service. On average, 75% of customers would still prefer to communicate with a person rather than a chatbot.
#4. Solve problems fast
29% of consumers consider speed as a critical aspect of customer service interaction. They mention quick problem resolution first when they describe excellent customer service.
Moreover, a lot of clients are even ready to pay for faster service. For instance, 40% of respondents in most surveys claim that they would pay extra for same-day delivery.
Customers are not willing to wait long even for a CSR to answer their phone call. In this case, an example of excellent customer service would be answering the phone during the first 1-3 minutes.
Finding financing in any economic climate can be challenging, whether you're looking for start-up funds, capital to expand or money to hold on through the tough times. But given our current state of affairs, securing funds is as tough as ever. To help you find the money you need, we've compiled this blog post on 3 financing techniques and what you should know when pursuing them.
#1. Get a Bank Loan
Lending standards have gotten much stricter, but there are still some that have earmarked additional funds for small business lending. So why not apply?
#2. Use a Credit Card
Using a credit card to fund your business is some serious risky business. Fall behind on your payment and your credit score gets whacked. Pay just the minimum each month and you could create a hole you'll never get out of. However, used responsibly, a credit card can get you out of the occasional jam and even extend your accounts payable period to shore up your cash flow.
#3. Attract an Angel Investor
When pitching an angel investor, all the old rules still apply: be succinct, avoid jargon, have an exit strategy. But the economic turmoil of the last few years has made a complicated game even trickier.
Here are some tips to win over angel interest:
Add experience: Seeing some gray hair on your management team will help ease investors' fears about your company's ability to deal with a tough economy. Even an unpaid, but highly experienced adviser could add to your credibility.
Don't be a fad-follower: Did you start your company because you are truly passionate about your idea or because you want to cash in on the latest trend? Angels can spot the difference and won't give much attention to those whose companies are essentially get-rich-quick schemes.
Know your stuff: You'll need market assessments, competitive analysis and solid marketing and sales plans if you expect to get anywhere with an angel. Even young companies need to demonstrate an expert knowledge of the market they are about to enter as well as the discipline to follow through with their game plan.
Keep in touch: An angel may not be interested in your business right away, especially if you don't have a track record as a successful entrepreneur. To combat that, you should formulate a way to keep them in the loop on big developments, like a major sale.
COVID-19 has been one of the biggest global challenges of our generation. Customer behavior is changing at a staggering pace, and digital adoption has become necessary for survival. When the pandemic eventually recedes, sales and service organizations will have to continue to accommodate new attitudes and behaviors. Leaders must take immediate action to meet customer expectations in the post-crisis era.
Managing customer engagement now
Here are three priorities for activating and supporting purposeful experiences:
Embrace the unpredictable
As the use of digital channels spikes throughout the pandemic, the "rules of engagement" have changed, and customer expectations for what constitutes “basic” digital capabilities have shifted. There will be no return to the old ways of operating. Organizations must now prepare for a future focused not just on digital transactions, but on digital engagement that accelerates the development of customer relationships.
Flex your customer workforce
Most organizations were forced to do the unthinkable during the COVID-19 crisis: Make an entire workforce operate from their homes. Meanwhile, the lines between different human customer engagement channels have blurred. Sales and service organizations threw out the rule book to create continuity for consumers. As a result, the foundation has been set for organizations to think more holistically about the flexibility and fluidity of their workforce across customer engagement touchpoints.
Empower resilient operations
COVID-19 has exposed the insufficiency of traditional continuity plans. Still, enterprises that have made investments in agile human and digital workforce capabilities have been able to navigate the crisis better than their counterparts. In the face of sustained customer behavior changes, there will be higher demand for flexibility of physical spaces, platforms, and data. To succeed, companies should adopt elastic solutions and continuously recalibrate investments against outcomes.
There’s enough evidence out there to suggest that work from home is here to stay. Collaboration tools like Zoom and Microsoft Teams witnessed an explosion of downloads, and several people are likely to remain hooked. A Gartner survey revealed that 74% of businesses intend to shift at least 5% of their employees permanently to remote work. Even worker preferences appear to be changing. In a Gallup poll, 59% of workers who moved to remote work on account of the pandemic indicated they would like to continue working from home even after the COVID-19 crisis ends.
