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Establishing and running a retail shop is both demanding and
challenging. Apart from the usual small business compliance issues of GST, BAS
and PAYG you have to contend with extended trading hours, inflated rents and
seasonal trade. The retailing landscape has changed and the GFC has coincided
with an explosion of on-line sales. The relatively strong Australian dollar has
made conditions for retailers even more competitive.
Comparison shopping network group, Getprice surveyed 1800
Australian consumers and found that one in five of the consumers surveyed would
shop less on overseas sites if the Australian dollar fell below US90 cents,
while 16% would shop less on these sites if the dollar fell to less to US80
cents. More than half of the respondents identified broader product
availability as a key factor for shopping on international sites while three
out of five respondents prefer online retail over traditional retail shopping
because of the price savings, special deals and discounts.
Forecasts suggest that online consumer expenditure will reach
$37.7 billion by 2013 and and with 97% of Australian internet users already
having shopped online it's important for your retail business to adapt to the
changing market conditions. Not only that, the days when a person would
only tell five of their friends about a bad shopping experience are gone
courtesy of social media. For example, the Melbourne retailer Gasp recently
asked three young ladies to leave their store and they tweeted and posted about
their bad experience on Facebook. Their comments went viral and the story was
picked up by television, radio and the press around the world.
You probably also need to deal with various council permits and
regulations not to mention your staff, OH & S issues and superannuation.
Your retail tenancy lease can be extremely complex and given occupancy costs
are often the second highest expense (after wages) in a retail shop we can help
you negotiate the terms of your retail lease and liaise with your solicitor.
Whether you retail clothes, shoes, computers or liquor in your shop, having an
accountant who understands your retail business can mean the difference between
survival and success. Over the years, our team of accountants have mentored a
number of retail shop owners through the various stages of their business life
cycle from start up right through to sale. We offer you experience, technical knowledge
and an intimate understanding of retail trade.
As accountants we can prepare some ‘what if’ financial scenarios
so you know your business’ best and worst case scenarios. We can help you
prepare a cash flow budget and project your profit and loss for your first year
of operation. On an operational level we’ll help you price your services and
identify your break even point and provide advice regarding profit margins.
Using industry benchmarks we can analyse the performance of your retail
business and compare it against your competitors so you know what is working in
the business and what needs working on.
We recognise you want to grow your business, your profits and
your wealth. For that reason we strive to help you ‘know your numbers’ and that
includes understanding the 4 Ways to Grow Your Business. If you
understand the key profit drivers in your business we can talk you through
profit improvement strategies. Not only that, we can quantify the profit
improvement potential in your business.
Our unique business approach is all about fast tracking your
business success and the team of retail shop specialists at taxplanners offer
you a full range of accounting, taxation and business coaching services
including:
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Start-Up
Business Advice for Retailers
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Advice regarding
the Purchase and Sale of your Retail Shop
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Spreadsheets and
Tools including a Start Up Expense Checklist, Templates for your Business
Plan, Cash flow Budget, Letterhead and Business Card
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Advice and
Establishment of Your Business Structure
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Tax Registrations
including your ABN, TFN, GST, WorkCover etc.
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Preparation of
Business Plans, Cash Flow Forecasts and Profit Projections
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Accounting
Software Selection and Training (Bookkeeping, POS, Invoicing, Payroll
etc.)
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Preparation of
Finance Applications for your Bank Loan (if required)
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Preparation and
Analysis of Financial Statements
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Bookkeeping and
Payroll Services
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Tax Planning
Strategies
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Marketing Audit
including the establishment or evaluation of your branding, brochures,
website and social media strategies
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Advice and
Assistance with the Development, Content and SEO of your Website
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Wealth Creation
Strategies and Financial Planning Services
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Industry
Benchmarking and KPI Management
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Vehicle &
Equipment Finance
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Advice &
Assistance with Pricing
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Advice regarding
Claiming Motor Vehicle Costs
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Recession
Survival Strategies
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Advice regarding
Employee Relations and Workplace Laws
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Business &
Risk Insurances
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Business
Succession Planning
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