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“We used the Price Increase Action Plan to help us decide to increase beverage prices, they gave us the confidence to do it. The price increase has led directly to a 33% increase in beverage GP resulting in more profit in our business.”
Keryn Matthews - Restaurateur & Retailer
Together we’ll take your business from struggle to sky rocket!
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We used the Price Increase Action Plan to help us decide to increase beverage prices, it gave us the
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That price increase gave us a 33% gain in beverage GP resulting in more profit in
our business.”
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How Can We Help You?
Current Product/Service | Job(s) product/service is used for | Important Underserved Outcomes (opportunity and risk) |
Gross Profit | Market Size |
Rank | Job | Execution Frequency | Current Customers | Potential Customers | Will Pay For Solution |
1 | |||||
2 |
Rank | Job | Score | Job Executors | Will Pay | Catch-up Capability |
2 | example b | 12/15 | 76% | easy | |
1 | example a | 9/15 | 80% | difficult |
Rank | Important, Underserved Outcome | Staff Skills & Knowledge | Processes & Systems | Technology | Score | Catch-up Capability |
1 | example a | 4 | 3 | 2 | 9/15 | easy |
2 | difficult |
The Job | |
Job Executioner | |
Related Products |
Job Step | Define | Customers determine their goals and commence planning |
Desired Perfect Outcome | ||
Opportunities | simplify user’s planning process | |
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Job Step | Locate | Customers gather items and information needed to do the job |
Desired Perfect Outcome | ||
Opportunities | Have required resources (information, tools) pre-pre-prepared | |
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Job Step | Prepare | Customers set up the environment to do the job |
Desired Perfect Outcome | ||
Opportunities |
|
|
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Job Step | Prepare | Customers verify they’re ready to do the job |
Desired Perfect Outcome | ||
Opportunities | Give the user information that the work environment is ready for them to proceed. | |
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Job Step | Execute | Customers carry out the job |
Desired Perfect Outcome | ||
Opportunities | ||
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Job Step | Monitor | Customers assess whether the job is being successfully executed |
Desired Perfect Outcome | ||
Opportunities | Remove obstructions to executing the job | |
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Job Step | Modify | Customers make Alterations to improve execution |
Desired Perfect Outcome | ||
Opportunities |
|
|
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Job Step | Conclude | Customers finish the job, or prepare to repeat it |
Desired Perfect Outcome | ||
Opportunities |
|
|
Likely Dissatisfaction causes |
Important, Underserved Outcomes | Cause(s) | Matching Product Feature | Product Feature Satisfaction | New/Upgraded Feature Requirement |
Element | Ideal | Expect | Remarks |
Setup Costs | LOW | LOW | |
Direct Costs | LOW | LOW | |
Overheads | LOW | LOW | |
Targeting | HIGH | HIGH | |
Control | HIGH | HIGH | |
Time Investment - Inputs | LOW | MEDIUM | Time to grow your email list |
Results Lead Time | LOW | LOW | |
Scaleability | HIGH | HIGH | Using Marketing Automation software like ActiveCampaign |
mike popalardo
7 days ago
I think the challenge is mobile functionality. Users are more willing to open an email outside of a desktop but less willing to get to a landing page to complete the transaction because generally it's a big hassle and time consuming when you're on a phone.
As email marketers we need to drive "simple order & simple pay" capabilities within the email if we want to get recipients to the conversion page.
Reply
http://www.marketingcharts.com/traditional/which-b2b-lead-acquisition-channel-converts-best-57716/
Element | Ideal | Expect | Remarks |
Setup Costs | LOW | LOW | |
Direct Costs | LOW | LOW | |
Overheads | LOW | LOW | |
Targeting | HIGH | MEDIUM | |
Control | HIGH | LOW | |
Time Investment - Inputs | LOW | MEDIUM | |
Results Lead Time | LOW | HIGH | |
Scaleability | HIGH | HIGH |
My former company sold services that would often exceed 1 million dollars. Typically, they were in the 50k to 150k range. We revolutionized our business by focusing heavily on valuable content creation and organic search. It got to the point to where nearly 80% of our business was coming from inbound website inquiries.
I believe effective inbound marketing strategies are even more important when dealing with very large purchases. Here are a few reasons why:
Length of Sales Cycle - Typically the more expensive a product or service is, the more time potential buyers spend researching it. Since a significant portion of research is conducted online, you have the opportunity to help shape their learning about the product and the industry. If you have a great presence in the organic search results, you will show up over the many months that might be involved in the procurement process.
Team of Buyers - When companies are spending a significant amount of money on a product or service they will usually have a team of people on the decision making committee. This could include subject matter experts, procurement staff, or general managers. If you have an effective organic search presence in your market you will be there when these other parties search for information on the topic. We often heard from our buyers that we were “everywhere they looked” for information on the topic.
Reputation - Reputation becomes more important on large purchase as well. If you have an effective content strategy then your company should appear when the potential buyer searches for information. This will help you establish trust. If you have a few articles on the subject in 3rd party publications that will help even more.
Competitors - The best thing about using these inbound tactics in high-dollar markets is that in many cases your competitors won’t see the value in implementing them. This might result in a less crowded market for keywords relevant to your buyer. This lack of competition will help with both paid and organic search efforts.
As always, the most important thing with all of these inbound marketing efforts is to provide real value to the potential buyer. I always like to use the following as a benchmark: Make the content valuable to the reader even if they don't choose to use your services.
https://www.quora.com/How-should-you-approach-online-B2B-customer-acquisition-for-high-end-clients
************
Echoing Marcus's opinion to some extent, given that you're expecting clients to spend large amounts with you on products/services, then I think your marketing effort should not scrimp either.
Michael mentions reputation, and this is where inbound marketing really has a strength. It allows you to develop a stronger relationship and offer better service over the (typically much longer) sales cycle - and then maintain it far more effectively once that prospect has become a client
High-value sales may take a while to come through - months, and possibly years - but that doesn't mean the decision is last-minute, so make sure to give the most to every touch point you have, whether inbound or outbound. (And ideally interplay the two!) really has a strength. It allows you to develop a stronger relationship and offer better service over the (typically much longer) sales cycle - and then maintain it far more effectively once that prospect has become a client.
High-value sales may take a while to come through - months, and possibly years - but that doesn't mean the decision is last-minute, so make sure to give the most to every touch point you have, whether inbound or outbound. (And ideally interplay the two!)
