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  • ARE DEBTORS COSTING YOU?
    sales but at the same time increase their overdraft would be aware of this problem It seems counter intuitive but sadly it is often true While your debtors are an asset the greater the time these debtors take to pay you the greater is the likelihood of you having ongoing cash flow problems The bottom line is that effective debtor control needs to be viewed as fundamental to business success Many people do not enjoy involvement in debtor control because it has unpleasant connotations If it is integrated into you regular customer contact program however it can add to the quality of the customer relationship and increase the likelihood of regular prompt payments If you are not already doing so you can make a start by ð Ensuring that you have the facility to run and interrogate debtor reports regularly ð Being disciplined in designating times and responsibilities for debtor control ð Designing a debtor contact strategy that takes into consideration the amount owed the period the debt has been outstanding the value of the client the form of contact and the person responsible for making contact ð Designing customer contact scripts to ensure that all issues are covered and that the required message is conveyed Try this strategy You may still have a section of your invoices devoted to notification of outstanding amounts over 30 60 90 and even 120 days What you are doing is building in an extended credit facility by signalling to your customers that it is OK not to pay immediately because you will tolerate late payment If they never get a call from you before 90 days then you can be sure that they will be using their available funds to pay those creditors who are more systematic and assertive in ensuring that overdue

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/post/ARE_DEBTORS_COSTING_YOU/ (2016-04-29)
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  • What will be your game changing strategy for 2013?
    refreshing their plans for the year ahead To help you challenge your plans for 2013 and implement a game changing strategy we have provided the 10 questions below 1 Do you have a clear competitive advantage Will it stand up in the 2013 market 2 Has your current year s strategy delivered the results you are seeking If so what are the lessons If not what will you need to change 3 Is your vision for 2013 clear and documented 4 What are your top 3 focuses for 2013 5 What will be your overall theme for the business in 2013 i e profit expansion quality 6 How will you hold your team accountable and guarantee implementation of new strategies occurs 7 Have you addressed in your plans the blockages that will prevent you achieving your goals 8 What will be your new innovations in 2013 for your products services 9 Where are the bright spots within your business to focus on learn from and leverage what is an area of the business that has worked very well 10 How will you evolve your products services to address the 2013 issues being faced by your target market What are their needs in 2013 Here are some further resources to assist you with your planning 1 Complete our Growth and Profit Solutions Diagnostic to pin point your Top 3 business and personal issues opportunities to focus on for 2013 see our website click on resources 2 Contact us for our One Page Plan template for use in documenting your plans with a clear NOW WHERE and HOW you will get there Don t miss this window of opportunity in your business to plan for 2013 in order to hit the ground running in the new year If you require assistance with

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/post/What_will_be_your_game_changing_strategy_for_2013/ (2016-04-29)
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  • 10 TIPS TO TRIPLING YOUR SALES
    are usually regular purchasers with a high value per purchase and you enjoy dealing with them 4 Identify the Situation facing them In order to understand future market trends you must understand the changes occurring to the environment of these clients What is happening for them Are new competitors new Government legislation increasing costs new technology etc affecting them Consider a survey of your customers to capture this information 5 Identify their Problems Talk to your customers and find out about their challenges and problems Listen to their concerns Try and get them to be specific about the issues they face 6 Get them to Quantify the Implications Discuss with them what would ultimately happen if they do not find a solution to these problems Would they face financial difficulties longer working hours or greater stress Here you are trying to understand what would motivate them to change to you Do you forget all these steps and just assume that price is the motivator 7 Create the Need for your Services Your customers should now be asking for your help You have the opportunity to offer a solution They will be more interested in you and your company rather than how much you charge 8 Outline the Costs and Benefits of your Services Completing a Cost Benefit Analysis makes it simple for your customer to make a decision The clearer the benefits the less the issue about price 9 Offer a Guarantee Every business informally provides a guarantee but very few have defined it and told their customers The clearer you are about your guarantee the easier it is for you to limit your exposure 10 Ask for the Sale This is the step that everyone puts off Your customer is expecting you to ask for the sale When you

