masked grocery shopper

Preparing for the holiday season

/in /by

Small business owners: Don’t wait to prepare for the holiday season

The holiday season is normally one of the busiest times of year for small business owners in the retail space and this year will prove no different.

In fact, due to continued supply chain challenges like bad weather, container shortages, product shortages and continued port closures due to the pandemic, business owners all over the world should start holiday preparations even earlier this year.

Consumers have also been warned about shipping delays for this upcoming season. As such, many are getting a head start on holiday shopping. Fortunately, there are many things that small businesses can begin doing now to prepare. Here are some tips to get ahead of the holiday rush.

Ensure you have the right tech stack

A comprehensive tech stack can be your secret weapon as a small business owner.

The right technology and partners can help you seamlessly manage cash flow, inventory and staff – all important variables around the holiday season and especially during times of crisis. For example, a reliable POS (point-of-sale) system can help with efficiencies, inventory management and cost savings.

Working with cloud technology platforms like Xero and those offered in Xero’s app ecosystem to support back-office and bookkeeping can save you valuable time better spent handling inventory, marketing plans and other tasks to run your business.

Get your funds in order

There’s no time like before the holiday rush to make sure your finances are totally in order before your attention shifts to focus heavily on inventory and deliveries. It’s important to have an accurate, up-to-date view of how much cash you’re going to need as well as account for any spikes or dips you expect to see over the next few months.

Small businesses that still operate on paper or within Excel can easily misplace or miscalculate important figures. If you’re having trouble on your own, partner with a bookkeeper to make sure you don’t miss a beat. We can advise and help with all finance functions for the business.

Doing the pre-work will pay off. When year-end sneaks up on you right after the holidays, you’ll enter the New Year organized and ready to hit the ground running.

Double down on your online presence

In the age of lockdowns and continued uncertainty, an online presence has never been more important.

Brick and mortar retailers are not only competing against Amazon and other eCommerce websites but other digitally-savvy small businesses.

Consider the end-to-end customer experience for a hypothetical customer across the country. How easily can they find information about your business? How can they place an order or get in touch with your team?

Also consider how new customers find you. Can you beef up your presence on social media? Boost your marketing with targeted advertising? These are all tactics that can positively impact customer experience and your bottom line around the holidays.

Play up the benefits of being a small business

There are many traits that make big business different from small business that you can take advantage of during the busy holiday season.

For example, make sure your seasonal staff understands the ongoing flexibility available to them. If you don’t need their hand in the store or onsite, consider how they can help in other ways.

For shoppers who need more personal attention, play up the one-on-one in-store shopping experience to help people find the perfect gifts for their loved ones. Use the ability to personalize to your advantage. Playing up the personalization now within your orders and shipping will keep shoppers coming back.

In addition, to battle supply chain issues, diversify shipping options and utilize different carriers to fulfil orders.

During the holidays, it’s important to remember to stay nimble and flexible as things change because, of course, even the best-laid plans can always be disrupted during unexpected periods. Despite ongoing challenges and lots of change, you can prevent disorganization and feeling unprepared for the busy period by doing a little bit of advanced planning to make sure your customers have the most seamless experience.

For more tips, advice and bookkeeping essentials for your business, visit How We Help You and get started today with Notch Above Bookkeeping, Australia-wide.

Source: Xero

panicked man; bookkeeping woman

Top Xero time saving tips

/in /by

Top Xero timesavers to help you run your business more efficiently

If you are short on time, take a peek at a few Xero time-saving tips.

Work smarter, not harder

Global search

Global search is available to all Xero users from most screens in Xero. Use it as a shortcut to open other screens, or to ‘add new’ transactions.

Open global search from the magnifying glass in the navigation menu, or press forward slash (/) on your keyboard, and search for the screen you need.

Another option is to use shortcut keys when searching. You can see a list of these on-screen now. In most cases, the shortcut keys are the first initial of the screen name, such as ‘B’ for Bills or ‘R’ for Reports.

Bank feeds

Arguably the best time-saving feature in Xero, and one of the favourites amongst many of our users, bank feeds! Xero connects with thousands of banks across the globe to securely import bank statement lines into your Xero organisation on a daily basis.

If you’re using online banking already then connecting a bank feed is a no brainer. If you’re yet to add your bank account in Xero, you’ll be prompted to connect a feed when setting up. If your bank account is already set up, you can click ‘Get bank feeds’ at any time to connect a feed.