Type of Model | Description | Example Companies and Products |
Freemium business model | Product is offered for free. Typically 8% of users upgrade to become paying customers of virtual goods or to get expanded access. | Angry Birds, shareware software, McAfee security |
Barter or Swapping | ||
Donation | Humble Bundle | |
Open Source |
Type of Model | Description | Example Companies and Products |
Consumer-to-consumer | Connecting buyers and sellers, utilizing new technologies to manage the networking and transaction process. Add-on services such as physical transfers between seller and buyer. | Move Loot, a used-furniture marketplace |
Direct sales | Bypass the traditional sales channels to target end users. Methods include door-to-door sales and company-owned stores. | Kirby Vacuums, Girl Scout cookies, outlet mall stores |
Subscription model | One of the more popular models because of recurring revenue. Typically involves creating a significant asset and renting a piece of it. |
Health clubs, software as a service |
Add-ons/In-app purchases | The core offering is priced competitively but there are numerous extras that competitors may include in a total price. | Many games require in-app purchases to enable better skills or to advance to a higher level. |
License fees | ||
Pay-as-you-go model (PAYG) | Actual usage is metered and you pay on the basis of what you consume. | Prepaid or postpaid phone and data cards |
Type of Model | Description | Example Companies and Products |
Traditional Retailer | Profits by selling products and services directly to buyers at a markup from the actual cost. Physical retail store incurs real estate, marketing and labour costs. | Chains versus independents |
Online Retailer | Can utilize long tail product range, open 24 hours, minimal infrastructure, | |
Direct sales | Bypass the traditional sales channels to target end users. Methods include door-to-door sales and company-owned stores. | Kirby Vacuums, Girl Scout cookies, outlet mall stores |
Cheap chic | Marketing of stylish but inexpensive merchandise. Typically allows for high margins because merchandise sells at low price points but has an expensive feel. | Target, Trader Joe’s, IKEA |
Bricks and clicks | Extension of in-store shopping to include online ordering with in-store pickup of items found exclusively online. | BestBuy.com, local mystery book store with online shop |
Anticipated upsell | High percentage of buyers ultimately purchase more than they expected. For instance, most new home buyers end up spending 1.2 times the base price of the home after extras. Builders bet on this upsell. | Homebuilders, car dealerships, steel fabricators |
Loss leader | This model offers velocity items for a very low margin in anticipation of additional sales at a higher margin. | Gas stations, $1 menus |
Long tail | Based on Chris Anderson’s famed 2004 Wired magazine article. Selecting a tiny niche and serving it in ways mass marketers can’t. Hopefully, the tiny niche grows into a much larger one, as it did in the case of Fat Tire beer. | YouTube bands, left-handed online store, micro-breweries |
Cut out the middleman | Removal of intermediaries in a supply chain. AutoZone bypasses traditional three-step distribution by skipping the warehouse distributor. | Dell Computer, farmer’s markets |
Premium | Offer high-end products that appeal to brand-conscious consumers. | Tiffany, Rolls-Royce |
Users as experts | Gives users access to technology and tools typically reserved for company employees. Users then create their own designs or versions of the product. | Cook-your-own-steak restaurants, Lego |
Value-Added Reseller | Original product a business makes is resold by other businesses with modifications which add value for a specific market segment. | |
Subscription-commerce | Subscription-based, delivering products when and where they are needed. utilizing big data to predict needs and personalize products and delivery cycles. | Birchbox |
Type of Model | Description | Example Companies and Products |
Time-Based Fees | Creative customized solutions: Specialist knowledge base applied to a unique business requirement.Usually based around a small firm with high paid implementers. Process Solutions: service providers in a required procedure that contains specialist knowledge and core competencies delivered with minimal risk. Contains a mixture of skill and knowledge levels. |
Accountants, advertising agencies, public relations experts, executive recruiters, lawyers, business and technology consultants |
Carrier/Nickel and dime | Price the most cost-sensitive item as low as possible and then charge for every little extra. | Airlines |
Flat fee | The opposite of nickel and dime. Most or all incidental purchases are bundled into one fee. | Sandals Resorts, Southwest Airlines |
Productization of services | Standardizing a predetermined bundle of services typically bought together and selling for a fixed price similar to a product. Many times it includes an element of flat-fee pricing as well. |
A consultant charges $5,000 for a business plan analysis rather than charging $200 per hour. Prepaid legal plans |
Servitization of products | Making a product part of a larger service offering. | Rolls-Royce sells aircraft engines, not as distinct components but as complete solutions based on aviation miles. All operations and maintenance functions are included in this “Power by the Hour” plan. |
One-Off Experience | ||
On-demand | Meeting customer demand for convenience and immediacy in return for premium prices. | Amazon Prime, Netflix hourly rate hotels |
Data as a Service | Data is collected and then sold directly to a consumer or business customer. | Bloomberg |
Automatic Insights from Data | ||
Design to Build | Your organization is viewed as a general contractor. Delivery to the customer is based on a set of approved specifications. | Construction industry Software industry |
Designed for Use | Design with greater focus being provided on assisting users of the solution. | Software industry |
Designed to Succeed | Involves process re-engineering and change management, focused on how the solution helps the customer better support their customers | Software industry |
Value-Based Pricing | ||
Desegregated Specialty Module Service Providers | ||
Full Solution Consultancy | ||
Co-Aggregated Brand |
Type of Model | Description | Example Companies and Products |
Advertising | ||
Affiliate/Referral | Sale of a product by referral to a retailer in return for commission or other reward. The affiliate rarely takes ownership of the product (or even handles it). | see affiliate networks |
Franchise | Sell the right to use the business model in exchange for a percentage of revenues. | McDonald’s, Holiday Inn, NFL |
Collective | Similar to a franchise. Involves many businesses coming together for purchasing, marketing, or operational purposes but with looser ties than a franchise. Typically, collectives aggregate buying power and don’t pay ongoing royalties like a franchise. | Ace Hardware, CarQuest |
Servitization of products | Making a product part of a larger service offering. | Rolls-Royce sells aircraft engines, not as distinct components but as complete solutions based on aviation miles. All operations and maintenance functions are included in this “Power by the Hour” plan. |
Network effect | Create a product in which the value to each user becomes higher as more people use it. | Fax machines, social networks |
Multi-level marketing | Leverage friends, family, and other personal networks to recommend products and act as a sales force. Works best for products needing recommendation to facilitate purchase. | Avon, Mary Kay, Amway |
Type of Model | Description | Example Companies and Products |
Razor and blades or Bait & Hook | Consumer purchases a low-margin item like a razor handle or inkjet printer. Sale of necessary consumables such as replacement blades or ink are sold at a very high markup. | Gillette, Hewlett-Packard printers, Kuerig coffee makers |
Inverted razor and blades | Initial purchase has a high margin, but consumables are sold at a low margin to entice initial purchase. Contrast to razor and blade competitor | Kodak inkjet printers, Apple iPod & iTunes combination. Apple makes very low margins on iTunes but high margins on hardware. |
Hotel California model | Create a must-have product that traps customers into buying unrelated high-profit items - like concessions at a baseball game. | Amusement parks, sporting events, movie theaters |
Type of Model | Description | Example Companies and Products |
Crowdsourcing | Leveraging users to co-create products and sell to other users. | Cafepress.com, Frito Lay new flavors, YouTube, Angie’s List |
Online auctions | Create a community of buyers and sellers by using an auction-type selling process versus a set sales price. | eBay, Arriba |
Element | Your Contribution |
Business Model | |
Value Proposition | |
Customer Segments | |
Customer Relationships | |
Acquisition Channel - Primary | |
Acquisition Channel - Secondary | |
Revenue Streams | |
Key Partners | Customer relationships: Channels: Supply Chain: Operations: |
Key Activities | Customer relationships: Channels: Supply Chain: Operations: |
Key Resources | Customer relationships: Channels: Supply Chain: Operations: |
Cost Structure | Customer relationships: Channels: Supply Chain: Operations: |
Information Article | ||
eBook | ||
Newsletter | ||
Case study | ||
Video | ||
Webinar | ||
Slideshare | ||
Industry research reports |
An informational ebook—give your leads valuable information relevant to their business needs.
