Managing your business towards recovery

COVID has impacted businesses across NZ, many were not ready for the accelerated digital disruption, the drop in sales or how to keep track of their accounts and the impact to livelihoods.

At TAEL we work with our clients to help them through this disruptive period by understanding the impact to them and implementing a business plan, a budget, and what drives their business to be successful now and in to the future.

Business planning is critical when in recovery mode, we believe every small business should have a short-term business plan.

When putting together the plan you need to think back and consider what has worked well and what has not in all aspects of your business, including:

Staffing
Client relationships
Financial results
Operations

It is also a great time to reflect on where your business revenue comes from:

Referrals, word of mouth, website, marketing campaigns, social media?
Of those leads, how many did you convert into clients?
What did they spend on average?
One-off purchase or a recurring purchase?

Looking at where your business comes from and how many buy your services or products - in conjunction with your key numbers and business drivers - is critical to your continued growth and success. The business plan is a great tool to keep you focused on what is important and to guide your daily and weekly activities.

The purpose of the budget is to look at your trading in previous years and consider the impact of the information you have identified in your business plan. The budget then provides you with a goal, for your sales and for managing your expenses so you can see where you need to focus your time and energy.

The finances of small businesses and their owners are closely intertwined. Rather than just focusing on business finances, business owners need to understand and manage this link between the business and personal finances.

If you would like to understand how we can help you through this period, please feel free to get in contact.

ASWEFA has been benefiting from the outstanding service Tael Solutions has provided for a number of years. During these years ASWEFA has changed names, expanded from one company holding to 6 company holdings as we have franchised and developed 3 new sites and franchises. We not only contract Tael for monthly and annual account processing but they also manage our Trust accounts and IRD requirements. As well as this we hold quarterly financial meetings to have them assist us to explore and set financial goals and address areas of increased costings or potential sales opportunities to ensure we run at maximum capacity. These meetings involve looking at everything from staff capacity and future requirements to site/machinery/technical requirements to ensure we are future proofing our business as much as possible. They know our business well and can make observations with a fresh set of eyes that always provoke new thoughts and ideas. We are privileged to provide this reference and recommend Tael for any business big or small – but in particular if you are wanting to grow as they have become an integral part of our business and contributed to our success.

Treena Myers - ASWEFA Regional Office - Forklift training providers

I moved our law firm’s accountancy and business advisory work to TAEL Solutions over a year ago now and I have been consistently impressed with its energy, focus, and command over every aspect of how the business side of our practice operates and augmenting a better run, more efficient business. I highly recommend TAEL solutions to those looking to improve their business financial performance.

I moved our law firm’s accountancy and business advisory work to TAEL Solutions over a year ago now and I have been consistently impressed with its energy, focus, and command over every aspect of how the business side of our practice operates and augmenting a better run, more efficient business. I highly recommend TEAL solutions to those looking to improve their business financial performance.

Doug Cowan - Cowan Law

I wish I had found the team at Tael earlier! As a small business owner with minimal experience and understanding of Accounting and Bookkeeping, I've learnt a valuable lesson: 'surround yourself with the right people' The contrast between Tael Solutions and my previous firm couldn't be greater. They understand my business and provide the insight, recommendations and guidance that I so desperately needed. The team at Tael are a pleasure to deal with and I am confident that I'm in good hands.

Mike Covich - LocoMedia Limited

TAEL Solutions Ltd have been processing our accounts for two years now. For the first year they completed and prepared the annual accounts prior to auditing and for the second year we moved to full monthly accounts and looking after all tax issues, right through to Board Reports and preparation for auditing. As a Not for Profit organisation we especially appreciate the advice we get in regards to our responsibilities in our reporting for Community Services (Department of Internal Affairs) and our major grant providers. We are a small team and prefer to put our efforts into the provision of support services to our “kids” and their families. I would recommend Natasha and the team at TAEL Solutions to any SME or NFP requiring accounting services and professional support to help grow their business and to ensure that good accounting and governance practices are provided.

Keith Mackenzie - Chief Executive, Kidney Kids NZ

More Testimonials

Managing your business towards recovery

It is also a great time to reflect on where your business revenue comes from:

See Also