Winning the War for the Best Procurement and Supply Chain Talent

Procurement and Supply chain roles have been changing drastically. The most significant change is the move towards efficient, cost effective, hybrid methodologies, using a mix of traditional (manually driven) operations as well as the latest technology. Procurement & supply chain will be driven through Artificial Intelligence and Robotic Process Automation to a greater extent. Drones will be utilized in monitoring manufacturing, warehousing, and distribution facilities. The next challenge is to acquire matching human resources to support the process. If you are in any industry dependent on procurement and supply chains, it is important to plan your HR strategy to remain viable and profitable in your industry.

How to win the war for the right talent to remain sustainable in a technology driven supply chain industry? The solution lies in aligning your HR strategy to future focused developments.

Our SandS resultants have recently started assisting a client to up-skill their procurement & supply chain employees. This is making their business remain viable and profitable, by using the best procurement & supply chain technologies.

In this article we will share three highly profitable areas that can help your organization’s HR strategy win the right talent. It should consider; up-skilling the existing employees, creating an environment to attract technology professionals, and engaging with third party knowledge providers.

1. Upskill existing employees

Ensure you encourage Continuous Professional Development (CPD) for your team. It is also important to eliminate fear in their mind about job loss. Technology should be driven by humans. Thus, it is important to swiftly acquire the knowledge relating to current & future IT skills. As leaders, you will have to draw a plan to gauge the knowledge gaps in your organization and take steps to up-skill your teams to work with these technologies. Key subject areas to consider in your development plan are AI, RPA, IoT, Blockchain and Data Science.

2. Create an environment attracting future technology professionals

It will also be required to move away from traditional job roles to hybrid job roles that include supply chain proficiency with AI, RPA and Data science. New tech qualified professionals avoid companies driven by too many manual processes that stick to the traditional inefficient methods. Start assessing the manual tasks in your internal processes and automate them. This will immediately improve your bottom line and avoid you losing out on the good candidates your business needs. It is also required to have remote working options. This is the new normal in the current workplace and your organization has to be aligned to this to attract talent.

3. Third party knowledge providers

Technology evolves rapidly. Therefore, it is important to hear it from the subject matter experts. Nowadays many third-party IT knowledge partners are emerging. It is important for the business owners to start a conversation with the right ones to identify specific technological aspects suitable for your organisation. This will also save your time and money spent in research and analysis of technologies. You can plan to form strategic partnerships with them to suit your requirements. Strategic partnerships allow an organization to leverage knowledge and expertise of the third-party company, to quickly unlock immediate as well as ongoing long-term business benefits.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA. Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Need help to grow your wealth during crisis?

COVID-19 has created a significant negative impact to income generated from employment and savings. This signals that the wealth an individual holds in bank accounts do not grow. SandS Resultants have highlighted this to our clients seeking to grow their investment portfolios. We have performed the background analysis so that our clients can make the best wealth generation decisions.

Many business owners are yet to understand the new normal that suits the survival of their investments. It is crucial to seize the opportunities to generate your wealth at the right time, not the perfect time, as there can’t be a perfect market condition at anytime. Our professional advisors will help you to stay focused on your investment growth goals, by providing the information and guidance to grow a secure and stress free investment portfolio. Though COVID has given people reason to pause and reassess their plans, incredible investment options are also becoming available, it’s important to acquire them before others take them all.

There are several consideration to allocate your investment budget.

1. Identify your current financial status: Your financial status depends on the income, expense, assets, liabilities, and access to emergency funds. We at SandS have ensured we maintain financial records of our clients systematically in order to analyse their financial status easily.

2. Align your personal goals to investment decision: Your short-term and long-term life goals will have a direct impact on your investment goals. Common aims for individuals would be; retirement plans, owning a property, creation of passive income or wealth generation for your heirs.

3. Identify your acceptable risk level: The cost attached to the investment is the loss you may incur due to the risk undertaken, not just the initial cash outflow on the investment made. Therefore, it is crucial to rely on a trustworthy, experienced, and proven finance and business professional to help you make that decision easily and decide the level of risk for a very high return.