A business newsletter—weekly or monthly newsletters can offer business tips and insider information to your leads.
Blog posts—updated posts offer a great way to answer your lead’s questions in a helpful and interesting way. Blogs also offer a great way to get search engines to recognize your website.
Videos—people enjoy dynamic presentations. Record valuable information in an interesting format and offer that to potential customers.
Webinars—these informative videos let you teach, train, and spotlight experts in your field. Use these to your advantage.
$$$ | High Commercial Intent | PPC | somebody who is ready to buy |
$$ | Branded Keywords | someone almost ready to buy | |
$ | Local Keywords | someone looking for something local | |
- | Informational Keywords | SEO | someone wanting to learn |
Media | Best Frequency | Minimum | Schedule capability |
5 - 10 / week | 1 / day | yes from facebook page | |
LinkedIn Personal Profile | 20 / month | 1 / day | |
LinkedIn Business Page | 1 / day max | 1 / week | |
LinkedIn group | 3 / week | ||
5 / day | 3 / day |
Media | Best Days | Best Times | Worst Days |
Wednesday Thursday Friday Saturday Sunday |
3 - 4pm 1pm - 4pm 9am - 7pm 12 - 1pm |
Monday Tuesday Wednesday |
|
Tuesday Wednesday Thursday |
7:30 - 8:30 am working hours 5 - 6pm Tuesday 10am - 11am |
10pm - 6am | |
Monday Tuesday Wednesday Thursday Friday |
12 - 3pm | ||
Monday Tuesday Wednesday Thursday |
Anytime except 3-4pm | 3pm - 4pm | |
Every day | 2am - 4am every evening Friday 5pm Saturday 8pm - 11pm |
Unique | Ultra-specific | Urgency | Useful |
Something different, fun, personality | Be clear what it is about | Are you losing sales? | Benefits promise |
Sale now on! | Who cares? You're always having a sale, why pay attention this time? |
free | tends to trigger spam filters (MailChimp) |
help | tends to trigger spam filters (MailChimp) |
% off | tends to trigger spam filters (MailChimp) |
reminder | tends to trigger spam filters (MailChimp) |
Brand new | +37% |
Latest | +24% |
Exciting | +19% |
The perfect gift | -28% |
good | -20% |
special | +12% |
wonderful | -2% |
Drug abusers:
Opportunists:
Juveniles:
Thieves who use children: Some people use children either to carry out thefts or to disguise adults stealing. Babies (both real and dolls) in prams can be used as decoys and to hide goods. Goods may be given to young children to walk out of the store with or they may place on the under-tray of the pram.
Mentally ill or disturbed persons:
Distraction Theft:
Professional thieves:
Credit card | You get your money immediately. Add a "convenience fee" equivalent to your merchant fee |
Add PayPal Option | See Xero add process from dolmanbateman here Online payment with PayPal on your invoice can achieve 16 days faster payment according to a Harvest study. |
Online Invoicing | See Xero service here See Freshbooks service here |
Weekly/monthly payments/installments | Use an agreement to specify the terms of the repayments |
Bank Transfers - Internet Banking | |
Check account |
Analysing your most profitable products from your most profitable customers
0 | Survey ID | ||||||||||||||||||||||||||||
1 | Customer | ||||||||||||||||||||||||||||
2 | Your product/service they use | ||||||||||||||||||||||||||||
3 | What job do they use this product/service for? | ||||||||||||||||||||||||||||
4 | Who is the job executor | ||||||||||||||||||||||||||||
5 | Which step in the job is it used for? |
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6a | What functional outcomes does the user want from this step? | Use the Job Outcomes Discovery Form to record all the desired outcomes this user has from this job. | |||||||||||||||||||||||||||
6b | Which functional outcomes does your product/service perform well at? | ||||||||||||||||||||||||||||
6c | Which functional outcomes does your product/service perform poorly at? - Pains not removed | ||||||||||||||||||||||||||||
7a | What emotional outcomes does the user want from this step? | Use the Job Outcomes Discovery Form to record all the desired outcomes this user has from this job. | |||||||||||||||||||||||||||
7b | Which emotional outcomes does your product/service perform well at? | ||||||||||||||||||||||||||||
7c | Which emotional outcomes does your product/service perform poorly at? - Pains not removed | ||||||||||||||||||||||||||||
8a | What social outcomes does the user want from this step? | Use the Job Outcomes Discovery Form to record all the desired outcomes this user has from this job. | |||||||||||||||||||||||||||
8b | Which social outcomes does your product/service perform well at? | ||||||||||||||||||||||||||||
8c | Which social outcomes does your product/service perform poorly at? - Pains not removed | ||||||||||||||||||||||||||||
9 | Does your customer have other choices to do this step? (eg your competition, different products, services) |
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10 | Why does your customer choose to use your offer over a competitor? |
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11 | What other jobs are related to this job? | ||||||||||||||||||||||||||||
12 | Your analysis summary after the interview |
0 | Survey ID | |
1 | Customer | |
2 | Product | |
3 | JTBD |
Action | Unit | Object | Context | Measure |
Maximize | time | OK | ||
Minimize | cost | under-served | ||
Importance | probability | over-served | ||
High | errors | |||
Medium | defects | |||
Low | other |
Action | Unit | Object | Context | Measure |
Maximize | time | OK | ||
Minimize | cost | under-served | ||
Importance | probability | over-served | ||
High | errors | |||
Medium | defects | |||
Low | other |
Action | Unit | Object | Context | Measure |
Maximize | time | OK | ||
Minimize | cost | under-served | ||
Importance | probability | over-served | ||
High | errors | |||
Medium | defects | |||
Low | other |
Action | Rating This Month 1 - 10 |
Rating Last Month 1 - 10 |
Staff Issues | ||
Attendance | ||
Allocated work | ||
Staff overtime | ||
Staff Education. Conduct staff education on your theft policies and risk reduction procedures. | ||
Observe trial run on theft detection and apprehension procedures. | ||
Cash Management | ||
Bank reconciliation | ||
Cash deposits accuracy and frequency | ||
Cash reconciliation spot checks | ||
Expense claims trend | ||
Meal allowance charges | ||
Travel Allowances | ||
Invoice Books Pre-Numbered and reconciled | ||
Inventory | ||
Run unannounced inventory cyclic count | ||
Spot check load manifests | ||
Spot check trash containers | ||
Check change room policies are enforced | ||
Assets | ||
Make asset register spot check | ||
Spot check staff asset list | ||
Check mirrors are positioned correctly | ||
Check video surveillance performance | ||
Check lockable cabinets, drawers are properly secured | ||
Customers | ||
Spot Check 5 orders through to payment received | ||
Suppliers | ||
Spot Check 5 purchase orders through to payment made |
Seq | Issue | Action Taken |
Stop Letter Template | |
Letter Component Options | Example |
Your Identification details | [My Business Name] [Address line] [State, ZIP Code] [Letter Date] |
Customer Identification | [Recipient’s Name] [Address line] [State, ZIP Code] |
Letter Date | Standard date |
Heading subject | Subject: Credit Stop on Your Overdue Account |
Be polite in announcing customer's credit withdrawal | We regret to inform you that we must close your charge account with [my business name]. |
Explain the reason for doing so | The payment of $[xxxx] you promised two[xx] weeks ago still has not been received. As a small company, we are unable to carry balances for more than [xx]days. |
Mention the details of the payment amount and due date to the customer | Your overdue amount is currently $[xxxx] and has now been overdue for [xx] days. |
Suggest an alternative to the customer for using a collection agency | Because of your long relationship with us, we prefer to resolve the problem with you directly, rather than refer the account to a collection agency. |
Provide contact details | Please contact [staff name] at [999.9999] about arranging a new payment schedule for your outstanding amount. |
Mention that you still wish to continue business with that customer | We want to be able to work together to correct this credit problem and restore the good relationship we have had with you for [so many years.] |
Offer facility for customer to pay cash for new business, if this is an option for you | In the meantime we hope that we can continue on a cash basis while you resolve your delinquent balance |
Show gratitude for the previous business endowment | Your business has been very important to us, and we hope to continue our relationship well into the future. |
Wish the customer luck for future endeavors | We wish you the very best during this difficult time. |