Once connected, your bank statement lines will automatically appear in Xero, ready to reconcile. This saves you from manually entering statement lines, making bank reconciliation much easier.

User roles

One saying we love is “work smarter, not harder”, and that couldn’t be truer when it comes to Xero user roles. Why should you do all the work when you have staff that can help?

Security is an important part of all businesses and it’s key when more and more businesses are running online. That’s why it’s so important to give your staff the correct level of access.

There are different user levels with great customisation in Xero, which means you can invite your staff AND accountant into your organisation. Not only does this come with your subscription, but it also means that staff can take on some of the workload. This frees you up to concentrate on some of the more important areas of the business – or maybe give you time back to spend with family.

Register for Xero Education Month each year to learn more time-saving tips and more

Join Xero each March to gain the skills and knowledge you need to build your business with Xero.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small businesses across Australia to prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology. Call us to find out how on 1300 015 130 today.

Source: Xero

#remotebusinessbookkeepers

#cloudbusinessbookkeeping

#xeroplatinumbookkeepers

reflection in car side mirror

Knowing your financials is vital for success in 2021

/in /by

The uncertainty of last year is in the rearview, but a bumpy road still lies ahead

More than ever, businesses need to understand and manage their finances to navigate the new terrain of 2021, not just to survive but thrive.

2020 lost some great companies, and the years to come will take more. So how can you begin protecting yourself and your investments when the landscape is still shifting below your feet?

Below are some essential tips to consider:

Know your tolerance for financial risk

According to Yelp.com’s Local Economic Impact Report, for more than 97,966 businesses, 2020 caught them off guard, causing them to close their doors permanently. Though traffic is picking up for some, there is no promise that revenue will get better for all businesses.

Are you ready to put it all on the line? If you are, there is success out there. If you’re not, you may need to consider a strategic pivot seriously.

OK, now that we have gotten that out of the way. Let’s move on to some positive action steps.

Build a budget

We know we can not predict what lies ahead. However, we can learn from the past, make educated assumptions, and create a budget for the possibility of a tumultuous 2021.

To help plan a tentative budget, here are a few questions you should ask:

  • What was revenue like in January and February of 2020?
  • How did it compare to profits in April of 2020?
  • What do you experience as the pandemic restrictions ease/tighten?
  • Do seasonal changes affect your revenue?
  • Do you have revenue streams that continue to grow?
  • Have you increased or decreased expenses during the pandemic?

No one knows what’s in store for business owners in 2021, but we do know that to survive 2021, business owners need to understand the financial basics for their business. Utilising powerful apps to build a budget will help you do just that.

Know your goals

For some businesses, making goals for 2021 might seem elusive, especially coming out of a year like 2020. However, by taking the time to define your goals, you will find the grit you need to stay in the fight.

Success isn’t by chance. Simply dreaming and hoping for growth in 2021 will not cut it.

  • Tips to setting achievable goals:
  • It’s still OK to dream big
  • Write your goals down
  • Set achievable milestones
  • Share your goals
  • Work on your goals daily
  • Be SMART (Specific, Measurable, Achievable, Relevant, Time-bound)

Actively analyse finances

By consistently running a balance sheet and updating your financial statements, you’ll always have your thumb on the pulse of your business. There are excellent apps available on the Xero App Marketplace to do just this. If you are uncomfortable building various reports, get help from a trusted advisor like an accountant or bookkeeper who will help you understand your economic landscape.

Understand your cash flow

Businesses are showing a steady improvement in their spending outlook as 2021 gets underway. As a business owner, you need to know where to spend your money and where to pull it back.

Though a business can look successful on paper, businesses fail at an alarming rate due to cash flow. It is essential to shorten the days between spend and collection from sales. The fewer days between the two means more cash on hand and less you will need to borrow. Developing a cash flow projection will ensure you have the money to pay vendors, staff, lenders, and yourself. Here are some apps that can help.

Separate business and personal

It’s more important to separate business from personal finances in 2021. Making the separation will ensure you treat your business like an independent entity while protecting your financial circumstances with a ‘corporate veil’. This type of protection makes the company accountable for any debts or legal responsibilities rather than holding the owner personally accountable.

Save for emergencies

For lots of companies, during economic downturns, they stop serving their current customers and start desperately looking for new customers. A better approach is to produce new products and services for customers who already know and love you. Your customers will let you know how to stay in business. Consider taking the necessary steps to listen to your customers by giving them a way to connect with you 24/7. Don’t stop there. Listen to them with the intent to act. Your customers are letting you know how you can serve them better.

