The importance of goodwill in your business

Building goodwill in your business adds to its value. And potentially gives you a competitive advantage. Here are 5 key ways to improve goodwill in your business, and how this adds to the value of your company.

Goodwill in accounting refers to the intangible value that a company can hold, above and beyond the pure financial value of its assets. This covers areas like brand reputation, intellectual property, and both external and internal relationships.

A business that can show its goodwill in the marketplace is actually worth more – both intangibly and financially. When a company is up for sale, the price a buyer is willing to pay will be greatly increased if the seller can demonstrate this quality of goodwill.

What do we mean by goodwill?

Goodwill includes the value of your business’s brand, your loyal customers, proprietary technology, reputation for great customer service and good employee relationships. It is the amount someone is prepared to pay for your business that is above your net assets at fair value. Building goodwill in your business is not only good for its market value, these aspects of your business potentially also represent a competitive advantage.

Five key ways to build goodwill in your business through relationships

In a business context, building goodwill is all about developing a trusted and benevolent way to work with your stakeholders that can increase the longevity (and value) of your business idea. In the long term, a business that’s part of a trusted industry network has great potential in the marketplace.

  • Make goodwill one of your core values – every business needs a set of core values at its heart. With the right values in place, you can put goodwill front and centre of how you operate. Be kind and thoughtful. Always be honest and upfront. And behave in a way that helps the business, but also helps your stakeholders, community and team. Living goodwill in this way makes it second nature for everyone on the team, and helps set the best possible reputation for your company.
  • Nurture your customer relationships and make them feel valued – a solid customer base is one of your biggest assets. So, treat these customers well and do your best to create long-term, valued relationships. The more you can do to reinforce this value, the more likely it is that customers will become proactive advocates for your brand.
  • Build long-term trusted relationships with suppliers – your supply chain is the arterial system that feeds your business. If you want to keep this supply chain stable and affordable, you need to be professional with your suppliers. Pay them on time and negotiate fairly over prices. Be reliable with your orders and work together if there are any supply problems. Treat these businesses as you would want to be treated.
  • Treat your employees well and make them feel engaged – be transparent and open with your team. Keep them in the loop with planned strategies and results. Offer them great benefits and time off. Make sure they are happy, healthy and loving their jobs – and do everything you can to create a great team spirit within the organisation.
  • Be truthful and honest in all your business dealings – Sometimes telling the truth won’t seal the deal, but it’s always better to demonstrate this goodwill and to be open and honest. Dishonesty is never the path to greatness and it could break the trust you have with your customers, suppliers, team or community.

Demonstrating goodwill in your business isn’t just one of those ‘nice-to-have’ goals on the CEO’s wishlist. It’s actually an intangible part of the value of your business.

And just in case you wonder how we can assist, check out our list of services here.

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We’ve Helped These Clients Focus Less On Their Finances, And More On Their Purpose

Here’s what they had to say:

We have had an enduring
relationship because Clare goes
beyond being just a “service
provider”.

The team at Purposely are always
invested in my clients and my own
organisations success. They partner
with their customers, accountants
and auditors to deliver tailored
solutions and they are always
proactive in their approach. If you are
looking for dedication and a long-
term partnership, these are the guys
for you.

Varis K.

VLK Accounting

We engaged with Clare and the
team to bring our organisation
into the cloud and we haven’t
looked back since.

It’s now 4 years down the track and
the Purposely team continue to
provide such an invaluable service to
our business. They understand the
complexities of working with remote
organisations and they handle
everything we need with the greatest
sensitivity. From bookkeeping, to
payroll to assisting us with all our
audit queries. They have changed the
way we operate for the better.

Anna and Steve H.

Noonkanbah Aboriginal Corporation

Purposely has looked after my
business for a long time now and
I am very happy with the service.

They are very professional and I know
things are always up to date. Clare
and her staff are great to deal with
and I trust them, that’s important. I
would not be in business today if I did
not find them.

Les R.

Quic Dig (WA) Pty Ltd

Nothing is too much trouble!

I have never felt so supported in
business… Since joining forces with
Purposely, I have become more
financially aware, have a much better
understanding of my own business
and my cash flow has improved
tenfold. [They] really have my
business’s best interests at heart.

Kellie G.

A* Star Cleanings

Purposely have been 
(and remain) invaluable to us in
making sure that this part of our
business is handled efficiently 
and with careful attention
to detail.