Signature block | Sincerely, [Senders Name] [Senders Title] -Optional- |
Group | Data | Your Content |
Guarantee | Define your Guarantee | |
Eligibility | Proof of Purchase Check | |
Time Limitation Check | ||
Purchase Location Check | ||
Type of Warranty | Refund | |
Repair | ||
Replacement | ||
Item Identification | Model | |
Serial Number | ||
Contact Information | Full Name | |
Email Address | ||
Phone | ||
Preparation for Return | Clear personal data | |
Packaging | ||
Product Identification | ||
Owner Identification | ||
Return Instructions | Return Location Address | |
Return Shipping Costs | ||
Trackable Shipping |
Group | Data | Your Content |
Pre-Approval | Proof of Purchase Check | |
Time Limitation Check | ||
Purchase Location Check | ||
Receipt of item | Tracking Number Allocated | |
Product Identification | ||
Damage Assessment |
Customer Job To be Done | Guarantee Type Examples |
Reduce risk on unknown supplier (you!) | Risk Free trial Try before you buy Free sample 100% money back 100% money back plus costs Double money back Bonus Minimum result achieved |
Ensure reliability of performance Ensure a specific result. |
Service warranty Money back after x days Will fix it Personal mentoring if needed (limited) 100% Satisfaction Delivery/Turnaround |
On time factor | on-time |
Credibility Of Claim | One-Condition Proof of an attempt at gaiing a result conditional guarantee |
Lowest price available | Competitor price matching Lowest price Guarantee Pay for competitor’s product/service price drop guarantee |
Reduce risk to my current business | buy back (surplus) |
Flexibility | No contract |
Hassle free | Unconditional No questions asked |
You | Hello Mrs. Peters, Sandra here from THE DRESS SHOP |
Mrs. Peters | Oh hi Sandra, are there new designs today? |
You | Yes Mrs. Peters we have. Well, aside from giving you that news, I wanted to follow-up your payment for Invoice No. 123? |
Mrs. Peters | Haven’t I paid that already? The invoice for the skirts. |
You | That’s correct, Mrs. Peters but what I’m following up is that of the formal gown, the one you wore for the February Ball? |
Mrs. Peters | But I remember I paid for the tuxedo of my husband. That’s also for the ball. |
You | Actually you have settled the tuxedo last March 10, however, remember you’ve requested to pay the gown by month’s end? Unfortunately, by that time, you went on a trip and have promised to drop by the shop? |
Mrs. Peters | But I failed to go to the shop. Yeah, I remember now. Oh, I’m so sorry for that. |
You | That’s okay Mrs. Peters. Perhaps when you visit the store for the new arrivals we can also have this invoice closed? |
Mrs. Peters | Of course, Sandra. I will drop by this Saturday. |
You | Will it be fine if I call you again on Friday? |
Mrs. Peters | Yes, that’s fine. I’d appreciate the reminder, Sandra. |
You | Thank you, too, Mrs. Peters and see you on Saturday. Good bye. |
Additional Notes:
Take care on sending reminders to customers though. Avoid “over doing” it unless you want your customer to feel overwhelmed and uncomfortable due to the bombardment of reminders no matter how forgetful they may be.
You | Hello, good morning, may I speak with Mrs. Fields? |
MF | Good morning, this is Mrs. Fields |
You | Yes, Mrs. Fields, I am Eleanor from ALL BEVERAGES. I just want to check if you got our billing statement for your January and February invoices? |
MF | I did, Eleanor, in fact I do plan to call your office to discuss them. |
You | Is there something we can do for you? |
MF | Well, the store’s sales went down the past months after a new & bigger grocery opened nearby. Cash flow had been tight. Sales slowly picked-up in March though. However, I’m afraid I cannot afford to pay all my suppliers at once. I wonder if I can gradually settle my arrears. |
You | Oh, I’m sorry to hear about your new competition, Mrs. Fields, although I am also glad that you’re slowly gaining back your sales. Your outstanding balance amounts to $1,000.00. Your March billing was already posted for $300.00. Can you settle the March billing and half of the arrears? |
MF | I believe I can pay the March bill plus $300.00 of the arrears? |
You | That would be fine. It’s already Thursday. Do you think you can make it Monday, April 10? |
MF | Monday, April 10, is a good time. The check for $600.00 will be ready by then. |
You | Good. By the way Mrs. Fields, how about the remaining $700.00? |
MF | Is it okay for me to settle it by month end? |
You | It is very much okay, |
MF | Oh, that’s good for us. I am so glad for your call, Eleanor. I am sorry my payments got delayed. |
You | And we’re glad you told us about your predicament and that we came to an agreement. We value our continued business with you. Thank you, too, for accommodating my call. |
MF | You’re welcome and thank you. Good bye. |
You | Hello, good afternoon, is Mr. Robbins there? |
MR | Mr. Robbins here, what can I do for you? |
You | Mr. Robbins, I hope this is a good time. This is Mike from CARS UNLIMITED. |
MR | Yes? |
You | We were reviewing your records and it appeared you have a good payment track with us except for your February 15th due which remains unsettled? May we know what could be the reason for this? |
MR | Oh, that? Was it the invoice amounting to $1,500.00? |
You | Yes, Mr. Robbins, that’s the amount. |
MR | Were you not informed that I’m disputing the invoice? Someone from your shop already called last February to follow-up. I forgot her name though but I told her about certain items that shouldn’t be charged to me. In fact, I even called her there to ask for the revised billing but I received no further response. It’s quite disappointing considering that I’m a regular customer. |
You | I am sorry to hear about that Mr. Robbins. It’s quite unfortunate, too, that no mention of the dispute is indicated on our records. Perhaps we can start over by telling me what the disputed items were? |
MR | Oh well, that last time I took my car there I had it cleaned, waxed, tire blacked and the breaks were checked. But I never requested for realignment. Neither did I buy break fluids and other accessories. You can check it with your mechanic. |
You | I see now Mr. Robbins can I hold you for a few seconds while I check? |
MR | Yes, I’ll wait |
CHECK WITH THE MECHANIC | |
You | Mr. Robbins, thank you for waiting. I’ve spoken with our mechanic and he confirmed what you said. It seems the wheel alignment and other items were intended for another customer. We’re very sorry for the error on billing. |
MR | You see. This is why I intended not to settle. I also didn’t like that it took up to this time for it to be checked. |
You | I understand, Mr. Robbins. It is but right for you to delay payment pending settlement of the dispute. Your concern is important to us. This incident will surely allow us to improve our billing process. I will have the revised invoice sent to your office by tomorrow morning. |
MR | I’m glad this will finally be resolved. I’ll issue the check immediately upon receipt of the revised statement. |
You | That will be much appreciated, Mr. Robbins. As a gesture of thanks, your next visit to us for a car wash will be free. |
MR | Oh, not necessary but thank you, Mike. |
You | Again, Mr. Robbins, accept our apologies and thank you for the time given to us. |
MR | You’re welcome, Mike. Nice talking to you. Bye. |
You | Hello, good day, I’m calling for Mrs. Pebbles? |
MP | Who is this? |
You | Mrs. Pebbles, hi, I am Ms. Greens from BEST Catering Services. |
MP | If you’re calling for the full payment of your services for my birthday party, I have no intention of paying. |
You | Oh, I see. But Mrs. Pebbles, you did request for additional servings for fifty heads that time? |
MP | Yes, I did. But that’s because I thought other guests will still arrive. It turned out my original count was enough. |
You | However, Mrs. Pebbles, when you requested for the 50 plates, we did have them served. Did you give instructions to have it cancelled? |
MP | No. But I assumed you’ve seen that the food is enough already. You should’ve confirmed with me again. |
You | I am afraid that is not how we do things. When orders are placed, we immediately provide the service particularly in your case where the need was quite urgent for you at that time. |
MP | Well, I stand by my decision. |
You | I’m sorry if that is your decision. We do hope you’d reconsider up to the end of this month. As much as possible, we’d like to handle this outside of legal options. We’d still wait for your call by then. |
MP | Okay. |
You | Thank you for your time, Mrs. Pebbles. Bye. |
This call reflects a real event, and was made by one of the Credit and Collections staff, Aiza, to one of our sub-dealers. These aren't the real name of the customer and her other details. I’ll use Mrs. Reyes.