In an increasingly no-touch world, likely, this ‘genie’ is not going back into its bottle any time soon. Yet home workspaces also come with their own set of challenges.
The Value of Remote Working, Now And After COVID-19
Remote working is an opportunity for companies to change their way of working sustainably and reap the benefits over the medium to long term. Think of less office space, less commuting, fewer business trips, shorter breaks and greater focus for employees. Feedback from the market seems to indicate that remote workers are also less likely to take short absences due to illness.
It can also have a positive impact on the remuneration system of companies and provide insights into (HR) opportunities. Remote working on a larger scale also offers companies the flexibility to deal with unexpected events in the future, such as the COVID-19 crisis. Finally, remote working can give a renewed boost to cooperation and cohesion.
Investing in remote working will have far-reaching consequences on the way we work after the crisis. It is too early to say to what extent we will not go back to the old way of working, but business leaders should already think about the potential of these investments:
A new operational model based on higher flexibility and more agile and remote ways of working;
A corporate culture that is more connected internally and externally and where an analysis of collaboration can provide valuable data;
An alignment of business goals to the new cultural standard and employee expectations.
When COVID-19 forced companies all over the world to send their employees home to work virtually, remote work had a big moment.
Yes, the rush to give employees access to all the tools they’d need to work from home was a bit, well, sudden for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.
Whether you’re on the hunt for a remote job or are already working virtually, this blog post highlights the benefits of working from home in the midst of COVID-19.
#1. Better Work-Life Balance
Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes. This control over your work schedule can be invaluable when it comes to attending to the needs of your personal life.
Whether it’s dropping kids off at school, running some errands, attending an online fitness class in the morning, or being home for a contractor, these tasks are all easier to balance when you work from home.
#2. Less Commute Stress
The average one-way commuting time is around 27.1 minutes—that’s nearly an hour each day spent getting to and from work, and it really adds up. According to the Auto Insurance Center, commuters spend about 100 hours commuting and 41 hours stuck in traffic each year. Some “extreme” commuters face much longer commute times of 90 minutes or more each way.
But wasting time commuting is just one of the downsides of getting to and from work. More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like higher cholesterol, elevated blood sugar, and increased risk of depression
#3. Location Independence
One of the considerable benefits of working from home is having access to a broader range of job opportunities that aren’t limited by geographic location. This can be especially helpful for employees living in rural communities and small towns where there may not be many available local positions.
Having no set job location means that, pre-pandemic, fully remote workers could also travel and live as digital nomads while having a meaningful career. Though a full nomad lifestyle is currently on hold, as borders begin to open up, it’s still a definite perk.
Over the last few months, business owners nationwide have been economically and operationally affected by the COVID-19 crisis. Currently, in many countries, businesses remain closed or have safety restrictions in place to stop the spread of the COVID-19 virus. In addition, even for businesses that have reopened, their customers may not feel comfortable visiting yet.
Due to this, many business owners are struggling to maintain relationships and engage with their customers. Without these relationships, it can be challenging to make sales during this time. We understand the stresses that business owners are facing, which is why we’ve compiled this blog post. Most likely, your clients are being affected by the COVID-19 pandemic too, so it’s crucial that you plan your communications appropriately.
Better Ways To Keep In Touch With Your Customers During COVID-19
#1. Keep Them Updated
As you likely know, the COVID-19 crisis is changing daily. Therefore, it’s crucial that you stay in contact with your clientele and continue to provide them with excellent customer service.
Send email or text messages about reopening plans and safety precautions, payment plans, and any other operational changes. In addition, ensure that you have employees available to answer customer phone calls, emails, and social media inquiries. Most likely, your customers will appreciate these updates, and it’ll increase the chances that they continue buying from your business.
#2. Provide Helpful Content
While this crisis continues to affect daily life, you may have to shift your business’s focus. Sending your typical sales content may not be appropriate, depending on your industry and geographic area. However, you can still ensure customer satisfaction by sending them educational content.
