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Useful tips for Small Business

General update by IBBZ Accounting on latest tax news, business growth and technology tips.

Mantra to solve all kind of business problems

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Problem Solving

Problem solving is a process of working on the minuteness of a problem in purpose of reaching a solution. These days, none of the businesses have immunity towards problems, so they face many problems every day. In one situation, problems can be small, easy and simple or big, difficult and complex in other. How a business handles a problem makes a huge difference in its success and failure.

Application:


Solving a problem may look straightforward initially, but it requires analytical skills, critical thinking and innovative ideas. So, it is important to work through four critical stages to successfully resolve problems. Assume you have a furniture company and you deliver to big giants across New Zealand.


1. Identify a problem:


You delivered a consignment to a store and your customer has spotted a quality issue. The wood colour is not matching on all furniture. Now, this customer is dissatisfied and doesn’t want to deal with you in future. So, when you get to know about the problem, you need to know where to start untangling and addressing the issue. Before you offer a replacement, find out how big or small this problem is and is the problem unique to this customer or has happened in past with others also. Because if this is a regular issue and then it needs to be addressed immediately or else the reputation of your business can be at stake.

2. Find out the possible alternatives:


You need to find out number of alternatives like offering replacement, discount on further purchases, personally checking all the quality standards, get production team involved and discuss the problem with them.

 

3. Choose the most appropriate solution:


Once you have identified all possible alternatives by analysing the problem in detail, then you have done the groundwork for choosing an appropriate alternative. You need to evaluate the impact of the chosen solution on business. It is better to avoid taking any decision in hurry and regret later. In this case you chose to fix the machinery to meet quality standards.

 

4. Implement the best solution:


Implementation is the critical point of the problem-solving process. Here you need to prepare for actions and communicate with people involved in the process. Actions like getting quotes from few companies for fixing the furniture. If it takes longer than expected and then communicate with customer that how much replacement time is involved.

 

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Saurav Wadhwa

Saurav Wadhwa is the Managing Director of IBBZ Accounting. IBBZ Accounting is one of the finest tax consulting firm based in Auckland, New Zealand. IBBZ Accounting has multiple business awards. 
Saurav Wadhwa is Masters in Taxation and Post Graduate in Law. Has dual membership with New Zealand Institute of Chartered Accountants and CPA Australia. He has a passion for Helping New Zealand Businesses. 


 


Awards and Recognition


 


As of Aug 2020 total number of 115 businesses saved from tax debt associated problems. Their written testimonials and Google Reviews provides authenticity of these numbers.


2019 IBBZ Accounting was Finalist in two categories: Excellence in Customer Service and Excellence in Business Planning. Westpac Auckland Business Awards


2018 IBBZ Accounting was Finalist in Westpac Auckland Business Awards: Strategy and Business Planning 2018.


2017 Saurav was appointed as a committee member to New Zealand Public Practice Board of CPA Australia. 


2015 Saurav won the award of Best Accountant of the Year.


2014 IBBZ Accounting won the award of Best Small Business 2014. 



 


News Paper Articles.


Sunday Star Times -Fairfax Media -12-08-2018


InTheBlack Aug 2018 issue - CPA Australia In Practice Publication 


 


Contact us on info@ibbz.co.nz  or 09 272 8050

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