Remember, other companies are looking for new customers, and if you are not tending to yours, your competition will.

Focus on the future, not the past

2020 was devastating for the world in many regards, but there is still a bright future ahead. We must learn from our past, but we mustn’t stay in our past. The future is in our imagination, so why not imagine a future of possibilities. When you set your goals, budget, or strategies, be realistic but still shoot for the stars.

Be agile

Be prepared for anything; you have got to be able to think on your toes. 2021 will not give you the time to cut through red tape. If you’re too slow to open the door when opportunity knocks, it will head over to your competitor’s open door.

Become more efficient by automating redundant tasks to free up management from routine, time-consuming tasks and allow them to engage in business strategies to increase profits and customer service.

Be adaptable

Success comes to those that can roll with the punches. Many businesses failed due to their inability to be adaptable. You should be able to pivot at a moment’s notice in good times or bad. This past year we saw restaurants close in droves while others seemed to thrive. The difference was the quick adjustment to delivery and curbside service.

Showcase your differentiation

In 2021 brand connections are becoming more critical for consumers. Customers are now looking for brands they can trust and support during these challenging times.

Companies need to step up and show they are willing to provide superior customer service, operational excellence, clear and transparent communication, and affordable products. Especially in times of struggle, people are looking for assurance that good is out there.

Now is the time to shine and show others you care.

Remember your ‘why’

Most important, you have got to remember why you went into business in the first place. Do you have clarity around the ‘why’ of your business? No? That’s ok, but it’s time to figure it out. It is not about making money; that is the result. Your why should be the purpose, cause, or belief behind the reason your organisation exists. Knowing why you are in business can help you make hard choices, stay focused on your goals, and take the necessary risks needed to succeed.

The landscape is uncertain for 2021, but there is reason to be optimistic. Businesses who stimulate growth with new products and services create jobs and infuse the economy with the money it needs to recover.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small business owners across Australia (including medical specialists such as dentists, orthodontists, optometrists and anaesthetists) to prepare BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology.

Source: Xero

#remotebusinessbookkeepers #cloudbusinessbookkeeping #xeroplatinumbookkeepers

xero verify app

Xero Verify Multi-Factor Authentication

/in /by

Why Xero is securing your account with Multi-Factor Authentication

As more people around the world embrace digital technologies, the number of cyber attacks continues to increase.

One of the most common types of cybercrime is phishing, designed to access your online accounts and steal your personal and business information.

As custodians of your data, Xero takes that responsibility very seriously. They don’t just tick the boxes when it comes to security – they go above and beyond to make sure Xero is the most trusted platform for small businesses.

To make sure your Xero account continues to be secure, Xero is making Multi-Factor Authentication (MFA) mandatory for all Xero customers globally in the year ahead.

A global change to protect your business

MFA is a log in verification process that goes beyond typing in your username and password. It gives you access to your account using something you know (your username and password) and something you have (your mobile device or computer).

Think of it like putting an additional bolt on the door. It’s a small but important thing that significantly reduces the risk of unauthorised access to your account, because it’s much harder to steal something you know and something you have.

In fact, research shows that MFA can prevent up to 80% of data breaches. The beauty of using your phone as an authentication method is that it’s always with you, which means you can still access your Xero account anywhere, at any time.

Introducing the new Xero Verify app

To give you fast, easy and secure access to your account using MFA, Xero has created their own authenticator app called Xero Verify. It’s built using the highest security standards and gives confidence that your account access is in safe hands.

When MFA became mandatory in Australia, Xero saw a significant drop in account takeovers. Xero expects it won’t be long before other governments take Australia’s lead. So like everything security at Xero, they’re staying ahead of the game and making it mandatory for all customers globally.

Xero Verify is now available free of charge in the Apple and Google app stores. It only takes a few minutes to set up and sends a push notification to your phone when you log in, so you can just tap and go. We know you’re busy, so Xero has made it beautifully fast and easy to use.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small business owners across Australia (especially medical specialists such as dentists, orthodontists, optometrists and anaesthetists) to prepare BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology.

Source: Xero

#remotebusinessbookkeepers #cloudbusinessbookkeeping #xeroplatinumbookkeepers

marketing planning meeting

Positioning products with risk in mind

/in /by

Less splurging more sharing

Understanding current attitudes to risk will help you to position your products perfectly.

The pandemic has swept in a wave of caution and altered what we see as safe or risky, not just for our health, but also for our finances.

