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Why good business relationships matter more than sales

Paul Martin • May 24, 2016
Happy Customers - Good Business Relationship

Though sales are one of the most important metrics to monitor your business growth , it is just a number. There is more to it than seeing the numbers go up and down. Sometimes high sales don't mean happy customers. If they have a bad experience dealing with your company, do you think they would still patronise your products or services? You would need to offer them something really great in return.

The focus should be on how to convert them into repeat and happy customers. Here are some tips to consider if you want good business relationships with your customers:   

  1. Trust. Earning someone's trust is a strong foundation of a good relationship both in business and in life in general. According to Neilsen.com Trust in Advertising report , earning consumer trust is the holy grail of a successful campaign. In today's competitive world where almost all businesses have something great to offer, the only edge now is - are you trustworthy? Can they trust your advertising or it is just hypes of impossible promises?
  2. Think about lasting results. Strive for your customers' trust and then referrals will follow. This is the power of trust - you can get free advertising through word-of-mouth recommendations.
  3. Motivate and inspire your customers. Connecting with your customers in a way that they resonate with your brand messages and goals is one powerful way to keep them engaged or involved. And when things go wrong for them, it doesn't cost anything to be sincere. Sometimes all they need is a pat on the back, an encouraging smile or an assurance that you'll help them in the best way you can.
  4. Forget excuses. An excuse doesn't make up for a bad service or product. Being honest and accepting your mistake is more forgiving than giving customers your lame excuses to shift the blame. Again, being sincere doesn't cost anything. Sincere apologies are better than blaming others or the circumstances.
  5. Be proactive. Going the extra mile won't hurt you. Customers don't need to call your office just to remind you about the products they ordered. Or they don't need to ask you for help if you know already that they need it. If circumstances allow it, always opt to provide proactive service. Offer them better solutions or options to their problems.

Here at Paul Martin Chartered Accountant Ltd , we help customers to create strategies for business growth. Please feel free to call us on (09) 576 4166 for more business advice, ideas and tips.

How the new Government and coalition agreements might affect owners of residential rental properties

By Paul Martin • 04 Dec, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.

How does provisional tax work, especially in an economic downturn?

By Paul Martin • 18 Jul, 2023
If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like making progress payments on next year's income tax.

How to handle inflation as a sole trader

By Paul Martin • 18 Jul, 2023
Sole traders have had an especially difficult few years as inflation surges. We have got three tips to help lighten the load for your sole trader business. 
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