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/post/10_TIPS_TO_TRIPLING_YOUR_SALES/ (2016-04-29)
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  • 4 PRICING MISTAKES TO AVOID
    re selling price The stronger the perception of value you create in the minds of your customers the greater the potential to increase your price What makes your firm a better business to deal with compared to your competitors Mistake 2 Price Is Not Revised Often Enough To Reflect Market Changes Changes in availability or price of competitor products availability of substitutes sudden changes in demand are all good reasons to review your price Many businesses absorbed the GST because they had a bigger problem with their price than their customer When the price is too low you lose profit You need to identify the key indicators that have influence on your price and regularly monitor these Mistake 3 Failing To Take Into Account Other Marketing Mix Elements There needs to be a relationship between the perceived value of your product or service and the price you charge for it The product design packaging and function should all send out a strong signal that matches the price If your image suggests high quality customers will pay more than if your image suggests low quality Perfume is a classic example the more elaborate the packaging you can be sure the higher will be the price Mistake 4 Charging The Same Price In All Market Segments This is linked to failing to understand the different market segments you serve Some segments will place a much higher value on your product or service than others their perception of value will be determined by their need for convenience what the product or service actually provides for them or how important this is Where the perception of value is high you can charge higher prices Take the Next Step Review your pricing strategies If you feel you are too close to your business then invite

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/post/4_PRICING_MISTAKES_TO_AVOID/ (2016-04-29)
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  • TAX AUDITS – WILL YOU BE COVERED?
    ATO audit process In some cases these costs are substantial It is also important to note that in the audit process the ATO has complete control which means that audit compliance costs accrue according to the manner in which the ATO conduct the audit In some cases the ATO process has been quite inefficient which only increases cost We now offer Audit Insurance in order for clients to protect themselves or their business from any costs relating to an ATO audit We have introduced this service through a specialist company in order to allow clients to reduce the cost risk in any audits should they choose to do so This company will in turn organise the cover and the price Audit Insurance is available to all clients and can provide peace of mind by being able to hand the entire management of the audit over to us and knowing that the accounting fees incurred in complying with the audit are completely covered up to the limit of the cover All premiums are tax deductible and competitively priced Premiums are determined by the insurer based on the size of the business entity or group and are advised up front If you

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/post/TAX_AUDITS/ (2016-04-29)
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  • Welcome to our new Blog!!
    business Previous Next Search the Blog Recent Posts How do I achieve my retirement income goal How Much Money Do I need to Retire Recent FBT Frenzy Why would someone buy from you and not the person down the road ARE DEBTORS COSTING YOU What will be your game changing strategy for 2013 10 TIPS TO TRIPLING YOUR SALES 4 PRICING MISTAKES TO AVOID TAX AUDITS WILL YOU BE COVERED

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/post/Welcome_to_our_new_Blog!!/ (2016-04-29)
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  • LSH Accounting Blog
    Previous 1 Next Search the Blog Recent Posts How do I achieve my retirement income goal How Much Money Do I need to Retire Recent FBT Frenzy Why would someone buy from you and not the person down the road ARE DEBTORS COSTING YOU What will be your game changing strategy for 2013 10 TIPS TO TRIPLING YOUR SALES 4 PRICING MISTAKES TO AVOID TAX AUDITS WILL YOU BE COVERED

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/tag/cloud/ (2016-04-29)
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  • LSH Accounting Blog
    1 Next Search the Blog Recent Posts How do I achieve my retirement income goal How Much Money Do I need to Retire Recent FBT Frenzy Why would someone buy from you and not the person down the road ARE DEBTORS COSTING YOU What will be your game changing strategy for 2013 10 TIPS TO TRIPLING YOUR SALES 4 PRICING MISTAKES TO AVOID TAX AUDITS WILL YOU BE COVERED Welcome

    Original URL path: http://www.lshaccounting.com.au/_blog/Blog/tag/FBT/ (2016-04-29)
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