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How to truly set your business apart from competitors

Posted on November 9, 2017 by admin

Making your business stand out can be difficult; especially if you are offering the same services as your competitors.

No matter how big or small, or what the financial status of your business may be, there is one strategy any business can adopt to set you apart: customer relationships. Building and placing value on the relationships you build with customers is free. The main focus of these relationships is to truly value the customer as a unique individual and not just view them as another sale or a number. When people feel their transaction with your business has been genuine, the whole morale and attitude within the business can change for the positive and drive up profit.

Consider the following benefits of developing strong customer relationships:

Creates brand loyalty
It is highly unlikely that a customer will return to your business for future services and sales if they unsatisfied with their initial transaction. If they are happy with their transaction with your business and they leave feeling genuinely looked after and positive, chances are they will be back.

Increase in referrals
Word of mouth is a strong tool for generating more business. If a customer is not happy with the service they provided, they are likely to go straight to social media and discuss their transaction, speaking negatively about your business. On the flip side, a satisfied customer is likely to speak highly of and recommend your business to friends, and even strangers on community social media pages. A referral from an existing or previous customer is often more trustworthy than a marketing campaign, so placing value on treating existing customers with the utmost professionalism and diligence can see the business grow and profits increase.

Cost-effective
Treating your customers well is a great marketing strategy. It is more cost effective to bring in more business through treating existing customers well (whilst making money) rather than splashing out on marketing campaigns that may or may not be as successful as you had hoped.

maximise your business's value

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Government increases cash flow support for businesses

Posted on March 27, 2020 by admin

The Australian Government has increased support for businesses to manage cash flow challenges under the ongoing COVID-19 circumstances.

The Boosting Cash Flow for Employers measure announced on 12 March 2020 will be increased to provide up to $100,000 for eligible small and medium-sized businesses. To be eligible employers must have been established prior to 12 March 2020 and have an aggregated annual turnover of less than $50 million and employ workers.

The measure will provide employers with a payment equal to 100% of the tax withheld from wages and salaries. This is a rise from the original 50%, with maximum payments being increased from $25,000 to $50,000 and minimum payments being increased from $2,000 to $10,000.

Employers will receive payments from 28 April 2020 from the ATO as automatic credit in the activity statement system upon lodging eligible upcoming activity statements.

Eligible businesses will be provided with an additional payment during July – October 2020. The payment will be equal to the total amount received under the Boosting Cash Flow for Businesses scheme. For monthly and quarterly activity statement lodgers, these payments will be provided as automatic credit in the activity statement system for each lodgement up until October 2020.

The Government has also introduced the Coronavirus SME Guarantee Scheme to support the flow of credit for small and medium enterprises (SME) by providing a guarantee of 50% to participating SME lenders for new unsecured loans that will be used for working capital. To be eligible, SMEs will have a turnover of up to $50 million and the loans must comply with the following terms:

The SME Guarantee Scheme will still require businesses to repay these loans and approval is subject to regular lending requirements. The Scheme will commence by early April 2020 and be available until 30 September 2020.

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