Hiring Staff Without the Headache

Discover five ways Zeller helps keep business on track during the transition. Thinking about scaling up your business? Having the opportunity to expand to new locations, upsize to a bigger premises, hire more staff, or build out your operations is a sign you’re doing something right. Whatever step you’re preparing to take next, you should be proud and excited. There are some common mistakes merchants make during this transitional time, and the consequences that flow from taking on too much too soon can stifle – rather than encourage – growth. Fortunately, there are ways and means of scaling up sustainably. It all comes down to engaging the right tools. Here are five ways Zeller can minimise the potential for growing pains as you scale your operations. 1. Get a clear overview of all stores The more business locations you have, the harder it becomes to understand how each is performing. This is especially true if you’re juggling independent sales channels, staff and technology. Before you open a second location, take the time to gain a real-time oversight of your finances — something that will play a priceless role in future business decisions. Unifying your data in the one dashboard is a simple way to retain visibility over multiple locations, enabling you to quickly access key sales information from anywhere with an internet connection. Zeller Dashboard gives you real-time visibility over the financial health of your business, and each of the locations within it. When you accept payment via Zeller Terminal and make business purchases using Zeller Mastercard, you can see all of your incomings and outgoings at a glance. 2. Keep track of your customers When you run a single-location business, it’s relatively simple and straightforward to retain complete control over your customers’ store experience. You can take the time to get to know your regulars, give staff hands-on training, and provide attentive, personalised customer service. As your business grows, that positive customer experience can be compromised in favour of more sales. When you’re operating out of multiple locations, you lose some of that control. It’s impossible to be in two places at once, after all. One thing you do have control over is the technology you rely upon to grow your business. There are many customer relationship management tools on the market that can help you make your customers feel seen and looked after, such as the Zeller Contact Directory. Storing business and personal details in the one place will give you a clear oversight of every customer — what they buy, how they buy it, and where and when they bought it. This insight can be used to build clever marketing programs that offer rewards, discounts and communications that create a positive customer experience even when they’re not in-store. 3. Iron out inventory management Streamlined, accurate inventory management becomes more critical with every new business location you open. Issues such as displaced, miscounted and lost stock are a bigger threat to your business when you operate multiple shop fronts. With the right retail POS system installed, you can minimise the management required to keep on top of all your stock. Having one centralised platform makes it easier to transfer stock, track shipments and manage inventory levels. Many POS systems will also give you the ability to remotely order stock for any store, from any store, as well as identify and forecast product sales trends to facilitate smarter ordering. Make sure your payment system can seamlessly integrate with your POS system, adding an extra layer of data and control to your inventory processes while minimising the admin overload of keeping on top of stock. 4. Simplify your finances It can be difficult to keep track of the money going in and out of your business when you’re not the only one accepting payments from customers, or making business purchases. This is a common problem owners come up against when they expand their business. Plus, having more money to manage can be a hurdle in itself. One way to avoid the repercussions of mishandling your income and expenses is to employ a professional bookkeeper, but there are many tasks you can do yourself to keep administrative costs as low as possible. For day-to-day expense management, accounting software will help you keep track of invoices and get paid on time. For real-time information about the incomings and outgoings at each business location, Zeller Dashboard provides at-a-glance insights to ensure you know whether you’ll reach your sales targets. 5. Better coordinate your staff Expanding your store means expanding your staff and, while it sounds straightforward, the financial and time investment can be substantial. Hiring new staff will likely require a sizeable investment of your own time — you’ll need to bring them up to speed with products, systems and customer experience standards. Having intuitive tools can significantly streamline this process, especially if you use a fully-integrated system like Zeller Terminal . When your tools speak to each other, it reduces the need for staff to juggle multiple platforms. Keep in mind that, when it comes to hiring junior staff, there are some parts of your business you will likely want to keep secure. You may not want new junior staff to be able to process refunds, or change the settings on your EFTPOS terminals. With Zeller, you can secure these features with a PIN code. Taking the first steps towards growing your business can be daunting. Fortunately, there are a number of things you can do to streamline the process and minimise any growing pains you may experience along the way. The trick is strategising for growth and ensuring you’re properly equipped to scale up. Having the right tools on hand will make all the difference. Now that you know how to smooth the path to expansion, keep up with the latest Zeller updates and announcements by subscribing to the Zeller Business Blog newsletter below. By sharing your details with us, we may contact you from time to time. We promise we won’t bug you — and you can unsubscribe from communications at any time.

