Members Newsletter March 2022
Update from the Chair
It looks like the challenges just keep on coming. Dealing with the business interruption impacts of Covid-19 for the past two years is one thing, but with everything else happening in the world (and even our Capital city) describing it as challenging is surely an understatement. Supply and demand issues continue to create huge stress on businesses. A builder just told me they can’t order Gib until July and he is part of a franchise that always gets in line first! (BTW Gib is the new toilet paper, builders have been panic buying for the past few weeks). One thing I have learnt this year is to expect the unexpected.
The new targeted COVID Support Payment is certainly going to help, and applications are now open. Make sure you understand fully the criteria and also that you and your clients may also be entitled to the COVID-19 Leave Support Scheme or the Short-Term Absence Payment.
What can we look forward to as accountants and tax advisors? We all know the huge adjustments that have happened in the last few years, well Inland Revenue have just announced that there are over 100 more coming in 2022. Changes with Property, Trusts, GST, KiwiSaver, Social product updates and more. Now is the time to make sure that you are completely up to date to ensure that you are giving the right advice to your clients. CE or CPD is more important than ever! Many of us will still be trying to finish off returns for 2021 and our compliance work is obviously paramount at this time, but don’t forget to pick up the phone or send a message to your clients – the personal touch is still important. Bring it on 2022…
All the best,
Richard Abel
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Client retention - what is the best way to keep clients in the uncertainty of 2022
The COVID-19 pandemic has overturned the world and modernized the way we do business. Business owners are fighting to keep up with the uncertain economy thus highlighting the priority of new methods to drive up customer loyalty and increase levels of customer retention.
Customer retention approaches are devised to achieve that goal and can be as creative and inventive as the company wants. What matters most is that they have a measurable impact on both current customers’ and future business prospects.
In order to retain customers while they navigate the uncertain future, you’ll need to provide them with more than just good products or services: you’ll need to deliver an experience that they can’t get anywhere else.
This blog post shares effective strategies to retain your customers:
- Provide the best customer service experience you possibly can - outdoing expectations, exceeding customer needs, and proving your worth is a crucial part of success in today’s competitive market.
- It’s important that your company keeps its customers happy across all channels, including in-person and online interactions with them.
- Offer virtual products or services - analyze your business to see how you can use technology to continue supporting your loyal customers remotely.
- Engage through social media - platforms like Twitter, Instagram, and Facebook have changed the way brands communicate with their customers. These social media platforms are where your customers are most comfortable. They leave reviews, discuss buying decisions, and express their opinions on your business.
- Implement a Customer Loyalty Program - with a loyalty program – often called a customer retention scheme – it’s like you and your customers are in partnership. You give them something they value: a reward, and that motivates them to return more often.
Check out these amazing resources aimed specifically for our industry:
The Gap is a great resource to run workshops and marketing for your clients
TMNZ is a great tool to offer your clients who are struggling with cashflow
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How to add fries with that - adding value to your clients
The cliché saying by fast food giant McDonalds; ‘Would you like fries with that?’ screams out across the room at the slightest mention of the idea of cross-selling but is definitely not limited to just takeaways! Cross-selling has long been an efficient way of increasing sales revenue and is a highly effective technique for all types of sales.
The strategy offers customers the opportunity to purchase additional items that benefit, enhance, supplement, or otherwise improve upon their current purchase or experience. Strategic entrepreneurs understand that customers are far more likely to increase their purchase while already in “buying mode” while the innuendo of the question suggests that it’s a standard, usual question, which in turn suggests that this question is usually answered with ‘yes’.
Here are a few ideas to help you achieve cross-selling success:
- Ensure you are adding value to your client and offering services you know will provide a solution for them.
- Know your client and the services they require.
- Discount the upsell or offer bundle packaging where possible.
- Sell the benefits instead of the features, highlight how it will enhance their experience.
- Make it clear and simple to understand, confusion leads to doubt which leads to a lost sale.
Whether they choose to add “fries” on every purchase, don’t let your clients forget what drew them to you in the first place – customers want to leave feeling like they have been serviced, not sold to.
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When will things go back to normal?
Almost two years into New Zealand’s Covid-19 pandemic, the country is mostly vaccinated, we are looking forward to booking a holiday for next summer and all thoughts hope an end to the “pandemic” and a return to normality may finally be in sight.
But what does getting back to normal look like? Basic human nature hasn’t changed, so will we revert to most of the activities and behaviours that kept us busy before the pandemic or will the behaviours that have developed over the last two years continue in our lives?
The pandemic has changed how we work, learn and interact as social distancing guidelines have led to a more virtual existence, both personally and professionally, and while full lockdowns will gradually decrease, we will still need to maintain social distancing in the short- to medium-term to control the spread of coronavirus. This will mean we we are likely to see a continuation of home based working after demonstrating during the strict lockdowns that the traditional arguments against allowing people to work from home are invalid and productivity generally enhanced. This could in turn lead to a shift in expectations, create a more dynamic approach to work and workplace culture resulting in a better work-life balance in the future.
One of the most impactful ways the coronavirus pandemic has changed the roadmap of “normal” for businesses is highlighting the importance of a good quality website and social media presence. For most businesses, being digital is something they were aware of and had a basic presence of but was not at the forefront of their operational or sales plans. Now, when consumers are no longer heading into the brick-and-mortar stores for supplies and purchases, instead, they shop online, and this means businesses with solid presences online will instantly be in front of their competitors.
When times are tough, it’s only natural to wish for a return to our perceived normality. But we live in a complex and reliant world, so nothing is ever going to be quite the same as before, even after it has passed. What exactly the new normal will look like is uncertain, but we can conclude that not all the changes were in vain and some will persist and become the new normal.
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Maintaining your CPD during Covid-19
For many of us, this is a period of uncertainty as we move towards what is becoming known as the new normal. We are doing everything we can to support our members through this period and one way is by continuing your continuing professional development (CPD).
We recognise that these are particularly challenging times for our members, and that finding the time or capacity to focus on your continuing professional development may be proving tricky. However, your professional development still remains important – even more so as no one knows what shape our ‘new normal’ may take.
There are lots of ways you can continue to develop. These include:
- Attend webinars or virtual workshops
CCH run regular webinars on industry related topics
We also recommend watching the Tax Tonic webinars available by Julie Segedin
- Undertake an online course
Strategi have a great selection of webinars and courses all online
The Open Polytechnic have a great selection of courses and qualifications available
- Catch up on software updates and certifications
MYOB have a great resource library available
Remember, any activity where you’re learning and reflecting is part of your professional development.
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Conference 2022
With many plans impacted by Covid-19 it is pleasing to see that ATAINZ is in a position to provide the 2022 Conference and with 200 members registered to attend either in person or via LiveStream - the conference is proving as popular as ever.
If you wish to attend conference there is still time, simply go to the ATAINZ website, click on member Login and then complete the registration.
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MYOB
Strategi
TMNZ
