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Understanding your customer spending

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The latest data by McKinsey & Company shows that Kiwis still feel the economic effects of the pandemic and are cautious about spending, despite retail spending bouncing back sharply when the country got out of lockdown.

Acknowledging the general cost-consciousness, at BGS, we’ve advised our clients to repackage their products to make it easier for customers to purchase. At the moment, people are still hesitant to commit long-term so instead of offering month-long subscriptions, repackage your product for one-off offers – this is one example of using available data to shape your marketing strategy.

As smaller businesses, tracking your targets’ behaviour and sentiments is critical – those that can adapt will thrive in this quickly-changing market.

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How to Get a Great Night’s Sleep with Good Cash Management?

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Cash is probably the number one cause of stress, worry, and anxiety for smaller business owners, which is natural when cash dictates the success or failure of any smaller business. Studies by the ANZ bank shows that up to 82% of small businesses fail because of cashflow problems. Some smaller business owners focus on budgets, which is essential, but it is only half the picture the other half is a clear projection of your cash flow. Managing your cash flow gives you a useful estimate of where your business will stand from a liquidity point of view into the future.

The ability to analyze your profit and loss statement, identify trends, and interpret what these tell you about your business is important. And you need to put that information into a useable form with a good cash flow forecast.

We teach some of these critical financial tactics in our Forecasting Your Business Webinar. And it comes with a free forecasting template that you can use for your business!

Relieve your mind from the anxieties of the unknown, fly by the seat of your pants style business management and join us here.

Why is it important to manage your cashflow efficiently?

It helps you prepare. The goal of cash flow management is to foresee upcoming financial difficulties. Identifying when finances are going to be tight will allow you to plan where and how to allocate your

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