How to find the right price to maximise your profits and keep customers happy. The importance of appropriately pricing your products cannot be understated. Too high and you could lose out to more affordable competitors, too low and you could struggle to break even. Finding the right pricing strategy is key to boosting your business’s growth trajectory. Whether you’re starting a brand new business or reevaluating your pricing, this article outlines the five essential steps you should be taking to correctly price, or reprice your product or service. From calculating your costs, to understanding your customers, doing market research, monitoring sales and implementing price changes: this article guides you through the art and science of pricing. 1. Calculate your costs The very first thing you need to do when deciding on a price is to calculate how much it costs you to make or deliver your product or service. You need to identify all the direct costs – that is, raw materials or components, labour costs, packaging, shipping and any manufacturing costs. You then need to consider your indirect costs, these include rent and utilities, staff salaries, marketing or advertising, general supplies and insurance and taxes such as GST. Once you have a good idea of what each product or service costs your business, you can use one of the most simple pricing strategies: cost-plus pricing. This strategy involves simply adding a markup to the cost of your product or service. For many retailers that are on-selling pre-made products, this is a common pricing method that works well. However, it does rely on your cost calculations being accurate. So, to ensure you’re not undercutting yourself, it’s important to also factor in market demand and competition. 2. Research your competitors If you’re entering or operating in a crowded market, it’s critical that you understand what the going rate is for your product or service. Do your own market research by looking online, signing up for newsletters, monitoring social media or by discreetly going into your competitors’ stores or speaking to their customer service. If you discover that your proposed pricing is far higher or lower than competing businesses, identify why. Is your product or service lacking something that your competitors are supplying? Are you offering a customer experience or convenience that your competitors are not? If your proposed pricing is in the ballpark of the existing market, then you have a few strategic options. You might choose to adopt penetration pricing, by setting a relatively low price in order to quickly attract customers to try the product, with the view of increasing prices once your business has gained some traction. Or, if your product is new or highly innovative, you may want to initially set your prices higher than your competitors in a strategy that is known as skimming pricing . This capitalises on the willingness of early adopters to pay a premium. Then you can gradually lower your prices to target broader market segments. Or, you could simply opt for competitive pricing, whereby you set your prices close to or just under what your competitors are charging. Whatever you do, it’s important to remember that your competitors’ costs and customers aren’t identical to your own. So, the aforementioned strategies will always work best for your business if you implement them in alignment with your production costs and your customers’ spending capacity. 3. Cater to your customers Getting to know your customers is one of the most important business lessons you’ll ever learn. What they value and what you offer them can make or break your business; so it pays to listen. Talk to your clients and find out what they’re looking for, then bring them more of it. If you don’t have face-to-face interaction with your customers, having a customer contact management solution will help offer insights into their purchasing behaviour. If you’re operating within a demographic that values quality, they’ll likely be prepared to pay a premium for well-made goods or white-glove service. If this is the case, your business could benefit from implementing a value-based pricing strategy , which focuses on the perceived value of the product or service. Consider the benefits, quality, and uniqueness of your offering, and price your product or service accordingly. Or, if you are aiming to create an image of prestige, you could opt for a premium pricing strategy , whereby you purposefully set a high price to position your product or service as luxurious, exclusive, and superior quality. If your customers are searching for a bargain, either you’ll need to find ways to reduce your production costs to ensure your prices stay low, or you could adopt the loss leader pricing strategy. This involves deliberately selling certain products at a loss, in the hope that customers will purchase other, more profitable items as well, making up for the initial loss. For businesses catering to a mix of customers at both ends of this spectrum, having a tiered pricing strategy will help you accommodate the diverse needs of your clientele. By offering a range of prices, you cast a wider net for reaching potential customers. 4. Track your sales Once you’ve decided on a pricing strategy, it’s time to evaluate whether it’s working or not. Having a simple, integrated process that easily shows you what’s coming in, and what’s going out is key in this process. Whether you’re accepting payments via an EFTPOS terminal or through invoicing , Zeller’s all-in-one solution is a great way to evaluate your cash flow. Business expenses can be paid for using the Zeller Debit Card or through a direct debit from the Zeller Transaction Account , and sales can be tracked via an online dashboard and mobile app , giving you an insightful visualisation of your business cash position. Seeing the net balance of your funds over time will quickly tell you if your pricing strategy is working or not, and moreover, it will enable you to identify spending patterns, which can inform whether or not you implement a dynamic pricing strategy . Adjusting your pricing to align with sales peaks or troughs – whether over days, weeks, or seasons – can help bring in customers when business is slow, or capitalise on demand at busier times. Similarly, if your business operates in different locations, being able to compare your sales in different venues can help you implement a geographical pricing strategy if necessary, where you adjust your prices to local market conditions. 