4. Decide the type of investment: Explore the different types of investments suitable, before starting to invest. With many years of experience, we have managed and analysed the costs and benefits involved in an investment decision which enables our clients to consider the best options from the many available.

5. Sense of Urgency to make the decision: Set up your own deadlines to make your planned investment decisions that reach your personal goals. This ensures that you achieve timely results to support the desired goals and lifestyle.

Written by Sasha, ACCA-UK, Certificate in Banking and Finance, MBA (General). She has many years’ experience in banking, finance and accounting, and lecturing for ACCA which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Relationship Marketing for business growth

Relationship Marketing is a long-term marketing strategy. Prime objective of this strategy is to build a long-term relationship with the client, with the focus of client retention. This type of marketing relationship is built by prioritising product benefits to the customer and customer service (before making the purchase decision, while making the purchase decision and after sale). Quality is a vital component maintained throughout this process. This is not an overnight yielding process. Investment of your time and resources will definitely give you long-term results.

Prior to talking about Relationship Marketing, have you decided what percentage of your revenue should be generated through Relationship Marketing?

If your answer is “No”, your long-term business strategy is in risk!

This percentage can vary based on the atmosphere maintained by various business owners in their organisation. Yet you need to have at least few long-standing, loyal customers.

In this article, we have summarised three steps a business owner should consider when building a Relationship Marketing Strategy;

1. Emotional connection
2. Meaningful reason
3. Leverage on your community

1. Emotional Connection

The moment we speak about customer loyalty you will remember some of the most popular consumer brands instantly. Even if someone talks negatively about these brands, their customers will defend the brand. What about your B2B business? You too can have loyal customer in B2B; because, it is eventually people getting connected more than the business.

It’s important to Build Trust with your client. Make sure from day one your promises have been delivered. Showcase your brand insight. This is about the people behind your products and services. Share with your clients the way your team works, how they are being treated, values and recognition within the company. This will allow your customer to understand your brand as a person to remember.

Deliver great customer experience. Great customer service is of no use, if that does not create a memory in the minds of the customer. Ensure the content, communication is valid and relevant to the occasion you deal with the customer. Remember to show the customer that the brand remembers them.

2. Meaningful Reason

There has to be a meaningful reason for the customers to stay with your products and services. You should imply this to the customer through different communication methods. Remember” Increasing profits” is not the most attractive phrase for a client to stay with you. It’s a result.

Recent research papers have indicated customers are more likely to stay with products those stand for something; i.e. preserving environment, giving back to the community, carbon free products, uplifting community lives and social responsibility.

What is the purpose of your products and Services? You should start showcasing this to your clients as a value addition.

3. Leverage on your community

When you have deep connections with your clients, it will automatically form a community. This will be a group of customers to stay together with your products and services. Then it will be the time to bring together your community groups, engage them, nurture them and automatically letting them to promote your products.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA. Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

What to do with your excess business cash?

As entrepreneurs your focus during the initial stages of launching your business is to keep it up and running. Once you have established your business, you need to have a strategy in mind about how you intend to use up your excess cash. The goal is to develop your business so that it achieves long term success, so you have to avoid withdrawing most of the excess fund for yourself at least during the initial stages of your business.

This article explores some options that business owners should consider when deciding how to use the excess cash.

1. Create a cash reserve

Set some money aside so that your business would be protected when there are unanticipated circumstances such as an increase in expenses or a drop in sales. This way you won’t have to rely on debt financing when you are faced with a cash shortage. Also keep in mind that this reserve doesn’t have to only be in cash, it can be short term investments such as government/ corporate bonds and money market funds.

Look at your monthly cash flows to identify how much money is spend on average for expenses multiply that amount by the number of months that you want the reserves to cover. You can adjust this figure for inflation if you anticipate the costs to rise in the future. This would give you a rough indication on the amount of cash reserves that you should maintain.

2. Re invest

Once you have set aside a portion of your excess funds, you can invest part of the remaining cash back into your business. This could be in the form of a new marketing campaign to grow the customer base, launching a new product or service, upgrading your equipments or investing in training your employees. All these are bound to yield returns in the medium to long term so your company would benefit from that.