Paying our casual workers on time is
critical to the success of our business.
Mistakes and delays are not easy to
absorb in a small business and it’s a
great comfort to us that Purposely 
feel the same way. Timely, accurate
advice to help our business run
smoothly!

Dirima C.

Dortch & Cuthbert Trading Trust

The integrity of the Purposely
team is beyond question and we
know we can always rely on them
to prioritise the best interests of
our organisation.

Marrugeku engaged with Purposely in
2017 to handle all our bookkeeping
and payroll requirements. They
consistently show up, week in week
out with efficiency and good humour.
Even during the challenging times
faced by the entertainment industry
due to COVID-19, Purposely supported
us all the way. The Purposely team
work hard to manage the complexities 
of payroll for staff in Live
Performance. And each year they
strive to achieve a smooth audit, 
showing their dedication.

Guy B.

Marrugeku Inc.

The team at Purposely has been
a crucial resource to our
business. When we first started
working with them our books
needed dedicated attention.

Purposely did an amazing job at
bringing them up to date, making
things tidy and accurate. The team is
always reliable and consistently get
the work done. While their persistent
reminders may sometimes feel like
hounding, we recognise that it is
precisely what our business needs.
We highly recommend them for their
professionalism and commitment to
delivering results.

Holly G.

Cameron Herbert Constructions Pty Ltd

I have been working with
Purposely for a couple of years
now and in this time the team
has shown significant support to
me and my business.

Their technical expertise has helped me get my business in order leaving me to focus on what I do best. They communicate on a weekly basis so I know where things are at and what is yet to be done. Everything is completed and lodged on time and in full. I trust that they handle my data confidentially and would recommend them to anyone who is seeking the “next level” in terms of a bookkeeper.

Luke D.V.

Swat Suspension Wheel & Tyre Pty Ltd

I’m an exercise physiologist,
extremely busy and very
successful and wouldn’t be
where I am today without the
help of Purposely.

They have saved me a lot of time and
money helping my business to become
more streamlined and efficient, which
has saved me a lot of stress. I would
highly recommend Purposely as they
are very professional and very easy to
deal with.

Chris A.

Chris Anastasios Exercise Physiology

We have been working with Clare
and her team for the last 6 years.

Our initial contact with them came
from the difficulties we faced in
integrating our point of sale system
with our accounting software. We
required someone with technical
expertise to fix this issue, and Clare
immediately got on with the job. Since
then, Clare and her team have shown
commitment to adapt to our evolving
needs and implement effective
systems and processes, all of which
have contributed to enhancing our
overall operations.

Vanessa A.

Think Water Broome

We had no second thoughts on choosing Purposely.

My biggest pain point was not having clarity on the business financials from the previous bookkeepers. It was frustrating to try to communicate with them regarding anything. That’s when we found Purposely (Clare), our first impression was she was very professional and knowledgeable on what she does. We now have clarity, trust and good communication whether it comes to processing the payroll or bookkeeping or even sorting out the invoices. Clare and her team are always there to support and help and simplify things for us.

Bikram P.

Dragonfly Cafe

We have been dealing with Clare and Purposely for over 4 years because they handle the bookkeeping for one of our clients.

We can thoroughly recommend them to anyone that needs an efficient, accurate and easy to work with bookkeeper. We have always found their work to be of the highest quality.

Peter W.

Accounting on Tap Pty Ltd

I have nothing but praise for Clare & the team, they have always bent over backwards to help.

Myself & my business have been involved with Purposely for many years now after our internal Book-keeper decided to retire & suggested I look into what was/is Purposely. Purposely are Kimberley locals & understand how difficult it can be working remotely to run a business in this part of Australia. The team adapted to my requests & business style very quickly and I have to admit I haven’t always been the easiest person to work with due to the remote nature of our work & my lack of computer skills. GND will continue to use Purposely for the foreseeable future of our business.

Sam C.

Great Northern Demolition Pty Ltd

Since we started working with Purposely in 2018, we’ve witnessed their unique approach to bookkeeping which sets them apart.

Their commitment to due diligence and technical expertise exceeds the standards of traditional bookkeeping models. Their thoroughness extends beyond skilful application and experience, encompassing excellent communication with both clients and their accountants/auditors. With an experienced staff member always at hand, they provide a reliable asset to any organization fortunate enough to collaborate with them. Purposely offers an outstanding solution for organizations seeking outsourced financial management, whether it be for partial or comprehensive support.

Desiree M.

Male & Co

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