At Liston Newton Advisory, we have an in-depth understanding of the challenges faced by retail businesses. The retail sector faces a lot of cost pressure, and it can be difficult to maintain your margins.
Our team can help you keep your costs under control and manage your business efficiently. We provide budget advice and cash flow forecasting, assistance with working capital, point of sale integration, and many other solutions to improve your profitability.
We have more than 40 years of experience helping small and medium businesses reach their financial goals.
Our team can help you with managing your stock and capital, budgets and forecasting, tax planning, and much more.
We build long-term relationships with all our clients so we can help you reach your goals and grow your business into the future.
We use the latest accounting technology, point of sale integration, and software to give you a competitive advantage.
Peter Luskan from Pandora came to us when they were about to open two new locations. They had been using a spreadsheet and a cloud based payroll system to run their company accounts. Using this system was not efficient for three locations, so we helped them move to online accounting with Xero.
Moving to Xero let the business owners run and manage the books for all three locations in less time than they previously spent running the single location. Xero also opened up other efficiencies for them, such as being able to use Deputy, an online staff management tool which syncs with Xero software. Deputy allowed them to efficiently prepare and manage all their staff issues, such as timetables, reallocations, leave, and ensuring proper award rates were being paid.
Liston Newton Advisory is a specialist accounting and business advisory firm. We have more than 40 years of experience and a proven record of helping our clients grow their businesses and achieve their financial goals.
Our team can help you plan and achieve your business goals. We can advise you on everything from the day-to-day tasks of running your retail business to your ultimate plans for financial freedom.
This is a common problem for retail business owners. Profit margins for retail businesses are lower than other industries, so it's incredibly important to manage this aspect of the business on a daily basis.
To overcome this problem, you need to pay very close attention to your gross profit margin and incentivise your staff to hit appropriate sales targets.
In retail, a good benchmark is to aim for around 5 per cent of your overall revenue as rental expenses. This is a good starting guide to determine if you have enough margin to build a profitable business.
Using a rostering application such as Deputy is a great way to be able to roster staff, track employee hours and connect directly to payroll. It also allows forecasting of rosters to determine the most profitable staff allocation for your business.
One of the best innovations we are seeing is the use of business intelligence systems.
Retailers that are ahead of the curve have implemented technology to track customers as they enter the store to determine where customers spend their time in the store and how staff are interacting with them.
Our team will help you overcome the challenges of running a retail business. Talk to us for expert advice.