www.newcastlepost.com.au
BUSINESS MATTERS
John Church Minding customers
commissions but rather by the size of the rent roll. A rent roll is nothing more than a
I
customer list of active landlords and tenants. If I was to ask you where the value
was in your business, you may be tempted to tell me it was the factory, the equipment or the fl eet of vehicles on the road. Some of you would rightly point
to key staff . However, the real value of a business is the customer list. Everything begins and ends with your customers and nothing happens until they choose to buy from you. Customers are the asset you want to nurture and harvest. When business slows, the value of a
customer list increases in value. Weaker companies can crumble when faced
was interested to learn that the value of a real estate agency, as a business is often determined not by the historical value of sales and
with tough fi nancial challenges. T is opens up new opportunities for you. Cash fl ow is crucial to any business,
so you can sometimes make an off er to work with a competitor by giving them the opportunity to generate some revenue. Your competitors may be open to joint ventures where they give you access to their customer list in return for some cash. You may be able to fi nd a way to segment the market so that both businesses benefi t from working together by off ering complementary goods or services. Or you may be able to buy the customer list outright if they are leaving the industry. However, a customer list has no value
unless it is mined. You need to have a deliberate strategy of regular contact with off ers and recommendations. Do not become a nuisance, but rather make every customer contact a chance to deliver advice or specialist services which your competitors fi nd hard to replicate.
John Church manages a Newcastle advertising agency, digital printing company and PR consultancy.
FINANCE MATTERS
Greg Taylor Good accountants A
good accountant is one of the best investments a business owner can make. As the end of the fi nancial
year and the dreaded tax return approaches, it is worth asking whether you have chosen the right one for your business. To choose the right accountant,
you need to be clear on what level of service you want from them. An accountant is diff erent to a book- keeper. Many business owners see their accountant once a year to complete their tax, but an accountant can be a source for continuing business and tax advice. Some accountants are also licensed to give investment advice on specifi c products and some can help you in developing a business plan or evaluating a business before you buy it. Once you know what you need from
them, look for an accountant who has demonstrated experience in those services. Ask your local business chamber or business colleagues for recommendations. T ere are three main
professional bodies, the Institute of Chartered Accountants, Certifi ed Practicing Accountants Australia and the Institute of Public Accountants, and they all have lists of members in your area.
Greg Taylor is deputy CEO and chief fi nancial offi cer for the Hunter-based Greater Building Society
25 A good accountant can save you time
and money, so it is worth interviewing several of them. We often get three quotes for other services that cost less and have less impact on business. Ask them about their rates and if
they do work for similar businesses. Bring recent tax returns and fi nancial statements so they can give you realistic estimates. Check their qualifi cations and licenses. T ey need to be registered with the Tax Agent’s Board to be able to legally prepare your tax return. Good accountants don’t come cheap.
You get what you pay for. You may be able to save on fees if you use their preferred software program or if you provide information in a way that reduces the time they spend servicing you. Ask them about what you can do to reduce the fees you pay them.
BUSINESS
The Newcastle Post
Wednesday, May 23, 2012
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