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Use Xero to Give Your Business the Shark Tank Treatment

Use Xero to Give Your Business the Shark Tank Treatment

The latest series of Shark Tank on Channel Ten is captivating. It features entrepreneurs pitching to a group of self-made investors (the ‘sharks’). Each pitch features an entrepreneur asking the investors to purchase a stake of their business with their own money.

The sharks are:

Janine Allis, founder of Boost Juice Bars

Andrew Banks, founder of Morgan & Banks and Talent2 International

Steve Baxter, tech entrepreneur and multimillionaire

Dr Glen Richards, founder of Greencross Vets

Naomi Simson, founder of RedBalloon

The breadth and depth of innovation amongst these entrepreneurs is impressive. But what really fascinates is the sharks’ penetrating questions.

With just a brief investigation (or so it seems on TV) the sharks clarify the opportunities and weaknesses of a business. Nothing frustrates the sharks more than an entrepreneur that doesn’t know the numbers. And regardless of whether you plan to pitch your business to investors (on TV or otherwise), it’s vital to have a detailed and depth knowledge of your financials.

Give your business the Shark Tank treatment

Appraise your business with the cool, calculating and experienced eyes of your inner shark. It can help you identify opportunities, move through challenges and seek more growth and efficiencies.

Cloud-based finance software solution Xero is the ideal tool to give you the bigger picture insights you’ll need. Whether you simply review these numbers yourself, or you’re going into a Shark Tank-style pitching situation with investors, using Xero to understand the numbers is a vital investment of your time and energy.

How to use Xero to create reports to answer typical Shark Tank style questions

Xero gives you the ability to generate complex detailed reports that give yourself or a potential investor a terrific overview of your business. Using the typical questions often posed on Shark Tank, you can use Xero to create the reports to see the answers for yourself. Of course, this is just a snapshot of what you can do with Xero—its features go far beyond this kind of analysis.

What is your gross margin?
What are your debtor days?
What is your average selling price?
What is your average revenue per customer?

What are the biggest expenses of your business?
What is your customer lifetime value?
What percentage of customers are return customers? What are your manufacturing/production costs – cost of goods sold?

It’s not just the numbers

Of course, there are some elements that interest the shark beyond just the numbers, and it’s important to give these questions considerations as well. Elements like brand appeal, value of the market and your own dedication to your business come up often. But, overwhelmingly, there are two simple questions the sharks always ask:

What customer problem are you solving?
Why are you the one to solve it?

These are questions only you can answer and it is worth taking the time to consider your responses honestly. It’s a simple strategy that could be a game-changer for you.

The value of the expert opinions

Shark Tank serves as a reminder that it’s important to take any opportunity to get expert advice. Sometimes on Shark Tank the sharks don’t invest but they give excellent advice. Make sure to seek out and listen to that advice for your business whenever possible.

The art of the counteroffer

The fascinating element of Shark Tank is the negotiation element, so learn all you can about the art of negotiation if you’re going to be pitching for investment soon. Knowing the value of a well-crafted pitch can be the difference between success and failure.

In conclusion, whether you are actively seeking investment or simply looking for a tactic to give yourself a fresh perspective on your business, you need to ensure the numbers stack up. Using Xero’s many tools to know your numbers better might just help you get a shark to invest in your business!

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We’re Partnering with Global Industry Leader, Concur

We’re Partnering with Global Industry Leader, Concur

The Business Continuum team is thrilled to announce its partnership with Concur, one of the biggest names in expense management software.

Director Greg Harrison says the company was drawn to Concur’s growth, truly global presence and their world-class partner program, which will all contribute to Business Continuum’s ongoing move into the mid-market enterprise space.

So, what exactly is Concur all about?

Concur specialises in expense management and accounts payable automation, and its software can be linked to almost any back-end finance system, including Xero. It is also a global leader in streamlining travel expenses.

The Business Continuum partnership will initially focus on expense management and accounts payable solutions, with the longer-term intention of becoming a full-service provider for Concur.

What this means for Business Continuum’s growth

Greg says Business Continuum has always set out to solve “cold hard business problems”. Expense management and accounts-paid automation are two critical functions that many companies struggle to streamline.

“We’ve done our research, we believe that Concur is an awesome solution and we’re delighted to stand alongside them,” he says.