3. Repay debt

If you borrowed money to finance your business at its inception, you can consider paying part of it off with the excess cash. This will help bring down the interest costs and reduce your debt burden. Alternatively you could refinance your loans, whereby obtain a new loan at a favorable rate by showing your cash reserves. This loan can be used to settle your previous debt which you may have obtained at a higher rate.

4. Pay out bonuses

You can reward your employees by paying out bonuses as a way of recognising their contribution to the business. This would help you to retain the employees. Have a mechanism in place for deciding how much bonus needs to be paid and keep the employees updated on how the bonuses will be paid out. They should be made aware that it is tied to company performance so that there are no disappointments in the years where the company has not achieved its financial goals.

Written by Zara, ACMA,CGMA, BBA(Accountancy & Finance). Zara is a Finance and Commercial Executive at SandS Australia. She has 4+ years’ experience in Auditing, Finance and Accounting which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

The Three COVID-19 Driven Efficiencies to Improve Your Business Profitability

COVID-19 is shifting the global landscape in many ways. It has catalyzed new, efficient, and profitable ways of doing many things. It is important to understand these threats and opportunities created by COVID-19 to avoid falling behind the competition. There are many valuable articles/researches available online relating to the sectors boosted by the pandemic. We have summarized the sectors positively impacting business into three categories; emerging virtual business & virtual workforce, virtual reality & virtual tech and electronic transfers. Your business might not be directly in these sectors; however all business must understand and adopt the right technology to avoid being outcompeted by the competition.

Have you seriously investigated how to utilize the opportunity created by these booming sectors to grow your business? This is how SandS can assist you in getting there.

We recently assisted our client in signage industry to convert their recruitment and selecting process to virtual reality. We published this in social media and it attracted a good pool of candidates to select from. Further, we assisted them in converting 80% of the purchasing process to an online platform, which saved 30% in expenditure.

1. Emerging Virtual Business & Virtual Workforce

Many industries have moved towards online/virtual service platforms. Support workforce (Finance, HR, Recruitment) have started working remotely, and this a highly efficient and very cost-effective trend that provides business an immediate competitive edge as well as profitability increase over their competition.

What you should do?

– Revisit your administrative cost and reduce them by effectively converting required portions of your workforce to remote working and virtual assistants.

– Improve online communication with your stakeholders. Promote your brand as a beacon in virtual business. This is the key in retaining and attracting customers.

SandS resultants can support you in converting your business to an e-platform, to deliver immediate results.

2. Virtual Reality (VR) & Virtual Tech

Applying Artificial Intelligence and Robotic Process Automation to create contactless monitoring mechanism are the key areas software engineers are working on to create the new normal. Early stages can already be observed in industries such as robots in healthcare, virtual technology in mining and construction supervision.

What you should do?

-Plan your investment in value adding technology. This is a long-term sustainable strategy.

-Start building a tech-savvy workforce. Include tech-based training sessions in your business’s training and development programs.

SandS resultants can advise you on how to make proper investment plans in technology to boost your bottom line without impacting your routine business. We can also train your staff on the latest the developments in technology starting from basic training sessions to advanced training and mentoring.

3. Electronic Transfers

There is a significant demand for cashless and paperless transactions. There is an international trend towards electronic transfers. Thus, it is important for you to prepare your business for the change to sustain and thrive in the industry.

What you should do?

– Stay abreast of changes in fund transfer methods in the banking system

– Identify the impact on electronic transfers for your business and align your process accordingly

SandS can assist you in interpreting changes in rules and regulations imposed by government / other authorities. We can also assist you as a trusted advisor to navigate and leverage change to grow your business.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA. Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Rapidly Grow Your Business Profits by Balancing this 5 Step Business Formula

 

Growing your business can be difficult. Balancing the profit growth formula increases sales and reduces costs wisely. Our SandS Resultants have identified most business owners and managers face difficulty in achieving this, (e.g. overpaying sales staff in a desperate attempt to increase sales, only to see sales & profits decline or stagnate), however striking the right balance generates large revenues, and rewarding bonuses for their sales teams.

