Being able to evolve over time is vital if you want your business to last. The market doesn’t stand still, so it’s important to diversify and to keep your offering fresh.

We’ve got some suggestions on ways to diversify your business offering.

5 ways you can diversify as a small business

You may well have a product range and a customer base that’s ticking over nicely. But customer and market needs can change very quickly. Blockbuster, for example, had a huge international business, but the invention of on-demand movies killed that business in just a few years.

If you want to bake longevity into your business, it’s crucial to keep moving and reexamining the value that you bring to your audience.

Here are five potential strategies for diversifying your business:

Introduce new products or services

Expand your offerings by developing complementary products and/or services. This could mean bundling existing offerings, or creating entirely new lines to cater to existing and new customer needs.

Diversify into new sectors

It’s easy to get comfortable in your existing market niche. But you’ll find more opportunities by entering new, related or unrelated markets. This cuts your reliance on a single market, cutting down the risk of putting all your eggs in one basket. It also introduces your brand to a whole new customer audience.

Deepen your market penetration

Going deeper into your existing target market can reveal a whole new audience. Think about what you can add to make your offering more attractive. Put cross-selling and upselling strategies in place to increase the sales potential from existing and new customers and listen hard to customer feedback.

Expand into new territories

Having a new market to sell into is a great way to boost your sales opportunities. Find an international market that has a relevant customer demographic and tailor your products and services to this new foreign audience. Bear in mind though the compliance, customs and tax requirements of going international.

Form strategic partnerships

Your reach and revenue potential is greater when you collaborate with other businesses. Entering into a partnership helps you offer joint products or services, leverage your partner’s customer base, or explore new distribution channels. This could be a partner in your existing market, or in a complementary market.

If your aim is to optimise your business, diversification is a real must. It introduces you to new sectors and audiences, increases your sales opportunities and reduces risk.

Talk to our team about ways to diversify your offering and add a new angle to your strategy.

The post How to optimise your business: diversify into new areas appeared first on DFK Gray Perry Adelaide.

• Recovering from a natural disaster: what you need to know about tax – As Australia experiences another summer of unpredictable weather patterns, it’s essential to be prepared for the unexpected.
• Changes coming for buy now pay later services – If you’re one of the millions of Australians who use BNPL services, important changes are coming that will give you stronger consumer protections from 10 June 2025.
• ATO launches its small business focus areas for 2025 – The ATO has outlined specific areas of concern to help you avoid common pitfalls and manage your tax obligations effectively.
• ATO warns about GST refund fraud: check your arrangements – The ATO-led Serious Financial Crime Taskforce has issued a warning to businesses against trying to cheat the tax and super system by committing GST fraud.
• How tax works in Australia’s superannuation system – Australia’s super system plays a vital role in ensuring financial security for individuals in retirement.
• Super legacy pensions: regulations offer window to exit – Regulations that came into effect in December 2024 allow thousands of SMSF members to exit legacy income streams at any stage until 7 December 2029.

You can read the full Client Alert here 

The post Client Alert February appeared first on DFK Gray Perry Adelaide.

This article explores the basis of the Government criminalisation of wages theft and what you can do to better protect yourself.

READ FULL ARTICLE HERE

This article was written by Wendy Jeffery-Lonnie the Director of GPHR Pty Ltd. GPHR is a HR consulting firm focused on helping business with all things people.

The post Criminalisation of Wages Theft appeared first on DFK Gray Perry Adelaide.

Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption to your staff and business during the process.

Let’s take a look at five key ways to be ready for an audit.

Carrying out an audit of your business finances is a mandatory requirement for many organisations. The rules and regulations will vary depending on the territory you trade in, but once you’re over a certain threshold for turnover or number of employees, an audit is likely to become a legal requirement. So, what can you do to make this process less of a hassle?