#3. Ask How You Can Help
Most likely, your customers are just as stressed about the COVID-19 virus as you are. Therefore, you should provide them with a great customer service experience by asking how your business can help.
Perhaps you offer a delivery service, and getting your products dropped off would be helpful to them while they work from home. Or, maybe you own a fitness studio and can stream online classes for members who aren’t comfortable with in-person instruction yet. Regardless, it’s a good idea to ask specifically how you can assist them during these unprecedented times.
Economic collapse, business foreclosures and no end in sight. These may all be some headlines you’ve read in the last 30 days as the COVID-19 global pandemic continues to take hold of the world economy. While a plethora of our favorite local businesses are suffering during this time of economic hardship and uncertainty, there are still reasons to be optimistic.
Optimistic, you say? Well, as you might have heard, this isn’t the first time a global crisis has occurred. Throughout history there have been pandemics that shaped the world in such a way, the effects of them are still being felt.
With that in mind, here are a few navigation tips for small businesses during the current crisis:
Identify the pain points brought on by COVID-19;
Consider offensive and defensive strategies to address the pain points;
Find creative solutions to your challenges; and
Chart a path forward with intentional flexibility.
Small businesses should seek to identify pain points, assess their style of communication and their approach to handling the crisis so far. Whether you are a high-level manager looking to find creative solutions to help your firm or a small business-owner looking to keep your doors open and grow, creative problem solving is of the utmost importance during uncertain times.
During this time, it is important to partner with someone who can help you navigate through this process. There are tools out there to help you assess your needs and find the best way forward. Know you are not alone, and that we will all get through this together.
Has the way you recognize your employees changed in light of COVID-19? Now more than ever, our employees need to feel recognized. This is due to the fact that a reported 64% of employees feel that recognition and appreciation is more important while working remotely.
At the same time, only 1 in 5 employees say their organization has implemented new ways to reward and recognize them since the pandemic began. With cancelled employee appreciation celebrations, banquets, and other inconveniences, many of our remote workers are missing out.
That being the case, now’s the time to start thinking about how we can adapt our employee recognition efforts to account for social distancing and remote work. In this blog post, we have put together the top three ways to recognize your employees during COVID-19.
#1. Peer-to-Peer Employee Recognition
Peer recognition is powerful because it can strengthen relationships while keeping employees engaged. The benefit isn’t limited to those who are on the receiving end either.
To introduce peer recognition to your remote team, encourage them to give each other positive feedback. This could be as simple as an email thanking a co-worker or a shout-out in a virtual meeting.
#2. Award an Employee of the Week or Month
Employee of the month isn’t a new concept. But it’s one that’s often not used effectively. When recognizing your remote workers, it’s important that you use a fair process to select winners.
When you’re developing an employee of the week or month program, base the frequency on your team size. The more opportunities for awards the better. But at the same time, you don’t want to give out so many awards that they lose value.
#3. Acknowledge Your Remote Employees’ Personal Achievements
Try to keep up with what your employees’ are doing outside of the office. Did they buy their first home? Return to school to earn their degree? Have a baby?
Recognizing what’s going on in their personal lives can build trust and strengthen your relationship, creating a more engaged workforce.
With the massive adoption of Bitcoin, and indeed other cryptocurrency, the crypto presents a lot of exciting opportunities to investors globally. If you are looking for the basis to start trading cryptocurrencies, then this blog post was written with you in mind.
In this post, we will take a look at the process of buying and selling cryptocurrencies to make a profit. Meanwhile, the content of this post is not in any way a financial advice. It is purely for educational or entertainment purposes.
So, if you are ready to learn how to trade cryptos, let's get started.
How To Trade Cryptos As a First Timers
There are basically five steps to trade cryptocurrencies, including the following:
Register a Trading Account With an Exchange: The first step is to register a trading account with an exchange. There are so many exchanges these days, so tread carefully when choosing one
Fund Your Account: The next step is to deposit funds into your trading account. You can deposit funds via bank transfer, credit/debit cards, or using PayPal.