There are three options. Avoid such decisions and do nothing, or make the wrong and costly decisions, both these add to costs and pressures on your business. The 3rd and right option is to face the challenges with the right skills, guidance and direction, and like our many clients, start looking at each challenge as an opportunity to get your business up, step by step, on its way to become an industry leader.

If you are that business owner or manager who feels this overwhelming burden of balancing the revenue and cost formula, a SandS Resultant can help. We have engaged with many clients to find the right formula to set up their sales teams that have become recognised powerhouses in their respective industries.

1. Re-engineering operating procedures: This is generating more sales while reducing costs. Have a clear step by step process map on the optimal way to progress sales opportunities. Have crucial decision steps as early as possible in the process (e.g. qualifying a good prospect); develop a clear list of criteria for these decisions, etc. etc. All these improvements will reduce costs through increased efficiency, which, along with increases in sales, has an exponential increase in your profits!

2. Stay connected to your stakeholder: Stakeholders bring opportunities to the business. Therefore, using all available avenues and platforms to stay connected with your stakeholders helps boost sales & profits.

3. Streamlining management processes, costs, and overheads: Managing costs via automation, outsourcing, eliminating non value adding activities, and streamlining processes will achieve efficiencies that help your business and teams run smoothly and rapidly improve profitability, speed, and customer service.

4. Set a motivational bonus structure: It is important for sales targets to be achievable, and beneficial for both the sales team earning the bonus, and the business earning the profits. This is a key area our SandS Resultants put right for our clients, to quickly and rapidly increases clients’ revenues & profits.

5. Recognize & reward high achievers: This is very important, to keep high performing employees engaged and motivated, while encouraging others to step up. SandS finance professional develops cost effective management information systems for our clients’ to easily identify their high achievers on a weekly and monthly basis. A lag in identifying high performers will demotivate the employees and retention of those skills will be impossible.

Written by Sasha, ACCA-UK, Certificate in Banking and Finance, MBA (General). She has many years’ experience in banking, finance and accounting, and lecturing for ACCA which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Are you facing any difficulties managing cash flows? Follow these 6 steps to overcome it.

Cash flow is a pre-requisite for survival. Therefore, the requirement to efficiently and effectively manage cash remains important to any business. The challenges placed on businesses in the current pandemic are endless. Surviving in this hardship is a great way to reap the many benefits from the post COVID opportunities that will come. Based on our 100% track record of successfully guiding our clients to grow during both good time and tough times, SandS Australia continues to prove any business can thrive during challenging periods. How? Read on!

Managing cashflows is crucial– especially in the current situation. There are many reasons why businesses run into a cash flow crunch, such as not accessing the full range of support out there to keep businesses afloat, retain staff, and acquire new clients from competitors who have shut their doors permanently. Other very common problems to survival include slow debt collection, bad debt, seasonal sales fluctuations, overinvestment in capacity, or too much stock. To contribute positively to the economy and ensure your business thrives, it is essential you have the skilled finance and administration support to manage and resolve these challenges all businesses face daily. These support and contingency plans we’ve put in place for every one of our clients has meant they are growing strongly through this pandemic by picking up the clients from their less well managed and struggling competitors.

This is what we’ve done to keep our clients thriving through and post COVID. You too can implement these steps.

1. Forecast your cash inflows and outflows accurately: This may take a few hours and dollars initially. However, it is worth the call as you have the past performance information and forecast for future, to analyse, prioritise, and manage your valuable cash in hand.

2. Set up a strong a marketing funnel and sales capability to acquire the many clients of your distressed or bankrupt competitors.

3. Review your receivables and collect your debts. Request discounts from suppliers while negotiating to delay payments if possible: This should be performed carefully as, at this point in time, it is important to maintain good relationship with your customers/suppliers because the downturn impacts everyone adversely. We have managed to positively control the receivable/payable balances for our clients to reduce their hassle of collecting debts and making payments.