5. Adjust your prices (if you need to) After monitoring your sales for a period of time, you might decide you need to change your tack. If this means decreasing your prices, most customers will welcome the change. Just make sure you can reassure them that the quality of your product isn’t also decreasing. If, on the other hand, you need to bump up your prices, there are a number of ways to go about it to ensure you don’t get your customers offside. Soften the blow by offering discounted bundles when several products or services are purchased together as a package. Improving the quality of your product, or adding in extra features, benefits, or improvements can also help to justify the increase in price. Alternatively, consider incremental increases over time to allow customers to adjust to the changes gradually. Or implement psychological pricing by rounding them down from the nearest whole, $9.99 for example. Timing is also an important factor. Generally, the beginning of the financial year (after the sales) is a good time to adjust your prices. Otherwise, identify when your busiest season is, and implement the changes then. If you’re worried about backlash, notify your clients of the price increase either in-store or via email, and clearly explain the reasons. Educating your customers and being transparent with them will help build their trust and loyalty. Finding the right price starts with the right tools. Understanding your costs, customers, positioning, competitors, and ideal profit will help you pinpoint the pricing strategy that’s right for your products. However, it’s important to note that it’s unlikely you’ll ever choose one strategy and stick with it. Your approach will adapt and change over time and in line with the market, which is why it’s important to remain agile. Equipping yourself with the right tools to help you regularly evaluate your pricing will ensure you’re always ahead of the curve. Zeller’s end-to-end solution is your number one ally when it comes to tracking your business cash flow and using sales data to strategically grow your business.

Follow our small business checklist to help get your new idea off the ground . If you’ve decided to start your own business, it’s likely you’re feeling as excited as you are nervous. Running your own business is an extremely rewarding experience — choosing your own hours, following your passion, and having the freedom to express your creativity are just some of the many benefits. But nothing comes easy, which is why it’s important to equip yourself with as much knowledge as you can before launch day. Being prepared will mitigate the challenges that are part and parcel of entrepreneurship, and will allow you to make the best decisions to set your business on the right trajectory. Coming up with a profitable idea, understanding your target market, and sussing out the competition are all essential first steps, but there’s more to it than that. To give your business the best chance of success, we’ve summarised the ten important steps every Australian business owner needs to take prior to launching. The ultimate business checklist for getting started in Australia 1. Come up with an idea All the most successful businesses solve a problem. No coffee shop close to your local school? That’s a problem for parents. No gluten-free salad dressings on the market? That’s a problem for celiacs. No sustainably-made dog collars? That’s a problem for eco-conscious pet owners. Your ability to fill a gap in the market better than anyone else will be the key to your business’s success. Remember that often, customers won’t even know a problem exists until you present them with the solution. If you’ve never heard of a Portuguese tart before it’s likely that you don’t know that a bakery specialising in Portuguese tarts is missing from your life. So, when searching for or refining your business idea, consider the following: Does my business solve a problem? Does my business improve upon the current product or service offering? Is there an underserved demand for my product or service? Does my product or service bring a new perspective to an existing industry? If you answered yes to one or more of these questions, you’re off to a great start. 2. Research the competitive landscape In order to gauge the size of the market you are entering, you’ll need to research the competition. Look for local competitors that sell the same, or similar, products or services. If there are many, you’re going to need to develop a unique value proposition, that is, an offering that sets you apart from the rest and gives customers a reason to visit your business over an established competitor that they know and trust. This research will allow you to identify gaps in the market and potential opportunities upon which you can capitalise. Additionally, it will help you to develop your own pricing strategy that is competitive and attractive to customers, and will give you an idea of the marketing tactics being used in your space. To stay up to date on the latest developments and announcements, join the mailing lists of your competitors, follow them on social media and set up Google alerts for business names or topics related to your industry. 3. Apply for an ABN and register for GST While these steps won’t apply to every business, the majority of businesses operating in Australia will be required to apply for an Australian Business Number (ABN) and Goods and Services Tax (GST). An ABN is a unique 11-digit identifier that is issued by the Australian Business Register (ABR) to businesses and organisations operating in Australia. It is free to apply and can be done through an online application or by submitting a paper form. It’s important to note that businesses are required to have an ABN before they can register for GST, claim business tax deductions, or access other government services and programs. If your projected annual turnover exceeds $75,000 (or $150,000 for non-profit organisations), you will also need to register for GST. Once registered, businesses must charge GST on their goods and services sold, and remit this amount to the Australian Taxation Office (ATO) on a regular basis. The current rate of GST in Australia is 10%, which means that businesses must add 10% to the price of what they are selling. 