This is to follow-up her outstanding balances pending for more than a year now. Aiza is new to this account.
We tag Aiza as “Aiza” and Mrs. Reyes as “MR”.
This is how it went:
Aiza | Good afternoon, may we know if Mrs. Reyes is there? Can I speak to her, please? |
Other Party | Yes, she is here. Who is this? |
Aiza | Tell her this is Aiza from BEST APPLIANCES |
Other Party | Okay, wait, I’ll call her. |
MR | Hello, this is Mrs. Reyes, who’s calling? |
Aiza | Yes, Mrs. Reyes, Aiza from BEST APPLIANCES. I am calling to check with you regarding your outstanding balance with us worth $ 3,097.92. |
MR | What about? I think I have reconciled that already with Lai. |
Aiza | I’m sorry Ma’am but Ms. Lai is no longer connected with the Company for quite some time now. And as per our records, your balance is still outstanding. Your last payments entered on our system were received in cash for a total of $5,627.24 last October 26, 2015. |
MR | Did it not settle my balances? |
Aiza | The payments were applied to your latest invoices. From what I gathered, there were specific instructions on where it should apply. |
MR | Well I didn’t know I still have unsettled accounts. |
Aiza | Would you like me to send you a summary of what remains to be outstanding? |
MR | Yes, I want to see what those invoices are. |
Aiza | I will send copies to your office tomorrow. Do you have an e-mail? I can send the scanned invoices plus your Statement of Account. |
MR | Okay. My e-mail is [email protected]. I will wait for it. |
Aiza | By the way, Mrs. Reyes, once received, can I call you again tomorrow to work out your payments? |
MR | I’ll review the invoices first. Maybe you can call in the afternoon. |
Aiza | Is 2:00 p.m. fine? |
MR | Yes, 2:00 p.m is okay. |
Aiza | Okay Mrs. Reyes, after this, I’ll send the e-mail. Will call you tomorrow by 2:00 p.m. Thank you very much. |
MR | Okay, thank you. |
END OF CALL |
Aiza and Mrs. Reyes reconciled the balances.
It turned out most of the unsettled invoices were for adjustments (e.g. returned sales, price changes, etc.) Corresponding updates on the system were done to close all of Mrs. Reyes’ outstanding balances.
This actual situation happened between a Supervisor, Ms. Geraldine, and a staff member, Ms. Teresa.
Management was reviewing each store’s collectibles and one of those looked into is employees with receivables.
This conversation concerns Teresa’s aging accounts receivable with the store (which incidentally has also been a subject of inventory variance by the store.)
Last October, Teresa bought an old stock of TV. She and two other staff (Brenda and Mylene) requested Von (also an employee) to have their items swiped using his card which Von agreed. By now, Von has already resigned.
Ms. Geraldine as MG and Ms. Teresa as MT.
MG | Hi, Ms. Teresa, can I disturb you for a while? |
MT | Why? |
MG | Remember the 24-inch TV you bought last year? |
MT | Oh, that’s already paid |
MG | It’s still floating on our records |
MT | Ah, why? That’s part of the items we’ve swiped using Von’s credit card |
MG | It seems this item was not included |
MT | How come? As far as I can remember, I’m even done paying it to Von |
MG | Can you remember what the other items are? |
MT | I know there were three of us who requested Von. Brenda and Mylene; that was during October’s sale event. |
MG | We already checked the records of Von but we cannot find anything about the TV. |
MT | That’s your fault. What I know is that I am already paid. And why only raise it now. It’s been months... |
MG | It actually appeared as part of our inventory variance before but since our manual documents showed that the sales order was named to you, we were given consideration pending the adjustment. Unfortunately though we overlooked this until now. |
MT | That’s your shortcoming. Not mine. |
MG | But since our manual records show that it was issued to you, we were instructed to properly issue it out on our system. Definitely, the amount will be under receivables. We cannot find any record that it’s been paid. |
MT | But I told you, it was supposed to be charged to Von’s card before and that I already paid it to him so why would I pay it again? |
MG | As per confirmation with Von, the TV set was not among the items included on the swipe. It seems you also need to confirm with Von if the amount of the TV was included on the balances you settled to him. |
MT | Okay, I’ll confirm with Von. But I’m telling you, I am already paid. |
MG | Please do. On our last telecom he already confirmed this wasn’t charged to his card so chances are he hasn’t included this on your balances with him. But we already transacted this on the system under your name Ms. Teresa for $50.00. |
MT | That’s your call. But I will not pay it until I’ve confirmed with Von. In fact, since it took you so long to discover this and reconcile with me, I should not be paying you at all. |
MG | I’ll just follow up again next week. If Von confirmed it’s not paid, we will collect the balance from you already, Ms. Teresa. |
MT | Whatever?! Let’s just talk next week. |
Per internal audit’s own confirmation with Von, the 24-inch TV of Teresa, although documented via a manual Sales Order (SO) was really not entered in the system and was not included on the items charged to Von’s credit card.
The amount of the TV was also not among the balances paid by Teresa to Von.
At as of this date, Teresa’s balance of $50.00 exists. She will pay this in instalment to our Main Store.
The fact that Teresa was able to bring home the television set without proper documentation is a separate issue with the store’s procedure. It is currently under review.
Our clients are seeing a 20% increase in CLV year-over-year, as well as an average retention rate lift of 17%. Contact a member of our team to turn your customer data into an actionable lifecycle email marketing strategy and grow customer value for your business.