4. Apply for every one of the many Federal, State, and local government financial aid you are entitled to: This option can cause an immediate increase in the cash flow. However, the spending should me made wisely, with a view of investing each dollar only where there is a return. With our many years of experience in the investment industry we have a proven track record showing our clients where to spend money wisely, based on cost-benefit analysis, as well as diversifying the risk through diversified investments and business efforts. The strong financial skills and controls we help put in place enables us to rapidly review the financial position of our clients, to ensure that they receive the aid they are entitled to at the right time.

5. Dispose assets that are not in use and reconsider investing decisions on long-term assets: In such a precarious economy, it is vital to convert under or unutilised assets to cash so that it can be injected into profitable business activities and investments. Our SandS Resultants work closely with clients to help make the right business and investment decisions, which is a crucial building block that allows our clients to thrive through both good and tough times.

6. Create a sales promotion to sell old stock: Use discounts to get rid of the old inventory in possession. This will not only be a positive impact to your cash flow, but also reduce the risk of losses from stock obsolescence.

Written by Sasha, ACCA-UK, Certificate in Banking and Finance, MBA (General). She has many years’ experience in banking, finance and accounting, and lecturing for ACCA which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Have you ever thought about the impact from “Repeat Customer Orders” to your business?

Prime focus of majority of businesses is on generating revenue. The universal truth of attracting a customer to purchase your product or to obtain your service is based on main three factors. First and foremost reason is the Product / Service solution. What problem of theirs you solve, how important that problem is to them and how you resolve it. Second point is your Value Preposition; this refers to the value addition you pass on to your client in return to their time and investment. Third factor is the Service; this has an emotional element and depends on how well you create a memory and a positive experience in the minds of your customer.

When generating revenue it is important to focus on repeat customer orders. Having a clear idea on the impact of repeat customer orders can help you to devise strategies to increase revenue. This article explains the importance of repeat customer orders to your business strategy on following areas;

1. Cost Vs Return
2. Easy to Sell
3. Promoting Business
4. Customer Loyalty

1. Cost Vs Return

The effort and time taken to attract a new customer incurs a significant cost to your company compared to a repeat order. When a new client visits you with the mindset to purchase your product for the first time; make sure you have enough strategies in place to build trust. This will convert them to repeat customers.

At the same time, it is important to note that repeat customers spend more time and money in selecting and purchasing your products as opposed to new customers. According to research reports repeat customers spend 67% more than new customers when purchasing a product/service.

2. Easy to sell

When you have a data base of repeat customers already built; your new products and services should be offered to them first. Since you have already built trust based on your previous experience, they will definitely try your new products and services. You do not have to waste too much time and resources on potential customers who may end up not buying anything. Ensure you are paying enough attention to your existing customers and putting efforts into your customer retention.

3. Repeat customers means it’s a way to promote your business

Organisations invest significant amount of resources in promoting their business in various manner. However, business owners sometimes forget that their repeat customers are a free source of promoting their business. It’s their word of mouth which is more convincing and promising to attract a new client. If we quote an example, there are number of boutique hotels involved in eco-tourism around the world. They do their promotional activities only at the start-up level. They invest their time and efforts heavily in servicing and creating an unforgettable experience in their customer’s minds. This results in continuous repeat orders and new clients through word of mouth.

4. Customer Loyalty means long-term client retention

Loyal customer will stay together with a business in the long term. They will always have a cautious eye towards new product releases and growth of the company. This is a costless return a business owner can earn after servicing a client to their utmost satisfaction.

Eventually, it is important to understand how important repeat orders are to your organisation and invest your time and effort in increasing repeat orders.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA (ICFAI University). Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

Stepping Your Business Up to the Next Level, but Finding it Hard to Energize the Team? Follow These Three Steps to Energize Your Change Management

Like most business owners/managers, you will likely be aware of the many untapped opportunities and ‘goldmines’ in your business. Tapping, nurturing, and growing the value and profits from these ‘goldmines’ requires effective change. This could include changes like retraining your sales force to acquire larger/different revenue opportunities, training your team to work smarter at peak efficiency to improve work life balance and your bottom line, and many more such opportunities. This requires carefully managing the change(s) required to achieve these desired benefits.