Pick a Crypto To Invest In: There are over 1,500 cryptocurrencies on the market. Choose the ones that you are promising.
Choose a Trading Strategy: Decide whether you want to be a long or short-time trader or investor.
Buy And Store The Cryptos: After choosing a trading strategy, the next step is to place a buy order and store the cryptos you would receive in an offline wallet/
Congratulations! You can now trade cryptocurrencies
If you have been involved in any crypto-related transactions in the last two years, it is likely that you would report it in your tax return. For clarity, cryptocurrency transactions include but not limited to buying, selling, staking, mining, trading, sending and receiving. It applies whether the transaction happened in Australia or not. In fact, the Australian Tax Office (ATO) wants to know about your cryptocurrency transactions.
Working out crypto tax can be a nightmare for many, plus there are so many facets to consider when preparing tax returns. Therefore, it is important to know exactly what you are doing and how to file your tax return correctly.
To give you a heads-up, we have put together a guide on the rules applicable in Australia regarding cryptocurrencies and tax. The information you would find below is strictly educational and not financial or legal advice.
Am I an investor or trader?
The first thing you need to work out is whether or not the ATO classifies you as an investor or a crypto trader.
A crypto investor is someone who buys and sells cryptocurrencies to make long-term capital gains. Investors are also involved in airdrops, staking, and forks. If you are an investor, you are subjected to Capital Gains Tax (CGT).
A crypto trader is in the business of buying and selling cryptocurrencies for short-term profits. Traders treat their profits as business income rather than assessing each transaction as a capital gain event.
Capital Gains Tax (CGT)
Just like a company's share, the ATO views cryptocurrencies as assets, which means each time you trade you need to assess your capital gains. If you buy cryptos and hold, you don't need to pay tax on your holdings, even if the value increases.
What’s my tax rate?
If you have formally registered your business with ASIC, your tax rate is the same as other companies - 27.5% on all income after deductions. But if you are an individual investor, your tax rate sits on Australia's sliding scale of individual tax rates.
Paying taxes is one of our primary responsibilities as citizens. Government uses revenue from taxes to build bridges, schools, hospitals, and other infrastructures. We pay taxes in the form of VAT (value added tax) for virtually everything we consume, and cryptocurrencies should not be left out. Now the big question is, does the Australian government tax cryptocurrency users?
In this blog post, we will answer some pertinent questions regarding tax payment when we get involved in cryptocurrencies.
Should I Declare Cryptocurrencies On My Tax Return
Of course, you should declare cryptocurrencies on your tax return if you have made any profit from it. Some ways to profit from cryptocurrencies include crypto trading, purchasing goods or services via cryptos, and conversion from cryptos to Australian dollar, and vice versa.
Do I Pay Taxes On Gains Made From Cryptocurrencies?
Yes, you have to. If you have involved yourself into crypto trading or any of the ways of making profits from cryptocurrencies, it is duty bound on you to pay taxes. How much should you pay? This depends on some factors like your trading strategy and your investment worth. For instance, if you are a personal crypto trader, you can expect to pay anything between 0% and 47%. Crypto-related companies are expected to pay anything between 27.5% to 30%.
What If I Don't Declare My Crypto Gains To The ATO?
When you make any crypto investment and you make profits from such investment, you are expected to declare your position to the ATO. Failure to do that is tantamount to tax evasion, and tax laws frown against that. We encourage you to always declare your crypto gains to the ATO so that the long arm of the law would not catch up with you.
Except you still live in the stone age, the chances are that you must have heard that cryptocurrencies have taken over the world. Cryptocurrencies, and indeed blockchain technology, is now the new way to facilitate payment for goods and services.
So, in this article, we will be simplifying some terms associated with the cryptocurrency space. You may have heard of terms like blockchain, smart contracts, Bitcoin, and even cryptocurrency itself. Relax, this article will handle all the explanations so that you understand what each team means.
Let's dive in!
Meanings Of Terminologies In The Crypto Space
What is Cryptocurrency?
