HOW WELL DO YOU KNOW YOUR BUSINESS
Web Manager • January 3, 2016
The start of a new financial year is an appropriate time to take stock of the position your business is in at present. This month you could ask yourself "How well do I know my business? To start this process, why not ask your employees what business you're in. Then compare their answers to yours. As part of the review of "How well do you know your business?" we have prepared a check list which we are happy to send you. Some of the questions are:
Customers
- Who are your customers?
- How well do you know their preferences?
- Do you know your 'A' grade customers?
- Do you have special policies for your 'A' grade customers?
- What are your policies to convert 'B' grade customers to 'A' grade customers?
- Does your business exceed your customers' expectations?
- If you believe your business exceeds your customers' expectations, how do you know that?
- Do your clients refer business to you?
KPI (Key Performance Indicators)
- Have you identified key performance indicators for your business?
- Are they appropriate?
- Do you share the key performance indicator information with your team?
- Debtors' Days Outstanding;
- Stockturn;
- Work in Progress;
- Gross Profit Percentage by individual products or departments;
- Sales/fees per team member.
Team Members
- Have you identified team members' strengths and weaknesses?
- Have you identified special training or development individual team members may need?
- Are you conducting staff training and development activities for your team members?
Marketing
- Is your website user-friendly?
- Have you asked customers/clients whether they get the information they are looking for from your website?
- Do your team members know what your customers/clients think about your website?
- Are your team members using the website to fully supply information to customers/clients?
- Have you got a growth strategy for the business?
Cashflow
- Have you analysed your cashflow position?
- Are improvements needed to cashflow?
- Are credit terms clearly explained in writing to customers/clients?
- Are tax invoices accurately prepared and sent promptly?
- Are statements prepared and mailed?
- Is follow-up action started as soon as the debtor exceeds your stated terms of trade?
So ask yourself, how well do you know your business?

With the recent changes to the traffic light system now in effect, you may be wondering what support is available if you or your team must self-isolate due to COVID-19 and are unable to work from home. The Government has two schemes available to employers, including self-employed people: COVID-19 Leave Support Scheme and the Short-Term Absence Payment. Leave Support Scheme This scheme has been adjusted to a weekly payment to recognise the periods of self-isolation have changed. To qualify, a set of criteria needs to be met. Your team members must have been advised to self-isolate for a period of at least four consecutive days (and are unable to work from home for that period) for any one of the following reasons: * They have COVID-19 * They are a close contact of a person who has COVID-19 * They are the parent or caregiver of a dependant who has been advised to self-isolate * They are in the category of people most at risk of severe illness from COVID-19 * They have household members in the category of people who are most at risk of severe illness from COVID-19 The team members must have been advised to self-isolate by any one of the following: * A medical officer of health or their delegate i.e the MOH or a public health official * A medical practitioner i.e. a GP * The National Investigation and Tracing Centre It’s a good idea to have supporting documents on file that meet the above criteria in case you are asked to provide them. The funding available is as follows and needs to be applied for on a weekly basis: * $600 a week for full-time workers who were working 20 hours or more a week * $359 a week for part-time workers who were working less than 20 hours a week Currently, there is no stand down time for employees — for example: * An employee may have to self-isolate for a week and receive the scheme, but they are eventually cleared to return to work * A few weeks later, they may find themselves in a situation where they have to isolate again — you can still apply for the scheme this time around. To find out more about the Leave Support Scheme, visit the Work and Income website here https://www.workandincome.govt.nz/covid-19/previous-payments/leave-support-scheme.html Short-Term Absence Payment To qualify for this scheme, your team members must be awaiting a COVID-19 test result and are unable to work from home. The funding available is as follows: * $359 for each eligible team member — please note you can only apply once per eligible worker in a 30 day period. To find out more about the Short-Term Absence Payment, visit the Work and Income website here https://www.workandincome.govt.nz/covid-19/previous-payments/short-term-absence-payment.html Important things to note about the two schemes * An employee cannot receive both subsidies at the same time, so you must ensure the test results are back before making any decisions around which subsidy to apply for. * If you do apply, it’s a good idea to have documentation on file to support your claim in case it is ever questioned by MSD. You might need support from HR as it will be personal information you are putting on file rather than financial. Please feel free to circulate this email to anyone who may find it useful and if you are unsure about any of the above schemes, please give us a call or email us on info@gcol.co.nz We are here to support you during this time. Keep safe