What are BDO’s Retail Services?
Opportunities abound for retailers in New Zealand, but businesses need the right support behind them. BDO has carefully crafted our retail advisory offering to ensure we can provide the support your business needs to succeed.
BDO's retail advisory services include:
- Performance improvement.
- Cash flow management advice and forecasting.
- Debt repayment and structuring advice.
- Process review and mapping.
- Merger and acquisition services.
- Business recovery and insolvency.
- Forensic services.
- Corporate Finance.
- Risk management.
- Succession planning.
- Technology advisory.
Our tax and accounting services include:
- Indirect taxes.
- Pre year-end tax planning and tax returns.
- Tax provision and deferred tax preparation and review.
- Tax policy advice.
- Traditional and technical accounting services.
Data is an integral part of our retail advisory offering. Using the latest technology, we can gather a broad range of information to help your business improve:
- Product mix by considering product margins.
- By using cutting edge analytics software, we can map key traffic points and times to assess how customers are interacting with your store. Using this information, we can work out where to place high value items. This also enables you to optimise staff rosters to better meet customer needs.
- Use your point of sale system to guide you on individual sales staff performance and commission structures.
- Gather data from other businesses in the same or similar industries to offer additional insights.
- Identify trends and act on them.
- Understanding of the effects of marketing campaigns.
In addition, our technology advisory service will offer you recommendations on which retail technologies will help your business reach its wider strategic aims and how best to leverage these with your current cash flow.
Finally, retail businesses are able to take full advantage of BDODrive, which brings together all of our business advisory services under one umbrella. With BDODrive, you'll get access to the latest business tools, expert thinking and ideas, all completely tailored to your individual needs. Focusing on data analysis, we'll be able to assess exactly where your business is today in order to identify opportunities for future growth.
Who does our Retail Team work with?
Our retail team has experience working with a range of SME retailers in both the franchise and non-franchise space. This diverse group includes:
- Fast Moving Consumer Goods (FMCGs) including supermarkets.
- Slow Moving Consumer Goods (SMCGs). .
- Fuel retailers.
- Timber merchants.
- Fast food businesses.
- Service providers.
These companies range in size and turnover but all have one thing in common - they want to ensure they are staying abreast of industry changes in order to make their retail business the best it can be.
What sets our Retail Services apart?
Accountants are, by their very nature, focused on numbers. But when it comes to retail, effective advisory requires so much more. Strategy in particular is paramount - especially when the industry is changing so quickly. It's one thing being aware of industry trends, and another knowing how to change your strategy accordingly in order to see your business reach its wider aims.
The BDO retail team are experts in strategy. We'll help you work out exactly what you want to achieve and then help you get there, all while navigating increasingly complex industry conditions. The team can help you address essential questions such as:
- How should you staff the store? How much should you be spending on staff and training?
- How can you improve the culture in your store?
- What should you be stocking in-store to meet consumer demand?
- What methods can you use to improve the customer experience in your stores?
- How can you best use your assets to achieve the business's wider goals?
- What retail technologies will help you achieve your goals?
- Which systems are best for your business?
- Online versus bricks and mortar - which is best for you and how to branch into e-commerce effectively?
- What are the best methods to collect data and how can you use the information to produce as much insight as possible?
At BDO, we take the time to develop a deep understanding of your business. That's why we frequently visit our clients' stores to feel for ourselves what the customer experience is and identify areas for improvement.
Our team also has significant expertise in the different systems available to retailers. From MYOB and Xero to SAP, Triquester, Microsoft Navision and all their various add-ons, we know what systems suit which retailers and can offer recommendations on how best to implement them.
Finally, BDO has the advantage of being a global network. This means we can draw on experience and expertise from around the world in order to better inform approaches to retail in New Zealand. The changes that are occurring are not isolated to New Zealand, and learning from how others are dealing with them is essential to succeeding at home.