Five business boosters

3 min read

A checklist before you turn on your out-of-office

Do you have grand plans for 2020? Most of us see the new year as a chance for a new beginning – but why can’t you start now? 

 

You can chase business success any day of the week. 

 

Here are five simple activities you can undertake to ensure your business is already in prime position before your Christmas party rolls around.  

 

1. Register for GST

 

The tax return deadline is 31 October, but did you know you can get a six-month extension by using a tax agent? Take the time to consider if you should register for GST. 

 

Even if your turnover is under the $75,000 threshold, it’s still a good idea to register for GST as the benefits may present additional profit opportunities (Ka-ching!). Learn more about your GST obligations and how it affects your tax return.

 

2. Update your information

 

Not only are you losing business from customers who can’t get in contact, you may be missing out on important business notices from the government if your details are incorrect.

 

It’s a legal requirement to update business details within 28 days of any changes. This includes any changes to your postal, email or business address. The ATO also needs to be kept in the loop of changes to your financial institution account details.

 

3. Refine your logo

 

There are so many reasons why your logo is important but ultimately, your logo is a representation of your business. It should easily express your brand’s values and everything your business stands for.

 

Your business name in a fancy font is no longer going to cut it. Honcho can help create your logo or fine tune your current design for a fresh, modern look.

 

Honcho design specialists work with you to understand your brand so that the logo embodies your business.

 

4. Research your competitors

 

Business owners who are too proud to think about would-be threats often ignore the importance of competitor research. 

 

Knowing who your competitors are and what they offer is the only way to maintain your own competitive advantage.  That is, what sets your business apart from the rest.

 

It could be your products and pricing, or perhaps it’s your service and money-back guarantee.

 

Without understanding your competitors, you’ll never be able to effectively answer the question, “so why should I use you?”

 

Set aside an hour to perform a quick competition health check – you’ll thank us for it.

 

Hot Honcho tip! Type a competitor name into Facebook Ad Library to see any ads your competitor is currently running on Facebook. 

 

5. Create a loyalty program

 

Ever wonder why every café gives you a little card enticing you to a 10th coffee free?

 

That’s Retention Marketing 101. It’s all about trying to influence your behaviour to create loyalty to their business. According to Forbes, it can cost five times more to attract a new customer than it does to retain an existing one.

 

Think about ways you can encourage repeat visits or purchases like rewarding recent customers with a discount off their next purchase or the good ol’ freebie on the 10th visit.

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