For the success of the change, focus should be on people!

In situations of change, people tend to rely on their leader for guidance due to uncertainty. A leader in the change management process should be a motivator driving people, and sometimes lending a helping hand. He/she will need to have a deep understanding of people. One of the problems many organizations face during change management is managing the vast difference in learning capacity and responses from person to person.

During the previous decade, SandS Australia has helped many organizations to successfully implement change management to rapidly improve businesses. These projects varied from small scale to diversified, large scale developments. Assisting an organization to resurrect, survive and thrive from a difficult situation in the business environment, implementing a new system, guiding organizations to reach high volume sales, training and development programs to improve technical skills on subject matter areas are few of the examples SandS has successfully delivered.

Model for Successful Change Management

1. Vision (You) – Communicate, Communicate and Communicate!!

Content and mode communication play a crucial role in driving change in an organization. It is important to understand organization culture and then develop the communication strategy. For an example, employees in an organization working as small knit groups will like to hear this information in casual discussions rather than through formal mails. Use multiple channels as much as possible. Emphasis WHY you need to do the changes and HOW it impacts employees and organization.

2. Change Agents (Your Team) – Use People Power!!

Implementing something new should be fully supported by the employees. Their voice should be heard and their concerns should be addressed. Identify the Subject Matter Experts and make them leaders to drive the change. It is important that you give every employee to contribute towards the end result. Do not forget to recognize and reward their contribution upon successful completion of this task. It is important to develop trust with people in this process.

3. Structure (SandS Business Resultants) – Setup and Coach, to Learn, Practice, Measure, and Improve!

Throughout the implementation phase, it is important to embed formal mechanisms to capture and manage feedback. Encourage all the team members that learning is a key factor throughout the project. Arrange your Change Management Project in an agile manner to incorporate new improvements that are often not visible at the beginning of the project. It is also vital to measure the success of the project. Communicate results of the project with every team member and employee.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA (ICFAI University). Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

How to become environmentally sustainable

Sustainability refers to “the quality of not being harmful to the environment or depleting natural resources, and thereby supporting long-term ecological balance.” It should not be solely restricted to large corporates, small businesses need to embrace it as it’s a factor that influences consumer’s buying decision. Consumers are more willing than ever to purchase environmentally friendly brands.

By becoming more sustainable, businesses can increase their bottom line, as the focus on utilizing fewer resources would mean cost would be lower. Not only does going green improve the bottom-line, it also boosts the company’s image. This makes it easier to secure new customers and even investors.

In your journey towards becoming a sustainable company, it is important that you start by taking small steps. We have listed out a few tips to kick start you sustainability journey, which would not require a huge investment.

1. Aim to be paperless

Although it may not be possible to be 100% paperless, there are areas where you could shift to paperless operations such as in billing customers. Documents can be stored in cloud storage platforms where users can access it from anywhere in the world, which reduces the need to manually store the document. The business would also be able to save on storage costs. Where there is a need to use paper, the business can opt for recycled paper which again reduces the company’s environmental impact.

Our clients who have opted for paperless invoicing, have benefited from faster payments, easy storage as the invoices can be saved digitally and also easy retrieval of invoices should the need arise.

2. Involve your employees

Commitment to sustainability needs to be ingrained to company culture. This would be only possible if the top management shows a genuine interest in going green which will in turn send a clear message to the employees. Employees could be encouraged to share their ideas on sustainability practices that the organization can adopt.

Initiatives like bike to work day, carpooling, recycling programs can be launched which will help reduce the company’s carbon footprint.

3. Conserve electricity

Encourage employees to switch off lighting, air conditioning and heating when not in use. It may be worthwhile investing in motion sensor lights which help save power and also electricity costs. Where possible make use of natural lighting available and switch off light bulbs. Employees should be encouraged to shut down their computers at the end of the day.

Written by Zara, ACMA,CGMA, BBA(Accountancy & Finance). Zara is a Finance and Commercial Executive at SandS Australia. She has 4+ years’ experience in Auditing, Finance and Accounting which helps her drive business growth.

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.