Willing to pay but presently not able | These are mostly apologetic but once able, they will pay right away. Work to have a payment plan in place, so you are receiving some return immediately and a commitment for the balance. You are looking for a win-win to maintain a good ongoing relationship. |
Forgetful | Small business owners often have other areas of responsibility: family and business. A friendly call is all that is needed to remind them of the bill to pay. |
Dissatisfied customers | Ask them to share their concern. Compromise or settle if necessary. Work to retain the customer - your want positive word of mouth. Document this feedback and improve on this. |
Chronic late payers | This person is deliberately using your money to fund their own lifestyle or business. You need to decide how important their business is to you, considering the negative impact their bad practice has on your cash flow. Advise them of revised payment terms, including late payment charges Increase their prices (where possible) to cover your loss - 5-10% |
No intention to pay | This is the type that is really difficult to deal with. It is frustrating. But the reality is, you are not getting paid. Stop all credit immediately. Taking a higher level of collection is needed (refer to collection via legal action or collection agency). Keep your cool and keep in mind this phone call is just the first step in the recovery process. |
Here’s how to get the most out of the content in your Action Plan.
Read the entire Action Plan once - Read through this entire Action Plan set, watch any videos, download any resources. Don’t execute on the steps until you have finished reading the entire Action Plan. This will help you understand the progression of the steps and put them into context.
Complete the steps - This Action Plan is a checklist for the Activity. Each step builds on the next. Complete each step in order.
Lastly, here’s how to use the Action Plan interface.
Progress Bar - The Progress bar shows you the percentage of Action Plan Activity you have completed.
Action Plan Sections - Your Activity Action Plan is a series of How To steps that lead to the completion of activity and a result to improve your business - plus background understanding.
Arrows - Use the Arrow Buttons to open and close the Action Plan Sections.
Check box - Click the check box to indicate completion of this Action Plan Section.
Stars - Rate your experience with the material in this Action Plan Section, from 1 (worst) to 5 (best)
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This Privacy Policy applies to all personal information collected by Us in the course of providing services to Our customers (Users, You, Your and other similar terms) regardless of the source of that Personal and Business Information. This Privacy Policy is available on our Website located at the URL https://nextepeasy.com (Website).
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This data breach policy (Data Breach Policy) applies to all personal information held by Us and must be read in conjunction with our Privacy Policy. This Data Breach Policy sets out how We will generally respond in the event of a data breach.
For the purpose of this Data Breach Policy, a data breach (Data Breach) occurs where personal information held by Us is lost or subjected to unauthorised access, modification, disclosure, or other misuse or interference.
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neXtep easy without Goals is just another focus on money - double or triple your profits, and so what?
The reason for setting goals is to have a purpose. You’re not just in the business of making money, you started this venture with a vision. To turn that vision into reality you need to accomplish certain tasks along the way. Tasks mean work, and work is usually a pain. So we use psychological aids to help us. One of those is a measure of how far we have come, both with the individual tasks, and with your ultimate goal.
We see only two possible ultimate goals in business.
But with either option we can’t see you wanting to be putting a lot of time in the mechanics of a business. The administration, the finance, the marketing and selling are specialist skills, and most sBiz people have their interest on focus on the technical capabilities of the business.
So for us it makes sense that the first things you raise money for are to get you out of the mechanics.
There are other interim goals you can set yourself as well.
The first step is to set your Goals, and with that purpose, set to work. Pause occasionally, watch and enjoy seeing the changes helped along by neXtep easy come to grow the financial means of turning your Goals into reality.
You can get a full refund up to 30 days after purchase date. No questions asked, no hassles. This will cancel your subscription and membership.
Only within the first 30 days after initial subscription.
We don’t give refunds on all or part of current annual subscription - but you’ll have access to all the great resources and community until the end of your current subscription period.
You can cancel in the Settings menu under “Cancel Subscription”
We first ensure that your PayPal recurring expense is cancelled, so that you are not billed for any further payments.
You can check that this has occurred - there should be a line entry in the Payments History tab that gives the date of your cancellation.
Data from your own accounting package always belongs to you, and you can download this at any time. If your subscription is Annual or you have subscribed monthly for 4 or more months, then you are entitled to download neXtep easy performance data for your business. We retain your data and metrics for 30 days from cancellation so that your data is not lost should you change your mind.
Thank you for visiting neXtep Business Builder Community Website made available at the URL https://nextepeasy.com (Website). This Income Disclaimer is shown at various parts of our Website. Terms that are capitalised in this document take their meaning from Our Subscription Agreement.
The Application made available for use to Subscribers via the Website is not to be interpreted as a promise or guarantee of income for your business.
The level of success achieved from using the recommendations that the Application makes depends on various factors, including but not limited to, the amount of time you devote to implementing the recommendations made by the Application, ideas and techniques you use to implementing the recommendations made, the amount of financial resources deployed in pursuing the recommendations and various other factors which are beyond our control. In addition and importantly, the recommendations made require accurate and up to date Data to be incorporated into your accounting software. These factors differ among between businesses and therefore we cannot guarantee the success or income achieved by implementing any of the recommendations made by the Application.
Forward looking statements
Any and all forward-looking statements on any of our Websites or associated with the use of the Application are intended to express our opinion of the Income potential that some business may achieve. They do not create a contractual promise and you should not rely on these statements.
Many factors will be important in determining actual results, and we make no guarantee that you will achieve results similar to ours or anyone else’s. We make no guarantee that you will achieve any results from the ideas and techniques contained on our Website or by using the Application.
To the extent that we included any case studies or testimonials on any of our Websites, you can assume that none of these stories in any way represent the "average" or "typical" customer experience.
In fact, as with any goods or services, we know that some people will purchase access to the Application but never use them at all, and therefore will get no results whatsoever. You should therefore not rely on any representation that use of the Application will increase your income by any particular amount or percentage.
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YOU AGREE AND UNDERSTAND THAT neXtep Business Builder Community IS NOT RESPONSIBLE FOR YOUR SUCCESS OR FAILURE AS A RESULT OF IMPLEMENTING THE RECOMMENDATIONS MADE BY THE APPLICATION AND WE MAKE NO REPRESENTATION OR PROVIDE ANY WARRANTIES OF ANY KIND WHATSOEVER THAT OUR SERVICES WILL PRODUCE ANY PARTICULAR RESULT FOR YOUR BUSINESS.
In our work with many small businesses, we found time and again that people love their business idea, but hate finances and numbers.
Sure, you have to keep financial records for tax reasons and so on, but many have no idea how to use their financial reports for growing their business.
That’s why the small business failure rate is so high - half disappear within 4 years and many of the remainder are stuck earning less than 10% profit.
That is why so many people have feelings of loss of control and dis-empowerment.
We said "There HAS to be a better way", when MILLIONS and MILLIONS of small business are like this.
So we thought:
Then you can enjoy your focus on the parts of your business you love.
Feel empowered and in control again.
That's what neXtep Business Builder Community does for you.
These 3 Vital $igns help you understand the financial health of your business. neXtep easy compares your business performance to best practice for your industry.
Focus first on re-inforcing Cash Flow. This is the lifeblood of your business.
Profitability is the next most important Sign, it's the purpose of running a business. It's your business muscle.
Growth needs a strong framework of both cash flow and profitability, to ensure your business can sustain the stresses involved.
