New Zealand’s small businesses can now assess the health of their business for free thanks to a new portal launched by MYOB – a company that supports 1.2 million businesses, with a quarter of these in New Zealand.
The MYOB Business Reality Check provides a comprehensive assessment tool that identifies business issues then offers a range of resources to help solve them. An online service, it does this by taking business operators through an easy to navigate survey and uses the results to provide tailored expert advice based around 10 common areas of pressure they are facing.
MYOB NZ executive director Scott Gardiner says the service offers local business owners support that will help ensure long-term success.
“Many business owners become their own boss to make a living out of something they’re passionate about, but that doesn’t equip them with all the answers they need to succeed,” he says. “By providing as much support as possible – particularly focused on the key pressures owners tell us they face – we can really make a difference to the strength of local business.”
The Business Reality Check covers 10 key areas: keeping on top of debtors, time management, budget, tax, cash flow, technology, job costing, stock, advertising, and HR. By answering simple questions, portal users rank themselves on the 10 key areas, with results showing what needs improvement. They are then given access to a range of guides and tools appropriate to their needs.
“It can be really helpful to take a step back to look at your business to see what is and isn’t working,” Mr Gardiner says. “The results might show that everything is running smoothly and no assistance is needed. However, if your business is not quite firing in every area and you need a bit of support, we can provide that. We have a lot of content available to assist small businesses, such as calculator tools and cash flow tools.”
Delving deeper into the topics covered in the MYOB Business Reality Check:
Keeping on top of debtors is essential. MYOB can assist in setting up payment terms and making sure debtors know about them. Businesses can measure themselves with the debt collecting efficiency calculator, and download email and debt collection templates.
Many small business owners are time poor, working 24/7. MYOB can help with a time management guide so everything else will fall into place with a lot more ease.
Through assisting with simple planning and the right tools, MYOB can assist to ensure financial surprises are avoidable and business is more profitable and life a lot easier.
Getting a grip on GST
For new and growing businesses, GST can be confusing and planning is important to make it as stress-free as possible. MYOB can help with setting up and filing of GST as well as EOFY.
Cash flow forecasts are the Swiss Army knife of the business tools. What’s the difference between cash flow and profit? What are the three main profit pitfalls that impact cash flow and how do you avoid them? MYOB provides the tools for businesses to stay on top of cash flow.
There are many competitive advantages with using technology in business. The portal provides all the information business owners need to make decisions about the technology that is right for them.
It’s difficult to put a figure on how much your time and expertise is worth. Businesses can work out their ROI and make service pricing easy with tools and tips from MYOB.
With the help of a calculator guide and stock management tips, MYOB can help businesses manage their stock efficiently and improve cash flow in the process.
For small businesses, it’s important to maximise advertising returns. MYOB can provide support in terms of understanding exactly what is working and what isn’t.
Managing and employing
Being an employer can seem daunting at first, but there are some simple things managers can do to make sure they get the right people for their teams, and retain them.
“Our MYOB Business Monitor research consistently highlights that New Zealand SMEs face the same areas of pressure year after year, which have been covered in this campaign. We want to help business owners overcome these hurdles so they can focus on doing what they love and the reason they went into business in the first place,” says Mr Gardiner.
For more information, visit myob.co.nz/realitycheck.
For further information or immediate comment, please contact:
Tel: 09 925 3560
Mob: +61 407 450 860
The Agency Communications Limited
Tel: 03 341 5841
Mob: 0275 243 629
About MYOB New Zealand
Established in 1991, MYOB is New Zealand's largest business management solutions provider. It makes life easier for approx. 1.2 million businesses across New Zealand and Australia, by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and now spends more than NZ$35 million annually on research and development. In 2013, MYOB expanded its offerings with the acquisition of accounting solutions provider BankLink. For more information, visit myob.co.nz.