“We’ll be able to add strength and value to the Concur offering, so it’s good for us, good for them, and even more importantly, good for clients.”

How will existing clients immediately benefit?

Business Continuum’s current small to mid-sized clients will have the option of integrating their expense and accounts systems using Concur’s software. The fact that both tie in with Xero makes Concur a natural fit for these companies.

Meet your Concur expert, Shelley!

Business Continuum is pleased to welcome Shelley Foster to the team, to ensure clients achieve the optimal outcome from implementing Concur. She comes armed with strong credentials in IT implementation, having worked as an IT manager, trainer, project manager and business analyst. So her role as project manager and trainer for Concur solutions is a perfect fit for her.
Greg says Shelley’s experience working with diverse business applications ­– from time and attendance, to accounts, payroll, asset management, HR and CRM – will be extremely valuable to the work Business Continuum carries out with Concur.

More about Concur’s offerings

Manage Expenses With Ease with Concur Expense

Automate your expense management from receipt capture to employee reimbursement. Submit and approve from any mobile device. This streamlined process gives business leaders insight and control over compliance and costs. Lose the paper and get back time with Concur Expense.

Process Invoices Faster with Concur Invoice

Simplify your business by automating accounts payable. Get full visibility into spend, before it happens and as it happens. Easily track invoices, manage exceptions and speed up vendor payments. Approve from anywhere on a mobile device. Catch duplicate invoices before you overpay. Concur Invoice saves you money and time.

Simplify Business Travel with Concur Travel

Let travellers easily book flights, hotels and cars in the way they want while capturing all travel data in one place. Concur TripLink helps you get full visibility into travel spend while encouraging compliance. And with more information about supplier spend available, companies can negotiate better rates.

Contact our experts to find out how Concur’s expense management and accounts payable features can integrate with your cloud software. No matter where you are in your business journey – starting out fresh, rapidly expanding, or well-established ­and steady – Business Continuum can help you select the best cloud software solutions for your needs.

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Cloud Technology for Regional Business: Barriers, Benefits and Success Stories

Cloud Technology for Regional Business: Barriers, Benefits and Success Stories

Cloud technology does so much more than make it easier to manage your finances, workflow, timesheets or compliance. For regional and rural businesses it can open up a whole new world of efficiency and opportunity. The efficiency comes from streamlining processes to work smarter, not harder—a benefit for any business, regardless of location. But as someone who is regionally based myself, I witness first-hand the benefits that cloud technology brings to local businesses, and the broader effects it has for communities. When regional businesses embrace cloud solutions to increase competitiveness and attract a wider client base, they thrive. The benefits are considerable for any business, especially service based businesses such as accountants, designers, marketers, surveyors, consultants or lawyers. And thriving local businesses means jobs, investment and economic stability for rural and regional communities.

Benefits of cloud technology for rural and regional businesses

With cloud-based technology becoming more accessible, rural businesses can attract non-local clients, creating new revenue streams for their business. In the past, a regional business could only be strong as its local economy. Serving clients outside this community was a rare occurrence without incurring significant travel time and costs, but this is no longer the case. Business Continuum itself is a great example of this. Whilst we are not regionally based ourselves, we have clients across Australia, in locations such as Port Hedland, Bunbury, Launceston, Port Augusta, Mildura, Wagga Wagga, Mullumbimby, Dubbo, Newcastle and many others. We have seen these regional businesses use cloud solutions to save time, reduce manual labour, increase flexibility for their workforces, improve reporting and compliance, drive down costs and enjoy many other benefits.

Another benefit of cloud technology for rural and regional small businesses is being able to access interstate or international workers. This gives regional businesses access to a wider pool of talent, if they are willing to forgo the traditional nine to five ‘everyone at the office’ mode of operation. These benefits bring greater resources to regional and rural businesses, making them more competitive.

Broader community benefits

Of course, having a hub of thriving locally-based businesses is great for regional economies. Businesses with solid profits invest back into local resources such as real estate, hospitality, design and professional services. Cloud technology also gives regional business a better chance of competing with inner-city based service providers who may have higher overheads. And if your regional businesses has lower operating costs, you might choose to pass on savings to your customers.