For many customers, certain investments and purchases are just not as attractive when the fluctuating economy translates to low job security. The end result? People are saving more and splurging less.

The drive to save more means we may see much more conservative spending patterns for a while yet, with less disposable income around for non-essential products. While this doesn’t spell the end of luxury brands, it does increase the desirability of affordable luxuries.

Funding what we need in a less risky way

In tough times, it’s wise to be wary about increasing liabilities. The reduced appetite for risk means that many businesses are rightly cautious about extending debt. Increasingly though, small businesses will look to establish new ventures and finance new purchases in a lean way and with lower debt.

For customers, the ongoing popularity of buy-now-pay-later services is allowing them to purchase conservatively and spread the outward flow of cash to suit their budget. A big rise in the uptake of subscription services is another way customers are reducing the upfront spend on the goods they want.

This trend towards conservative spending and innovative financing means that it’s more important than ever to think about how your products and services are positioned, and examine flexible and affordable ways for your customers to buy them.

Consider your customer

  • How can you help your customer make purchases at lower risk or lower cost?
  • If your customers feel the need for austerity, are your products best positioned as essentials or luxuries?
  • Could your products or services be discounted as packages that are bundled or shared between couples or families?

Consider your business

  • Could you combat low spending by partnering with other businesses to reach different customers?
  • How can you fund new activities and investments in a leaner, more flexible way?
  • Would shared models of asset ownership work for your business rather than automatically making new capital purchases the default option?

Tips

  • Review your business lending and investment arrangements with an eye to risk, and seek professional advice about any changes you need to make.
  • Aim for lean, low-cost methods of financing any new business activities: run a trial before committing big money towards new ideas.
  • Consider how your brand is best positioned in the spectrum between necessity and luxury.
  • Investigate offering customers flexible buy-now, pay-later payment options.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small businesses across the east coast of Australia to prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology. Call us to find out how on 1300 015 130 today.

Source: Xero

#remotebusinessbookkeepers

#cloudbusinessbookkeeping

#xeroplatinumbookkeepers

highway high road

Continuity planning

/in , /by

In uncertain times, having a business continuity plan is more important than ever

One of the big lessons of 2020 has been the need to have a robust business continuity plan in place.

This learning has become all the more pertinent in light of the fast-moving nature of lockdown restrictions, which could change from one week to the next.

For many business owners, the impact of a succession of multiple shocks has made for anxious times. Bushfires, smoke pollution, wild storms, a global pandemic and economic shutdown have taught us that businesses need the capacity to withstand a range of challenging scenarios.

Nobody could have expected this chain of events, and it’s forced small business owners to entirely rethink their approach to planning.

Understanding business continuity plans

A business continuity plan is an outline of the steps you’ll take to help your business be prepared for events that could cause disruption. It’s a strategy to keep you strong in the face of a range of potential future scenarios, whether that’s natural disasters, equipment failure, or a cyber attack. In a crisis, people feel compelled to focus on immediate pressures – the here and now.

As we move through phases of recovery and growth, it can be easy to remain stuck in that mindset, and lose sight of the medium to longer term.

While you work through the current challenges facing your business, it’s a good idea to also keep an eye on future goals and the risks on the horizon. That’s where a business continuity plan can help.

Building a plan that’s right for you

Working with your team, think through which disruptions your business is most likely to face, and which would have the biggest impact. Then write down the actions you’ll take to avoid damage, maintain productivity, and recover. Importantly, your plan should include steps you can take now to prevent business disruption, as well as response strategies that would only be used in the event of an emergency. You might also incorporate the lessons you’ve learnt from the pandemic.

Whichever way you look at it, building some advance planning into the ongoing core work of your business is smart thinking. It provides that little extra peace of mind, knowing that your team has the strength and resilience to keep things moving, even if emergencies arise in the future.

Consider your customer

How will you communicate and connect with your customers during a crisis?

How can your customers best access your products or services during different types of disruptions?

Are there ways you can help your customers meet their urgent needs during future emergencies?

Consider your business

Do you have a way to enter ‘hibernation mode’ and recover afterwards

Are there opportunities to partner with other businesses during a future crisis to ensure mutual survival?

How can you build in time to evaluate and adapt your plan and your regular business reporting as you learn more about the new operating environment?

Tips

  • Develop contingency plans to deal with the most likely risks and those that would have the most impact.
  • Review and update your plans regularly to ensure they remain current.
  • Rehearse how you would handle the most probable threats, so that your team is clear on how they can help should the need arise.
  • Reach out to your network to learn from the experiences, insights and advice of other small business owners who have faced disruption before.

