News

Stay up to date with all things Xero, accounting & bookkeeping advice, and business guides and tips.

PivotTop tipsDiversifyOnline MeetingVideoFace-to-faceAgendaTechOnlineMeetingDowntimeAllocateManage timeListsDelegateScheduleProductivityTime ManagementTimeErrorsIRDSupportXAPMental HealthBusiness performanceEquityReportsStatement of Financial PositionDirect CostsReportP&LProfit & Loss StatementBusiness supportMackylaTrusted advisorBusiness advisorGST ReturnFilingHybrid basisInvoice basisPayments basisTurnoverRegisterGSTCelebrateVisualiseBusiness successSmall stepsSuccessfulBookkeeper in a Small Practice AwardNorthlandBookkeepersAwardsCertified BookkeepersICNZBNorthland BookkeepersGoodsSellingBusiness useOfficeRecordsHome OfficeImportanceTeachingSavingMoneyKidsPayment termsBalance sheetDebtCredit controlFreelancingControlCost managementBudgetPlanOutflowInflowCash flow forecastForecastCash flowInvoicing sytemsDebtor softwarePayment servicesPrompt paymentDebtorsIntegrationTrackingQuotingAccurateProcessesJob CostingGrow your businessReturn on investmentAccountantProfit vs CashFinancingMarginsInvoicingSalesProfitEmployment AgreementsACCDomestic violence leaveMinimum wage increaseERA Act 2018ACC LeviesSkillsIndependentEmployeeContractor vs EmployeeHiringContractorsServicesProductsNeedsCustomersTarget marketMarket researchEligibleExpenditureTax incentiveDevelopmentResearchR&DRecord keepingIncomeCashDeductionsTaxGetting startedContractingGoal-settingFinancesLifestylePerformanceVisionGoalsGrowthLiquidity ratiosLiabilitiesAssetsQuick ratiosProfitability ratiosSolvency ratiosRatiosBusiness healthMyIRPay runInland RevenuePAYEEmployeesPayday filingXero payday filingTax invoiceGetting paidContractorFocusConfidentClientsB2BBusiness to businessAcknowledgementAccountabilityActionAcceptanceAwarenessChangePayrollSoftwareSimplifyStreamlining processesCreativeAccounting tipsBusiness taxesLimited companyFinancialLegalBusiness complianceRegulatory requirementsFoundationsComplianceXero integratedPayment methodsCultureTeamSystemsFlexibilityCommunicationTechnologyRemote WorkEntrepreneurialSuccessValueMentorSmall businessInvestmentSuperannuationRetirementContributionsSelf employedSuperSafe onlineHackersCyber-crimeSecureAnti-virusSecurityInternetCloud platformBookkeepingAccounting systemFinanceCloud accountingCloudBusinessAccounting Income MethodProvisional taxAIMDataTasksSpreadsheetsAccountingAccounting SoftwareXero SoftwareExcelReviewSuppliersPaymentsInvoiceOverheadsExpensesPlanningWork-life balanceClaimCharitable organisationsTax returnTax deductionTax creditCharityDonationsBusiness.govt.nzLaw round upLandlordsEmployersBusiness ownersLaw changesCard paymentsOnline paymentsDirect debit paymentsOnline payment servicesAged debtCashflowXero payment servicesAccounting tools menuBusiness menuAccountants and bookkeepersNavigation MenuXero updateHolidaysClosure datesChristmas breakChristmasMy Two Cents AccountingXero AdvisorMy Two CentsXero NavigationXero
TAGS

When life gives you lemons, pivot

The world of business has been transformed this year and the only way forward is to adapt. 

When we have had advisory meetings with our clients, there has been much discussion about diversifying product or service offerings; and pivoting business to be able to make the most of the situation we find ourselves in. It's time to be creative and think outside the square, to be able to drive your business forward.

Here are two businesses who pivoted their business offerings, to keep the invoices rolling and who experienced great success.

Bringing home the bacon

Pop-up restaurant founder Stacey Jones from Mount Maunganui describes time in lockdown as a ‘tale of two halves’ for her business Kitchen Takeover.“It was hard because my seven events sold out in 24 hours before lockdown and they all had to be cancelled. But this was good because it forced me to pivot and move really quickly into something new, which would never have happened if I hadn't had my hand forced.”

Stacey decided to package up her pop-up restaurant night into a dinner party box - a fine-dining experience delivered to your door.

“One of the challenges of the pop-up restaurant is that I spend months developing menus with chef Shane Yardley and experiences that are completely unique,” she explains. “The boxes are great because they allowed me to scale up and get the edible experiences into more people’s hands.”

Stacey is a big believer in the ‘innovate or die’ saying and views each one of her business ideas as a big prototype.

“You’re always moving forward and changing things to get a better end result. We’re in the very early stages of Kitchen Takeover - At Home, but it’s going really well. We sold out of all our boxes in the first and second round so I think that’s a good sign of market validation.”

Top businesswoman Theresa Gattung, who was involved in the conception of My Food Bag, is a fan, and one diner described it as “having a five star restaurant in your home”.

Kitchen Takeover pop-up restaurants are now back in full force in the Bay of Plenty. Stacey’s future plans include a physical food innovation space and a food festival to celebrate local producers.

Metal Art finds silver lining during lockdown

When the pandemic hit, engineering company Metal Art from Wellington carved out new opportunities. The interior and exterior furniture specialists designed and produced more than 1,000 hand sanitiser stands for Progressive supermarkets nationwide and Initial Hygiene.

Metal Art Photo 2 150dpi cropped

“Around 50% of our regular business dropped away so we knew we had to change our focus fast,” says Managing Director Carl Longstaff. “We developed a new product line of hand sanitiser stands and manufactured and supplied gel.

Thankfully we have managed to maintain full employment for our 35 staff and I’m confident these products will continue to see strong demand by companies, government departments and organisations dealing with the public face-to-face.”

He says COVID-19 emphasised the importance of supporting local businesses where possible.

“Our steel is produced less than 50 metres down the road from us and we outsource where we can - be it powder from Dulux or sandblasting from Seaview Blasting. We try to get things as close to home as we can because at the end of the day we want to deal with locals and with people we trust.”