Businesses that reduce costs via cloud technology can also invest the savings in employing the local workforce. With a thriving local economy, younger workers are far less likely to have to move to the city to get professional jobs. For example, a skilled graphic designer living in Lorne could be working for an agency in Toowoomba, using cloud-based project management to get the job done without ever setting foot in the office. Time saved on the commute can be spent surfing at the beach instead.

Barriers to entry

It’s reasonable to question the wisdom of migrating your entire business online when your local broadband service is sketchy. Fortunately, regional internet access is considerably improving with the rollout of the National Broadband Network.

The bigger barrier to cloud migration for businesses in regional areas is their own fear and reluctance. Embracing change is never easy, and this was demonstrated to me recently when I met a local plumber and his son. Nev, aged 55, established the business and is in the process of handing the reins to his son, Jack, 28. Nev wants to cruise through the next ten years to retirement. He doesn’t have the energy to try new solutions. He tells me ‘it all works fine the way it is’. His son Jack disagrees. Jack knows that the future is in the cloud, and he wants to get the business ahead of the competition as quickly as possible. I see many people like Nev, and they aren’t necessarily aged in their 50s—and this isn’t a problem exclusive to regional areas. Change is difficult, but worthwhile when the rewards are so considerable.

Case Study – Wangaratta Surveying Firm

At Business Continuum we worked with a Wangaratta-based surveying firm who have 35 staff working across three offices. We helped the firm migrate to WorkflowMax to manage applications at a far lower cost of deployment and management than its old client server architecture. By using cloud-based software and tweaking it to the company’s needs, they’re now able to do business with clients all over Victoria and interstate, offering a range of land surveying and development services. Staff are now able to log timesheets from mobile phones, giving the staff flexibility but allowing management to retaining operational visibility and control.

Case Study – Shepparton Accounting Firm

An accounting practice in Shepparton with 40 staff approached us to help them transition to the cloud, and subsequently we migrated them to Xero and Xero Practice Manager. Xero now has more than 600 add-on applications (software that integrates to provide additional services and support), so a core part of our service was utilising the right combination of add-ons for this business. This approach enabled the firm to streamline its processes and save hours of manual processing. An added bonus is that the firm has engaged remote workers, who bring additional skills to the business without being based locally. By using mobile based invoicing systems, they are now getting paid faster too!

It’s rewarding to help many regional and remote businesses embrace the benefits of cloud-based software solutions—it can really open up a new world of opportunity for them. By basing the technology around the process (and not basing their processes on the technology) they are well equipped to continue serving their clients for the next five, ten and twenty years. Good cloud-based businesses of the future will have the capability to understand data and apply it to deliver client value. Some will get left behind—don’t let that be your business!

Whether you’re an established business or just starting out, we can help you select the best cloud software for your needs. Contact us today to talk about what cloud solutions can do for your business.

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It’s Never Been Easier to Start an Accounting Practice

It’s Never Been Easier to Start an Accounting Practice

Considering launching your own accounting practice? With sophisticated yet affordable resources like Xero, cloud-based workflow apps and DIY website building tools, the barriers to entry have been significantly reduced. Solopreneurship brings rewards that go beyond money and a corner office – it’s about the creating a lifestyle on your own terms. We spoke to two industry experts who took the leap to gain their advice.

Paul Meissner is a Chartered Accountant and founder of consultancy 5ways Group and Freedom Accounting System. He is a Councillor for the Victorian Regional Council for Chartered Accountants Australia and New Zealand, and regularly speaks to industry groups about cloud accounting, compliance, social media and capacity management.

BC: What challenges do accounting consultants face when they’re starting up?

Paul: People who go out into consultancy are extremely good at what they do. But often they struggle with the business management (side of things). Setting up their own systems, building a website and networking can be a whole new world. It’s a huge transition from desk job to business owner.

BC: Is it a good idea to drop prices to get those first few clients on board?

Paul: It’s a fine line. Always value your services. As a consultant there is a maximum you can take on. Many startups discount and then very quickly run out of capacity. Then they are running a million miles an hour, working late into the night but not making enough money. It’s like being chained to a desk job again.

BC: What advice would you have for those starting up to attract new clients?

Paul: Allocate time to chase new leads, network, write a blog or attend events. Don’t consider that time as non-billable; it’s an investment in your future earning capacity.