4. Understand your legal requirements At best, regulatory requirements are a headache. At worst, they’re a major roadblock. To ensure that you are across all your legal responsibilities and restrictions as a business, it is imperative that you check the Australian Business Licence and Information Service . This online service will help you find any licences, permits, and/or registrations you might need to operate legally in Australia. It may also be a good idea to check with your local council, as some restrictions may only apply to a very small area. For example, in some areas of Melbourne, you are able to roast your own coffee beans on-site, whereas in others, regulations will prevent you from doing so. If you’re ever unsure, it’s a good idea to seek expert legal advice. While it may cost you upfront, it will save you money and stress in the long run. Doing your research early will reduce the burden of compliance later on. 5. Find a name Your business name needs to effectively communicate your brand identity, resonate with your target audience, and help your business stand out amongst the competition. What’s in a name you ask? All of the following. Brand identity: Your business name should be unique, memorable, and reflect your brand identity. Consider what image or impression you want to convey to customers and make sure your name aligns with that vision. Clarity and simplicity: Your business name should be easy to spell, pronounce, and remember. Avoid using complex or obscure words that may confuse or alienate potential customers. Conversely, it should not be so vague that it cannot be easily found when customers search it on Google. Domain availability: Your business name should be available as a domain name so that you can create a website that matches your business name. Check for domain availability before finalising your business name. Legal considerations: Make sure your business name is not already trademarked or being used by another business. Scalability: Consider whether your business name will still be appropriate if your business expands or evolves over time. Avoid using a name that limits the potential growth or diversification of your business. Industry relevance: Consider how your business name relates to your industry or niche. Your business name should be relevant to what you do and appeal to your target audience. Cultural sensitivity: Be mindful of cultural and social sensitivities when selecting a business name. Avoid names that could be offensive or insensitive to certain groups of people. 6. Test your idea Market research, surveys and feedback from small business communities are all valuable. Yet the best way to confirm your business idea is a good one is to start selling your product or service. Paying customers will always be the best source of feedback. A soft launch is a good way to see how people will react to a product before making it available to the greater public. Invite a small pool of people to test your offering. If possible, use the opportunity to take pre-orders and generate some initial funding to cover your first inventory. If you’re selling products such as homemade goods, clothing, homewares or coffees, consider renting a stall at your local market. It’s a cost-effective way to get your business out there and market your product without investing heavily. Additionally, having the opportunity to speak directly with customers lets you gain insight from them and allows you to spread the word about your upcoming opening. If you’re planning on running a service business, consider starting with a discounted trial. Make sure to ask your first customers for a testimonial that you can use in your initial advertisements on social media, or a review on  Google My Business . 7. Write a business plan Whether or not you are looking for investors, lenders or partners, writing a business plan is a highly valuable exercise for any budding business owner. Writing out a detailed overview will help you to articulate and refine your business idea, which will in turn help you to communicate it to anyone you’d like to get on board. It will be a very useful asset to have on hand, at least during the initial stages, as it will serve as a roadmap to keep you on track and to not lose sight of your objectives. It doesn’t matter if you haven’t got all the answers just yet, you can always review and change it later. The first iteration of your business plan should include the company's goals, strategies, and financial projections. While it might be daunting at first, going through each step will likely uncover questions or blind spots and will help you know which tasks to prioritise. Keep the plan manageable and succinct, as you may have to deviate and review it as your business grows. Click here for our step-by-step guide on how to write a business plan . 8. Decide on a legal structure There are a number of ways to legally structure a business in Australia. Knowing the difference now will save you a lot of time and effort down the track as your legal structure impacts critical parts of your business — such as your personal liability and tax obligations. It can also be difficult to change later on. There are five main types of  business structures  to consider when setting up a new business. Sole trader:  an individual trading on their own. Partnership:  a business owned by two or more people who share profits and losses. Company: a legal entity that is separate from its owners (shareholders). Trust: an entity that holds property or assets for the benefit of others (beneficiaries). Co-operative:  a business owned and operated by its members, who share profits and decision-making authority and usually established for recreational, cultural, or charitable purposes. Choosing the right legal structure for a business depends on factors such as the number of owners, liability protection, tax implications, and management structure. It is important to consult with a lawyer or accountant to determine which legal structure is best for your business. 