Country manager at Xero New Zealand
With the first few weeks of 2018 behind us, it’s a great time to take stock of what worked and what didn’t in your business in 2017 and plan out your business financial goals for the year ahead.
It’s important to think about goals not just for 2018 but for the next five years. Think about where you want to be then, and how you are going to get there.
Getting your finances sorted could mean you identify an opportunity, such as growth or whether you want your business to be more sustainable. Your goal could be as little as bringing an accountant onboard to help manage and advise on your business performance, or updating your technology to streamline processes so you get paid faster, improve visibility of finances or enable you to market to your customers move effectively.
One Kiwi business that has used technology to help them grow, but still remain a sustainable business, is father and son Scott and Jack Bright. Scott Bright set up Envirocon in 2003 — which is now run by his son, Jack — with the aim of reducing waste in the local construction industry.
The pair, who have been turning surplus concrete into interlocking blocks used to construct bulk storage and retaining walls, have been export gold for the past 13 years.
Envirocon has averaged roughly 25 percent growth since it started in 2003 and its blocks are now used throughout New Zealand and Australia. Currently exporting 4,000 to 5,000 tonnes of concrete a year to Australia, this is set to increase in the near future.
As the business has grown, so too have the responsibilities that come with it. By using Xero’s online accounting software, Scott and Jack were able to see if growth was possible and how to get there.
With the ability to analyse its market, Envirocon has gained a deeper understanding of their varied customers. And using the cloud to access and analyse their accounts has meant they can work alongside their accountant remotely, instead of checking in every two months.
So start considering whether you can use technology and cloud accounting software to improve your business this year.
With access to your finances from anywhere, you can aim to make your business more efficient, give you greater transparency, and most importantly, give you time to spend on your business (and with family and friends), not on the books.