What I learned about business from Comacc the Payroll People.
Peter Nathan
Success Author helping aspiring Business Leaders gain the knowledge to drive their business to success. Using my extensive experience, with valuable insights and strategies to guide you on your Learning Journey.
The 14 years from 1990 to 2004 founding and operating the Comacc business were very exciting times and taught me many lessons. A start from a $20,000 OD to an ultimate sale of many millions.
1. Finding your passion
2. The simplest method in software operation and in business generally is usually the best option.
3. Always have monthly financial information to operate your business - the system I designed gave full Departmental, Profit and Loss, and Budget results on a timely basis every month.
4. Customers have a Lifetime value
5. Software (and other products and services) is more profitable when sold on a ‘one to many’ rather than designing for one customer only.?
6. An Annual payment in advance for the Software Licence provided a Cash buffer and Tax advantages
7. Pioneered a unique Phone Support system
8. Comacc used an extensive group of Accountants and Consultants, as well as its own Salesforce, to promote, install and support its Payroll systems both in NZ and Australia.?
9. The value of your business is easily calculated can be a multiple of Annual Turnover - e.g. Annual Turnover $1,000,000, Business Value say 5x = $5,000,000
10. If possible separate the ownership of your Intellectual Property (IP) from your trading company - possibly using a Trust.?By leasing it back to your company your investment is kept safe.
?Comacc The Payroll People gave us a 5-year lead on the market. This company traded successfully for many years and was then sold to MYOB for many millions.
This again was probably my major business mistake in that it was an established, profitable business using a Desktop product about to be launched as a Web-based system which would have increased its value substantially.
Built and operated a successful motel/apartment for the Business traveller- Kudos Airport Apartments.??
After selling Comacc decided to shift to Hawkes Bay and built a beautiful 500 square metre house on 5 acres at Maraekakaho
Decided to shift to Australia and settle in the Gold Coast Queensland, now spend my time online (Linkedin, Facebook and Twitter) giving my views on Life, Business and Success and promoting an amazing company in which I have an investment.??
My stories about success in Life and Business at?peternathan.substack.com ??
A bit about my history at https://www.dhirubhai.net/in/peter-nathan-02251147
I hope you found this information interesting and/or valuable. If you did, please feel free to comment and share it with your connections.
Thank you for reading.
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Owner at G J Wills Ltd
2 个月Peter, Yes, I used your Comacc General ledger (for my Accounting Practice) for approx. 10 years for all my clients. General Ledgers. A wonderful - (far ahead of its rivals) program. - Especially No need to Roll Over each Year. You had access to Many years of past data all searchable by account only if nesecary On the take-over by Myob, they would not renew the license, I was a forced convert to MYOB! I then discovered that MYOB was using a 20 year old system - had to Roll over every year, so then had to search .pdf's of previous years - just like searching a microfiche!! So out of date! I was livid. Had big argument with the then current MYOB Sales Manager!! Unfortunately I was stuck with it. Keep up your good work. Greville Wills
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1 年Thanks for Posting.