In advance of the audit date, be sure to:

• Gather all the relevant documentation – this documentation will include financial statements, bank statements, expenses, management information and any other documentation that your auditor is likely to ask you for.
• Organise your documentation in a logical way – the whole audit will be far easier to complete if your financial data and documentation is well-organised. Make it simple for the auditors to find what they need, and ensure there’s easy access to all information.
• Identify any potential financial issues – the last thing you want is a giant problem coming up in the middle of your audit. So, it’s a good idea to check for any financial issues or irregularities that the auditor may flag. Doing this well in advance gives you enough time to address any issues and resolve them before the audit begins.
• Be prepared to answer questions – it’s likely your auditor will want to ask some probing questions about your business and financial records. Make sure you’re up to speed with your accounts and be prepared to answer these questions honestly.
• Cooperate with your auditor – the auditor’s job is to ensure that your financial statements are accurate and that your business is in compliance with all applicable regulations. This will be much easier to do if you cooperate with them, answer their questions with good grace and quickly provide them with any information they need.

Talk to us about getting audit-ready

If you’re thinking that your finances might not be quite ‘audit-ready’, you’re definitely not alone. Many businesses are not quite as organised with their financial management as they’d like to be. But don’t worry, help is at hand!

If you’d like some assistance with reviewing the health and organisation of your financial processes, we can help you get in control of your finances

Get in touch to review your financial management.

The post How to prepare your business for an audit appeared first on DFK Gray Perry Adelaide.

We’ve outlined five ways to maximise the value of your business, with practical steps for making your company the most attractive prospect on the market.

5 steps to prepare you for a sale

The first thing to underline is that selling a business is rarely a fast process. Most owners will begin planning their sale years in advance, working to an exit strategy that sets out all the key milestones. Your aim is to leave the business in great shape, with stable finances, a solid team and a customer base that will continue to provide solid revenues for years to come.

So, how do you achieve these goals?

1. Assess your reasons for selling and your desired timeline – what’s the key motivation for selling your business? Are you retiring, looking to move on to other opportunities or hoping to unlock your equity? Once you know your reasons, you can decide on some core goals for the sale, and set a realistic timeline for the sale.
2. Get your financial house in order – ‘doing your financial housekeeping’ will mean preparing financial statements, submitting outstanding tax returns and making sure you have access to any other documentation that potential buyers will want to see. You may also want to work with an M&A expert to discover the company’s true market value.
3. Make your business attractive to buyers – any buyer wants to know they’re taking on an attractive business proposition. Making the business feel more attractive means improving your marketing and sales strategies, beefing up your operations and ensuring you have a positive cashflow position. You should also think about creating a transition plan for the buyer, so the handover is as smooth as possible .
4. Find the right buyer – it’s important to feel like you’re handing your legacy over to the right owner – and getting the price you need. This may involve working with a business broker or marketing your business yourself. Make sure you vet potential buyers carefully to ensure that they are a good fit for your business and your existing team.
5. Negotiate the sale terms – achieving your desired price could involve a fair amount of negotiation. You’ll need to sit down with your buyer to discuss purchase price, payment terms and other conditions of the sale. Be prepared to compromise and be willing to walk away from a deal if the terms are not right for you.

Talk to us about getting your business ready for a sale

If you’re intending to sell your business in the next five years, it’s important to start planning now. Coming up with a sale plan and a robust exit strategy takes time, as does sorting out the business housekeeping and finding the best possible buyer for the company.

As experienced advisers in many business sales, we’ll help you:

• Get organised, locate the relevant documents and improve your record-keeping.
• Clean up your business and address any legal or financial issues
• Come up with a detailed sale plan and help you market the business
• Expand your business network, to find the best buyer for the company

Following these steps will greatly increase the market value and price of your business.

Get in touch to talk about your sale plan.

The post Preparing your business for sale appeared first on DFK Gray Perry Adelaide.

When you look at the wider marketplace, you’ll see that there are businesses out there that may well compliment your offering. And by working together (rather than against each other) it’s possible to become valued strategic partners, collaborating to serve your joint customers, improve brand awareness and, ultimately, expand your target market.

If this sounds like a positive strategy, now’s the time to do your homework and start hunting down the best strategic partners for your business.

Working to serve a shared customer base

Strategic partnerships are all about finding the common ground between you and your intended partner – and this means finding the best ways to combine your efforts. If you can share the same customer audience, and create a complimentary way of meeting their needs, that creates a broader, more connected way of growing both companies.