In simple words, cryptocurrencies are a group of virtual or digital currencies that people can use to facilitate payment in the economy where they are accepted. The first cryptocurrency to hit the scene was Bitcoin in 2009. At present, there are over 1,500 cryptocurrencies in circulation.
What Is Bitcoin?
Bitcoin is the largest and the most traded cryptocurrency in the world. It was invented in 2009 by a man known as Satoshi Nakamoto using the power of blockchain. The symbol of Bitcoin is BTC. Since the birth of BTC, so many cryptocurrency enthusiasts have use the same blockchain technology to create other cryptocurrencies to provide different services.
What Is Ethereum?
Ethereum is a blockchain-based, open-source, decentralized platform used for its own native cryptocurrency, ether. It was launched in 2015 to enable distributed applications and smart contracts to be built without any downtime, fraud, interference, and control from a third-party.
What Is a Smart Contract?
At its core, a smart contract is an instruction that automatically self-executes with the terms of the agreement between buyers and sellers written into lines of code. The agreements between the buyer and seller are contained in the blockchain.
What Is Blockchain?
A blockchain is a public ledge that records all cryptocurrency transactions. Once a transaction has been recorded on blockchain, it cannot be reversed or deleted. Blockchain makes it difficult for the government to regulate or interfere with the cryptocurrency space.
Your business budget helps you avoid overspending and also puts you in control of your business. However, with COVID-19 still in full swing, the chances are that you may have abandoned your business budget just to stay afloat. You are not alone, so many businesses have had to throw their business out of the window just to survive the global pandemic.
You need to make some adjustments if you must get your business budget back on track after COVID-19. So, how do you get back your budget back on track?
In this post, we have put together top 3 tips that you should consider to get your business budget back on track after the global pandemic.
#1. Pay Attention To New Numbers
Coronavirus may have affected your business one way or the other. Whatever your situation may be, you need to make some sacrifices to help your business bounce back from the negative cash flow. You may consider reducing spending or cutting down on unnecessary expenses. Pay attention to your cash flow by tracking your income and expenses using accounting software.
#2. Reevaluate Your Emergency Fund
If your business has an emergency fund, you may need to reevaluate it. Reevaluating your business emergency fund will prepare you ahead of other emergencies. However, if you do not have any emergency fund set aside for your business, you need to establish one. The rule is to set up an emergency fund that will cover at least 6 months of your expenses.
#3. Prioritize Paying Back Debts
If you were forced to borrow funds to rejig your business during the crisis, you need to prioritize paying back the debts. Make room in your business budget for debt payment and extra loan. Additionally, try as much as possible to offset all your debts before applying for a new loan.
If you are still in doubt on how to plan your business budget after COVID-19, feel free to reach out to us for assistance.
Looking to start a new business despite the havoc caused by the coronavirus pandemic? Then you are in the right place. Still the start of the pandemic, many small businesses have closed their doors permanently due to the pandemic. However, the result was quick to point out that there is an increase in the request for people to start a new business during the pandemic.
If you are one of those striving to start a business, this post would really be helpful. Ahead, we have shared three powerful tips that would help you start a new business NOW!
Sounds good, right?
Then let's started.
#1. Determine Your “Why”
The first step in starting a new business during a pandemic is to determine why you want to start a business. Do you want to be your own Boss? Are you passionate about a specific product or service? Do you want to make a difference in your immediate community? Once you are able to identify your why, you can then figure out your potential customer's pain points.
#2. Fill a Market Need
The habits of today's consumer are continually changing. Therefore, think of how your products or services will align with their lifestyle during the pandemic. Industries like cleaning, delivery services, home improvement, fitness equipment, and behavioral health are thriving during the pandemic and the reasons are not far-fetched. Most consumers now work from home!
#3. Focus On Digital Marketing
During the coronavirus pandemic, a robust digital marketing strategy can be the game-changer that you need to get started. With little or no chance of meeting your potential clients in person, the only surefire way to network with them is through effective digital marketing.
Struggling to start a new business during the pandemic? Reach out to us for assistance!