Notch Above Bookkeeping is a team of Platinum Certified Xero bookkeepers and BAS Agents. Based in Brisbane we help small business clients right across Australia prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records. Call us to find out how on 1300 015 130 today.

Source: Xero

team meeting

Business health front and centre

/in , /by

Keeping health front of mind in every transaction will help make things more comfortable for your customers.

Thanks to the pandemic, health and hygiene are now front of mind for all of us.

We have become more aware of our own health, infection risks, and the precautions needed to protect ourselves and loved ones. Common sense behaviours, like staying home when unwell and frequent hand washing or sanitising are now everyday considerations.

Making it safe to do business

This focus on health and hygiene is here to stay. Your customers are likely to remain vigilant about potential sources of infection and will want to stay safe.

The new reality is a desire for a hyper-clean experience. For small business owners, this means customers will want to know that it’s safe to shop from you, and staff will want to know that it’s safe to work with you.

Taking healthcare in new directions

Beyond threshold issues of health and safety, we’ll also see a growing desire to spot the warning signs of illness, monitor our own health, and seek medical advice.

This means growing opportunities for small businesses to accelerate adaptation to emerging models of healthcare, including home testing, wearable self-monitoring health devices, and home-delivered medicines.

If your small business operates in the health and wellbeing sector, you’re in the driver’s seat to help us all adapt to the new world of healthcare. For others, it’s about keeping things clean, hygienic and safe for everyone who works and shops with you.

Consider your customer

Are your premises ultra-clean and super-safe for customers, and compliant with government health advice?

Do you need your customers to access your products and services differently to keep them healthy?

How can you help your customers take better care of their own health and adapt to new models
of healthcare?

Consider your business

Should you broaden your view of occupational health and safety to include more ventilation, hand-washing stations, or barriers for the protection of staff
and customers?

How will you monitor the way people adhere to new health and hygiene requirements?

How will you check the health of your own staff and ensure they’re okay?

Tips

  • Regularly track your compliance with government health regulations.
  • Review the frequency and rigour of the cleaning services for your premises.
  • Encourage the use of sick leave for your staff. No more ‘soldiering on’ if unwell!
  • Streamline transactions to reduce unnecessary waiting times and contact points.
  • Clearly communicate the steps you’ve taken to keep staff and customers healthy and safe.

Notch Above Bookkeeping is a team of Platinum Certified Xero bookkeepers and BAS Agents. Based in Brisbane we help small business clients right across Australia prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records. Call us to find out how on 1300 015 130 today.

Source: Xero

cafe counter front of house

Are you following these cybersecurity basics?

/in /by

We’ve all heard the cybersecurity buzzwords – phishing, botnets, malware.

You might be thinking, are these real and am I really at risk?

The truth is, cybercriminals don’t tend to target businesses or individuals in particular. They target weakness. Cyber attacks are automated, they constantly probe for weaknesses, which is why it’s important to get into good security habits.

Xero has put together some practical tips on the basics of cybersecurity to help protect yourself and your business.

Password security

80% of web apps are using brute force to compromise passwords. Protect your personal information with unique passwords that are long and strong.

Password managers are particularly useful in letting you use multiple strong passwords, as they can generate these for you and sync them across your devices to make it even easier to log in. It’s like an online safe that stores your passwords so that you don’t have to. You only need to remember one password to access the manager, which securely stores all your usernames and passwords.

For more tips on creating a safe password, read this article on Xero Central.

Two-step authentication

Two-step authentication (2SA) provides an extra level of security, by requiring an authentication code as well as your email address and password. This verifies that the person logging in is who they say they are. Adding another level of security with 2SA is like adding another barrier – making it harder for an attacker to get access to your accounts.

It’s especially important to set up 2SA on your email account, since this is often used as a method for resetting your passwords for other services. Once someone gets access to your inbox, there is potential for them to gain control of your linked online accounts.

If you’re a small business owner, 2SA can also help you keep your business systems and data safe. In Xero, there’s no limit to the number of users in your organisation, so ensuring each user has their own Xero account with 2SA set up on their own device will help to keep your information secure.

To learn how to set up 2SA in Xero, check out this article.

Keep your devices updated

Keeping on top of updates to software and devices is a simple and effective way of protecting yourself from a cyber attack. As well as changes to features or bug fixes, they’re also about fixing weaknesses, or vulnerabilities. It’s these vulnerabilities that attackers target to gain access to your device and data.

