Introduction In New Zealand it is estimated 24% of small business owners are now over 60 years of age. A further 25% are between 50 and 60. A great question to ask yourself is ‘What if I were hit by a bus tomorrow?’ In other words, in the event of death or disablement how…
Day: January 16, 2020
Family businesses
This guide contains the following topics: The eight fundamentals of family business Spouses in business Conflicts within family businesses Dispute resolution The eight fundamentals of family business Family involvement in any business has to be an integral part of the business’ successful future and therefore provided for in the business plan. Incoming family…
Should you be increasing your prices?
If you adopt a premium pricing strategy the following table shows the amount by which your sales would have to decline following a price increase before your gross profit is reduced below its present level. For example, at a 40% margin, a 10% increase in price could sustain a 20% reduction in sales volume. If…
Should you be discounting your price?
The following table indicates the increase in sales that are required to compensate for a price discounting policy. For example, if your gross margin is 30% and you reduce price by 10% you need sales volume to increase by 50% to maintain your profit. Rarely has such a strategy worked in the past and it’s…
Valuation of a Business
Introduction There is no topic about which greater differences of informed opinion may exist than the value of a business or shares in a private company. Contents This guide contains the following topics: Overview Valuation methods Developing the succession plan Valuing the business Valuation methods summarized Goodwill Overview Introduction The…
Direct Marketing
Introduction Direct marketing is contacting the seller personally to engage them in the sales process. This is generally done around a certain offer or event, as this type of marketing is not appropriate for general awareness marketing. Direct marketing is generally done by telephone, email or letter. Contents This guide contains the…
Computers in Small Business
Introduction Your computing needs will vary greatly depending on the type of business you run and how many team members you have. This guide will give you an idea of the basic options available. Contents This guide contains the following topics: Computer setup PC vs Mac Setting up a network Backing up…
Exporting Business
Introduction New Zealand relies heavily on exports to support its economy. Because of this, the New Zealand Government puts a lot of resource into its national economic development agency, New Zealand Trade and Enterprise (NZTE). Contents This guide contains the following topics: Setting up an export business Developing your intangible resources Going…
Customer service
Introduction Good customer service is easy. Once you have been through the hard work of attracting customers, and have successfully sold them something, you will want to encourage repeat business. It is far easier to sell more to your existing customers than it is to find new ones. One of the keys to attracting…
Surveys and Market Research
Introduction Running a survey or conducting market research is a great way to find out what customers and prospective customers want. By gathering some useable data, you can tailor your products and services to your clients’ needs. It’s also a great way to monitor the marketplace and find out how you are perceived. …
Motor Vehicle Deductions
For motor vehicles acquired on or after 1 April 2011 Introduction There are a number of different treatments in operation to obtain income tax deductions for motor vehicle expenses. It will depend on the type of business entity that operates the vehicle. This guide explains the fundamental rules surrounding motor vehicles and income…
Sales Guide
Introduction Sales is the process you enter into once a customer engages you. For example, once they enter your showroom or reception, or call or email an enquiry. The sales process can involve everything from simple retail selling, merchandising and cross-selling, to complex quotes and proposals and cold-calling. Contents This guide contains…
Software Applications in Small Business
Introduction One of the most important things for a small business is to have the right software in place. Buying software is no longer as simple as it used to be. As well as the standard option of simply purchasing a computer with the software pre-loaded, there are also many other software types available.…
Market Research Survey Planning
Introduction For a market research survey to be truly effective you will need to plan exactly what information you need and how you’re going to get it. Contents This guide contains the following topics: Planning your questions Writing your questions Choosing question types Question sequence Collection & Communication Analysing survey data …
Loyalty & Reward Systems
Overview Introduction Loyalty and rewards systems are a very real part of customer service in a modern business. Depending on the type of business you conduct, you may use one, or a combination of systems. Contents This guide contains the following topics: What is a loyalty system? Types of systems and rewards …