Starting a business during or after the coronavirus pandemic might seem impossible for many, but that shouldn't be the case. While consumers spend most time at home, there are businesses you can still do to make money during or after the pandemic.
Ahead, we will highly top 3 business ideas that you can start now with little or no budget.
Let's get started.
#1. Online consulting business
If you have knowledge to pass on to others, you can start an online consulting business. From professional skills such as finance and supply chain management to lifestyle skills like dietician or music classes, you can train people in what skill that you possess.
The internet is a great tool in this regard. Online consulting is basically meant to give people useful information to improve their lives or businesses.
#2. Digital Marketing Agency
Another lucrative business to start during and after the pandemic is a digital marketing agency. The truth is that businesses are constantly on the lookout for agencies that will help them generate leads. Your digital marketing agency can offer businesses a wide range of services, including content marketing, SEO, social media, web design, as well as paid and targeted advertising.
#3. Graphic Design Firm
Graphic design is another business idea you should look into. With the right skills, you can design company logos, event graphics, and social media banners.
Struggling to start a new business during or after the pandemic? Feel free to reach out to us, and our experts will help kick-start your entrepreneurial journey.
With some parts of the world reopening after the devastating effect of the first wave of COVID-19, the chances are that you might be eager to rebuild your business. However, it is crucial to be careful when rebuilding your business as the virus is still spreading globally.
The effect of COVID-19 on the global ease of doing business remains significant. The unemployment rate has never been this high since the Great Depression. Customers are now more conscious about proximity to strangers and public gatherings. We may never witness a return to "normal" in the nearest future, for businesses in restaurants, retail, hospitality, and travel.
In today's blog post, we will take a look at 4 ways to rebuild your business after COVID-19. Without much ado, let's get started.
#1. Assess the Financial Damage
The first step to rebuilding your business is to assess the financial damage. If you've not done your financial statement recently, this is the right time to do that. Once you are done with your financial statement, compare the numbers to last year's number to determine the impact.
#2. Review Your Business Plan
Your business plans may have worked 100% fine during the pre-COVID era, but certainly after COVID-19, it is necessary to fine-tune your business plans to reflect today's reality.
#3. Consider Whether You’ll Need Funding to Recover
It is likely that you would need some forms of funding after COVID-19, unless your business generated enough money going into COVID-19. There are several options to consider when seeking for funding, including:
- Business lines of credit
- Accounts receivable financing
- Merchant cash advances
- Small business loans
- Small business term loans from banks, credit unions and online lenders
- Business credit cards
- Vendor tradelines
Are you currently facing any challenges rebuilding your business? Let us know in the comments and we would like to be of help!
From social distancing, limited capacities, mandatory use of nose masks, and staggered work schedules, the post COVID-19 era appears to be very difficult for both employees and customers. With cases of infected persons on the rise on a daily basis in different parts of the world, it is critical to communicate and follow these safety protocols.
Businesses, whether startups or giants, are faced with new customer expectations and how to push for every stakeholder to respect the rules. In this article, we will be sharing a few tips on how to manage your customer expectations during the post COVID-19 era.
#1. Contactless Payments
During the post COVID-19 era, customers would like to make contactless payments. Customers would not want to touch screens, keypads, not to talk of handling cash. They also want to interact less with your staff members. As such, you need to be prepared to deploy technology to receive payments from your customers.
#2. Social Distancing
Even after the pandemic, people would still comply with the social distancing rule. If customers must visit your office, you need to re-configure your office to respect social distancing.
#3. Improved customer service
In the post COVID-19 era, customers would demand for improved customer service. Therefore, it is crucial for you to deliver improved customer service. Improved customer service would not only attract them to keep coming back, they will become loyal customers.
What customer expectations do you think will be at the front burner in the post COVID-19 era? Let us know in the comment box.
No doubt the COVID-19 pandemic has taken a toll on businesses in Australia, and indeed, the rest of the world. According to a BDC survey, more than 73% of companies were already feeling the heat of the pandemic as of mid-March 2020.