Finding a company that’s interested in forming a strategic alliance

Find partners in complementary sectors – if you’re an accounting firm, like us, it makes sense to partner with solicitors, lawyers and other professional services providers who can help your clients. If you’re a maker of shoes it makes sense to partner with a clothing manufacturer that shares your same sense of style and purpose. The key here is to find a shared audience or customer need, and to create some real synergy between your two businesses.

Take part in business networking and events – to get a wider understanding of your local, or industry specific, business network, it’s worth taking part in plenty of online and offline business events. You’ll meet new people, hear about new brands and will find it easier to find your ideal strategic partner. The wider your business network, the more choices you have for an alliance.

Look at crossover between your target audiences – once you’ve found a potential strategic partner, it’s important to take a detailed look at the crossover between your partner’s audience and your audience. Do they shop through the same channels? Do they fit a certain age group or social demographic? Are these customers local, or are they part of a national or global online customer base? How large is their database?

Cross-reference your customer databases – by sharing and comparing your client relationship management (CRM) data, you can cross-reference both sets of customer data and see where there’s overlap, or where you may already share some of the same customers. The better you understand each other’s customers, the more likely it is that you’ll find some common ground for shared marketing and promotion.

Run joint events and promotions – presenting joint webinars with your strategic partner, or running joint promotions. By finding a common theme, you bring both audiences together and reinforce the alliance between your two brands. You also reduce the expenditure by sharing the costs and reach a wider audience.

Combine your R&D efforts – to move your alliance forward, you can also try combining your research and development (R&D) activity, to find new products, new services and new ways of keeping your joint customers happy. By sharing the time, costs and effort of developing new offerings, both companies will benefit – and you keep your businesses at the cutting edge of their respective sectors or specialisms.

The post Strategic business partnerships: the benefits of working together appeared first on DFK Gray Perry Adelaide.

What is the PPSR?

The PPSR is a national online register that allows businesses and individuals to register their security interests in personal property. This includes goods, assets, or any item of value that can be used as collateral. By registering your interests, you gain legal recognition and protection should your customer or debtor default or become insolvent.

Who should register?

Your business may significantly benefit from the PPSR if you engage in any of the following activities:

• Selling goods on credit: If you extend credit to your customers, registering your interest in the goods you’ve sold can help you reclaim them if the customer fails to pay.
• Hiring out assets for long periods: If you rent out equipment or other assets for over two years, registering these assets can protect them if the lessee becomes insolvent.
• Operating with a 2-entity asset protection structure: If your business uses one entity to own assets and another to trade with those assets, registering on the PPSR can safeguard your assets in case of trading difficulties.
• Providing loans and receiving security: If your business offers loans and takes security over assets, registering ensures you have a legal claim to those assets if the borrower defaults.

The risks of not registering

Failing to register your security interests on the PPSR can lead to substantial financial losses, particularly if your customer or debtor becomes insolvent. In such cases, you could lose the right to reclaim your goods or assets, leaving you exposed to significant financial risk.

The benefits of registering

By registering your interests on the PPSR, you gain several crucial advantages if a customer or debtor becomes insolvent:

• Reclaim Unpaid Stock: If your customer can’t pay, you have the right to repossess the stock you’ve sold but haven’t been paid for.
• Recover Your Assets: You can retrieve assets you own that are in the possession of an insolvent debtor.
• Protection Against Unfair Preference Claims: Registering gives you strong immunity from claims made by a Liquidator under unfair preference provisions.
• Improved Payment Recovery: If your customer is selling their business, having a registered interest increases your chances of getting paid.

Take action

Understanding whether your business is affected by the PPSR and how to leverage its benefits is vital for your financial security. Don’t leave it to chance—ensure your business is protected. If you’re unsure whether you need to register or want to learn more about the benefits, please contact us.  We’re here to help you navigate the complexities of the PPSR and safeguard your business assets.

Thank you to Andrew McLellan from EDX Registration Services for presenting to the DFK Group.

The post Understanding the Personal Property Securities Register (PPSR) appeared first on DFK Gray Perry Adelaide.