Check if your growth is healthy - your profit growth should preferably at least match your sales growth, otherwise your business is working harder rather than smarter.
1. Sales are not nearly as important to measure and improve as is profit.
2. Gross Profit is a factor of your prices, the discounts you give away, and your supplier-related costs.
3. Pricing strategies that grow your bottom line without having to increase sales volumes are enormously attractive. If your current net profit is 20%, for example, a direct increase in net profit of 5% can have the same impact as a sales increase of 25%.
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Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
Cras sit amet nibh libero, in gravida nulla. Nulla vel metus scelerisque ante sollicitudin commodo. Cras purus odio, vestibulum in vulputate at, tempus viverra turpis. Fusce condimentum nunc ac nisi vulputate fringilla. Donec lacinia congue felis in faucibus.
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It’s important to complete this section as accurately and completely as possible in order for us to give you the most accurate Action Plan for your business. You can refer back to the Customize section anytime you need to update your details.
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Your neXtep easy dashboard takes you past standard business metrics, to summarize and highlight both performance and potential of your great small business.
All financial metrics are summarized into three key areas:
Click on each of these labels for a detailed description
Working Capital includes:
Profit from Growth includes additional profit available to your business, after meeting best practice for normal profit improvement: neXtep Financials compares your current growth with best practice for your industry. The focus is on profit, not sales. The amount shown is what you can potentially gain if you meet industry best practice for growth of profit.
Profit Includes:
These are all of the critical metrics used in neXtep Financials. They are listed in decreasing importance of how they are currently affecting your business performance. Red highlights metrics at less than 50% of Best Practice, Yellow highlights less than 75%. You can set targets for these to improve your performance. Then choose the actions that will help you achieve your targets
We classify Tweaks as Smart, Classic and Investor.
Smart Tweaks are the best tweaks to start with.
Smart Tweaks:
Smart Tweak Examples in neXtep easy
There are 15 Smart Tweaks in neXtep easy.
Classic Tweaks use some financial resources, and typically generate additional on-going expenses.
Classic Tweaks typically increase the size of your business – more sales, more Cost of Sales, more expenses and finally more net income.
Classic Tweak Examples in neXtep easy:
There are more than 30 Classic Tweaks in neXtep easy
Investor Tweaks usually require significant resources to generate an increase in cash.
In other words, you need to invest a lot of time and cash to get that cash return. So they are not the best Tweaks to start with when you want to grow your business.
Examples of Investor Tweaks:
Increase your profit from the components you offer as your product or service.
Your choices mainly involve:
In small business, there is a definite need to manage your time well. So your first requirement is to focus on what matters, and rank your activities accordingly..
These are the first tasks to do, to ensure your business survival. Our ranking of tasks puts these tasks to the top of your priority list.
These tasks are more strategic. They are critical to your business, but generally best left to the stage when you have more free time, or you have specialist support to carry them out.
These may be not important to you but to someone else - like the tax department. So they must be done.
Keep these activities for your leisure time.
Cash is the lifeblood of your business and is the first area to manage. Adequate cash flow ensures survival and viability as a business. A good surplus of cash gives you the freedom and options you need to have for a long term plan.
Your first cash flow need is to ensure your sales generate enough Gross Profit to cover your expenses.
The second is to ensure that you are managing the flow of cash into (Receivables) and out of (Payables) your business, as well as what is transferred into a potential asset (Inventories.)
Increase your profit from the components you offer as your product or service.
Your choices mainly involve:
The recommended quick and dirty solution is to increase your prices.
Longer term, the key to successful selling is to align your offer with a job to be done by your customer. When you align this way, and (just as importantly) help your customer produce perfect outcomes from that job, you are no longer selling a commodity. Now your pricing can increase to match demand.
Similarly, you product or service components should only include the elements that help get the job done well. Any more elements don’t add value for the customer and are wasted cash for you.
We include non-cost items such as warranties that impact on the emotional job to be done, of reassurance.
Most Product Area actions are Smart Tweaks, because they convert improvements directly to the bottom line, as increased cash.
Increase your sales and profits by up to 50% the Smart way.
The two key objectives with inventory are to:
The first step in this process is to categorize your inventory.
In most business cases:
Cat | Items | GPShare | Cum.Items | Cum. Profit |
A Cat | Top 5% | 45% | 5% | 45% |
B Cat | Next 15% | 35% | 20% | 80% |
C Cat | Middle 30% | 15% | 50% | 95% |
D Cat | Last 50% | 5% | 100% | 100% |
It’s not only inventory in your possession, it’s also about inventory to hand for the customer. Just by improving your in-store replenishment you can generate a typical 17% increase is sales and profit.
More inventory available to the customer also provides a valuable Impulse items sales increase.
Increase profit per customer
Convert awareness of your product or service to a sale.
Optimize that sale.
Focus on helping your customer get their job done and in the process (using a plant nursery analogy), sell the hole and its associated items, not just the plant. The fertiliser, the stake, the gardening gloves, the watering can, the kneeling mat, the sun hat, and the consultancy for garden layout.
That is optimum cross-selling, where your sales efforts are directed to helping your customer get perfect outcomes.
Increase the number of customer orders generated, from your existing customers and from new customers.
Expand your customer base. Promote, use new sales distribution channels, expand your outlets.
The more customer orders you have, the higher the revenue. Your key concern here is to ensure that your growth in revenue is not more than your growth rate of Gross profit and overheads.
How well can your business scale? A business selling online software can scale easily with little or no additional costs. On the other hand, a service provider selling his/her time has very clear scaling limits.
These Actions include some of the most investment-heavy options, and are generally better left until last when your other actions have generated sufficient cash to carry the costs without risks from loans or mortgages.
Every dollar you save in expenses goes immediately to profit. Your first job is to plug any obvious leaks, and look first in the areas of highest variable costs. The 80/20 rule applies here, too. Staff productivity is usually first area of concern.
Actions focus:
What You made last 12 months | Here, you are shown first your current annualised revenue |
Your price increase goal | In the grey area, you can see we have applied a default Price Increase of 10% across your full range. You can vary that amount, play with different percentages to check the impact. |
What you could have (Net Profit) | The result of that % increase in your revised net profit. |
Additional cash | Here you can see the actual increase amount you will get, before tax. |
What you sold last 12 months | Here, you are shown first your current annualised revenue |
Lost sales allowance | In the grey area, you can see we have applied default lost sales of 5% across your full range. You can vary that amount, play with different percentages to check the impact. In reality, most people lose no customers or only 2 or 3% - especially if you follow our Action Plan on how to apply this increase to your optimum advantage. |
Revised sales base after loss | The result of that % reduction in your current sales. This is your new starting position for applying your price increase, for your remaining customers. |
Revised net profit after loss | This is your new starting position of net profit before applying the price increase. |
Think for a moment about why people buy, and what motivates them to choose your business over all your competitors.
Let us know via the feedback link on this page.
CAC - Cost to Acquire a Customer.
CLV - Customer Lifetime Value. Also referred to as LTV.