The truth is that in times of crisis, cash flow is usually a challenge for most businesses. Creating a cash flow forecast and a detailed continuity plan can facilitate recovery and help you sustain your business post COVID-19.
In this post, we will take a look at the 5 steps necessary to sustain your business after COVID-19.
#1. Start With Health And Security
Coronavirus is a human problem; as such, it is essential to take steps to protect yourself and your employees first. The following are some important questions to ask:
Answers to the questions will keep your employees safe in the post COVID-19 era.
#2. Prepare a communication plan
The communication plan of your business should target the following:
Craft a clear message and use technology to send your messages.
#3. Evaluate Capacity And Resources
For the survival of your business, you need to go beyond managing your employees, suppliers, and customers.
As demand dips globally, you need to align your staff to production. You also need to consider a new temporary wage for your employees to maintain your workforce.
In addition, you may want to consider right-sizing recurring expenses in the short term.
Okay, that's it. There is light at the end of the tunnel if you follow through with these tips. Your business would definitely rebound post-COVID.
Still don't know where to start from? You can shoot us a message and we would greatly be of immense assistance
Today the RBA met for the first time in 2021 and have decided to leave the cash rate unchanged at 0.10%.
Our central bank will have been encouraged by recent better than expected unemployment and CPI numbers. It will also be keeping a close eye on rising house prices, lending growth, the continued impact of COVID-19 on our major trading partners, the Australian dollar and its effect on exporters and the looming reduction to government support packages.
Rates are at a record low and lenders continue to offer very competitive rates. We can answer your questions and look at your circumstances to make sure you're prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.
We're here to help if you have any questions. Please don't hesitate to give us a call.
Kervin and Team
PH : 08 9370 5515
As the country tunes in for the 2020 Melbourne Cup, the cash rate decision for November has been announced and rates have been cut.
In response to the economic impact being caused by the COVID-19 crisis, the RBA reduced the cash rate by 0.15% to a new record low of 0.1%.
In making this change the RBA has confirmed the views of many analysts that further stimulus is required to aid Australia's recovery post Covid.
It had previously stated that it sees a cash rate of 0.25% as a floor however it has softened its stance on a reduction more recently.
In the lead up to its next meeting our central bank will continue to monitor world events such as the second round of European lockdowns and the US election, while closer to home it will be hoping the easing of restrictions in Victoria and the opening of state borders will provide a lift to the economy.
Here is a table showing how Australia's average mortgage sizes may be affected:
As you're probably aware, lenders review rates independently of the RBA and some may decide to pass this rate decrease on to customers at different levels over varying time frames.
We can help review your situation to ensure you have the right loan for your circumstances, drawing on a wide panel of lenders offering loans with great features, low fees and competitive interest rates.
If you'd like to chat about the best way to manage your mortgage as the COVID-19 crisis continues to unfold, please don't hesitate to give us a call.
Kervin and Team
What has changed
From 28 September 2020, the JobKeeper extension starts and the payment rates change for eligible employees and business participant.
Extension 1 - from 28 September 2020 to 32 January 2021
Extension 2 - from 4 January 2021 to 28 March 2021
The payment rate applicable to an employee is determined by reference to the actual hours the employee worked.
• Higher rate – If an employee’s total hours were 80 hours or more for the employer over an applicable 28-day reference period, then the employer is entitled to the higher rate in respect of that employee.
• Lower rate – If the total hours of work and equivalent paid leave are less than 80 hours over the applicable 28-day reference period, the lower rate applies.
It is the responsibility of the employer to determine the number of hours that count towards the threshold for an eligible employee, based on existing records that are already maintained in respect of that employee.
What you need to do
Extension 1 - businesses will have to demonstrate that their actual GST turnover has declined by 30% in the September 2020 quarter, relative to its September 2019 quarter.
Extension 2 - businesses will have to demonstrate that their actual GST turnover has declined by 30% in the December 2020 quarter, relative to its December 2019 quarter.
What doesn't change
To claim for fortnights in the JobKeeper payment extension 1 or 2:
Source: ATO and NTAA
If you need any help, contact the office on Tax@successwa.com or 08 9370 5510