• Claiming the tax-free threshold: getting it right – If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year.
• Withholding for foreign residents: an ATO focus area – Does your business make payments of interest, dividends or royalties to any foreign residents? You may be required to withhold tax.
• Small business restructure roll-over: tax relief for genuine business restructures – A structured path is available for businesses to reorganise operations, allowing them to better meet financial challenges without prejudicing creditors or engaging in unethical practices.
• Super guarantee a focus area for ATO business debt collection – The ATO offers a timely reminder for businesses to ensure they’re meeting their SG obligations.
• New “bring-forward” contribution thresholds for 2024–2025 – The increased annual cap on non-concessional super contributions is great news for those who want to maximise their retirement savings.

You can read the full client alert here.

The post Client Alert September 2024 appeared first on DFK Gray Perry Adelaide.

Why Core Values Are the Backbone of Your Startup

Your core values are the bedrock of your business. They shape your brand identity, influence how you interact with customers and employees, and define your company’s mission.

The Benefits of a Values-Driven Team:

• Unified Purpose: A team that shares the same core values works cohesively, understanding not just what to do but why they are doing it. This alignment ensures smoother operations and more effective decision-making.
• Enhanced Recruitment: Clearly articulate your values in job descriptions to attract candidates who resonate with them. A Glassdoor survey reveals that 77% of job seekers consider a company’s culture before applying. During interviews, assess whether candidates align with your values to ensure a good fit.

Integrating Values into Your Hiring Process:

• Clear Communication: Incorporate your core values into job postings to attract candidates who align with them. During interviews, discuss these values to gauge cultural fit.
• Onboarding and Training: Document your core values and share them with new hires. Use them as a foundation for training and onboarding, allowing new employees to understand and ask questions about how these values play out in your company.

Measuring Alignment and Satisfaction:

• Regular Feedback: Conduct regular check-ins and 360-degree feedback sessions every six months to assess how well new employees are adhering to your values. This helps track their progress and ensures they are integrated into your company’s culture.

Creating a Consistent Brand Experience

When customers contact your support team or visit your office, they expect a consistent experience reflective of your brand values. This doesn’t mean uniformity in personality or approach but rather a shared commitment to foundational values.

By building a team that embodies your core values, you set the stage for growth, scalability, and exceptional customer experiences. With employees who are aligned with your vision, your company is well-positioned to deliver consistent, high-quality service to your customers.

The post Building a dream team appeared first on DFK Gray Perry Adelaide.

What can small businesses do to retain and attract customers in a competitive market?

Identify your business’s advantages

Think about what your business can offer that a multinational operator cannot. For example, you might have the edge on:

• Local knowledge
• Close relationships with customers
• Personalised service
• Easier parking
• Specific products and services
• Immediate availability of products
• An excellent loyalty scheme
• Community support
• Local events

If you’re not sure what your big selling points are, ask your customers.

Show off your advantages online

Leverage your business’s selling points through your online presence. While it might be prohibitively expensive to build a whole new office or store frontage, your online shop-front can be impressive at a fraction of the price.

Step up your social media activity, paying particular attention to sites where local people are active. Invest in outstanding photography, too.

Invest in reviews

Can you find a way to nudge your best customers into providing online feedback? Positive reviews are a vital tool for small businesses to grow their customer base.

• Make it easy for people to leave reviews – send them an email reminder with a link included.
• Address negative reviews immediately and professionally.
• Consider an incentive to provide a review, such as a free extra item immediately or a $5 discount code off their next order. Alternatively they could go in the draw to win a bigger prize. This may also encourage them to shop with you again.

Be boutique

Lean into being small. Customers are willing to pay more for businesses that employ great people, provide quality service and a high-end experience. Invest in providing a polished experience for all your customers.

Appeal to ethical customers

Many shoppers are happy to pay more for sustainable, ethical products and services. Have measurable sustainability credentials and show them off whenever you can.

We’re here to help

For more ideas that are tailored to your business, we can help. Drop us a note or give us a call – we’d love to hear from you.

P: + 61 (8) 8212 2366
E: dfkgrayperry@dfkadel.com

The post What can small businesses do to retain and attract customers in a competitive market? appeared first on DFK Gray Perry Adelaide.