Criteria | Description |
Market Segment |
|
Job Executioner or Customer |
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Product |
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ABC Cat |
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Retention Rates |
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Loyalty Coefficient |
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Channel |
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Time critical |
|
There is a lot of information that explains how to segment customers so I will not go into the details. I will, however, highlight three key points for CS teams to consider when looking at segmenting their customer base as part of their customer expansion strategy:
Bottom line
How to Improve Gross Margin Production Without Changing Your Prices or Lowering Your Costs
Review Period | Lead Time | Safety Stock |
Action |
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General links compendium
https://www.nchannel.com/blog/retail-data-ecommerce-statistics/
Goals |
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Email Marketing | Triggered Emails Yield 56% Higher Click-Through Rates |
Email Marketing | 22% of retailers say they don’t send any type of triggered emails. |
Email Marketing | In 2016, email had a median ROI of 122% — a 4x higher return than other marketing channels. - Direct Marketing Association |
Shopping Carts | Most retailers that use triggered emails report abandoned cart emails to be the most effective. |
Shopping Carts | The average online retailer experiences 65% shopping cart abandonment. Of this 65 percent, only 2% of the abandoned carts are recovered - windsorcircle.com |
On average, just 2% of e-commerce website visitors are expected to make a purchase3 , but 5% will register their email address with your brand4 . The potential is huge: if you attract 100,000 visits to your website per month, that’s 5,000 new shoppers providing you with their information, asking to be engaged. Most marketing experts agree that it takes an average of 7 contacts with a prospect before they’ll buy - when we consider this, we understand thats it’s critical to leverage new email addresses to drive those 7 contacts quickly and effectively. After all, 69% of a customer’s first-year spend comes during their first 30 days as a customer Zaius |
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three in every four abandoned carts are recoverable with proper campaign execution7 Zaius |
|
Personalization | Experian reported that birthday campaigns result in
than standard promotional email campaigns8 Zaius |
Personalization | Remember, the keys to success are simple - stop treating all of your customers the same, and start using customer behavior to inform your communications with them. This means understanding that email alone is not enough because not all customers respond to email. It means engaging with your customers in real-time, when they’re engaging with you. It means meeting your customers’ expectations of a consistent, personalized experience with your brand across all channels and devices. Zaius |
referralsaasquatch | |
“A 5% increase in customer retention can increase a company’s profitability by 75%.” –Bain & Company |
|
Customer Lifetime Marketing | “80% of companies’ marketing budgets are spent on acquiring shoppers; however, for every 1% of shoppers who become repeat customers, a company’s revenue will increase by about 10%.” –Adobe |
Customer Lifetime Marketing | “The key to success in CLM is behind optimising for Customer Lifetime Value (CLV) and not conversion rate (CR) or revenue per visit (RPV). This is not to say conversion rate doesn’t have its place – it’s a very important metric in the right scenario. However the hierarchy is what is important. CLV trumps all others as a metric for long term profitability.” –Edward Gotham,Ometria |
customer experience |
|
customer experience | “A 5% reduction in customer defection rate yields a 25% – 125% increase in profitability.” —Kapow |
customer experience | “Companies that prioritize the customer experience generate 60% higher profits than their competitors.” –Kapow |
customer experience | “A commitment to customer experience results in up to 25% more customer retention and revenue than sales or marketing initiatives.” –Bizsum |
On average,
This means that if online retailers retained 10% more of their existing customers, they would double their revenue. • The probability of selling to an existing customer is 60-70% on average, while the probability of selling to a new shopper is only 5-20%. • On average, returning customers spend 67% more than first-time customers. Zaius |
|
Loyalty | a “totally satisfied customer” spends 2.6x as much as a “somewhat satisfied customer,” Zaius |
If online retailers retained 10% more of their existing customers, they would double their revenue Zaius |
|
Reducing your customer defection rate by 5% can increase your profitability by 25% to 125%10 Zaius |
|
The probability of selling to a new customer is between 5 and 20%. The probability of selling to an existing customer is between 60 and 70%. [18] It costs 6 times more to attract a new customer than to retain an existing one. [18] Loyal customers are worth up to 10 times as much as their first purchase. [19] 18 - Useful Customer Experience Statistics For Your 2015 Strategy, Neosperience 19 - Powerful Customer Experience Stats for 2015, Christine James of HissingKitty |
|
Take a look at the figure above. You’ll see that repeat visitors account for just 8% of total traffic on U.S. e-commerce sites. However, they account for over 40% of the revenue generated. Imagine the possibilities if only businesses spent a little more TLC on these repeat buyers, who come back to you right now of their own accord? In its Annual Ecommerce Benchmark Study, MarketingSherpa set out to discover how much it costs to acquire a new customer. Over half of all respondents reported that their new customer acquisition costs had stayed steady across 2013, while a third of them felt acquisition costs were on the rise. The median cost of acquiring new customers according to the survey ranged between $12 and $25. This is five times more than the cost of retaining an existing customer. |
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It gets better. The probability of selling to an existing customer is 60-70% as against the measly 5-20% chance of selling to a new one. Repeat customers are not just easier to sell to. They also spend more per transaction than a brand new customer. According to research by Manta and BIA/Kelsey, repeat customers outspend new customers by 67%. |
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Research puts the chance for cross-selling success to existing customers at 60-70%. The probability of cross-selling to a new customer, on the other hand, is a much lower 5-20%. ???? |
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According to a Wharton Business School study, 83% of satisfied customers are happy to refer a friend, but only 29% do so. Another study from 2012 shows that a referred customer has a 16% higher LTV. |
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5 Steps toward real time personalization | |
94% of consumers do research online before visiting a store | |
81% of consumers said they have looked up inventory on a retailer’s website before visiting the store and | |
80% are less inclined to visit a store if a website does not provide current product availability | |
92% of consumers reported interactive content influences them to make a purchase. | |
In the past six months, 93% of consumers have reviewed product ratings before purchasing an item 57% of consumers reported that most of the time loyalty drove their purchasing Consumer Trends Report 2017 |
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Data Personalisation |
Top 3 Challenges for retailers
|
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Data Personalisation | http://marketingland.com/consumers-want-personalization-but-retailers-just-cant-seem-to-deliver-144021
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KL001_Klaviyo_WP_CustomerSegmentation_Mar_2017_Final.pdf
there’s a big gap between retailers’ intentions and consumer perceptions:
marketers are reporting significant benefits from site and in-app personalization:
Use Device, Location And Other Contextual Data To Make Personalization More Dynamic
*************************************************************************************************************
Your Letterhead
(including at least your business name, address and phone contact.)
[Today’s Date]
[Customer Firstname and lastname]
[Customer Business name]
Dear [Firstname],
We have just completed reviewing our discounts policy and realized our sales discounts are actually not helping you, but causing you a disservice!
Sounds crazy, but it’s like this:
We already work to keep our standard prices as razor sharp competitive as we possibly can.
Providing discounts significantly reduces our profitability to a level where we become dangerously less viable.
If we are less viable, then we are more susceptible to market shocks, which could cause us to go out of business.
If we go out of business, then we are no longer able to provide the support you have relied on in meeting your own needs.
We enjoy helping people like you get the results you need, and we don’t want to stop doing that just because we got our discounts policy wrong.
Our customers like you have come back to us time and again because you all know we provide excellent value over our competition. For example:
[Give examples where you are providing better value on these - or remove them]
Only recently, another valued customer said:
[add a recent testimonial that backs up value]
You will see this change applying to you purchases from [date].
Your custom is important to us, and we look forward to serving you well into the future.
Sincerely,
[Your Name]
[Your Position]
cc. [Accounts Receivable Person]
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