Developers are always looking for these vulnerabilities, and once identified, they change the code to fix the issue and send it to your device as a software update. Remember the sooner you update, the less time an attacker has to find and use these weaknesses. A good way to stay on top of updates is to set your system preferences to install updates automatically so you don’t have to remember each time.

If you’re a Xero customer, the Xero Checkup tool gives you a real-time snapshot of your security settings and makes suggestions on where you could improve your protection.

Check your privacy settings

While we all love sharing photos and updates with our friends online, it’s important to be aware of how much you’re sharing and who you’re sharing it with.

Check your privacy settings on social media to make sure you control who sees your information, and only allow people to connect with you if you know them personally. Find out more about protecting your privacy on social media and other websites here. Speaking of sharing, why not share these tips and resources with your network to help keep others safe too?

Another way to protect yourself from privacy or phishing attacks is to be aware of how the organisations you communicate with normally contact you and the kind of information they tend to ask for. Look out for strange email addresses, mis-spellings or dubious-looking formatting, and think twice about opening any attachments.

Xero has a security noticeboard where they let Xero users know about phishing attempts that are pretending to be Xero.  They’ve included some examples of things to look out for on the Xero security noticeboard.

You can learn more about security at Xero by talking with Notch Above’s team of Platinum Certified Xero bookkeepers and BAS Agents. We help small business clients right across Australia prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records. Call us to find out how on 1300 015 130 today.

Source: Are you following these cyber security basics? | Xero Blog. (2020). Retrieved from https://www.xero.com/blog/2020/10/cyber-security-basics/?escape=true

woman florist with ipad

Low contact and cashless

/in /by

Cashless transactions with low human contact make things quicker, easier and safer.

The switch towards faster, easier ways to shop is accelerating every day.

Contactless cards, digital wallets, even tapping your watch – they all bring new levels of convenience that customers have grown to love. Now, these cashless solutions are popular for an all-important new reason: hygiene.

As businesses reduce their use of cash for health reasons by embracing tap-and-go payments, they also benefit from quicker reconciliation, reduced theft risk, and lower storage, transportation and security costs. Basically, it’s the best of both worlds.

Finding new ways to delight customers

With some big thinking, you can go even further. For instance, if you can deliver a favourite product to your customer’s door in a contactless drop- off, that provides yet another layer of safety, convenience and delight.

Perhaps you might use the move to cash-free living to reward your customers through a loyalty program? Cashless payments open the window to digital receipts, where customers provide an email address so that an electronic receipt can be sent straight to their inbox. That’s an easy opportunity for you to grant reward points and offer special deals just for them.

Taking the low contact idea even further

The driving force behind cash-free purchases is also changing the way we produce goods and services. Having fewer points of human contact during your production process not only slows the spread of illness, but also delivers greater speed, efficiency and accuracy through automation.

The low contact principle might also extend to the shopfront, where your customers’ wish for safe transactions could see you installing practical hygiene options like door sensors, touchless soap dispensers, or voice-activated appliances. It’s all part of the new low-touch economy which is also likely to ramp up the appeal of do-it-yourself products.

These are just some of the ways that customers are changing how they buy, and reducing points of contact along the way. For your business, going cashless and trimming back the points of human contact along the production journey will help you save costs, save time, and meet changing expectations.

Cashless solutions are now popular for an all-important new reason: hygiene.

Consider your customer

What contact-free doorstep delivery or click-and-collect options would your customers value?

How can you fulfil customers’ growing preference for more home-made or self-assembled items?

Could reward programs help entice loyal customers back?

Consider your business

Could you minimise queuing and contact points during the sales process through automated orders, vending machine points, or self-service options?

How can you reduce the volume of manual handling of materials, cash, and documents by your staff?

How can you remove contact points in your production process?

Tips

  • Consider moving all your transactions to cash-free, tap-and-go.
  • Explore new checkout options, including digital wallets and mobile payments.
  • Offer low contact or contact-free ways for your customers to access your products and services, including home delivery where possible.
  • Start eliminating unnecessary points of contact in your production process.

Notch Above Bookkeeping is a team of Platinum Certified Xero bookkeepers and BAS Agents. We help small business owners right across Australia prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records. Call us to find out more about our Xero remote business bookkeeping on 1300 015 130 today.

Source: Xero Stronger and smarter: a small business handbook. (2020). Retrieved from https://www.xero.com/content/dam/xero/pdf/stronger-and-smarter-a-small-business-handbook.pdf