9. Set up a business bank account and organise your finances From tax compliance to accessing funding, planning investments and managing cash flow, there are countless reasons why every business owner needs to organise and streamline their finances from the get-go. It doesn’t have to be as complicated as most of the mainstream banks make it though. Zeller is an Australian provider that simplifies the process in all of the following areas: Business Bank Account: Whether you’re at the very first stages of planning, or are about to launch, having a financial account specifically for your business transactions is essential. Thankfully, at Zeller, setting up a business bank account doesn’t require lining up at a bank branch and filling out reams of paperwork. A free  Zeller Transaction Account  can be set up online in a matter of minutes. From here, you can create as many Transaction Accounts as you need, for allocating money to different business locations, setting aside savings or assigning petty cash. Discover how the Zeller Transaction Account compares to the best business bank accounts in Australia. Business Debit Card:  From purchasing stock to paying bills, suppliers or employees; starting a business means spending money. So, naturally you’re going to need a debit card that is linked to the funds you’ve allocated to your business.  Zeller Debit Card links to your Zeller Transaction Account and can be used to make purchases in-store or online, for any business-related expenses. EFTPOS Terminal for In-Person Payments: If you’re planning a bricks-and-mortar shop front or mobile business, you’ll need a fast and easy solution for accepting card and contactless payments.  Zeller EFTPOS machine is the next-generation solution for in-person payments that processes all cards — including American Express — at a single low rate, with no monthly rental fees. It can be integrated with point-of-sale systems and also offers you the ability to pass on the merchant fee to customers through surcharging. The Zeller Terminal ultimately gives business owners more flexibility and peace of mind knowing they won’t be stung with a hefty fee at the end of the month. Invoicing Software for Online Payments: If you’re planning an online service business, you need to make it as easy as possible for customers to pay you. Zeller Invoices is a great way to get money into your business quickly, and hassle-free. When a customer pays your  online invoice with Zeller, by simply using their credit card — no bank transfers necessary — the funds are settled into your Zeller Transaction Account nightly, 365 days a year (or into a third party bank account the next business day) so you can spend your money as you earn it. Financial Tracking & Reporting System:  At its most basic, this could be an Excel spreadsheet. But, as you’ll soon find out: business owners need to save time wherever possible. This starts with eliminating manual data entry. With a Zeller Transaction Account, all your transactions and expenses will be instantly synced to your Zeller Dashboard and  Zeller Mobile App  where you can track all the money coming in and going out, in real time. Being able to see the net balance of your funds over time allows you to quickly identify spending patterns and make informed business decisions: from rostering to inventory orders or when to push marketing. It will also allow you to calculate the length of your cash cycle, that is, the time it takes for your business to convert its spending (inventory, resources etc.) into cash inflows from sales. 10. Market your business To get your business noticed and draw in potential customers, you’re going to need to do some marketing. What strategies work is going to entirely depend on your product or service and your target market. Therefore, understanding your customer is going to be key in getting your business name in front of their eyeballs. There’s seemingly endless possibilities when it comes to marketing, but here are the major tactics you need to consider: Social media marketing: Facebook, Instagram, Twitter, and LinkedIn are great places to start promoting your business and connecting with potential customers. Content marketing:  Creating and sharing valuable and informative content, such as blog posts or videos related to your product or service is a great way to demonstrate your expertise and attract customers. Search engine optimisation (SEO):  While a little technical, having a basic knowledge of SEO will help your website and content rank higher in search engine results pages. Print marketing: This could include flyers, brochures, business cards, posters, billboards, direct mail, and newspaper or magazine advertisements. Pay-per-click (PPC) advertising: This involves placing ads on search engines and social media platforms, and paying each time a user clicks on your ad. Influencer marketing: Find influencers or partners in your industry who can help to promote your brand and products to their followers. Local marketing:  Target customers in your local area through tactics like local SEO, online directories, and community events. Once your business is up and running and you have a pool of engaged customers, you can also try the following tactics: Email marketing:  If you have a subscriber base, send regular email newsletters and promotional messages to your subscribers to alert them to new products or special offers. Referral marketing:  Encourage your existing customers to refer their friends and family to your business in exchange for rewards or discounts. Get started We understand you’ve got a lot to think about. So, to make life easier for yourself, Zeller will help you out with everything finance and payments related. We’ve worked with thousands of businesses in industries spanning hospitality and retail, beauty, tourism, medical and everything in between. Our Sales Team loves speaking to new business owners to guide them through the weeds and help them get set up. Whether you’re ready to press “launch” or are still in the early stages of developing your idea, our team is always happy to answer any questions you may have. Contact Zeller Sales, or visit our website to learn more about how we can streamline your business.