Don’t worry about being ‘busy’. As a society, we say that busy is good, busy is productive. Busy is the worst thing you want to be. Are you efficient and are you profitable? That’s what I strive for.

BC: Does having access to cloud-based business tools make it easier to launch your own consultancy?

Paul: It is absolutely easier than ever to get started. When I started my own firm, I had a website, PayPal account, business name, 1300 number, logo and company registration all done with a laptop sitting by the pool over a weekend. By Monday morning I was ready to bill my first client.

When I started my business my father suggested I take an advert in the local paper. He was amazed when I told him I was going to use Twitter for all my marketing.

BC: What are the positives about starting your own accounting practice?

Paul: There has never been a better time to go out on your own. You can get started quickly, and with very little capital outlay. All you need is your laptop and you’re ready to go. A great benefit is global reach. Also, there are no geographical constraints about where your clients are, I have clients from all over Australia and around the world.

It’s a great lifestyle. I work four days a week and spend Mondays with my two children. You can only do that in a corporate role if you cut your salary. Last year I relocated the family to Europe for two months and maintained full time work remotely. Being 100% cloud based for all our systems means that my laptop, phone and iPad are my whole office. The clients knew I was in Europe and the work got done. It’s been amazing.

Haydn Stewart is a Chartered Accountant and registered tax agent. In 2015 he left Deloitte to launch his own practice, Pinnacle Accounting. He now consults for clients in varying sectors including motor industry, manufacturing, property and professional services.

BC: What inspired you to start your own accounting firm?

Haydn: I always wanted to run my own business. The long hours at Deloitte didn’t give me the flexibility and freedom to see much of my young family. I knew that I could always go back to a day job, so I made the jump.

BC: What were the hardest things about starting up?

Haydn: Learning all the things that aren’t accounting. Like IT processes, CRM systems and insurances. These little things are not part of the technical accounting day job. I’m a people person, and initially I found working by myself a challenge. I made it work by arranging in-person client meetings and attending networking events on a regular basis.

One of my initial concerns was cashflow to support my family, as going from a secure job to uncertainty is not for the faint of heart. After making the jump, I was glad to have done so, as the rewards both monetary and job satisfaction-wise have made it well worth it.

BC: Did you outsource anything?

Haydn: Initially no. I did it all as I was a growing business. There is no point outsourcing if you have the capacity to do it. Once I achieved scale I started to outsource the smaller bookkeeping components and took on a part timer.

BC: How did you get your first clients?

Haydn: I networked, and I got clients from word-of-mouth referrals. Doing a great job and managing your network is the best form of marketing. Word-of-mouth has 100% driven my business.

BC: With the benefit of hindsight, what would you do differently?

Haydn: I would hire six months sooner than I did. Hiring an employee released me to work on the business.
I would hire a more experienced accountant too. My first hire was an engineer who wanted to switch to accounting, so I gave him a go. I trained him up for three months, then he decided he wanted to be a builder. This put me back about 6 months, and with hindsight I would have chosen to hire an experienced accountant who wanted this to be his career.

BC: Do you worry about competitors? What would you advise people starting out regarding competition?

Haydn: I don’t worry about them. My mindset is that there is always more than enough work for everybody. I would tell anyone starting up that if you can help your clients and be an asset in running their business you will always get work.

BC: What do you miss about the old days of employment in a big firm?

Haydn: I really appreciated the culture in Deloitte and working alongside some really smart people. At Deloitte there were internal specialists as a resource to draw on. Working alone, I have to make the captain’s call regularly, although there are some colleagues in the industry and networking groups that I can call on if needed.

BC: Is it easier to get started on your own now more so than previously?

Yes, purely because the tools are at your fingertips. It just takes someone to give it a crack. There are fewer barriers to entry nowadays. It’s always the fear of cash that stops a lot of people. You just need to jump. I’m very glad I did, it has been very rewarding for me.

Now’s the time…

If you’ve been thinking of setting up your own accounting practice, do not hesitate. With many cloud-based resources at your fingertips, you could be up and running sooner than you think. It won’t be easy, and you’ll no doubt miss your former life, but the rewards of being your own boss and working flexibly make taking the leap worthwhile for many.

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